India’s equity markets are witnessing a structural decoupling as domestic liquidity increasingly insulates the bourse from a cooling of foreign appetite. Foreign portfolio investors (FPIs) have significantly retreated from the primary market during the first 10 months of FY25-26, with investments of US$7.2bn (billion) nearly halving from the US$13.3bn recorded in the previous year. While secondary market outflows intensified to US$16.7bn (₹1.5 lakh crore) in the two months leading to January, the exodus remains milder than the US$23.5bn (₹2 lakh crore) seen in the same period in FY24-25. Overall, FPIs registered a net outflow of US$9.5bn to January 2026. Conversely, domestic institutional investors (DIIs), led by mutual funds, have become the market’s bedrock, infusing ₹43,973.7 crore in January alone and accumulating ₹4.2 lakh crore over the first 10 months of FY25-26.
The Reserve Bank of India (RBI) has adopted a ‘wait-and-watch’ stance, signalling a pivot from aggressive monetary easing to targeted regulatory interventions aimed at deepening market structural resilience. At its February 2026 meeting, the monetary policy committee (MPC) unanimously voted to maintain the repo rate at 5.25% with a neutral stance. To further mature the financial ecosystem, the central bank has permitted bank lending to real estate investment trusts (REITs) and proposed a regulatory framework for corporate bond index derivatives. These measures, along with the removal of the ₹2.5 lakh crore cap on the voluntary retention route (VRR), aim to attract stable foreign participation while ensuring that credit transmission remains efficient even as headline rates stay ‘high-for-long’.
Prema Watsa’s Fairfax Financial and Kotak Mahindra Bank are preparing to submit financial bids for a majority stake in IDBI Bank, according to sources familiar with the matter. The two entities are competing to acquire the 60.72% stake currently held by the Government of India and the Life Insurance Corporation of India (LIC). Together, the government and LIC own over 90% of IDBI Bank. The reserve price for the stake will be determined based on business valuation and asset appraisal once final bids are received, though this price will remain undisclosed to bidders. The Securities and Exchange Board of India (SEBI) may employ price benchmarking methods used in other divestments to establish the reserve price. IDBI Bank’s divestment process, initiated in October 2022, faced delays as the government addressed hurdles to attract potential buyers. The Budget for FY26-27 targets ₹80,000 crore from disinvestment and asset monetisation, with IDBI Bank’s total assets valued at approximately ₹4.1 lakh crore. The Bank holds 120 properties across seven cities, including 68 in Mumbai, with fixed assets constituting about 3% of total assets.
The successful bidder must undergo a final assessment by the RBI to ensure compliance with regulatory standards and secure approvals from statutory bodies, including the competition commission of India (CCI). Additionally, the acquirer must make an open offer to minority shareholders in IDBI Bank.
The Nifty IT index plunged 5.87% on Wednesday to 36,345.65 points, marking its worst single‑day fall since March 2020, as investors reacted sharply to fears of large‑scale automation disrupting the traditional IT services model.The sell‑off was sparked by Anthropic’s launch of expanded Claude Cowork automation tools which can handle tasks across legal, sales, marketing and data analysis. All 10 constituents of the Nifty IT index ended in the red as Infosys, TCS, Coforge, LTIMindtree, Persistent, Mphasis, Tech Mahindra, Oracle Financial Services, Wipro all went down sharply, underscoring the breadth of the sell‑off.
The impending formalisation of an Indo-US trade pact represents a recalibration of bilateral relations, pivoting away from punitive measures toward an economic partnership. A significant reduction in US tariffs on Indian exports—from a restrictive 50% to a more competitive 18%—is expected to be formalised within days following a presidential executive order in Washington. This agreement follows a period of heightened friction triggered by US-imposed tariffs linked to India’s continued acquisition of Russian oil. Commerce and industry minister Piyush Goyal has indicated that the first tranche of this formal trade agreement is slated for signing by mid-March.
The tariff reduction is expected to bolster India’s position in the global supply chain for high-value components, including semiconductors, mobile phones and laptops. Apparel and home textiles exporters project 20% increase in overseas shipments. The Association of Indian Medical Device Industry (AiMeD) has characterised the move as a ‘game changer’, particularly for cost-competitiveness against Chinese manufacturers in products like syringes and respirators. Exporters in machinery and gems and jewellery—sectors heavily impacted by previous duties on polished diamonds—anticipate significant order-book expansions. Trade liberalisation is acting as a force multiplier for India’s renewable energy manufacturers, shifting the focus from simple assembly to complex system integration. The reduction of US tariffs on Indian solar equipment from 50% to 18% is a watershed moment. With the US consuming 97% of India's US$1.12bn solar module exports in FY24-25, players like Waaree Energies and Vikram Solar are now diversifying into battery energy storage systems (BESS). Vikram Solar is deploying ₹4,371 crore for a BESS facility by FY26-27, while Waaree plans a ₹10,000-crore (₹0.1 lakh crore) investment for a 20GWh (gigawatt hour) capacity.
The Indian automotive sector is entering a phase of high-velocity transformation, where structural tax reforms and a ‘premiumisation’ of the middle class are driving record volumes even as competitive moats shift toward electric propulsion. The industry recorded a landmark October–December 2025 (Q3FY25-26), with domestic vehicle sales rising 17.6% year-on-year (y-o-y) to 7.48mn (million) units. This momentum was anchored by passenger vehicles (PVs), which posted their highest-ever Q3 sales of 1.28mn units—20.6% surge—led by 20.9% growth in utility vehicles (UVs) to 852,000 units. This consumption boom is fundamentally linked to policy tailwinds, specifically ‘GST 2.0’ reforms and successive interest rate cuts which have lowered the cost of ownership, despite rising commodity pressures.
A defining competitive rift is emerging between legacy giants and new-age disruptors, particularly as the electric vehicle (EV) market matures. While electric passenger car sales surged 51% in January 2026 to 18,059 units, early movers are facing intense margin pressure. Tata Motors maintains its hegemony with 43.4% market share in EVs, recording 9,052 units in January—72.7% jump over those in December 2025. However, Mahindra & Mahindra (M&M) has emerged as a potent challenger, nearly doubling its EV registrations to 3,579 units in January to capture 19.8% of the market. This internecine rivalry is being fuelled by a relentless launch cycle; Tata’s new Sierra received over 70,000 bookings within 24 hours, while upcoming launches like the MG Majestor (12th February) and BMW X3 30 M Sport Pro (16th February) signal a move toward higher-margin, premium segments.
The obesity drug market has emerged as a significant growth engine. Emcure Pharma reported a robust 48.2% y-o-y profit increase to ₹231 crore, fuelled by its weight-loss drug Poviztra (a licensed version of Novo Nordisk’s Wegovy) received regulatory approval to manufacture and market a generic version of the blockbuster diabetes drug Ozempic. The company aims to sell 12mn injectable Semaglutide pens within the first year of launch. The patent for Semaglutide, the key ingredient in Novo Nordisk’s drugs Wegovy and Ozempic, expires in March 2026. This opens the door for Dr Reddy’s and other Indian generic manufacturers to enter the rapidly growing weight-loss market with their own versions. Ozempic is also widely used off-label for weight loss due to its appetite-suppressing properties.
Last year, US drug-maker Eli Lilly and Novo Nordisk launched Mounjaro, Wegovy and Ozempic in India, with sales doubling soon after. Dr Reddy’s plans to collaborate with local partners in India for the Semaglutide launch and has sufficient production capacity to meet anticipated demand. Additionally, the company intends to introduce Semaglutide in Canada and other emerging markets this year.
Semaglutide sales are expected to be a significant growth driver for Dr Reddy’s domestic operations, which have been bolstered by new product launches and strategic partnerships, helping to mitigate the profit decline. Conversely, global innovator Novo Nordisk faces challenges, including a US$60bn market value loss and legal battles over cheaper ‘knockoff’ versions of Wegovy from tele-health firms. Strengthening the domestic safety net, the Indian pharmacopoeia commission (IPC) has mandated that medical device marketers report all adverse events ‘promptly’. This directive aims to fortify India’s Materiovigilance Programme (MvPI) and ensure patient protection in a rapidly expanding medical equipment sector.
The emergence of shareholder activism in India is reaching a legal maturity that could redefine corporate governance for listed entities. The national company law tribunal (NCLT) has permitted a landmark class action lawsuit by minority shareholders against Jindal Poly Films, seeking damages of ₹2,500 crore (US$0.30bn) for alleged asset stripping. While the company maintains its decisions were based on ‘commercial prudence’, the tribunal’s mandate for a public notice invites broader participation, signalling a shift toward more litigious and empowered minority investors. This case unfolds as SEBI continues its own probe into potential regulatory violations.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Bharat Forge’s subsidiary JS Auto Cast Foundry India Pvt Ltd (JSA) has raised ₹300 crore in fresh equity from Premji Invest which will hold a 23% stake on a fully-diluted basis. The capital infusion will accelerate JSA’s next growth phase—expanding casting capacity, adding medium casting capabilities and pursuing acquisitions. Since Bharat Forge’s 2022 acquisition, JSA has delivered strong performance with 17% top-line compounded annual growth rate (CAGR), 24% export CAGR and 25% profitability CAGR, alongside product diversification.
Tata Consultancy Services (TCS) announced plans to build its largest delivery centre in Brazil, located in Londrina, with an initial investment of US$37mn. The state‑of‑the‑art campus is scheduled for completion by 2027 and will create over 1,600 new jobs. It will serve as a strategic delivery and innovation hub supporting clients across industries in Brazil and Latin America.
Aurionpro Solutions secured a data centre infrastructure expansion mandate from IDBI Bank, marking a key milestone in its banking technology footprint. The project involves a comprehensive upgrade of IDBI’s existing data centre, covering electrical systems, advanced cooling, security infrastructure and allied MEP systems.
Rain Industries linked German consortium Rain Carbon Germany GmbH, HC. Starck Tungsten GmbH, together with Northern Graphite Corporation and Friedrich Schiller University Jena, has launched the USE G programme, a three-year R&D (research & development) initiative. Funded largely by Germany’s federal ministry for economic affairs and energy (€1.14m of €1.70m budget), the project focuses on cleaner, less energy-intensive graphite, processing for Europe’s battery industry. It aims to reduce dependence on Chinese supply chains by developing a fully European route for battery grade graphite.
Lupin entered a strategic collaboration with TB Alliance to advance the clinical development and future commercialisation of Telacebec (Q203), an investigational drug for tuberculosis, leprosy and Buruli ulcer. Under the agreement, TB Alliance will lead clinical development, while Lupin contributes large-scale manufacturing, regulatory expertise and global supply-chain management.
Gateway Distriparks acquired 25 acres in Indore to set up a new inland container depot (ICD), marking its first entry into central India. The facility will have a planned annual handling capacity of 120,000TEUs (twenty-foot equivalent units), significantly boosting its logistics operations.
Zensar Technologies issued an official clarification denying any talks to acquire Mastek, directly countering recent media speculation. The IT services firm emphasised that there is no material impact on its operations and moved swiftly to reassure investors and stakeholders with transparent communication.
Sun Pharma Advanced Research Company (SPARC) announced that the US food and drug administration (US FDA) has granted a rare paediatric disease priority review voucher (PRV) linked to the approval of Sezaby®, marking a key regulatory milestone. The PRV programme incentivises innovation in rare paediatric treatments, with vouchers tradable or redeemable for priority review of future drug applications, shortening FDA timelines.
RITES signed an MoU (memorandum of understanding) with Steel Authority of India Ltd (SAIL) to provide specialised railway services supporting SAIL’s steel plants and mining operations. The collaboration covers wet leasing of locomotives, higher schedule maintenance of SAIL‑owned diesel‑electric locomotives and operations and maintenance) O&M support, leveraging RITES’ expertise in railway operations and asset management.
Zaggle Prepaid Ocean Services signed a strategic agreement with Dr Batra’s Positive Health Clinic Pvt Ltd, deploying its Zoyer platform to strengthen enterprise digital solutions in healthcare. The contract is domestic and structured as a formal agreement, valid until terminated per terms, indicating a long‑term engagement.
SBI Life Insurance reported its performance as follows: new business premium (NBP): ₹31,326 crore, up from ₹26,256 crore in the corresponding period last year, growth of 19% y-o–y; regular premium: grew 15% y-o–y; protection new business premium: ₹3,411 crore, recording 22% growth y-o–y; protection individual new business premium: ₹651 crore. Individual new business premium: ₹22,545 crore, registering 14% growth y-o-y. Profit after tax (PAT)was ₹1,666 crore for the nine-month period, reflecting 4% growth y-o-y.
HCLTech announced a strategic collaboration with Hong Kong Aero Engine Services Ltd (HAESL) to modernise and transform its maintenance, repair and overhaul (MRO) operations. As part of the partnership, HCLTech will deploy its iMRO/4 asset management solution, fully integrated with SAP S/4HANA, to serve as HAESL’s maintenance execution system (MES) at its Hong Kong facility. The initiative is designed to streamline engine MRO processes, enhance operational efficiency and scalability and provide real‑time data visibility across maintenance workflows.
Time Technoplast, through its subsidiary PowerBuild Batteries, has announced an international strategic collaboration with Monbat AD, a leading European battery manufacturer listed on the Bulgarian Stock Exchange and part of the Prista Oil group. The agreement is structured as a multi‑year exclusive distribution arrangement. PowerBuild will distribute Monbat’s maintenance‑free, advanced valve regulated lead-acid (VRLA) stationary and reserve power battery solutions in India.
Zydus Lifesciences, along with its subsidiaries and affiliates, has received tentative approval from the US FDA for Dapagliflozin Tablets (5mg and 10mg), with the reference listed drug being Farxiga®, a widely prescribed therapy for type-2 diabetes in the US. Dapagliflozin is an SGLT2 inhibitor, indicated as an adjunct to diet and exercise for glycaemic control in adults with type-2 diabetes. The drug has strong physician acceptance due to cardiovascular and renal benefits beyond glucose management, making it a key product in the US anti‑diabetic market.The approved tablets will be produced at Zydus’ SEZ Ahmedabad facility, underscoring its compliance strength in regulated markets.As per IQVIA MAT December 2025, Dapagliflozin recorded US$10,486.9mn in annual US sales.
Hindustan Aeronautics (HAL) issued a clarification on the delivery status of the light combat aircraft (LCA Mk1A), reassuring stakeholders on timelines and engine availability. Five LCA Mk1A aircraft are fully ready for delivery, incorporating all contracted capabilities and meeting operational requirements, pending formal handover. Nine additional aircraft have been built and successfully flown; they will be delivery ready once engines from GE are installed. HAL has already received five GE engines, with supply outlook remaining positive.
Adani Energy Solutions (+2.36%) announced a historic milestone, having successfully delivered 10mn electricity smart meters across multiple discoms in India — becoming the first player in the country, and potentially worldwide, to achieve this scale. As India’s leading advanced metering infrastructure service provider (AMISP), the company holds a mandate to install nearly 25mn smart meters across five states.
Current installation pace stands at almost 25,000 smart meters per day, highlighting industry leading execution speed.
Lupinannounced the launch of Topiramate extended release capsules in the US, following FDA approval of its ANDA (abbreviated new drug application). IQVIA data (MAT December 2025) estimates annual US sales of US$164mn for Topiramate extended release capsules.
Strides Pharma Science announced that its step-down wholly-owned US subsidiary, Strides Pharma Inc (SPI), has received the establishment inspection report (EIR) from the US FDA for its formulations facility at Chestnut Ridge, New York. The EIR confirms that the inspection has been officially closed, marking a key regulatory milestone for Strides’ US operations. A Form-483 was issued, to which SPI submitted timely responses, leading to closure of the inspection.
Orders
Agarwal Industrial Corporation secured a bulk bitumen supply contract from BPCL valued at approximately ₹218.59 crore. The mandate covers 42,800MT (metric tonnes) of VG 30 and VG 40 grades, with 32,000MT to Kakinada (₹166.68 crore) and 10,800MT to Mangalore (₹51.91 crore).
Capacit’e Infraprojects received a letter of intent (LoI) worth approximately ₹445 crore from Great Value Realty Ltd for major civil and structural works. The project pertains to the Great Value Ekanam development at GH‑02, Sector 107, Noida, strengthening Capacit’e’s footprint in the NCR real estate market. Scope of work includes comprehensive civil and structural construction for the residential project, highlighting the company’s expertise in large‑scale, high‑rise developments.
Goldiam International announced the receipt of export purchase orders worth ₹80 crore for the manufacturing and export of lab‑grown diamond‑studded gold jewellery.The orders have been secured from international clients across the USA and the Middle East. They are entirely export‑focused, highlighting strong overseas demand.
Concord Control Systems announced that its associate company Progota India Pvt Ltd has secured a ₹185.09 crore contract from Indian Railways for KAVACH 4.0, India’s indigenous railway safety technology. The order involves supply, installation, testing and commissioning of on board KAVACH 4.0 locomotive equipment.
Swan Defence and Heavy Industries Ltd (SDHI), India’s largest shipbuilding and heavy fabrication company, has secured a defence export order from the government of Oman. Under the contract, SDHI will design and deliver a state‑of‑the‑art naval training ship for the Royal Navy of Oman, with delivery scheduled within 18 months.
Earnings
Minda Corporation reported its Q3FY25‑26 results with net profit rising 32.3% y‑o‑y to ₹85.7 crore, compared with ₹64.8 crore in the corresponding quarter last year. Revenue from operations for the quarter stood at ₹1,560.3 crore, up 24.6% y‑o‑y, against ₹1,252.6 crore in Q3 of the previous financial year.
Godrej Properties reported its Q3FY25 26 results with net profit rising 20% y-o-y to ₹195.2 crore, compared with ₹162.6 crore in the corresponding quarter last year. However, revenue declined sharply by 48.6% y-o-y to ₹498.4 crore, down from ₹969 crore in Q3 of the previous financial year.
Uno Minda reported its Q3FY25-26 results with revenue from operations at ₹5,018.06 crore, compared with ₹4,183.99 crore in the corresponding quarter last year, marking strong top-line growth. After accounting for tax expenses, net profit stood at ₹300.48 crore, registering a notable increase from ₹254.37 crore in Q3FY24-25.
Indian Oil Corporationreported its Q3FY25 26 results with net profit rising 59.3% q-o-q (quarter-on-quarter) to ₹12,126 crore, compared with ₹7,610.5 crore in the previous quarter. Revenue from operations stood at ₹2.04 lakh crore.
Voltamp Transformers reported its Q3FY25 26 results with net profit at ₹99 crore, marking 34.8% increase y-o-y compared with ₹73.4 crore in the corresponding quarter last year. Revenue for the quarter rose 30.4% y-o-y to ₹630.3 crore, up from ₹483.5 crore in Q3 of the previous financial year.
Page Industries reported its Q3FY25 26 results with net profit at ₹189.5 crore, marking 7.4% decline y-o-y compared with ₹204.6 crore in the corresponding quarter last year. Revenue from operations, however, rose 5.6% y-o-y to ₹1,386.8 crore, up from ₹1,313 crore in Q3 of the previous year.
Dredging Corporation of India reported its Q3FY25 26 results with a net loss of ₹24.6 crore, compared with a net profit of ₹16 crore in the corresponding quarter last year. Revenue for the quarter declined 15% y-o-y to ₹276 crore, down from ₹324.4 crore in Q3 of the previous financial year.
Rail Vikas Nigam (RVNL) reported its Q3FY25‑26 results with consolidated net profit rising 3.7% y‑o‑y to ₹323 crore, compared with ₹311 crore in the corresponding quarter last year. Consolidated revenue for the quarter stood at ₹4,684 crore, marking a 2.6% growth y‑o‑y from ₹4,567 crore in Q3 of the previous financial year.
Bharti Airtel reported its Q3FY25‑26 results with net profit at ₹6,630.5 crore, marking 2.4% decline q‑o‑q compared with ₹6,791.7 crore in the previous quarter. On the top-line front, revenue rose 3.5% q‑o‑q to ₹53,981.6 crore, up from ₹52,145.4 crore.
Equitas Small Finance Bank reported 35.8% y-o-y rise in Q3FY25-26 net profit to ₹90 crore (vs ₹66.3 crore last year), supported by steady revenue growth of 4.1% to ₹851.6 crore.
Hyundai Motor India posted 7.5% rise in quarterly revenue to ₹17,453 crore (vs ₹16,242 crore last year), supported by stable domestic demand and a resilient product mix. Net profit grew 6.3% y‑o‑y to ₹1,195 crore, compared with ₹1,124 crore in the same quarter last year.
Indian Energy Exchange reported Q3FY25-26 revenue of ₹145.67 crore, up 10.31% y-o-y (vs ₹132.05 crore). PAT rose 11.01% y-o-y to ₹119.11 crore (vs ₹107.29 crore), reflecting steady profitability, despite sequential revenue moderation.
Solar Industries India posted a strong quarter with net profit rising 41.7% y‑o‑y to ₹446.3 crore (vs ₹315 crore last year). Revenue from operations grew 29.2% y‑o‑y to ₹2,548.3 crore (vs ₹1,973 crore), reflecting robust demand momentum.
Varun Beverages posted a net profit of ₹251.7 crore in Q3FY25‑26, registering a 36% increase y‑o‑y from ₹185 crore in Q3FY24‑25. Revenue for the quarter rose 13.5% y‑o‑y to ₹4,334.7 crore, up from ₹3,817.6 crore in Q3FY24‑25.
Indoco Remedies reported its Q3FY25‑26 results with revenue increasing 8.5% y‑o‑y to ₹445.4 crore. The company posted a net loss of ₹29.8 crore in Q3 FY25‑26.
Campus Activewear reported its Q3FY25 26 results with revenue from operations at ₹588.61 crore, registering a 14.3% increase y-o-y compared to ₹514.80 crore in Q3FY24 25. Net profit for Q3FY25 26 rose strongly to ₹63.68 crore, delivering a 37.0% increase y o y over ₹46.47 crore in Q3FY24‑25.
Tamilnadu Mercantile Bank reported its Q3FY25‑26 results with net profit rising 13.8% y‑o‑y to ₹341.5 crore, compared with ₹300.2 crore in the same quarter last year.The healthy profit growth was supported by strong core income, as net interest income (NII) grew 13.3% y‑o‑y to ₹646 crore, up from ₹570.4 crore, reflecting stable loan growth and improved yield management.
Cera Sanitaryware reported its Q3FY25 26 results with net profit declining sharply by 48.7% y-o-y to ₹23.6 crore with revenue rising 11% y-o-y to ₹499 crore, up from ₹449.3 crore.
Emcure Pharma reported its Q3FY25‑26 results with net profit surging 50% y‑o‑y to ₹230.5 crore, compared with ₹154 crore in the same quarter last year. On the top-line front, revenue rose 20.4% y‑o‑y to ₹2,363 crore, up from ₹1,962 crore.
Century Plyboards India posted a net profit of ₹64 crore in Q3FY25‑26, marking a 9.4% increase y‑o‑y compared with ₹58.4 crore in Q2FY24-25. Revenue remained robust, with total income rising 18.4% y‑o‑y to ₹1,350 crore, up from ₹1,140 crore.
TeamLease Services reported its Q3FY25‑26 results with net profit rising 46.8% y‑o‑y to ₹41.7 crore, compared with ₹28.4 crore in the corresponding quarter last year. Revenue for the quarter grew 3% y‑o‑y to ₹3,013 crore, up from ₹2,921.3 crore in the same period last year.
Top gainers and losers of the major indices for the week are given in the table below:
