Moneylife’s market breadth indicators slipped back into neutral territory this week after nearly three weeks in a bullish phase, reflecting the continuation of weakening trends. The proportion of stocks sustaining above key moving averages has eroded steadily, signalling that internal momentum is losing depth even as headline indices remain elevated. A modest improvement on Friday offered some respite, with participation showing early signs of stabilising. Yet, the broader structure underscores fragility: breadth is oscillating between strength and weakness and the durability of any recovery will hinge on whether participation can broaden across segments rather than remain concentrated in short bursts.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Godrej Enterprises group has unveiled India’s first multi ion battery technology for electric forklifts through its material handling equipment (MHE) business, marking a breakthrough in industrial electrification. The new battery promises 25% lower total cost of ownership, higher equipment uptime and cleaner operations across manufacturing and warehousing supply chains. Designed to last through the full operational life of the forklift, it directly addresses pain points of industrial battery lifecycle and sustainability in logistics.
Cyient Semiconductors Pvt Ltd has launched India’s first GaN (gallium nitride) power family, introducing seven new devices developed using Navitas Semiconductor’s GaN technology. These high-efficiency solutions are designed to serve artificial intelligence (AI) data centres, telecom networks, consumer fast charging, industrial power systems and e-mobility platforms.
Parag Milk Foods, through its sports nutrition brand Avvatar, has launched a ready-to-drink protein cold coffee in collaboration with Tetra Pak. The product is packaged in India’s first Tetra Prisma® aseptic 250E pack, offering consumers a portable, nutritious and flavourful option for on-the-go consumption. Priced at ₹120, the launch marks Avvatar’s strategic expansion beyond traditional sports nutrition into everyday functional beverages, tapping into rising demand for protein-rich lifestyle products.
Windsor Machines entered into a memorandum of understanding (MoU) with Allerindia Developers LLP for the sale of its non‑operational industrial plots at Wagale Thane Industrial Area (Maharashtra). The transaction, valued at ₹162 crore, covers plots E‑6 and E‑6(A), spanning 21,912sqmtr (square metres) and including existing building structures.
Shyam Metalics & Energy unveiled a ₹2,700-crore capital expenditure (capex) plan to expand manufacturing and diversify its product portfolio. The board has cleared two major projects: long & speciality wire rod and bar mill, with furnace at Kharagpur, of 800,000TPA (tonnes per annum) capacity, targeted for completion by 31 March 2029. Expansion of the stainless steel (SS) segment at Sambalpur from 0.50MTPA (metric tonnes per annum_ to 0.60MTPA, with new facilities including SS cold rolling mill, precision cold rolling mill, hot rolling annealing & pickling line and bright annealing line, slated for completion by 1 March 2029.
Bharat Forge secured a long-term contract with Embraer for the manufacturing and supply of critical landing gear forgings, becoming the first Indian supplier to enter Embraer’s global aerospace supply chain for forged components. Under the agreement, Bharat Forge will deliver high-integrity forged parts for landing gear systems across Embraer’s commercial and defence aircraft programmes.
Tata Consultancy Services (TCS) announced a global strategic partnership with Rezolve Ai, marking its entry into the fast-growing agentic AI commerce market. The collaboration will enable retailers to integrate AI-powered systems into core commerce operations at enterprise scale, enhancing customer assistance, workflow automation and digital shopping experiences. Under the partnership, TCS will deploy Rezolve Ai’s proprietary brainpowa™ intelligent commerce platform across global markets.
Pine Labs announced its entry into the Philippines market through a strategic partnership with GCash for Business, marking a significant step in its international expansion. The collaboration will integrate Pine Labs’ instalment payment plan (IPP) offers, rewards, loyalty, and cash-back features with GCash’s merchant acquiring solution. This integration is designed to support multiple modes of digital payments, including card and QR transactions, thereby strengthening the fin-tech infrastructure available to MSMEs in the Philippines.
KEI Industries announced the conclusion of income-tax department search and seizure operations that began on 7 May 2026 and ended late on 12 May 2026. The proceedings covered the company’s registered office, multiple manufacturing plants, and residences of its promoter and certain executives.
Delhi High Court has reaffirmed its 19 January 2026 order against SpiceJet (+0.71%) in the long running dispute with former promoter Kalanithi Maran and KAL Airways. On 4 May 2026, justice Subramonium Prasad dismissed review petitions filed by SpiceJet and promoter Ajay Singh, directing them to deposit ₹144.51 crore with the court registry after adjusting for ₹50 crore already deposited. The Court also imposed a ₹50,000 cost on SpiceJet and Singh, underscoring judicial intolerance for repeated review attempts in admitted liability cases. The liability stems from an earlier determination of approximately ₹194.5 crore, linked to contractual obligations between SpiceJet and its former promoter.
Cipla closed FY25-26 with annual revenue of ₹28,163 crore. Its One India business expanded 15% year-on-year (y-o-y), driven by robust performances across branded prescription, trade generics, and consumer health segments. In the North American market, Cipla recorded quarterly revenue of US$155mn (million), supported by demand in its differentiated portfolio and a resilient base business.
Max Healthcare Institute initiated a re‑classification request to move Radiant Life Care Hospital Foundation (RLCHF) from the promoter group to the public category. This follows the sale of the entire equity stake held by Abhay Soi and Radiant Life Care Pvt Ltd in RLCHF, meaning RLCHF no longer qualifies as a promoter entity under SEBI (Securities and Exchange Board of India) regulations.
Embassy Developments secured a favourable ruling from the Karnataka High Court in a dispute involving its subsidiary Embassy East Business Park Ltd (EEBPL). The Court allowed EEBPL to retain possession of about 78 acres of land at Kadugodi Industrial Area (Bengaluru urban district). This decision quashes the earlier KIADB order.
GR Infraprojects’ subsidiary Munger Link Highway Pvt Ltd has signed a ₹2,440.87-crore concession agreement with NHAI on 14 May 2026 for the construction of a 4‑lane greenfield section of NH‑33 (Mokama–Munger, Bihar). The project will be executed under the hybrid annuity mode (HAM), with a construction timeline of 910 days from the appointed date.
Mangalore Refinery and Petrochemicals (MRPL) has secured a favourable ruling from CESTAT Bangalore, entitling it to a refund of ₹212.53 crore in customs duty. The amount had been deposited under protest and appropriated by the department against differential duty and levies. With the tribunal’s decision, MRPL can reclaim the deposit, providing immediate cash-flow relief. Additionally, the ruling extinguishes a contingent liability of ₹616.82 crore, materially strengthening the company’s balance sheet and reducing litigation overhang.
Alembic Pharmaceuticals received an establishment inspection report (EIR) from the US FDA (US food and Drug administration) for its injectable facility (F III) at Karakhadi. The receipt of the EIR signifies that the inspection process is closed, with the US FDA concluding its evaluation of the site. This is a critical compliance milestone, confirming that Alembic’s manufacturing practices meet the required quality and safety standards under US regulations.
HFCL announced plans to set up a new defence manufacturing facility in Andhra Pradesh, with an initial investment of ₹230 crore. The proposed unit will focus on producing multi mode hand grenades (MMHG) and similar defence products, marking a strategic expansion into the defence manufacturing ecosystem.
Indoco Remedies successfully obtained certification from European Union good manufacturing practices ((EU GMP) for its Baddi manufacturing facility, following inspection by the Malta Medicines Authority. This certification confirms compliance with good manufacturing practice (GMP) requirements under the directive, underscoring Indoco’s adherence to global regulatory norms and its commitment to high quality standards.
Orders
RailTel Corporation of India secured a domestic contract from the ministry of railways to implement an AI-based surveillance system at New Delhi Railway Station, one of India’s busiest hubs. The project involves deploying an advanced surveillance infrastructure to enhance security and monitoring capabilities. While financial details are yet to be finalised, RailTel has confirmed that there is no promoter group or related party involvement in the transaction.
Ceigall India (CIL) has been awarded a ₹250-crore contract by Punjab State Power Corporation Ltd (PSPCL) to set up a 100MW (megawatt) stand-alone battery energy storage system (BESS) under a tariff-based global competitive bidding process. The project will operate under a 12-year battery energy storage purchase agreement (BESPA), with a tariff fixed at ₹3,44,000/MW per month. Execution is expected to be completed within 18 months, followed by the long-term operational period commencing from the date of commissioning.
Jyoti Structures secured a ₹67.96-crore contract for the Mullikulam wind power transmission project in Sri Lanka, marking a notable international win. The project, awarded by National Transmission Network Service Provider (Private) Ltd, will be executed in joint venture with Fentons. Scope includes constructing a 28km (kilometre), 220kV (kilovolt) double circuit transmission line from Mannar GS to Mullikulam collector grid sub-station, with completion targeted in 18 months.
Bajel Projects secured a major order under the Bellary–Davanagere RE evacuation scheme, awarded by PowerGrid Corporation of India Ltd on behalf of Bellary Davanagere Power Transmission Ltd. The scope involves constructing 70km of 400kV (Quad) double circuit transmission line, linking Bellary sub-station to Davanagere sub-station. This infrastructure is pivotal for evacuating 3GW (gigawatt) of renewable capacity (0.25GW at Davanagere and 2.75GW at Bellary) into the national grid.
Kirloskar Oil Engines unveiled a two-pronged expansion strategy. Establishing a wholly-owned subsidiary in Amsterdam (Netherlands), to operate across engineering, manufacturing and trading segments. The unit will cover research, design, development, manufacturing, trading, assembly, testing and supply of industrial equipment including heat engines, gen sets, pumps, energy transformation products. Announcing a ₹1,400-crore strategic investment to expand manufacturing capacity at its Kagal (Kolhapur) plant by an additional 20,000 engines per annum. Current capacity is 135,000 engines (75% utilisation). The expansion, financed via internal accruals and borrowings, is expected to be completed in two years.
Bharat Dynamics Limited (BDL) is establishing a state of the art naval systems manufacturing facility at T Sirasapalli village (Anakapalli district, Andhra Pradesh), marking a major milestone in India’s indigenous defence manufacturing push under AatmaNirbhar Bharat. Spread across 160 acres, the complex will feature advanced manufacturing and assembly infrastructure, integration buildings, explosive handling and storage facilities, acoustic tank testing infrastructure, administrative blocks and a dedicated green belt. The facility is designed to meet the Indian Navy’s growing requirements for underwater weapon systems and naval combat systems, strengthening India’s strategic autonomy in defence.
Mergers/ Acquisitions / Fund-raise / Stake Sale
Satin Creditcare Network (SCNL) executed a ₹200-crore tier-2 capital-raise with a seven-year tenure, reinforcing its capital adequacy and long-term growth buffer. The subordinated structure provides a prudential cushion for expansion, enabling efficient deployment of growth capital across core lending platforms and emerging businesses.
Bank of Baroda board has approved a capital-raise of up to ₹6,000 crore through issuance of AT1 and/or tier-2 bonds, to be executed in tranches by 31 March 2027 (extendable if required). The initiative, subject to statutory and regulatory approvals, is aimed at strengthening the capital base and supporting future growth.
State Bank of India (SBI), India’s largest public sector lender, has approved a plan to raise up to US$2bn (billion) in FY26-27 through overseas bond issuances. The fund-raising will be explored under the Reg S/144A route, via public offers and/or private placements, with bonds denominated in US dollars or other major foreign currencies. The executive committee of the central board cleared the proposal on 12 May 2026, noting that the issuance could be executed in single or multiple tranches during FY26-27, with flexibility to extend beyond the year, if required. The move remains subject to statutory and regulatory approvals and is aimed at strengthening SBI’s long-term funding base and diversifying its global investor reach.
Black Box completed the acquisition of 100% stake in 2S InovaçõesTecnológicas, a leading Brazilian solutions integrator. The deal was executed through Black Box do BrasilIndústria e Comércio Ltda., a step-down subsidiary, strengthening the company’s footprint in Latin America.
Skipper Limited secured ₹1,265 crore in fresh T&D (transmission & distribution) orders, spanning domestic 765kV and 400kV transmission line projects and export supply of towers and monopoles to LATAM markets. The wins reinforce its leadership in power transmission engineering-procurement-construction (EPC) and highlight rising demand from grid expansion and renewable integration. This order book strengthens visibility across domestic infrastructure and international markets, diversifying revenue streams.
Welspun Corp has secured a ₹700-crore order from its US facility for the supply of LSAW (longitudinal submerged arc welded) pipes, a key product in oil & gas and infrastructure projects. This latest win lifts the company’s global consolidated order book to ₹25,350 crore (approximately US$2.6bn), reinforcing its strong international positioning in the pipe manufacturing sector. The order underscores demand resilience in energy infrastructure and highlights Welspun’s ability to leverage its overseas facilities for high value contracts.
Earnings
Deep Industries delivered a robust FY25-26, with revenue from operations rising 55% y-o-y to ₹891 crore. In Q4FY25-26, operating revenue stood at ₹248.71 crore, marking 49% y-o-y increase.
JSW Infrastructure posted a robust Q4FY25-26 performance, reflecting steady operational growth. Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 20% y-o-y to ₹769 crore, supported by cargo volumes of 31.6MT (million tonnes) (+1% y-o-y). Revenue from operations grew 19% y-o-y to ₹1,522 crore, while adjusted profit after tax (PAT) was ₹528 crore (+15% y-o-y).
UPL in Q4FY25-26, revenue surged 18% y-o-y to ₹18,335 crore, with contribution up 19% to ₹7,069 crore, yielding a margin of 38.6% (+50bps – basis points). EBITDA stood at ₹3,646 crore (+13% y-o-y), though margins eased slightly to 19.9% (90bps), indicating higher input costs or mix effects.
Multi Commodity Exchange of India (MCX) reported Q4FY25-26 performance, driven by strong trading activity. Net profit surged 291% y-o-y to ₹529.77 crore, compared to ₹135.46 crore in Q4FY24-25. Revenue from operations also witnessed robust growth, rising 205.2% y-o-y to ₹888.94 crore, against ₹291.33 crore last year.
Titan Company reported a strong Q4FY25-26 performance, with consolidated PAT rising 29.2% y-o-y to ₹1,124 crore, compared to ₹870 crore in Q4FY24-25. Total operational revenue surged 77.6% y-o-y to ₹23,934 crore, against ₹13,477 crore last year, reflecting robust demand across its jewellery, watches and eyewear segments.
Lupin reported a sharp earnings surge in Q4FY25-26, with net profit rising 87.5% y-o-y to ₹1,468.7 crore, compared to ₹782.4 crore in Q4FY24-25. Total revenue from operations also grew strongly, up 31.9% y-o-y to ₹7,474.7 crore, against ₹5,667.1 crore last year.
Berger Paints India reported a steady Q4FY25-26 performance, with revenue from operations rising 6.06% y-o-y to ₹2,868.03 crore, compared to ₹2,704.03 crore in Q4FY24-25. Profit for the quarter showed stronger momentum, increasing 27.52% y-o-y to ₹335.25 crore, against ₹262.91 crore last year.
Dixon Technologies reported a muted Q4FY25-26 performance, with revenue from operations rising marginally to ₹10,510.51 crore from ₹10,292.54 crore in Q4FY24-25. However, net profit declined sharply, down 35.91% y-o-y to ₹297.97 crore, compared to ₹464.95 crore last year.
MTAR Technologies posted a sharp Q4FY25-26 performance, with consolidated net profit rising 222.7% y-o-y to ₹44.28 crore, compared to ₹13.72 crore in Q4FY24-25. Revenue from operations also climbed 67.2% y-o-y to ₹306.07 crore, against ₹183.09 crore last year.
Neuland Laboratories posted a standout Q4FY25-26, with consolidated net profit surging 664.7% y-o-y to ₹212.67 crore, compared to ₹27.81 crore in Q4FY24-25. Revenue from operations also jumped 136.3% y-o-y to ₹776.25 crore, versus ₹328.36 crore last year.
V-Guard Industries posted a solid Q4FY25-26 performance, with net profit rising 23% y-o-y to ₹112 crore, compared to ₹91 crore in Q4FY24-25. Revenue from operations increased 14% y-o-y to ₹1,755.3 crore, against ₹1,538 crore last year.
Anant Raj reported a healthy Q4FY25-26 performance, with consolidated net profit rising 25.2% y-o-y to ₹148.71 crore, compared to ₹118.79 crore in Q4FY24-25. Revenue from operations also increased 19.6% yo-y to ₹646.81 crore, versus ₹540.65 crore last year.
Paras Defence and Space Technologies delivered a strong Q4FY25-26, with consolidated net profit rising 75% y-o-y to ₹38.88 crore, compared to ₹20.83 crore in Q4FY24-25. Revenue from operations also surged 58.3% y-o-y to ₹171.31 crore, versus ₹108.23 crore last year.
ManInfra construction reported a weak Q4FY25-26, with revenue from operations falling 50.5% y-o-y to ₹145.52 crore, compared to ₹293.80 crore in Q4FY24-25. Net profit also declined 44.2% y-o y-to ₹42.83 crore, versus ₹76.93 crore last year.
Sakar Healthcare reported a robust FY25-26 performance, with Q4 revenue reaching ₹7,109.70 lakh. For the full year, revenue from operations stood at ₹25,173.60 lakh, marking a 42% y-o-y increase.
Texmaco Rail & Engineering reported a steady Q4FY25-26, with revenue from operations at ₹1,167 crore. EBITDA was at ₹116 crore, maintaining a margin of 10.0%, while PAT stood at ₹58 crore, reflecting a 5.0% margin.
Balaji Amines reported a solid Q4FY25-26, with consolidated revenue rising to ₹403 crore, up from ₹361 crore in Q4FY24-25. Net profit surged to ₹65 crore, a sharp increase from ₹40 crore last year.
Housing and Urban Development Corporation (HUDCO) reported a strong Q4FY25-26, with total revenue rising 25.2% y-o-y to ₹3,562.86 crore, compared to ₹2,844.99 crore in Q4FY24-25. Reported PAT surged 172.3% y-o-y to ₹1,981.31 crore, up from ₹727.74 crore last year.
JSW Steel posted a sharp surge in Q4FY25-26 earnings, with consolidated PAT jumping 1,182% y-o-y to ₹19,243 crore, compared to the previous year. The spike was largely driven by a one-time exceptional gain of ₹17,888 crore from the Bhushan Power & Steel transaction which inflated reported profit more than 12-fold. Consolidated revenue stood at ₹51,180 crore, up 14.2% y-o-y from ₹44,819 crore in Q4FY24-25, reflecting steady demand and pricing support in the steel cycle.
Senores Pharmaceuticals delivered a robust performance, with total income rising 66% y-o-y to ₹190 crore. PAT surged 104% y-o-y to ₹37 crore, underscoring strong operational leverage and margin expansion.
Interarch Building Solutions reported Q4FY25-26 net revenue of ₹504 crore, up 8.7% y-o-y from ₹463 crore in Q4FY24-25. However, PAT declined 5% y-o-y to ₹37 crore, versus ₹39 crore last year.
Stallion India Fluorochemicals (SIFL) reported a strong Q4FY25-26, with total revenue rising to ₹1,530 crore, up from ₹1,110 crore in the same quarter last year — a 37.8% y-o-y increase.
Bharti Airtel posted Q4FY25-26 consolidated revenue of ₹55,383 crore, up 16% y-o-y, reflecting strong growth in mobile services, data consumption and enterprise solutions.
SJVN Limited reported a Q4FY25-26 consolidated net loss of ₹117.84 crore, narrowing from a loss of ₹127.72 crore in Q4FY24-25. At the same time, revenue from operations surged nearly 3x y-o-y to ₹1,496.47 crore, compared to ₹504.40 crore last year. The decline reflects soft demand and margin compression impacting performance.
Top gainers and losers of the major indices for the week are given in the table below:
