The week concluded with India's benchmark Nifty 50 declining by 0.81% to 25,149.85 and the Sensex falling 0.83% to 82,500.47, reflecting broader market sentiments. Global trade continued to be a focal point, as US president Donald Trump announced new tariffs, set to take effect by 1st August on imports from 14 countries including Japan (25% on autos, auto parts, electronics) and South Korea (25% on vehicles, machinery, electronics). Both countries are actively seeking concessions, with Japan prioritising its automobile industry. The European Union (EU) also faces a 1st August deadline for US tariffs, emphasising the need for a bloc-wide agreement.
Banks are flush with cash but remain cautious about aggressive lending, particularly to large non-banking finance companies (NBFCs), despite 100bps (basis points) repo rate cut by the Reserve Bank of India (RBI). This stance by banks aligns with the finance minister's (FM’s) warning to NBFCs against aggressive loan pushes and her emphasis on fair lending practices. Credit growth remains slow, especially in the large industrial sector. Adding to the financial landscape, RBI is set to conduct a seven-day variable rate reverse repo operation for Rs2.5 lakh crore to manage banking system liquidity. Meanwhile, government departments will now process all payments above Rs75 crore through RBI's e-Kuber system to enhance transparency. Capital expenditure (capex) by central public sector enterprises and four key government entities increased by 25% in June, supporting the economy.
India's foreign direct investment (FDI) landscape faces significant challenges. Gross FDI inflows in FY24-25 were US$81.04bn (billion), lower than previous years, and net FDI was a mere US$353mn (million) due to substantial repatriation (US$51.5bn) and outward FDI (US$29.2bn). This contrasts sharply with countries like Vietnam and Malaysia which, despite smaller GDPs, attracted significantly higher manufacturing FDI as a percentage of their GDP. While India's production linked incentive (PLI) scheme has attracted manufacturing FDI, especially in electronics (e.g., Apple, Foxconn), experts believe that without these incentives manufacturing FDI would likely shrivel. Indian industrialists are increasingly investing abroad, with firms eyeing the UAE, Mexico and Vietnam, further impacting net FDI.
In the pharmaceuticals sector, India's pharma exports to the US soared almost 74% in March to US$1.56bn, partly due to Indian exporters offloading material in anticipation of potential US tariffs. However, exports to the US fell in April and May. Separately, Glenmark Pharmaceuticals licensed a cancer drug to a US firm for US$700mn.
The real estate market saw land deals worth Rs31,000 crore transacted in first six month of 2025, covering 2,900 acres, with a total development potential of over 233mnsqft (million square feet). The bulk of these deals was for housing, commercial and mixed-use projects.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Dixon Technologies entered into a strategic partnership with Eureka Forbes to assemble, manufacture and supply robotic vacuum cleaners, marking its formal entry into the homecare appliances segment.
Computer Age Management Services (CAMS) unveiled CAMSPay’s new payment gateway to address India’s evolving digital transaction needs. The platform supported over 5,000 TPS, complied with RBI and PCI DSS norms and offered multi-layer security with real-time analytics. It targeted fin-techs, enterprises and digital platforms seeking scalable, regulation-ready payment infrastructure.
Panacea Biotec settled its arbitration dispute with Apotex agreeing to receive US$2mn under a revised pact linked to Paclitaxel injectable abbreviated new drug application (ANDA). Profit-sharing terms were adjusted in Apotex’s favour until cost recovery, after which a 50:50 split will resume. The resolution ended prolonged litigation and improved visibility in North American markets.
Tesla reaffirmed its commitment to Indian suppliers like Sona BLW, Motherson Sumi Wirings India and Sundaram Fasteners, despite potential US tariffs. The company assured partners that its India procurement policy would remain unchanged, supporting trade continuity and earnings visibility. This stance eased concerns over supply-chain shifts, amid ongoing India-US trade negotiations.
India entered talks to revive its 2009 civil nuclear deal with Namibia, aiming to secure uranium imports for its growing nuclear energy programme. Namibia, a top global uranium producer, had earlier withheld supply due to the Pelindaba Treaty which restricts exports to non-NPT (non-proliferation treaty) signatories.
Reliance NU Suntech, a Reliance Power subsidiary, secured a stay order from the Delhi High Court on blocking Solar Energy Corporation of India (SECI) from terminating its power purchase agreement (PPA). The court directed both parties to maintain status quo while legal proceedings continue, offering interim relief to project operations. The dispute stemmed from SECI’s show-cause notice linked to alleged non-disclosure of a prior debarment involving a different subsidiary.
HCL Tech signed a 10-year strategic partnership with Dunedin City Council (DCC) to modernise its IT services across cybersecurity, hybrid cloud and asset management. The deal supports DCC’s five-year IT strategy and includes artificial intelligence (AI)-led automation, omnichannel tools and 24x7 virtual support for staff and residents. The partnership was awarded through a competitive procurement process and aims to enhance scalability, security and community engagement.
JTL Industries announced a new electric resistance welded (ERW) pipe manufacturing adding 300,000MTPA (metric tonnes per annum) capacity. The facility will produce round, square and rectangular pipes with thicknesses from 4mm (millimetre) to 16mm, expanding JTL’s high-strength steel portfolio. Commissioning is expected within 12 months, supporting growth in infrastructure, oil & gas and city gas distribution markets.
Deepak Fertilisers and its subsidiary PCL signed a Rs1,200 crore, 5.5-year liquefied natural gas (LNG) regasification agreement with Petronet LNG. Petronet will regasify about 25.6 TBTUs (Trillion British Thermal Units) annually at Dahej terminal, starting mid-2026, for supply to DFPCL’s Taloja units. The deal completed last-mile connectivity for DFPCL’s gas-to-chemicals value chain, building on its earlier LNG pact with Equinor ASA.
Glenmark’s IGI Therapeutics SA signed an exclusive global licensing deal with AbbVie for ISB 2001, a trispecific antibody targeting multiple myeloma. IGI received US$700mn upfront, with up to US$1.225bn in milestones and tiered double-digit royalties on future sales.
Orders
Birla Corporation (+0.10%) was declared the preferred bidder for the Tadas Limestone Block-II in Nagaur (Rajasthan), on 10 July 2025. It secured the block with a 63.50% final price offer, adding 160.39 hectares to its raw materials reserves.
Puravankara signed a joint development agreement for a 5.5-acre land parcel in Balagere, East Bengaluru, with a GDV of over Rs1,000 crore and 0.83mnsqft of saleable area. The launch is expected within six to nine months, targeting premium residential demand near key IT corridors.
GAIL and Oil India signed a 15-year gas sale and purchase agreement securing up to 900,000 standard cubic metres per day (SCMD) of natural gas from Rajasthan’s Bakhri Tibba block. The supply will support power generation by Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL), reinforcing domestic energy availability and reducing import dependence. GAIL will leverage its 16,421km (kilometre) pipeline network and LNG portfolio to deliver the gas, while continuing to expand into renewables and petrochemicals.
Aurionpro Solutions secured a multi-million-dollar digital banking contract with a leading African bank marking its first major win in the region. The deal included licensing, implementation and multi-year support for an omnichannel platform with cross-border payments and forex capabilities. It expanded Aurionpro Solutions footprint in the MEA (Middle East and Africa) region and reinforced its global banking software strategy.
JK Lakshmi Cement was declared the highest bidder (H1) by the Assam Mineral Development Corporation Ltd (AMDCL) for a major integrated project in New Umrangso (Assam). The scope includes development and operation of a 630-hectare limestone mine and establishment of a fully integrated greenfield cement plant with value-added products. The company has received a letter of intent (LoI) and is required to furnish a performance guarantee and make an upfront payment for limestone procurement, as per tender terms.
United Drilling Tools secured a Rs17.64 crore order from Oil India Ltd for the supply of line casing pipe and crossover pipe, with execution scheduled over the next five months.
Krsnaa Diagnostics received a fresh letter of authorisation (LoA) from the Rajasthan government on 7th July after the High Court ruled in its favour regarding national health mission’s (NHM’s) free diagnostics initiative. The company and Telecommunications Consultants India (TCIL),were cleared to proceed with state-wide lab services under the hub & spoke model. The development ended a two-year litigation delay and paved the way for Rs300 crore in projected revenue.
JSW Infrastructure received a Rs740 crore LoA from Syama Prasad Mookerjee Port Authority to upgrade container berths at Netaji Subhash Dock. The Design Build Finance Operate and Transfer (DBFOT)-based public-private-partnership (PPP) project spans 30 years and includes reconstruction of berth-8 and mechanisation of berths7 and 8. JSW planned to begin partial operations during the two-year construction phase, leveraging Kolkata’s cargo volumes.
Investment/ Acquisition / Stake Stale
Shakti Pumps (India) successfully raised Rs292.60 crore through a qualified institutions placement (QIP), issuing shares at Rs918 apiece—a 4.97% discount to the Securities and Exchange Board of India (SEBI) floor price. The capital will fund a greenfield solar Domestic Content Requirement(DCR) cell and photovoltaic (PV) module manufacturing plant in Pithampur (Madhya Pradesh) via its subsidiary Shakti Energy Solutions, with a planned capacity of 2.20GW (gigawatt).
Nectar Lifesciences signed agreements to sell its core active pharmaceutical ingredient (API) and formulations business to Ceph Lifesciences for Rs1,270 crore, and its menthol assets for Rs20 crore. The deal aimed to streamline operations and fund debt repayment, growth initiatives and shareholder rewards.
Navin Fluorine Intenrational launched a Rs750 crore QIP on 7th July, fixing the floor price at Rs4,798.28 per share under SEBI’s ssue of Capital and Disclosure Requirements (ICDR) norms. The board allowed up to a 5% discount, with final pricing to be set in consultation with the lead manager.
Quality Power Electrical Equipment and Yash Highvoltage signed a binding term sheet to jointly acquire Sukrut Electric, a Pune-based transformer component-maker with global original equipment manufacturers (OEM) ties. The acquisition aimed to scale operations and deepen global presence, amid rising demand for grid modernisation and renewable integration. The deal involved a full buyout from a German multinational and was expected to close within two quarters.
Jindal SAW shareholders approved Rs15,000 crore in related-party transactions and Rs1,000 crore non-convertible debenture (NCD) issuance. A Rs2 per share dividend for FY24-25 was cleared, alongside reappointments of key promoters and auditors. All 11 resolutions passed with 99.99% support, affirming strategic direction and governance stability.
Gabriel India approved Rs26.82 crore investment to acquire a 51% stake in Jinhap Automotive India, forming a jont venture (JV) with South Korea’s Jinos. The subsidiary will manufacture fasteners for automotive and industrial use, diversifying Gabriel’s product-mix. The deal is expected to close by 31 October 2025, with Gabriel holding chairperson rights and casting vote authority.
June FY24-25 Earnings
Jubilant FoodWorks’ (-3.65%) consolidated revenue rose 17% year-on-year (y-o-y) to Rs2,261.4 crore. The growth was driven by Domino’s India posting 11.6% like-for-like (LFL) growth, supported by volume recovery and value-led offerings. A net addition of 73 stores, took the total network to 3,389 outlets across India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. It alone added 61 new stores, ending the quarter with 2,240 locations.
Kotak Mahindra Bank reported 14% y-o-y growth in net advances to Rs4.45 lakh crore and 14.6% y-o-y growth in deposits to Rs5.13 lakh crore in Q1FY25-26. Sequentially, advances grew 4.2% and deposits increased 2.8%, reflecting strong lending momentum and healthy deposit mobilisation.
Elecon Engineering sales increased by 25.25% y-o-y to reach Rs491 crore, while operating profit increased by 40.91% y-o-y to reach Rs130 crore and net profit increased by 47.14% y-o-y to reach Rs175 crore.
Tata Elxsi's sales fell by 3.67% y-o-y to reach Rs892 crore, while operating profit decreased by 25.80% y-o-y to reach Rs187 crore and net profit decreased by 21.74% y-o-y to reach Rs144 crore.
Anand Rathi Wealth's sales increased by 15.13% y-o-y to reach Rs274 crore, while operating profit increased by 30.35% y-o-y to reach Rs128 crore and net profit increased by 27.93% y-o-y to reach Rs93.9 crore.
Top gainers and losers of the major indices for the week are given in the table below:
