Category: Cryptocurrency

File picture: A woman at the Bombay Stock Exchange building, in Mumbai
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The equity benchmarks are set to open higher on Wednesday, extending their multi-session winning run fuelled by recent tax cuts, while rising bets for US rate cuts and hopes of progress in trade talks with Washington lifted sentiment.

Gift Nifty futures were trading at 25,027 points as of 08:07 a.m. IST, indicating that the benchmark Nifty 50 will open above Tuesday’s close of 24,868.6.

The index has gained about 1.2 per cent in the last five sessions, and is trading about 5.4 per cent below the record high hit on September 27, 2024.

Geopolitical risks, however, resurfaced after US President Donald Trump urged European Union officials to impose 100 per cent tariffs on China and India as part of a strategy to pressure Russia, according to a US official and an EU diplomat.

But, Trump also indicated that the US could boost trade with India, citing ongoing discussions to reduce barriers.

Prime Minister Narendra Modi said he is looking forward to speaking with Trump, and that the two countries were working to conclude trade negotiations at the earliest.

On the flows front, foreign portfolio investors turned buyers in India, with net inflows of ₹2,050 crore ($232.5 million) on Tuesday, according to provisional data.

Domestic institutional investors extended their buying streak to an 11th consecutive session.

IT stocks, where FPIs hold relatively larger stakes outside financials, rose 2.8 per cent on Tuesday, led by a 5 per cent jump in Infosys after the company said it would consider a share buyback on September 11.

STOCKS TO WATCH

** Sun Pharmaceutical Industries says the US Food and Drug Administration has determined its Halol plant not compliant with the regulator’s manufacturing rules

** Sumitomo Mitsui is likely to sell 1.65 per cent stake in Kotak Mahindra Bank for ₹6,000 crore, reports said.

** Cupid enters into a term sheet to acquire a strategic stake in Mansam, a Saudi Arabian fragrance brand, to expand its presence in the lifestyle and consumer space, leveraging opportunities in West Asia’s luxury market.

** Bajaj Auto says it will pass on the full GST reduction benefit to customers, while Eicher Motors says Royal Enfield brand will pass the full benefit of GST cuts across its motorcycle range, effective September 22. ($1 = 88.1670 Indian rupees)

Published on September 10, 2025

Prozeal Green Energy plans to mop-up Rs ₹700 crore while Neilsoft will raise Rs ₹90 crore via fresh equity issuance and dilute 80 lakh shares of existing investors under ‘offer for sale’
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Ildo Frazao

Capital markets regulator SEBI has cleared two initial public offerings to cumulatively raise over ₹790 crore.

Prozeal Green Energy, the fourth largest solar EPC company, plans to mop-up ₹700 crore while Tokyo-based Fujita Corporation backed Neilsoft will raise ₹90 crore via fresh equity issuance and dilute 80 lakh shares of existing investors under ‘offer for sale’.

Prozeal Green Energy will issue fresh equity shares worth ₹350 crore and an offer for sale of another ₹350 crore by existing investors.

The company plans to use the proceeds from the IPO for repayment of debt, working capital and general corporate purposes.

Nuvama Wealth Management and SBI Capital Markets are the Lead Managers to the issue.

Prozeal Green Energy is focused on delivering end-to-end renewable energy solutions, including engineering, procurement, and construction of solar energy projects on a turnkey basis, with an emphasis on serving clients in the commercial and industrial sectors.

The company provides clients with customised solutions, including options for capex or opex models, land purchase or lease, and the selection of suitable technology.

Since its inception in 2013 through September 30, 2024, Prozeal Green Energy has successfully executed 182 solar power projects with a total installed capacity of 783.98 MWp across 17 States and one in Nepal for 125 clients.

As of September 2024, its order book was ₹2,220 crore, of which ₹2,209 crore was for ground-mounted solar power projects.

Neilsoft Ltd

The company will issue fresh equity of ₹90 crore and an offer-for-sale of 80 lakh shares by promoters and other selling shareholders.

Pune-based engineering services and solutions provider plans to use the net proceeds for capital expenditure and general corporate purposes.

Published on September 9, 2025

India’s equity benchmarks are likely to open higher on Tuesday, in line with their Asian peers, as rising expectations of a US rate cut this month lifted investor sentiment for risk assets.

Gift Nifty futures were trading at 24,950 points as of 07:40 a.m. IST, indicating that the Nifty 50 will open above Monday’s close of 24,773.15.

MSCI’s broadest index for Asia-Pacific stocks outside Japan rose 0.8 per cent, while Japan’s Nikkei jumped nearly 1 per cent, aided by a weaker yen and following the resignation of Prime Minister Shigeru Ishiba, a fiscal hawk.

Bets for a US rate cut at the Federal Reserve’s September 16-17 meeting rose after data showed fewer-than-expected job additions in the world’s largest economy in August.

Lower US interest rates make emerging markets such as India attractive for foreign portfolio investors (FPIs).

On Monday, FPIs sold shares worth ₹2,170 crore, per provisional data, marking their eighth consecutive session of selling due to concerns over the impact of steep US tariffs on Indian goods and relatively higher valuations.

STOCKS TO WATCH

** Infosys will consider a proposal for a buyback of equity shares on September 11.

** RailTel Corporation of India announces receipt of multiple orders on Monday, including a ₹262 crore contract from Bihar Education Project Council.

** TVS Motor Company says it will pass on the full benefits of GST rate reduction to customers starting September 22.

Published on September 9, 2025

With over three decades of experience, 27 registered trademarks, and a diverse portfolio spanning flagship brands, institutional sales, exports, and contract manufacturing, Galaxy Medicare has built a strong reputation in domestic and international markets.

Galaxy Medicare, a manufacturer of medical devices and surgical dressings, plans to raise Rs 22 crore through an initial public offering on NSE Emerge.

The company will issue 41.32 lakh equity shares in the price band of ₹51 – ₹54 a share. The lot size is fixed at 2,000 equity shares. The issue will open on Wednesday.

The net proceeds from the IPO will be used for funding capital expenditure for the purchase of machinery, funding the working capital and general corporate purposes.

Affinity Global Capital Market will be the lead manager, while Cameo Corporate Services has been appointed as registrar.

Dillip Kumar Das, Managing Director, Galaxy Medicare, said the company has steadily grown its presence across multiple business verticals, including flagship brands, contract manufacturing, institutional sales, exports, and trading.

27 trademarks bolster brand presence 

With a well-diversified portfolio of medical devices, plaster of Paris bandages and surgical dressings marketed under 27 registered trademarks, the company has established a strong reputation in domestic and international markets.

The company intends to buy new medical machinery for the existing manufacturing facility at Bhubaneshwar, Odisha, to enhance production efficiency and product quality.

Working capital boost to meet rising demand

Additionally, it will support working capital requirements for meeting the growing demand and expand institutional and export business further.

Shruti Bhalotia, Director, Affinity Global Capital Market, said the company has demonstrated consistent growth over three decades, supported by a diversified business model that includes flagship brands, contract manufacturing, institutional sales, exports and trading.

Given the increasing demand for quality medical devices and surgical products driven by rising healthcare awareness and government initiatives, Galaxy Medicare is well-positioned to capitalise on market opportunities, she said.

Published on September 8, 2025

Domestic markets are likely to remain volatile amid mixed signals from the US, despite global trends pointing to a positive opening.

Though the relatively conciliatory tone by the US President Donald Trump towards India and the positive response from the Prime Minister Narendra Modi may keep marketmen happy, the proposed HIRE Act against Indian IT companies may spoil sentiment. This two-step-backward, one-step forward in India-US relations will keep marksmen on tenterhooks. 

Gift Nifty at 24,916 against Nifty futures at 24,847.70 signals a positive opening for Nifty.

HIRE Act

HIRE Act, introduced by the Ohio Republican Senator Bernie Moreno, aims to slap a tax on US companies that outsource jobs overseas. 

The new Bill, if passed by policymakers, is set to disrupt the growth of India’s burgeoning services sector and threatens the cost arbitrage enjoyed by service providers here, especially in the tech sector. The HIRE Act proposes a 25 per cent tax on “outsourcing payments,” which is defined as any “premium, fee, royalty, service charge, or other payment made in the course of a trade or business [by any US person] to a foreign person, with respect to labour or services, the benefit of which is directed, directly or indirectly, at consumers located in the US.” The outsourcing payments will also not be deductible for tax purposes, it adds. 

GST reforms

Meanwhile, the GST 2.0 reform initiative will keep the market buoyant. 

Enkay Global Research said its monthly review of macro data suggests that a growth recovery is not yet visible, though some silver linings have emerged. “We remain confident, however, about an improved H2FY26, especially after the GST reform announced on 3 September 2025. Though the market response was weak, much of this was priced-in in the 2 per cent Nifty rally since the Prime Minister’s GST announcement on 15 August 2025. We remain positive on the markets and uphold our September 2026 Nifty target of 28,000, while we believe autos are the best way to play the GST reform,” it said.

Continuous selling by foreign portfolio investors in Indian equities haunts Indian investors. 

FPI selling

Dr. V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said: FIIs continued their selling spree in the first week of September having sold equity for ₹5,666 crore in the cash market. This takes the total FPI selling in 2025 so far up to ₹1,76,606 crore. “Coming on the back of selling of ₹121210 crore in 2024, the FPI selling is, indeed, massive. Sustained massive DII buying is enabling FPIs to encash at high valuations and take the money to cheaper markets such as China, Hong Kong and South Korea. Even the optimism generated by the GST reforms didn’t restrain the FPIs, who have sold on every day of September so far. 

Apart from the high valuations, uncertainty related to the Trump tariff is also weighing on FIIs. The market is a bit concerned about what Trump might do next. There are some concerns that the unpredictable US president may even impose tariffs on IT services from India. The continuing uncertainty is impacting market sentiments,” it said.

Meanwhile, the F&O market signals a cautious outlook.

Ponmudi R, CEO, Enrich Money, said: “The options market reflects a cautious undertone, with total OI in Nifty options at 21.13 crore contracts. Puts (16.22 crore) significantly outnumber Calls (4.91 crore), indicating that traders are either preparing for a downside move or actively hedging their positions. The 25,000 strike holds a heavy Call OI of about 2 crore contracts, making it a strong resistance zone, while the highest Put OI at 24,500 signals firm support. This positioning suggests the Nifty is likely to remain range-bound between 24,500 and 25,000, unless a decisive breakout occurs.

Global stocks, led by Japan are up in early deals on Monday despite the resignation of Japan’s premier. Most Asia-Pacific stocks are up in the region of 0.25-1.5 per cent.

Published on September 8, 2025

Both promoters, Alakh Pandey and Prateek Boob, will each offload shares worth ₹360 crore through the OFS.

Edtech unicorn PhysicsWallah has filed updated draft papers with markets regulator SEBI to raise ₹3,820 crore through an initial public offering (IPO) for expansion and growth initiatives.

The proposed IPO comprises a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) of shares aggregating up to ₹720 crore by promoters, according to the updated draft red herring prospectus (UDRHP) filed on Saturday.

Both promoters, Alakh Pandey and Prateek Boob, will each offload shares worth ₹360 crore through the OFS. At present, both hold 40.35 per cent stake each in the company.

The Noida-based PhysicsWallah filed draft papers in March with SEBI for an IPO through a confidential pre-filing route and received the market regulator’s approval in July. Following this, the companies are required to file an updated DRHP before filing an RHP.

The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.

Of the fresh issue proceeds, PhysicsWallah said ₹460.5 crore will go towards fit-outs of new offline and hybrid centres, and ₹548.3 crore will be used for lease payments of existing centres.

The company will invest ₹47.2 crore in its subsidiary Xylem Learning, including ₹31.6 crore for new centres and ₹15.5 crore for lease payments and hostels.

A further ₹33.7 crore will be directed to Utkarsh Classes & Edutech for lease payments of its centres. Additionally, ₹200.1 crore is earmarked for server and cloud infrastructure, ₹710 crore for marketing initiatives, and ₹26.5 crore for acquiring an additional stake in Utkarsh Classes.

PhysicsWallah offers test preparation courses for competitive exams focusing on JEE, NEET, GATE and UPSC, along with upskilling programmes, delivered through online platforms (YouTube, website, and apps), tech-enabled offline centres, and hybrid centres that combine online teaching with in-person support.

Its main YouTube channel, “Physics Wallah-Alakh Pandey”, had about 13.7 million subscribers as of July 15, 2025, while its overall YouTube network had 98.8 million subscribers by June 30, 2025, growing at a CAGR of 41.8 per cent between FY23 and FY25. Apart from its strong digital presence, PhysicsWallah has also built a significant offline footprint.

The company, which is backed by WestBridge Capital, Hornbill, and GSV Ventures, narrowed its losses to ₹243 crore in the year ended March 2025 from ₹1,131 crore in the preceding year. However, revenue rose to ₹2,887 crore, up from ₹1,941 crore in the same period.

Kotak Mahindra Capital Company, JP Morgan India, Goldman Sachs (India) Securities and Axis Capital have been roped in by the company to manage its public offering.

Published on September 7, 2025

Target: ₹1,573

CMP: ₹1,402.65

During Q1-FY26, SJS Enterprises reported 11.2/13.8/22.6 per cent y-o-y increase in Revenue/EBITDA/PAT to ₹209.7 crore/₹55.9 crore/₹34.6 crore, respectively. During Q1-FY26, the company witnessed 22.8 per cent y-o-y growth in the automotive business compared to 1.2 per cent y-o-y growth in the automotive industry (2W+PV) production volumes.

This performance was primarily driven by 32.7 per cent y-o-y growth in the two-wheeler (2W) segment and 13.8 per cent y-o-y growth in the passenger vehicle (PV) segment.

For FY26, we believe the company to continue its strong financial performance trajectory. We expect the company to outperform the underlying automotive (2W+PV) industry growth by over 2x on the back of premiumisation, exports, WPI acquisition and creating mega OEM accounts. The EBITDA margin is expected to be in the range of 25-26 per cent.

We believe, SJS is likely to deliver robust earnings growth led by healthy sales traction for WPI aided by cross-selling opportunity and robust order inflow, expand wallet share by winning new businesses from its key customers, relatively faster pace of growth over the automotive industry led by premiumisation and increased value per kit and new technology product categories like IML, IMD, digital dials, optical plastics/cover glass.

Published on September 5, 2025

Maruti Suzuki India Limited shares closed 1.64 per cent higher at ₹14,895 on Friday, September 5, driven by expectations of increased demand following the government’s GST rationalisation measures and the launch of its new SUV, Victoris.

The stock gained ₹233 from the previous close of ₹14,662, with trading volumes reaching 4.74 lakh shares worth ₹702.61 crore. The counter hit an intraday high of ₹14,957, near its 52-week peak of ₹15,240 touched on September 4.

GST 2.0 reforms announced recently will reduce tax rates on small cars and motorcycles under 350cc from 28 per cent to 18 per cent, effective September 22. This move directly benefits Maruti Suzuki as India’s largest small car manufacturer. Axis Securities upgraded the stock from ‘Hold’ to ‘Buy’ with a revised target price of ₹16,425, citing the GST cuts as a structural catalyst to bridge post-COVID affordability gaps.

On September 3, Maruti launched the Victoris SUV with bookings starting at ₹11,000. The vehicle features advanced technology, including Level 2 ADAS, strong hybrid powertrain options and segment-first underbody CNG tank design.

Analysts expect the GST rationalisation and festive season demand to significantly boost domestic passenger vehicle sales. Choice Institutional Equities noted that purchase deferrals in August, as customers awaited GST cuts, had temporarily impacted volumes but positioned the sector for strong recovery.

Published on September 6, 2025

Markets closed nearly flat on Friday after a highly volatile trading session, with benchmark indices rebounding from early losses as auto stocks surged on GST reforms while information technology shares plunged on tariff concerns and weak global cues.

The Sensex settled at 80,710.76, down 7.25 points or 0.01 per cent, after touching a high of 81,036.56 during the session. The Nifty 50 closed marginally higher at 24,741, up 6.70 points or 0.03 per cent, recovering from intraday lows near the crucial 24,600 support level.

The IT sector bore the brunt of selling pressure, with the Nifty IT index declining 1.5 per cent amid swirling speculation about potential tariff implications. “Clients are holding back large AI spends given the rapid pace of change in the technology,” noted market participants, citing concerns following UK-listed competitor Endava’s disappointing results that saw its stock tank 30 per cent on revenue guidance of 5-6 per cent decline year-on-year.

Among IT losers, HCL Technologies led the decline, falling 1.61 per cent to ₹1,420.10, followed by Tata Consultancy Services which dropped 1.54 per cent to ₹3,048.00, and Tech Mahindra down 1.49 per cent to ₹1,478.00. The sector’s weakness was compounded by the rupee’s decline to fresh lows against the dollar.

In contrast, auto stocks emerged as the session’s standout performers following reduced GST rates for vehicles. Eicher Motors topped Nifty gainers with a surge of 2.41 per cent to ₹6,580.00, while Mahindra & Mahindra jumped 2.34 per cent to ₹3,562.90. Maruti Suzuki gained 1.64 per cent to ₹14,903.00, with the Nifty Auto index rising 1.25 per cent overall.

“Auto stocks outperformed, rising over 1 per cent on optimism following reduced GST rates for vehicles,” said Ajit Mishra, SVP Research at Religare Broking, highlighting how automobiles emerged as one of the biggest beneficiaries of GST 2.0 reforms.

Consumer goods stocks also faced pressure, with ITC declining 1.92 per cent to ₹407.90 and Cipla falling 1.69 per cent to ₹1,551.10. The Nifty FMCG index lost 1.4 per cent due to profit-taking after a five-day winning streak.

Market breadth remained neutral with 2,134 stocks advancing against 1,957 declines on BSE, while 135 stocks hit 52-week highs compared to 64 touching lows. The broader markets showed resilience with Nifty Midcap 100 gaining 0.20 per cent to 57,075.20 and Small Cap indices rising 0.19 per cent.

“Following heavy selling pressure in the early hours, the indices staged a gradual recovery during the second half, led by strength in heavyweight Reliance Industries,” observed Sudeep Shah, Head of Technical Research at SBI Securities, noting that post-GST Council meeting, investor sentiment remained mixed with profit-booking in select sectors.

The rupee continued its downward trajectory, weakening to 88.25 against the dollar, down 0.13 paise. “Persistent FII selling pressure for the past several months has continued to add to the rupee’s devaluation trend. With external headwinds dominating, rupee is expected to remain volatile in the range of 87.90 – 88.50,” said Jateen Trivedi, VP Research Analyst at LKP Securities.

Gold prices provided some respite for commodity investors, gaining ₹300 to ₹1,06,700 on MCX as markets positioned ahead of US employment data. “Investors remain focused on the Fed’s September meeting where rate cuts are anticipated, while ongoing tariff uncertainties are fueling safe-haven demand,” Trivedi added.

On the weekly front, sectoral rotation was evident with Nifty Metal emerging as the top performer with gains of 5.75 per cent, followed by Nifty Auto at 5.45 per cent. “On a weekly basis, Nifty Metal and Nifty Auto were the standout performers among the sectoral indices,” confirmed Shah.

Bank Nifty managed modest gains of 0.07 per cent to close at 54,114.55, while Nifty Financial Services rose 0.14 per cent to 25,889.30. The Nifty Next 50 declined 0.09 per cent to 67,089.80.

Technical analysts remained cautiously optimistic about near-term prospects. “From a technical perspective, the Nifty continues to remain range-bound, as reflected in momentum indicators, with the daily RSI currently at 49.39,” noted Shah, identifying support at 24,620 followed by 24,500, while resistance stands at 24,840 and 24,980.

Looking ahead, market participants expect continued consolidation with stock-specific action dominating sentiment. “In the coming week, Nifty is likely to consolidate in the range of 24,400-25,000 amid stock-specific actions,” predicted analysts at Bajaj Broking, while cautioning about persistent foreign institutional outflows and global trade uncertainties that could weigh on market sentiment in the near term.

Published on September 5, 2025

Target: ₹270

CMP: ₹206.20

Emkay Global Research team met Karur Vysya Bank’s MD and CEO B Ramesh Babu, to seek the outlook on credit growth and, most importantly, on impact of US tariffs on the SME sector.

Key takeaways: KVB posted healthy gross credit growth of about 15 per cent y-o-y/6 per cent q-o-q, mainly led by strong traction in retail (20 per cent y-o-y) and SME (19 per cent y-o-y). KVB’s corporate book inched up 6 per cent q-o-q in Q1 after multiple quarters of decline, though the bank would continue focusing on a risk calibrated growth approach.

Within retail, high-yielding gold loans/LAP remain key growth drivers, together contributing 52 per cent of retail loans. KVB attempted to diversify its retail portfolio by venturing into MFI and BNPL (in a tie-up with Amazon), but has limited exposure, as credit risk has built up in both segments. Ahead, KVB expects to sustain credit growth at 2-3 per cent above the system’s in FY26E, while maintaining firm focus on balancing asset quality and profitability.

We finetune our estimates by 1-2 per cent for FY26-28, building in some moderation in growth and margin, though we expect KVB to deliver RoA/RoE of 1.5-1.7 per cent/15-17 per cent over the same period. We believe the recent stock-price correction offers a good entry point, with the stock trading at 1.2x Sep-27E ABV.

We retain Buy with TP of ₹270 (pre-bonus TP: ₹325) based on 1.5x Sep-27E ABV.

Published on September 5, 2025

Pharma counters may see heightened action in today’s trade, with Zydus Lifesciences announcing a US drug partnership, Jagsonpal Pharma naming a new CEO, and Biocon Biologics receiving a USFDA Form 483 after inspection.
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Zydus Lifesciences on Thursday said its subsidiary has joined hands with the Netherlands-based Synthon BV to introduce a generic drug for the treatment of multiple sclerosis in the US market. Zydus Lifesciences Global FZE has entered into an exclusive licensing and supply agreement with Synthon BV for Ozanimod capsules (a generic version of ZEPOSIA) for the US market, the company said in a regulatory filing. Synthon has a pending abbreviated new drug application in the United States, seeking approval for Ozanimod Capsules, indicated for relapsing forms of multiple sclerosis.

Jagsonpal Pharma appoints Amrut Medhekar as CEO

Jagsonpal Pharma has appointed Amrut Medhekar as its new Chief Executive Officer. Medhekar brings extensive pharmaceutical industry experience from his previous roles at Akums Drugs and Pharmaceuticals and Wockhardt. This strategic appointment is expected to leverage Medhekar’s diverse background to enhance Jagsonpal Pharma’s operational efficiency, market opportunities, product innovation, and industry partnerships.

USFDA issues 5 observations at Biocon Biologics

The USFDA has completed a routine cGMP inspection at Biocon Biologics’ Drug Substance facility at Biocon Campus in Bengaluru, India. The inspection was held between August 26, 2025, and September 3, 2025, covering drug substance manufacturing units, analytical QC laboratories, microbiology laboratories, and warehouses. At the conclusion of the inspection, the USFDA issued a Form 483 with five observations. These observations are procedural in nature and do not pertain to data integrity, systemic non-compliance, or quality oversight.

Published on September 5, 2025

Target: ₹1,400

CMP: ₹1,106.95

Nazara Technologies is well-positioned to benefit from the rapidly-expanding global and India gaming markets. India, despite being the second-largest (500Mn+) gamers’ base, remains under-monetised; In-App Purchases (IAP) conversion being less than 3 per cent and Average Revenue Per User (ARPU) of $8–9 as compared with $17–18 in China.

These offer significant upside as structural tailwinds (digital payments, 5G, Gen Z engagement) drive monetisation.

Nazara’s global pivot, through acquisitions, such as Fusebox and ZeptoLab IPs, enhances exposure to high-ARPU markets, while leveraging cost-efficient Indian development and hybrid monetisation models. With IAP mix expected to rise, from 19 per cent to about 35 per cent by FY28E, and freemium business registering double-digit growth, Nazara stands to scale up rapidly across casual, narrative and premium genres.

We initiate coverage on Nazara with a Buy rating and a 1-year forward SOTP-based TP of ₹1,400. We expect Revenue/ EBITDA to expand at a CAGR of 30.7/44.5 per cent over FY25-FY28E, driven by gaming-first focus and ramp-up of recent acquisitions.

Key risks: Regulatory headwinds in RMG, sub-scale presence beyond Nodwin and weak/ underperforming IPs impacting overall engagement and profitability

Published on September 4, 2025

Taurian MPS, an engineering and manufacturing company with a focus on the construction and mining sectors, plans to raise ₹43 crore through initial public offering on NSE Emerge.

The company will issue 24.87 lakh equity shares in a price band of ₹162 – ₹171 per share.

The net proceeds from the IPO will be used for acquisition of machineries and equipment at existing production facility, invest in Research and Development to promote innovation, to meet working capital requirements and general corporate purpose.

The anchor portion will open on Thursday and IPO for other investors will be on Monday.

Gretex Corporate Services will be the lead manager and underwriter to the issue while Gretex Share Broking has been appointed as the market maker and underwriter to the issue. NNM Securities will be the additional market maker while Bigshare Services will be the registrar.

Yashvardhan Sumit Bajla, Managing Director, Taurian said the company has always focused on building innovative solutions for the mining and infrastructure industries.

Over the years, the company has introduced advanced crushing, screening, washing and conveying systems, including hybrid mobile crushers and the recently launched Taurian Nexus automation platform, he said.

Alok Harlalka, Director, Gretex Corporate Services said the company has established itself in the mining and infrastructure equipment space with a diverse portfolio of crushing, screening, washing and conveying systems.

The company is well-positioned to capture the steady growth in the mining and construction equipment industry through its innovation-driven approach and expanding presence in domestic and international markets, he added.

Published on September 3, 2025

Mumbai-based Arkade Developers Limited has entered into a memorandum of understanding (MoU) to acquire 100 per cent shareholding in Woollen and Textile Industries Ltd for ₹148 crore, the company announced. This marks the listed real estate developer’s second acquisition in Bhandup West.

The deal includes a 14,363.60 square meter land parcel located in Bhandup West. The acquisition forms part of Arkade’s expansion strategy in Mumbai’s central corridor, where it has been consolidating its presence through strategic land purchases.

“This proposed acquisition underlines Arkade Developers’ vision of creating value-driven developments at strategic locations,” said Amit Jain, Chairman and Managing Director of Arkade Developers. The company emphasized its focus on timely delivery and quality construction in unlocking the land’s potential.

The acquisition strengthens Arkade’s footprint in the Mumbai Metropolitan Region’s central corridor, adding to its existing portfolio that includes Arkade Earth in Kanjurmarg spanning 4 acres, Arkade Nest in Mulund covering 2 acres, and Arkade Rare in Bhandup spread across 3 acres. The company recently announced its entry into the Thane market with a 6.28-acre land acquisition.

Arkade Developers, listed on both BSE and NSE, has a 39-year legacy in Mumbai’s real estate sector. The company has completed 31 projects and developed over 5.5 million square feet of property, with an additional 2+ million square feet currently under construction.

The shares of Arkade Developers Limited were trading at ₹179.99 up by ₹ 3.76 or 2.13 per cent on the NSE today at 3.10 pm.

Published on September 3, 2025

NCDEX has drawn up a roster of heavyweight investors, including Globe Capital Market, Kotak Mahindra Life Insurance, Tower Research Ventures, and Billionbrains Garage Ventures, proposing an over 2 per cent stake each for its ₹770-crore preferential share issue to fund its entry into the equity segment.

60 investors

In total, more than 60 investors are lined up for the allotment, including global players such as Citadel Securities Principal Investments, Acacia Banyan Partners joining domestic names such as Share India Securities, Jainam Broking, and Marwadi Chandarana Intermediaries.

Online broking firms Zerodha and Groww are also on the list for nearly a per cent stake, alongside marquee investors Radhakishan Damani, Ramesh Damani, and Madhusudan Kela.

Globe Capital is the single largest proposed investor, to subscribe 2.9 per cent of post-issue capital for ₹51 crore, followed by Billionbrains and Acacia Banyan Partners each in line for stakes exceeding 2.5 million shares for ₹50 crore.

The commodity exchange has already raised some part of the funds and will place a proposal to offer 3.9 crore shares at a premium of ₹187.34 per share of face value ₹10 before shareholders on September 25. The exchange received in-principle approval from the markets regulator in July to launch equity and equity derivatives trading.

Proceeds from the preferential issue will be used to build out its equity and equity derivatives platform, including technology infrastructure, risk management, and compliance systems. Remaining funds will be used for general corporate purposes and working capital.

The offer is likely to open on September 29 and remain valid for eight days, though NCDEX has the flexibility to close earlier once commitments are confirmed. The allotment must be completed within 60 days of receiving funds.

The National Stock Exchange, LIC, NABARD, ICICI Bank and IFFCO are already some of the large investors in NCDEX. It currently offers contracts in cereals, pulses, oilseeds, fibres, spices, guar complex and metals, and will now seek to leverage this deep rural base to expand into the equity space.

Published on September 2, 2025

Honasa Consumer Ltd shares traded at ₹297.60, down 0.52 per cent from the previous close of ₹299.15, on Tuesday afternoon on the NSE. The stock opened at ₹299.50, hit an intraday high of ₹302.95 and a low of ₹296.55. Over 2.07 lakh shares changed hands, with a turnover of ₹6.21 crore, giving the company a market capitalisation of ₹9,677.46 crore.

The company, which operates brands such as Mamaearth and The Derma Co, released its annual report for FY25 earlier in the day. The report placed a strong emphasis on sustainability and circular economy practices, outlining efforts to integrate eco-friendly operations into its business strategy.

According to the report, Honasa is expanding the use of eco-friendly packaging and implementing waste-reduction initiatives across its operations.

The report also underscored its commitment to broader environmental and social responsibility measures, highlighting programmes around tree plantation, education, and community engagement as part of its ESG framework.

At current levels, the stock remains well below its 52-week high of ₹547, recorded on September 10, 2024, but above the 52-week low of ₹197.51 hit on February 12, 2025. The stock has maintained a price-to-earnings ratio above 50 for the last four trailing quarters, reflecting premium valuations in the sector.

As of 2.40 pm, buy quantity stood at 36,652 shares compared to a sell quantity of 1,16,619 shares. The volume-weighted average price (VWAP) stood at ₹299.62, while annualised volatility remained elevated at 54.64 per cent.

Published on September 2, 2025

The initial public offer of Amanta Healthcare Ltd got fully-subscribed within hours of opening for bidding on Monday.

The ₹126-crore IPO received bids for 1,54,35,371 shares, as against 70,00,000 shares on offer, reflecting 2.21 times subscription, according to data available with the NSE till 13:03 hours.

Retail Individual Investors (RIIs) part got subscribed 3.39 times, while the quota for non-institutional investors garnered 2.39 times subscription.

The company’s initial public offering (IPO) has a fresh issue of up to 1 crore shares. Price range for the offer has been fixed at ₹120-126 per share. The IPO would conclude on Wednesday.

Beeline Capital Advisors is the book running lead manager to the offer.

Published on September 1, 2025

The combined market valuation of eight of the top 10 most valued firms eroded by ₹2,24,630.45 crore last week, with Reliance Industries and HDFC Bank taking the biggest hit, in-line with a bearish trend in equities.

Last week, the BSE benchmark dropped 1,497.2 points, or 1.84 per cent.

From the top-10 pack, Reliance Industries, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance and Life Insurance Corporation of India (LIC) faced erosion from their market valuation, while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.

The market capitalisation (mcap) of Reliance Industries tumbled ₹70,707.17 crore to ₹18,36,424.20 crore.

HDFC Bank’s valuation eroded ₹47,482.49 crore to ₹14,60,863.90 crore.

The mcap of ICICI Bank tanked ₹27,135.23 crore to ₹9,98,290.96 crore and that of Bharti Airtel dropped ₹24,946.71 crore to ₹10,77,213.23 crore.

The valuation of LIC fell ₹23,655.49 crore to ₹5,39,047.93 crore and that of State Bank of India dived ₹12,692.1 crore to ₹7,40,618.60 crore.

The mcap of Bajaj Finance declined ₹10,471.08 crore to ₹5,45,490.31 crore and that of Infosys edged lower by ₹7,540.18 crore to ₹6,10,463.94 crore.

However, the market valuation of TCS jumped ₹11,125.62 crore to ₹11,15,962.91 crore.

The mcap of Hindustan Unilever climbed ₹7,318.98 crore to ₹6,24,991.28 crore.

Reliance Industries remained the most valued firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Hindustan Unilever, Infosys, Bajaj Finance and LIC.

Published on August 31, 2025

Foreign investors pulled out ₹34,993 crore (around $4 billion) from Indian equity markets in August, making it the sharpest sell-off in six months, weighed down by US tariffs on Indian exports and pricey domestic valuations.

The withdrawal was nearly double the ₹17,741 crore outflow recorded in July.

With this, the total outflow by Foreign Portfolio Investors (FPIs) in equities reached ₹1.3 lakh crore mark so far in 2025, data with the depositories showed.

Market experts believe that withdrawals were triggered by a combination of global and domestic factors.

The latest withdrawal was the sharpest since February, when FPIs dumped Indian equities worth ₹34,574 crore.

“The announcement of steep US tariffs of up to 50 per cent on Indian exports dented sentiment significantly, raising concerns over India’s trade competitiveness and growth outlook,” Himanshu Srivastava, Associate director – Manager Research, Morningstar Investment, said.

“At the same time, corporate earnings for the June quarter for a few key sectors fell short of expectations, further dampening investor appetite,” he added.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Investments, the simple explanation for this massive selling by the FPIs is the relatively high valuations in India compared to valuations in other markets. This is making FPIs to move money to cheaper markets.

It is important to note that FPIs have been sustained buyers in the primary market for long. This year, despite massive selling through the exchanges, they bought equity for ₹40,305 through the primary market where valuations of the IPOs are fair, he added.

On the other hand, FPIs invested ₹6,766 crore in the debt general limit and withdrew ₹872 crore in the debt voluntary retention route during the period under review.

Published on August 31, 2025

Shall I buy HPCL futures at the current price? What can be the target and stop-loss? – Palani Shanmugam

HPCL (₹375.90): The stock has been in a steady decline since early July. It fell off the resistance at ₹450. Currently at ₹376, it is trading within the support band of ₹370-380. However, the selling pressure is strong and the support may not hold well.

Even if there is a recovery on the back of the aforementioned base, the stock should decisively break out of ₹390 to change the short-term outlook positive. A breakout of ₹390 can lift the stock to ₹415.

With respect to September futures, it ought to break out of ₹395 before you can consider going long. In case the contract breaks out of ₹395, buy with a stop-loss at ₹385 for a target of ₹420.

On the other hand, you can consider short position if September futures slips below ₹372. Target and stop-loss can be ₹350 and ₹382 respectively.

Send your queries to [email protected]

Published on August 30, 2025

Reliance Industries Chairman Mukesh Ambani
| Photo Credit:
RIL

Reliance Industries Chairman Mukesh Ambani ended the suspense over the anticipated IPO of Reliance Jio, saying it would list in the first half of 2026, and preparations for it are underway.

“Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026….. This will demonstrate that Jio is capable of creating the same quantum of value as our global counterparts,” said Ambani in RIL’s annual general meeting.

Calling artificial intelligence, the new Kamdhenu due to its “miraculous owers,” he also announced floating an AI subsidiary, Reliance Intelligence, an AI partnership with Google and an India-focused, ₹855-crore AI joint venture with Meta.

In terms of future plans, Jio will expand operations outside India.

Meta JV

The JV with Meta, in which RIL will hold a 70 per cent stake, will help provide enterprise-grade AI to Indian enterprises and small and medium businesses for a fraction of the cost, given Llama’s lower total cost of ownership. The partnership will allow greater flexibility to deploy cloud, on-premises, and across RIL’s infrastructure. The transaction is expected to close in the fourth quarter of 2025.

“Through this joint venture, we’re putting Llama models into real-world use, and I’m looking forward to expanding Meta’s footprint in the enterprise space,” said Mark Zuckerberg, Founder and CEO of Meta.

Jamnagar cloud

On furthering partnership with RIL, Sundar Pichai, CEO of Google, said in a video message that Google will provide AI services for RIL’s energy, retail, telecom and financial services.

“We are establishing a Jamnagar Cloud region, built for and dedicated to Reliance. It will bring world-class AI and compute from Google Cloud, powered by clean energy from Reliance, and connected [to key metros such as Mumbai and Delhi] by Jio’s advanced network,” said Pichai.

Google Cloud will deploy its AI hypercomputer and secure, fully-integrated, and optimised AI stack that offers generative AI models, a development platform, and AI-powered applications.

Reliance Intelligence

RIL’s proposed subsidiary Reliance Intelligence will build AI infrastructure and services in India, first focusing on building gigawatt-scale, AI-ready data centres, providing training and inference at a national scale.

“Work has already begun on the gigawatt-scale, AI-ready data centres in Jamnagar. These facilities will be delivered in phases aligned to India’s growing needs, powered by Reliance’s new-energy ecosystem, and custom-made for AI training and inference,” said Ambani.

The company will build AI services for consumers, small businesses, and enterprises, and solutions for sectors such as education, healthcare, and agriculture.

Robotics

RIL is also making a big thrust into robotics and Ambani said it will invest in Humanoid Robotics to become a leader in human-centric automation powered by AI, creating new types of industries and services, jobs.

“Intelligent automation will transform factories into adaptive production systems, warehouses into autonomous supply chains, and hospitals into centres of precision care,” he added.

Published on August 29, 2025

Target: ₹715

CMP: ₹565.60

FY25 was a stellar year for Eureka Forbes (EFL), visible from step-up in product business sales growth (+17 per cent ) with significant acceleration in electric water purifier sales (+18.1 per cent ), service business starting to see green shoots with efforts on AMC unit sales and improving customer experience yielding results, margin expansion, despite stepped-up brand investments (+25.5 per cent), led by better efficiencies/leverage benefit in staff cost, service charges, freight and IT expenses.

We like EFL’s growth story – execution so far has been impressive; a debt-free balance sheet, negative working capital and strong FCF generation provide comfort. With product business momentum sustaining, likely uptick in service business revenue over the next few quarters can lead to a further rerating.

Despite GM contracting by 80 bps (due to buyback, promotions), EBITDA margin expanded 182 bps y-o-y (+116 bps y-o-y exESOP) in FY25 through rigorous cost optimisation, even as the company stepped up brand investments to drive growth. Savings in service charges (down 150 bps as per cent to sales), staff costs (down 146 bps as per cent to sales), and productivity improvements provided headroom for higher A&P spends (+124 bps y-o-y as per cent to sales) while supporting overall margin expansion.

We believe benefits of digital-led efficiencies and disciplined cost control will enable EFL to sustain transformation journey with enhanced growth and profitability.

Published on August 29, 2025

Abril Paper Tech, a leading manufacturer and supplier of sublimation heat transfer paper, plans to raise ₹13 crore through initial public offering on BSE SME exchange.

The company will issue fresh equity share of 22 lakh at fixed price of ₹61 per share. The lot size is 2,000 and retail investors have to bid for minimum 2 lots (4,000 shares) amounting to investment of ₹2.44 lakh.

The company will use ₹5 crore to set up additional two fully automatic sublimation paper coating and slitting machines, ₹5 crore for meeting working capital requirements and remaining ₹3 crore will be used for general corporate purposes and IPO expenses.

Interactive Financial Services is the lead manager to the issue.

Currently, Abril operates a manufacturing and warehousing facility in Surat with an installed capacity of 600 lakh meters per annum. Post-expansion, the capacity will increase to 1,450 lakh meters per annum, equipped with advanced technology for high-quality sublimation papers designed for digital printing solutions.

The company caters to diverse applications in printing, garments, textiles, hosiery, curtains and furniture industries. Further, Abril is planning forward integration by setting up facilities for manufacturing heat transfer paper, specialised frames and PP sheets, with a strong focus on export markets.

It has presence across 17 states, Abril plans to strengthen its B2C footprint through online and dealer networks, capitalising on high-margin opportunities in design printing for cakes, FMCG packaging and readymade garments.

Prince Lathiya, Non-Executive Director, Abril Paper Tech said the fresh funds to be raised will enable the company to expand capacity, upgrade technology and strengthen market presence.

Published on August 29, 2025

Markets witnessed a sharp decline on Thursday as investors grappled with the impact of the United States imposing an additional 25 per cent tariff on Indian exports, taking the total levy to 50 per cent, which significantly dampened market sentiment across all major indices.

The Sensex plummeted 705.97 points or 0.87 per cent to close at 80,080.57, near its intraday low of 80,013.02, while the Nifty 50 fell 211.15 points or 0.85 per cent to settle at 24,500.90 after hitting a low of 24,481.60. The benchmark indices extended their losing streak on the monthly expiry day, with both closing deep in the red territory.

“Domestic equities ended lower as pessimism took hold following the implementation of tariffs on Indian goods, dampening investor sentiments,” said Vinod Nair, Head of Research at Geojit Investments Limited. “While the cotton import duty exemption briefly lifted hopes of policy support to counter tariff impacts, triggering a short-lived intraday recovery, investor mood remained fragile.”

Most sectors faced selling pressure, with Auto, IT, FMCG, and Metals ending in negative territory as investors turned to profit booking from recent gains. Consumer Durables emerged as the sole resilient sector, likely supported by expectations of GST rationalization and festive demand.

Among individual stocks, Titan Company led the gainers on Nifty 50, rising 1.06 per cent to ₹3,632, followed by Coal India which gained 0.68 per cent to ₹375. Hero MotoCorp advanced 0.65 per cent to ₹5,106.60, while Larsen & Toubro climbed 0.64 per cent to ₹3,564.10. Maruti Suzuki rounded up the top five gainers with a 0.57 per cent increase to ₹14,798.

On the losing side, Shriram Finance emerged as the biggest laggard, tumbling 3.94 per cent to ₹571.25, followed by HCL Technologies which declined 2.85 per cent to ₹1,450.20. Power Grid Corporation fell 2.04 per cent to ₹274.20, while Tata Consultancy Services dropped 1.88 per cent to ₹3,098. Tata Consumer Products completed the list of top five losers, declining 1.82 per cent to ₹1,060.20.

“The Indian equity market witnessed a volatile and mostly bearish expiry session on Thursday, as Donald Trump’s additional 25 per cent tariff on Indian exports and the overall levy to 50 per cent weighed heavily on sentiment,” said Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth. “The Nifty has now given up all the gains for the August series, closing deep in the red with a clear bearish undertone.”

Market breadth remained weak throughout the session, with 2,651 stocks declining against 1,458 advances on the BSE, while 149 stocks remained unchanged. Out of 4,258 stocks traded, 102 hit their 52-week highs while 141 touched their 52-week lows. Nine stocks hit the upper circuit while six touched the lower circuit.

The broader market indices mirrored the weakness, with Nifty Next 50 declining 1.29 per cent to 65,940.30, while Nifty Financial Services fell 1.20 per cent to 25,640.30. Nifty Bank dropped 1.16 per cent to 53,820.35, and Nifty MidCap 100 slipped 1.27 per cent to 56,047.50.

“Markets extended their decline on monthly expiry day, losing nearly a percent and continuing the corrective trend,” noted Ajit Mishra, SVP Research at Religare Broking Ltd. “Sentiment remained under strain from the implementation of additional 25 per cent U.S. tariff, which, combined with weakness in heavyweights such as banks, is exerting steady pressure on the markets.”

The currency market also felt the heat of the trade tensions, with the rupee trading weak as selling pressure in capital markets deepened. “Rupee traded weak as selling pressure in capital markets deepened, with FII flows continuing to remain negative amid persistent concerns on India’s growth outlook and fiscal deficit,” said Jateen Trivedi, VP Research Analyst at LKP Securities. “The rupee is expected to remain under pressure with a near-term range of 87.25–88.25.”

Foreign Institutional Investors continued their selling spree, having offloaded ₹34,733 crore in August alone, adding to the market’s woes. “Adding to the pressure, Foreign Institutional Investors (FIIs) continued their selling spree, offloading ₹34,733 crore in August alone,” highlighted Hariprasad K.

In the commodities space, gold traded positively amid rupee weakness and rising international prices. “Gold traded positive amid weakness in the rupee and rising Comex prices as the Federal Reserve’s next meeting is seen leaning towards a rate cut,” said Jateen Trivedi. “Gold is expected to remain volatile but positive, with prices likely to trade in the range of ₹99,500–₹102,500.”

The steep tariffs are expected to hit India’s textiles & apparel, gems & jewellery, marine products, leather & footwear sectors the hardest, given their heavy reliance on the U.S. market. However, the government provided some relief by extending the import duty exemption on cotton until December, supporting the garment industry.

“The steep 50 per cent U.S. tariffs will hit India’s textiles & apparel, gems & jewellery, marine (shrimp), leather & footwear, the hardest, given their heavy reliance on the U.S. market,” noted Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services Ltd.

Technical analysts pointed to weakening chart patterns. “Technically, the Nifty is showing strong signs of weakness. The index is now trading below its 20-day, 50-day and 100-day EMAs, all of which have started to edge lower,” said Sudeep Shah, Head of Technical Research at SBI Securities. “From a technical perspective, unless the Nifty reclaims its short-term moving averages with strong volume support, the bias is likely to remain negative in the near term.”

Looking ahead, market participants remain cautious about the near-term outlook. “Looking forward, the sentiment is expected to remain cautious with markets likely to remain rangebound as participants wait for more clarity on the India–US trade standoff and the global interest rate outlook,” said Vaibhav Vidwani, Research Analyst at Bonanza. Market watchers will closely monitor whether the government announces relief measures or initiates negotiations to safeguard export-dependent industries, while global developments continue to drive near-term market direction.

Published on August 28, 2025

The Ramco Aviation Software deployment will provide UAMCO with modules covering engineering, maintenance, supply chain, MRO sales, employee management, safety, quality, compliance and finance. 
| Photo Credit:
Lemon_tm

United Aerospace Maintenance Company (UAMCO) has selected Ramco Systems to implement its next-generation aviation software platform, the companies announced on Wednesday. The Cyprus-based aircraft maintenance, repair and overhaul provider will use Ramco’s integrated solution to streamline engine maintenance operations and materials management.

UAMCO, founded in 2022, specialises in MRO services for LEAP engines, including CFM International SA LEAP-1A and LEAP-1B models. The partnership positions the company to enhance its role in the global open MRO ecosystem through improved operational efficiency and workflow management.

The Ramco Aviation Software deployment will provide UAMCO with modules covering engineering, maintenance, supply chain, MRO sales, employee management, safety, quality, compliance and finance. The platform enables engine maintenance operations down to piece part levels while offering 360-degree visibility into costs and revenues.

To improve resource management

“Ramco Aviation Software emerged the clear choice, thanks to its comprehensive maintenance and materials management capabilities,” said John Savvides, CEO of UAMCO. The company expects the implementation to improve resource management and customer engagement while enabling paperless operations through mobile apps and integrated portals.

Chennai-based Ramco Systems serves over 800 customers globally with its cloud and mobile-based enterprise software. The aviation software platform currently manages 4,000+ aircraft for 90+ aviation organisations worldwide, including airlines, third-party MROs and defense organizations.

Business partner AiAppsData facilitated the engagement between the two companies.

The shares of Ramco Systems ended today on the NSE at ₹427.20 down by ₹2.80 or 0.65 per cent.

Published on August 28, 2025

Part of the Future Group’s 19 entities slated for transfer to Reliance Retail under the stalled ₹24,713 crore deal of 2020, FCL continues to face financial stress as lenders and investors push for resolution.
| Photo Credit:
designer491

Future Consumer Ltd, the FMCG company owned by debt-ridden Future Group, faces an insolvency plea filed before the National Company Law Tribunal (NCLT).

Resurgent India Special Situations Fund had moved the Mumbai bench of the NCLT, filing an application to initiate insolvency proceedings against Future Consumer, claiming defaults.

Confirming the development, Future Consumer in a regulatory filing earlier this week said: “The company would be making appropriate representation in the matter”.

According to details available on the NCLT portal, the insolvency plea was filed on August 20, 2025, and is yet to be listed before any bench for hearing.

Resurgent India Special Situations Fund was launched by Resurgent India, a Sebi-registered Category I merchant banker and investment bank.

Liquidity crunch and default

In the June quarter results, FCL had informed that it is facing a “significant liquidity crunch”, which has impacted the company’s operations.

Moreover, it had defaulted on payment of interest/repayment of principal amount on loans from banks, financial institutions, and unlisted debt securities.

As of June 2025, the total debt servicing obligations due, including interest, were Rs 558.73 crore.

It was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020.

Published on August 27, 2025

Domestic equity, currency and debt markets will be closed on Wednesday, August 27, for a local holiday. Trading will resume on Thursday, August 28.

The benchmark BSE Sensex fell 1.04 per cent to 80,786.54, while the NSE Nifty 50 lost 1.02 per cent to 24,712.05 on Tuesday, both posting their worst session in three months after a US Homeland Security notification confirmed that Washington will impose an additional 25 per cent tariff on all Indian-origin goods from Wednesday.

The rupee dropped 0.1 per cent versus the US dollar to 87.68, continuing its losing streak for a fifth consecutive session ahead of the US tariffs effective from Wednesday.

The benchmark 10-year bond closed at 98.08 rupees, with the yield at 6.5997%, after higher-than-expected cut-offs for state debt.

Published on August 27, 2025

IndiGo co-founder Rakesh Gangwal plans to sell upto 12.1 million shares in the airline in block deals.

The stake sale which amounts to around 3.1 per equity of the airline could fetch Gangwal ₹7,027 crore as per the offer price of ₹5,808 per share.

The offer price is at a discount of 4 per cent to its last closing price of ₹6,050.

Morgan Stanley, Goldman Sachs and JP Morgan are managing the share sale.

Gangwal has been selling shares in the airline in tranches over the past couple of years – with the last transaction taking place in May.

While he continues to be classified as a promoter, he had earlier stepped down from the board following differences with co-founder Rakesh Bhatia on corporate governance issues, and also said that he would gradually reduce his equity stake in the airline over the next five years.

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Published on August 26, 2025

Integrated EPC player Sugs Lloyd Ltd on Tuesday said it has fixed a price band of ₹117-123 per share for the initial public offer, which will open for public subscription on August 29.

The ₹85.6-crore initial public offering (IPO) will conclude on September 2, and the shares of Sugs Lloyd will be listed on the BSE’s SME platform, the company said in a statement.

The IPO is entirely a fresh issue of up to 69.64 lakh equity shares with a face value of ₹10 each. At the upper end of the price band, the company is expected to raise ₹85.66 crore.

Proceeds from the fresh issue to the tune of ₹64 crore will be utilised to meet working capital requirements, while the balance will go towards general corporate purposes and issue expenses, according to the red herring prospectus.

Incorporated in 2009, Sugs Lloyd is engaged in electrical transmission and distribution, solar and civil EPC projects.

Its services include development of transmission and distribution infrastructure, construction of substations and upgrading and modification of power systems. The company also offers outage management solutions to distribution companies.

In FY25, New Delhi-based Sugs Lloyd reported revenue from operations of ₹176.20 crore, a growth of over 171 per cent from ₹65.12 crore in FY24. Its net profit rose to ₹16.72 crore from ₹8.70 crore in the previous fiscal.

3Dimension Capital Services is the sole book-running lead manager, while Kfin Technologies is the registrar for the IPO.

Published on August 26, 2025

In sharp contrast, domestic mutual funds climbed to a fresh record share of 10.6 per cent in NSE-listed companies, and 13 per cent in the Nifty 50

The balance of power in India’s equity markets continues to tilt toward domestic investors, with the promoter ownership in listed companies sliding to fresh lows while retail and mutual fund participation continues to hit new peaks.

According to NSE’s latest Market Pulse report, promoter stakes across NSE-listed companies fell for the fourth straight quarter to 50.4 per cent in June 2025, the lowest in nine quarters. While that in Nifty 50 saw a sharper decline to a 23-year low of 40.2 percent— mainly due to a decline in private Indian and government promoters .

At the same time, the government’s share in listed companies showed a mixed trend — inching up modestly in the broader market to 10.1 per cent but slipping in the Nifty 50 to 6.7 per cent, its lowest level in six quarters. The uptick in the broader universe was aided by PSU banks’ strong performance, with the Nifty PSU Bank Index rising 15 per cent in the June quarter.

FPIs prefer Nifty

Foreign portfolio investors (FPIs) have continued to cut their overall stake due to global volatility, down to 17.3 per cent – the lowest in 13.5 years. Their portfolios became more concentrated in financials and communication services, while remaining cautious on staples, energy, materials, and staying bearish on industrials.

However, FPIs showed a clear preference for scale and resilience, lifting their ownership in the Nifty 50 to a six-quarter high of 24.5 per cent. Their holding in Nifty 500 stayed broadly steady at 18.5 percent.

MFs surge

In sharp contrast, domestic mutual funds (DMFs) climbed to a fresh record share of 10.6 per cent in NSE-listed companies, and 13 per cent in the Nifty 50. This was powered by strong retail participation through systematic investment plans (SIPs), which averaged ₹26,863 crore a month in Q1FY26 — up nearly 29 per cent from a year earlier.

Active funds expanded their share to 8.6 percent, while passive funds held steady at 1.9 per cent. DMFs have also realigned closer to benchmark indices: trimming overweight exposure to large financials, easing their underweight stance on consumer staples, and turning positive on materials and smaller consumer durables, even as they grew cautious on energy.

For the third consecutive quarter, domestic institutional ownership stayed ahead of FPIs, widening the lead to levels not seen since 2003.

Retail rise

Individual investors’ direct ownership ticked up to 9.6 per cent, led by continued preference for mid- and small-cap stocks. While they registered net outflows of ₹13,136 crore during the quarter, the rotation toward smaller companies kept their overall share intact.

When combined with mutual fund investments, retail investors now own a record 18.5 per cent of market capitalisation, surpassing FPIs for the third straight quarter. Just a decade ago, in March 2014, FPIs commanded an 11 percentage point lead over households— a gap that has not only closed but turned negative at -1.2 percentage points this June.

Published on August 25, 2025

GlaxoSmithKline Pharmaceuticals said it is bringing in Jemperli (dostarlimab) and Zejula (niraparib) to India, marking its re-entry into the cancer drugs segment in the country. The two oncology products would be brought at a “tiered pricing” for India, executives with the multinational company said.

GSK had a sizable asset in the past, said Bhushan Akshikar, Managing Director, GSK India, referring to its global $ 20 billion-plus asset-swap with Novartis (2014), that had also played out in India.

GSK’s oncology portfolio was swapped with Novartis vaccines portfolio, about a decade ago. In India, it was about ₹140 crore when divested, he said, adding that the focus now is on precision medicines, while rebuilding this portfolio. The first two oncology products would be imported, officials said, without divulging the price.

Pointing out that there was also a patient assistance programme (Phoenix). Akshikar, said, the product had been priced keeping the India patient at the core.  

Jemperli is a PD-1 immunotherapy indicated for the second-line treatment of advanced or recurrent endometrial cancer, in India, and it works by blocking the PD-1 pathway – a mechanism cancer cells use to evade immune detection, the company said.

Endometrial cancer is a malignancy arising out of the endometrium, the inner lining of the uterus, the company said, adding that about a fourth of endometrial cancer patients in India are at an advanced stage.  At this stage, chemotherapy remains a standard treatment, though associated with toxicity and poor long-term outcomes, it said.

Zejula is indicated in advanced ovarian cancer, in India. It offers a once-daily oral dose. Gynaecological cancers are among the most common cancers in women in India and are on the rise, the company said, pointing out that endometrial and ovarian cancers are among the top three gynecological cancers in India.

Dr Shalini Menon, Executive Vice President – Medical Affairs, GSK India, said gynaecological cancers represented a growing growing concern in women over 50 years, and with obesity and metabolic syndrome.

“Jemperli introduces immunotherapy into the treatment paradigm for advanced or recurrent endometrial cancer, offering a targeted option for patients with dMMR (mismatch repair-deficient) tumours. Zejula expands access to a convenient, first-line maintenance therapy in advanced ovarian cancer.”

Both molecules are supported by global clinical evidence and approvals from over 40 countries including the United States, United Kingdom and European Union, GSK said.

In India, GSK is participating in ongoing oncology clinical trials aimed to extend the indication of dostarlimab to other cancers including non-small cell lung, head and neck and colorectal, the company added.

Published on August 25, 2025

Target: ₹118

CMP: ₹95.17

Samvardhana Motherson International (SAMIL) is all set for another year of outperformance on the back of revenue diversification aimed at accelerating incremental growth from high volumes markets like India, Mexico, Japan and China (about 35 per cent of topline); successful integration of recent acquisitions, SOP for consumer electronics and Aerospace ramp up, Japanese supplier network breakthroughs beyond Honda (Yachio + Ichikoh + Atsumitec); and growing contribution from emerging verticals (lightings, aerospace and consumer electronics).

The strategy of 3CX10 achieved on customer while making progress underway on component and country. SAMIL aims to maintain a balanced global footprint with over 50 per cent of revenues from emerging markets achieved in FY25. Further, presence in high-growth areas like India, Mexico, and parts of Asia is deepening, and non-automotive businesses are also gaining traction

The ongoing tariff issue may trigger a near-term slowdown in a few key geographies but the same to be navigated through new programme launches. We build in revenue/EBITDA/PAT CAGR of 10-14 per cent. It currently trades at 25.5x/20.9x FY26E/FY27E consolidated EPS.

We reiterate a Buy with revised TP of ₹118, valuing the company at 24x Mar’27E EPS.

Published on August 22, 2025

Markets snapped their six-session winning streak on Friday, with the Sensex plunging 693.86 points or 0.85 per cent to close at 81,306.85, while the Nifty 50 declined 213.65 points or 0.85 per cent to 24,870.10. The sharp selloff came as investors turned cautious ahead of US Federal Reserve Chair Jerome Powell’s crucial speech at the Jackson Hole symposium and growing concerns over potential US tariffs on Indian goods.

Market sentiment deteriorated throughout the session, with the Nifty hitting an intraday low of 81,291.77 before recovering marginally by close. The benchmark index closed below the psychologically important 25,000 level, signalling a pause in the recent rally that had been fueled by optimism over GST reforms and S&P’s sovereign rating upgrade.

“The Indian equity market closed in the red today, ending a six-session winning streak and erasing gains accumulated over the past three days. Investor sentiment turned cautious ahead of the US Fed Chair’s speech at the Jackson Hole symposium, which is expected to provide critical insights into the global liquidity outlook and future interest rate trajectory,” said Vinod Nair, Head of Research at Geojit Investments Limited.

The selloff was broad-based, with declining stocks outnumbering advancers 2,421 to 1,662 on the BSE, while 157 stocks remained unchanged. Out of 4,240 stocks traded, 151 hit their 52-week highs while 53 touched their 52-week lows. Six stocks hit the lower circuit, while none reached the upper circuit.

Banking stocks led the decline, with the Nifty Bank index falling 606.05 points or 1.09 per cent to 55,149.40. The Nifty Financial Services index dropped 256.30 points or 0.96 per cent to 26,317.05. HDFC Bank declined 1.34 per cent, Kotak Bank fell 1.55 per cent and Axis Bank dropped 0.74 per cent, indicating sectoral profit-taking after recent gains.

Among individual stocks, Mahindra & Mahindra emerged as the top Nifty gainer, rising 0.74 per cent to ₹3,400.10, followed by Maruti Suzuki, which gained 0.63 per cent to ₹14,370.00. Bharat Electronics Limited added 0.25 per cent to ₹375.15, while Bharti Airtel inched up 0.16 per cent to ₹1,933.00 and Titan gained a modest 0.07 per cent to ₹3,618.90.

On the losing side, Grasim Industries was the worst performer, tumbling 2.55 per cent to ₹2,807.80. Asian Paints declined 2.40 per cent to ₹2,505.00, while Adani Enterprises fell 2.28 per cent to ₹2,323.00. UltraTech Cement and Hero MotoCorp both dropped 2.06 per cent to ₹12,605.00 and ₹4,992.30 respectively.

“Concerns over impending 25 per cent US Tariffs, unsettled sentiment, with the White House Trade Advisor Peter Navarro warning that the secondary tariffs against Indian goods will kick in from August 27,” noted Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities. “The US using trade tariffs on India as a strategic tool in its stance against Russia has raised near-term concerns among institutional investors.”

The broader market showed resilience compared to benchmark indices. The Nifty Midcap 100 declined marginally by 79.20 points or 0.14 per cent to 57,629.75, while the smallcap index also posted modest losses. The Nifty Next 50 fell 432.55 points or 0.64 per cent to 67,540.10.

Sectoral performance was mixed, with Nifty Media gaining 0.95 per cent and Pharma edging up 0.4 per cent. However, Metal, IT, FMCG, Oil & Gas, PSU Bank, Private Bank, and Realty indices slipped between 0.5 per cent and 1.25 per cent.

“The weakness was primarily driven by caution ahead of US Fed Chair Jerome Powell’s Jackson Hole address and renewed concerns around global trade and geopolitical tensions, which dampened risk appetite,” said Ajit Mishra, SVP Research at Religare Broking. “Domestic profit-booking after the recent rally and a pause in fresh FPI inflows further weighed on sentiment.”

Technical analysts pointed to the formation of an evening star candle pattern on the daily chart, considered a bearish reversal signal. “The benchmark Nifty index snapped its 6-day gaining streak on Friday and gave a lower close on the daily chart. The Index has formed an evening star candle pattern on the daily chart, which is considered to be a bearish reversal signal,” observed Sudeep Shah.

The Indian rupee weakened by 0.25 paise to settle at 87.50 against the dollar despite initial gains on GST reduction news. “The rupee weakened by 0.25, settling at 87.50 after initially gaining on the GST reduction news, but the momentum faded as persistent FII selling pressure weighed on sentiment,” said Jateen Trivedi, VP Research Analyst at LKP Securities.

Gold prices traded weak over the week, slipping nearly ₹800 as rupee appreciation and declining COMEX gold pressured domestic prices. “Gold prices traded range-bound to weak over the week, slipping by nearly ₹800 as rupee appreciation and a decline in COMEX gold from $3,400 last week pressured domestic prices,” Trivedi added.

Despite the weekly decline, the Nifty managed to gain approximately 1 per cent for the week, with the Sensex up around 700 points. “Global equity markets were mixed over the past one week, while the Indian equity markets outperformed most markets on a weekly basis. The Nifty 50 and the Sensex 30 indices inched ~1 per cent higher during the week,” noted Shrikant Chouhan, Head Equity Research at Kotak Securities.

The auto sector was a standout performer for the week, rallying 5 per cent amid government plans for GST rationalisation. However, the defense index shed over 1 per cent during the same period.

Looking ahead, market participants will closely watch Powell’s Jackson Hole speech for clues on the Federal Reserve’s monetary policy trajectory. “Market focus now shifts to Powell’s speech at Jackson Hole, which is expected to guide the dollar index and thereby influence rupee direction,” said Trivedi.

Technical support for the Nifty is placed at 24,800-24,850 levels. “After a steady run-up, Nifty paused on Friday, suggesting a brief consolidation before the next leg higher. On the downside, support lies at 24,800; staying above this level keeps the trend intact with scope for an advance towards 25,000–25,250,” said Rupak De, Senior Technical Analyst at LKP Securities.

As markets head into the monthly expiry week, investors will keenly await not only Powell’s address but also India’s GDP data and US growth and inflation numbers, which could provide crucial direction for the coming sessions.

Published on August 22, 2025

Varun Goel, Senior Fund Manager, Mirae Asset Investment Managers (India)
| Photo Credit:
Special Arrangement

Mirae Asset Investment Managers, a mutual fund AMC, on Friday said that the Chennai market’s MF Assets under Management (AUM) have grown from ₹2.8 lakh crore in 2024 to ₹3.32 lakh crore in 2025, reflecting a year-on-year growth of over ₹52,000 crore. 

Overall investor participation in Chennai has also improved with folios increasing from 99 lakh in 2024 to 1.25 crore in 2025, a statement from the company said.

Meanwhile, at the national industry level, AUM expanded from ₹64.13 lakh crore in 2024 to ₹74.85 lakh crore in 2025 and industry folios grew by ₹3.74 crore in the past year, the AMC added.

The mutual fund firm said that the strong growth in both AUM and folios highlights “the immense potential” of the Chennai market, giving them confidence to strengthen and deepen existing engagement with investors in the region. 

“Over the last twenty years, the small cap segment has delivered strong earnings growth and market returns. Their relatively unestablished nature makes them more agile, allowing them to respond swiftly to industry shifts and market disruptions. This adaptability often translates into faster growth, which the stock market tends to reward,” Varun Goel, Senior Fund Manager, Mirae Asset Investment Managers (India) said.

Published on August 22, 2025

Block deals are large transactions executed through a single trade to avoid market disruption. The draft circular has sought public comments until September 15

The Securities and Exchange Board of India (SEBI) has proposed a review of the block deal framework, including widening the reference price range for non-F&O stocks and increasing the minimum order size.

Under the draft proposals, for stocks under the futures and options (F&O) segment, block deal orders must be within ±1 per cent of the reference price, while for non-F&O stocks the limit will be ±3 per cent. Currently, all orders are placed within ±1 per cent of the applicable reference price.

The minimum order size has also been suggested to be revised to ₹25 crore from the current ₹10 crore to keep up with the market growth. SEBI has clarified that such trades must result in compulsory delivery and cannot be squared off or reversed.

The morning block deal window will operate between 8.45 am and 9.00 a.m, with trades executed at the previous day’s closing price. A second afternoon window will run between 2.05 pm and 2.20 pm, based on the volume weighted average price (VWAP) of trades executed between 1.30 pm and 2.00 pm.

Block deals are large transactions executed through a single trade to avoid market disruption. The draft circular has sought public comments until September 15.

Exchanges, clearing corporations and depositories will also apply regular risk management and surveillance norms to these trades. The revised framework will take effect 30 days after the final circular is issued.

Published on August 22, 2025

Under the revised plan, the closing auction is expected to be a 20-minute session from 3.15 to 3.35 pm, instead of the originally proposed 3.30 to 3.45 pm

The Securities and Exchange Board of India (SEBI) has proposed a revised framework for its Closing Auction Session (CAS) in the equity cash market, including the timing, structure and applicability.

SEBI had proposed the auction framework in December to determine stock closing prices, replacing the current Volume Weighted Average Price (VWAP) method, which does not allow trades at the exact closing price.

20-mte session

Under the revised plan, the closing auction is expected to be a 20-minute session from 3.15 to 3.35 pm, instead of the originally proposed 3.30 to 3.45 pm. This will see four sub-sessions for order entry, matching, and confirmation.

The price band during the order input and random closing session has also been suggested to be narrowed to ±3 per cent from the reference price instead of ±5 per cent proposed earlier.

With the change in timings of CAS, the time period for calculating the reference price based on VWAP has also been cut to 15 minutes from the current 30-minute window. Accordingly, the reference price is suggested to be based on the VWAP of the last 15 minutes from 3:00-3;15 pm of the continuous trading session (CTS).

Index rebalancing

With CAS, the regulator aims to reduce volatility, particularly during index rebalancing and derivatives expiry, and bring India’s closing price mechanism in line with global markets. SEBI has invited public feedback by September 12.

The consultation paper has also proposed permitting passive mutual funds to undertake overnight borrowing to meet the liquidity requirements arising out of any net negative cash balances on account of the trades undertaken in CAS.

The draft paper noted that passive investments through MFs and FPIs has seen significant growth with assets under management close to ₹30 lakh crore at the end of July.

For NAV stability

CAS provided a more stable and less volatile closing price compared to the volatility often observed under VWAP based closing price methodology, where large institutional trades executed towards the end of the VWAP calculation window, could create sharp intraday price swings as the market absorbed these flows in real time.

Under the revised proposal CAS would be applicable only to the stocks that are available for trading in derivative segment, and then based on the experience gained may be extended to all stocks at a later stage.

Published on August 22, 2025

Globtier Inforech on Friday fixed the price at ₹72 per share for its ₹31.02 crore initial public offering, which will open for subscription on August 25.

The IPO is a combination of a fresh issue of 38.11 lakh equity shares, including market maker portion of 2.24 lakh shares, and an offer for sale of 5 lakh equity shares, the company said in a statement.

The fixed price issue will be for subscription on the BSE SME platform on August 25 and closes on August 28, 2025.

The net proceeds from the issue are proposed to be utilised by the company for funding its working capital requirements, repayment of debt, and for general corporate purposes.

Globtier Infotech Limited is a Managed IT and SAP Support Service provider, empowering businesses with IT solutions.

The company’s total revenue was reported at ₹94.81 crore and net profit at ₹5.50 crore, whereas EBITDA was reported at ₹11.77 crore in FY 25.

Shannon Advisors Pvt Ltd is the sole book running lead manager of the offer. Shares will be listed on the BSE SME platform.

Published on August 22, 2025

SEBI Chairman Tuhin Kanta Pandey at the 22nd Annual Capital Markets Conference, organised by FICCI, in Mumbai on Thursday
| Photo Credit:
ANI

The Securities and Exchange Board of India (SEBI) is exploring measures such as extending the tenure and maturity profile of equity derivatives contracts in a “calibrated” manner to check excessive speculation, reduce retail losses and volatility, Chairman Tuhin Kanta Pandey said on Thursday.

Speaking at the FICCI Capital Market Conference 2025, Pandey said, “We will consult with stakeholders on ways to improve in a calibrated manner the maturity of derivative products so that they better serve hedging and long-term investing,” he said.

However, the plan is still at a conceptual stage, Pandey said on the sidelines of the event. Shares of BSE and Angel One fell 5 per cent each on Thursday amid concerns that removal of weekly derivatives contracts could dent their revenues.

SEBI whole-time member Ananth Narayan said the industry would be given adequate time to adjust. “We are considering ways to improve the tenor and maturity profile of derivative products so that they better support sustained capital formation and foster all-around trust in the ecosystem,” he said.

SEBI Chairman Tuhin Kanta Pandey
| Photo Credit: SHASHANK PARADE

The regulator’s focus is also on deepening the cash equity market through possible incentives or margin relaxations. Average daily traded volumes in the cash segment have grown over 25 per cent annually in the past five years to more than ₹1 trillion, but short-term derivative volumes have risen even faster.

Framework on cards

SEBI is also examining a product suitability framework for the equity derivatives segment to ensure participation is informed, suitable, and appropriate for investors. “Here again, stakeholder engagement will be key–we are open to all constructive ideas,” Narayan said.

The regulator has also formed a special team inside the surveillance department, along with NSE, to study its surveillance following alleged derivatives manipulation by US-based firm Jane Street, said WTM Kamlesh Varshney.

Retail participation in derivatives has surged sharply in recent years, prompting SEBI to limit the number of weekly expiries, raise lot sizes, and introduce a slew of other curbs. A recent SEBI study showed that retail investors’ losses widened by 41 per cent to ₹1.06 lakh crore in FY25 in equity derivatives, with 91 per cent of individual traders continuing to incur losses.

Published on August 21, 2025

The orders involve providing end-to-end workspace solutions across offices in Bengaluru, Mumbai, Pune, and Chennai. (Representative image)

Workspace solutions provider Transteel has secured orders worth ₹7.5 crore from leading enterprises including Brookfield Properties, Oberoi Realty, Quess Corp, Saint Gobain Limited, and GE Healthcare. The Bengaluru-based company announced the new contracts on Wednesday.

The orders involve providing end-to-end workspace solutions across offices in Bengaluru, Mumbai, Pune, and Chennai. Services include interior design, construction, and supplying ergonomic furniture. Transteel expects to complete all projects within 60 to 90 days.

The fresh orders push Transteel’s total order book beyond ₹44 crore, demonstrating continued demand for its workspace design services. Managing Director Shiraz Ibrahim attributed the wins to client confidence in the company’s delivery capabilities and modern workspace solutions.

Transteel operates an asset-light business model that allows rapid scaling while maintaining cash flow efficiency. This approach enables the company to handle larger turnkey contracts without significant capital investment.

The company has positioned itself for aggressive expansion, targeting 49 per cent compound annual growth rate for its Design & Build Business vertical over the next five years. This represents a strategic shift from primarily furniture supply to comprehensive design and construction projects.

Founded over two decades ago, Transteel specializes in commercial workspace solutions, including customized design and build projects, modular workstations, and ergonomic seating systems for enterprises across India.

The shares of Transteel Seating Technologies Ltd were trading at ₹132.50 up by ₹0.45 or 0.34 per cent on the NSE today at 2.17 pm.

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Published on August 21, 2025

ICRA Ltd and India Ratings C Research Private Ltd have assigned a rating of AAA/Stable to the Debt Securities

Cube Highways Trust (Cube InvIT), managed by Cube Highways Fund Advisors Pvt Ltd, has raised ₹820 crore through a bond issue. The board of Cube InvIT has approved allotment of 82,000 non-convertible debentures with a face value of ₹1 lakh each, aggregating to ₹820 crore on a private placement basis on Wednesday.

The 3.5-year NCDs with a maturity date of 20 February 2029 were issued at a coupon of 6.93 per cent while the 10-year NCDs with a maturity date of 20 August 2035 were issued at a coupon of 7.3015 per cent. The proceeds will be used to repay the existing indebtedness. Following this transaction, fixed rate borrowings will constitute 33.4 per cent of Cube InvIT’s obligations.

ICRA Ltd and India Ratings C Research Private Ltd have assigned a rating of AAA/Stable to the Debt Securities.

Published on August 20, 2025

Markets sustained their upward trajectory in Wednesday’s midday session, with the Sensex climbing 259.47 points to 81,903.86 and the Nifty advancing 79.70 points to 25,060.35, marking gains of 0.32 per cent each. The Nifty breached the key 25,000 resistance level that had capped gains in recent sessions.

Technology stocks emerged as the primary drivers of the rally, with Infosys leading the charge with a 3.26 per cent surge to ₹1,487.00. Other IT majors joined the upward move, as TCS rose 2.28 per cent to ₹3,085.00 and Wipro gained 1.98 per cent to ₹251.86. The sector’s outperformance came despite overnight weakness in US technology stocks.

Hindustan Unilever contributed significantly to the day’s gains, advancing 2.56 per cent to ₹2,671.50, while power sector heavyweight NTPC climbed 2.01 per cent to ₹341.80.

Financial services stocks weighed on the indices, with the Nifty Financial Services index declining 0.35 per cent to 26,496.50. Bajaj Finance dropped 1.49 per cent to ₹888.90, while Shriram Finance fell 1.44 per cent to ₹617.35. Bajaj Finserv also declined 0.81 per cent to ₹1,956.20.

Defense stock BEL emerged as the top loser, sliding 1.54 per cent to ₹374.20, followed by Tata Motors, which declined 1.29 per cent to ₹691.25.

Market breadth remained positive with 2,368 stocks advancing against 1,541 declining on the BSE. A total of 123 stocks hit 52-week highs compared to 44 touching 52-week lows. The session witnessed 222 stocks in the upper circuit and 134 in the lower circuit.

The Nifty Midcap 100 index outperformed benchmark indices, rising 0.57 per cent to 57,993.90, while the Nifty Next 50 gained 0.48 per cent to 68,235.60. However, the Nifty Bank index remained under pressure, declining 0.23 per cent to 55,738.75.

Trading volumes reflected active participation, with Infosys recording the highest value turnover of ₹85,915.46 lakhs among Nifty constituents, followed by TCS at ₹77,750.74 lakhs.

The market’s performance comes as investors remain cautious ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium, which is expected to provide clarity on the central bank’s monetary policy stance. Despite morning concerns over global sentiment and continued foreign institutional investor selling, domestic institutional investor support and sector-specific momentum helped sustain the rally through midday trade.

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Published on August 20, 2025

According to Share India Securities, the investment does not fall within the ambit of related party transaction and none of the promoter/promoter group/group companies have any interest in the above entity

The board of Share India Securities (SIS) on Tuesday approved an investment of up to ₹28 crore in National Commodity & Derivatives Exchange Ltd (NCDEX) by way of acquisition of 14,18,871 equity shares at ₹197.34 a share. The constitutes 1.582 per cent of the post-issue capital of NCDEX, the company said in a disclosure to the stock exchanges.

The investment shall be completed within a period of 60 working days from the date of this disclosure, the company said in a notice to the stock exchanges.

The acquisition is for investment purposes and aligns with the company’s strategic goal of strengthening its presence in the financial services and securities market ecosystem, it further said.

According to SIS, the investment does not fall within the ambit of related party transaction and none of the promoter/promoter group/group companies have any interest in the above entity.

NCDEX is a nation-level, technology-driven online Commodity Exchange with an independent Board of Directors and professional management.

Equity foray

Recently, NCDEX has received an in-principle approval from market regulator SEBI to launch equity and equity derivatives trading. The regulator had asked NCDEX to keep building its core commodity derivatives business even as it diversifies into equity. To finance platform build-out, compliance infrastructure, member onboarding and product innovation, the board of NCDEX recently approved a primary equity raise of ₹500-₹600 crore.

The stock of Share India Securities closed 0.39 per cent lower at ₹159.33.

Published on August 19, 2025

Markets extended their morning gains in afternoon trading on Tuesday, with the Sensex climbing 395.91 points or 0.49 per cent to 81,669.66 and the Nifty 50 advancing 110.35 points or 0.44 per cent to 24,987.30 as of 1.30 PM.

Auto stocks emerged as the primary drivers of the rally, with Tata Motors leading the Nifty 50 gainers with a 3.50 per cent surge to 699.65. Bajaj Auto followed with a 2.72 per cent gain to 8,822.00, while Hero MotoCorp rose 2.34 per cent to 5,100.50. The auto sector’s strength contributed to the broader market’s positive momentum as investors continued to digest the morning’s optimistic tone around GST reform prospects.

Reliance Industries added to the gains with a 2.48 per cent increase to 1,416.00, maintaining its position among the top performers. Adani Ports completed the top five gainers, climbing 2.17 per cent to 1,356.00. The broad-based rally reflected sustained buying interest across multiple sectors.

On the downside, Dr Reddy’s Laboratories led the decliners, falling 1.21 per cent to ₹1,247.40. Grasim Industries dropped 1.10 per cent to ₹2,814.50, while Bajaj Finserv declined 1.09 per cent to ₹1,971.70. Hindalco shed 0.98 per cent to ₹707.15, and JSW Steel retreated 0.73 per cent to ₹1,071.90.

Market breadth remained positive across the BSE, with 2,472 stocks advancing against 1,485 declining stocks out of 4,128 traded securities. A total of 127 stocks hit 52-week highs compared to 56 reaching 52-week lows. Additionally, 216 stocks were locked in upper circuits while 168 hit lower circuits, indicating heightened volatility in individual names.

Sectoral performance showed mixed trends, with Nifty Next 50 gaining 280.30 points or 0.42 per cent to 67,676.60 and Nifty Midcap 100 advancing 325.80 points or 0.57 per cent to 57,435.65. Nifty Bank rose 135.40 points or 0.24 per cent to 55,870.90, while Nifty Financial Services remained nearly flat, declining 4.45 points or 0.02 per cent to 26,604.30.

The afternoon session maintained the positive momentum established during the morning, as markets continued to benefit from foreign institutional investor buying after four sessions of net selling. Trading volumes remained robust, with the Sensex opening at 81,319.11 from its previous close of 81,273.75, while the Nifty opened at 24,891.35 against its prior close of 24,876.95.

Published on August 19, 2025

The regulator, through a circular issued earlier in May, had capped the maximum weight of the top constituent at 20 per cent and the combined weight of the top three at 45 per cent
| Photo Credit:
FRANCIS MASCARENHAS

The Securities and Exchange Board of India (SEBI) has proposed to adjust constituent weights in existing non-benchmark indices such as NSE’s Nifty Bank and BSE’s Bankex with derivatives.

The regulator, through a circular issued earlier in May, had capped the maximum weight of the top constituent at 20 per cent and the combined weight of the top three at 45 per cent. It also mandated that such indices carry at least 14 constituents. The objective, SEBI said, was to ensure broad-based indices and curb concentration risk.

Both NSE and BSE have submitted their preferences for implementing the changes. BSE’s Bankex, with 10 constituents but no ETFs tracking it, may undergo one-time restructuring. NSE’s Nifty Bank and Nifty Financial Services, however, have substantial ETF assets under management — ₹34,251 crore and ₹511 crore, respectively.

Given the large flows involved, NSE has suggested a phased glide path of four tranches over four months for Nifty Bank to prevent market disruption.

Market participants, including mutual funds and the Association of Mutual Funds in India, have largely supported retaining existing indices while rebalancing them, citing the need to preserve liquidity, brand identity, and avoid investor confusion.

SEBI has sought stakeholder feedback by September 8.

Published on August 18, 2025

Ashok Leyland shares jumped 8.2 per cent to ₹131.96 on Monday afternoon, hitting a new 52-week high of ₹132.80, after the commercial vehicle manufacturer reported record first-quarter results. The stock opened at ₹125.10 against the previous close of ₹121.96.

The Hinduja Group flagship announced its highest-ever Q1 revenue of ₹8,725 crore and record volumes of 44,238 units for the quarter ended June 2025. EBITDA improved to ₹970 crore with margins expanding 50 basis points year-on-year to 11.1 per cent, while profit after tax rose to ₹594 crore from ₹526 crore in the same period last year.

Leading brokerages maintained their bullish stance on the stock. Bank of America set a target price of ₹146, while Avendus Capital and Motilal Oswal pegged it at ₹140 and ₹141 respectively. Axis Securities maintained its buy rating with a target of ₹135, citing operational outperformance and market share gains.

The company’s medium and heavy commercial vehicle truck volumes grew 2 per cent year-on-year, with market share increasing from 28.9 per cent to 30.7 per cent. Light commercial vehicle volumes reached an all-time quarterly high of 15,566 units, while exports grew 29 per cent to 3,011 units.

Ashok Leyland maintained its cash-positive position with ₹821 crore at the quarter-end. The company expects mid-single-digit growth in the domestic commercial vehicle industry for FY26, supported by government infrastructure spending and improved freight rates.

Published on August 18, 2025

Mr. Sajjan Jindal, Chairman of JSW Group, and Mr. Parth Jindal, Managing Director of JSW Cement Ltd., at the bell-ringing ceremony of JSW Cement held at NSE, marking the successful IPO listing of the company on the Indian bourses

JSW Cement Limited made its stock market debut today, listing at ₹153.50 on NSE and ₹153.00 on BSE, marking approximately a 4 per cent premium to its IPO price of ₹147. However, the stock closed at ₹146.00 on NSE, down 4.89 per cent from its opening price and 0.68 per cent below the issue price.

The listing comes after the company’s ₹3,600 crore IPO received strong institutional demand, with overall subscription reaching 7.77 times. Qualified Institutional Buyers (QIBs) led the charge with 15.8 times subscription, while High Net Worth Individuals subscribed 10.97 times their allocated quota. Retail participation remained relatively subdued at 1.81 times subscription.

“JSW Cement made a steady market debut today… The modest yet positive opening reflects balanced investor sentiment, underpinned by the company’s robust fundamentals and the JSW Group’s strong brand positioning,” said Sourav Choudhary, MD, Raghunath Capital. He expects the stock to consolidate in the ₹145–₹160 range in the short term, with upside capped until performance triggers emerge.

However, market sentiment appears cautious post-listing. “The stock slipped below its issue price, indicating that the IPO may already be fully valued. While short-term gains appear limited, the company has established itself as one of India’s fastest-growing and most sustainability-focused cement producers,” noted Gaurav Garg from Lemonn Markets Desk.

At the listing ceremony, JSW Group Chairman Sajjan Jindal expressed confidence in the leadership team, stating: “I’m sure that under Parth’s leadership, JSW Cement will do very well. And we are going to see a great future for India. It’s one of the largest, fastest growing large economies in the world. India needs aggressive companies, for its growth. I hope that’s what JSW will do that. “

Managing Director Parth Jindal expressed readiness for future group IPOs, saying: “Now I’m fully trained, I’m fully ready, and geared up to take all of the other JSW companies public as well. So it’s been three months on the road, telling everyone the story about JSW Cement. We’ve just begun, and I hope that we can create value for all our minority shareholders and take this company to its rightful place and be a big part of the future growth story of the JSW Group. “

The IPO comprised a mix of fresh issue worth ₹1,600 crore and offer for sale of ₹2,000 crore. The fresh capital will fund a new integrated cement unit in Nagaur, Rajasthan (₹800 crore), debt repayment (₹520 crore), and general corporate purposes.

JSW Cement CEO Nilesh Narwekar emphasized the company’s commitment to stakeholders, stating: “Today, we go public with a very simple promise, to stay true to our values, deliver for our stakeholders, keep building a company that makes a difference.”

At current prices, JSW Cement commands a post-issue market cap of approximately ₹20,179 crore, translating to roughly 36.7x EV/EBITDA on FY25 annualized basis. The company has established itself among India’s top 10 cement producers and is the nation’s largest Ground Granulated Blast Furnace Slag (GGBS) producer.

“JSW Cement made its market debut at ₹153.50, about 4 per cent above its issue price, marking a flat listing,” observed Shivani Nyati, Head of Wealth at Swastika Investmart. She cautioned that being in a growth phase, “the company’s high valuation and current losses could lead to short-term volatility in returns.”

The trading session showed mixed investor sentiment with a traded volume of 932.94 lakh shares and traded value of ₹1,406.78 crore. The deliverable quantity stood at 54.13 per cent of total traded volume.

NSE Managing Director Ashish Kumar Chauhan welcomed JSW Cement as the exchange’s 2,812th listed company, highlighting NSE’s role in facilitating record IPO fundraising of ₹1.7 lakh crore in FY25.

For investors, analysts recommend different strategies based on investment horizon. Choudhary suggests “accumulating on dips towards ₹145–₹148 for a structural portfolio play,” while Nyati advises listing gain seekers to “maintain a stop loss at ₹138 and wait for potential upside.”

The cement sector outlook remains positive given India’s infrastructure development needs, though near-term performance will depend on capacity utilization and market conditions.

Published on August 14, 2025

Transformer components manufacturer Mangal Electrical Industries on Thursday fixed a price band of ₹533 to ₹561 per share for its upcoming ₹400 crore Initial Public Offering (IPO).

The IPO — entirely a fresh issue of shares — will open for public subscription on August 20 and conclude on August 22, the company announced.

Proceeds from the fresh issue will be used to pay debt, expand the company’s facility situated in Rajasthan and support working capital requirements for general corporate purposes.

Mangal Electrical Industries is a processor of transformer components, transformer lamination, amorphous cores, coil assemblies and core assemblies, wound core, toroidal core and oil-immersed circuit breakers.

The company’s customers include government discoms and private companies such as Ajmer Vidyut Vitran Nigam Ltd, Jaipur Vidyut Vitran Nigam Ltd, Voltamp Transformers Ltd and Western Electrotrans. It has exported its transformer components to the Netherlands, United Arab Emirates, Oman, USA, Italy and Nepal.

Systematix Corporate Services is the sole book-running lead manager, and Bigshare Services is the registrar of the issue.

Published on August 14, 2025

Chairman and Managing Director Sajid Malik attributed the growth to strong execution of urban digital twin projects and rising demand for automotive mapping solutions. 

The shares of Genesys International Corporation Limited traded on the NSE today at the closing bell at ₹589, down by 17.60 or 2.90 per cent.

Genesys International Corporation Limited reported a 32.29 per cent increase in profit after tax (PAT) to ₹7.12 crore for the first quarter ended June 30, 2025, compared to ₹5.38 crore in the same period last year.

The Mumbai-based mapping and geospatial services company also posted strong growth in revenue and EBITDA. Total revenue rose 26.20 per cent to ₹72.14 crore from ₹57.17 crore in Q1FY25, while EBITDA surged 42.65 per cent to ₹30.77 crore from ₹21.82 crore year-on-year.

Chairman and Managing Director Sajid Malik attributed the performance to the strong execution of urban digital twin projects and growing market reception for the company’s automotive mapping solutions. He said global partnerships in automotive mapping could gain traction during the current financial year.

Plans for AI products and Middle East expansion

Malik outlined plans to launch local intelligence products across multiple verticals and expand into Middle East markets in the coming quarters. The company also aims to leverage its data capabilities in artificial intelligence applications, positioning itself to capitalise on emerging disruptive technologies.

Genesys International employs over 2,000 professionals and operates a nationwide constellation of sensors for advanced mapping services. The company serves both enterprise and government markets with cutting-edge geospatial solutions.

The results reflect the company’s focus on diversifying offerings while maintaining its core expertise in mapping technology and geospatial services across India.

Published on August 14, 2025

US President Donald Trump and Russia’s President Vladimir Putin
| Photo Credit:
JORGE SILVA

Traders are dusting off their geopolitical playbooks ahead of Friday’s meeting between Donald Trump and Vladimir Putin, looking for any signs as to how the outcome will shape the future direction of markets. 

In the run-up to the talks, investors have been piling into assets that could stand to benefit from either a ceasefire in Ukraine or an easing of sanctions on Russia. Ukrainian government bonds have rallied, alongside shares of companies that would benefit from the reconstruction of Ukraine and European banks that still have a presence in Russia. 

The meeting has also added fuel to a broader rally in European stocks, already an outperfomer this year as Germany’s fiscal spending boosts the economic growth prospects for the region.

“Whatever its ostensible outcome, the Alaska meeting marks the definitive start of the concluding phase of the Ukraine war,” said Christopher Granville, a managing director at research firm TS Lombard. “Regardless of its short-term market effects, any pacification will reinforce the fundamental European investment case.”

Here’s a look at various asset classes and how they’re likely to be impacted by a potential resolution:

Stocks

Central and Eastern European equities have outperformed most global peers this year as hopes of a resolution of the war in Ukraine improves the economic outlook for the region. Benchmark indexes in Slovenia, Hungary, Poland and the Czech Republic are among the top 10 performers among 92 gauges tracked by Bloomberg.

In Western Europe, investors are focusing on themes like infrastructure and companies with exposure to the conflict. A UBS Group AG basket of stocks that would benefit from the reconstruction of Ukraine, like Schneider Electric SE and Siemens Energy AG, has climbed 32 per cent this year to trade at a record high.

There’s also been a slight rotation out of defense stocks, which are up over 70 per cent this year as Europe, led by Germany, invests billions of euros to re-arm itself. A benchmark of defense companies has dropped as much as 6 per cent from an July peak as the Alaska summit nears. 

According to TS Lombard’s Granville, though, a potential ceasefire could also boost European defense assets as the bloc would then need to increase military spending to deter further Russian aggression.

Elsewhere, Rajeev De Mello, chief investment officer at Gama Asset Management, said Indian equities and the rupee could gain if there’s any sign that Trump will move away from secondary tariffs on Russia’s trading partners.

Bonds and currencies

Steven Barrow, head of G-10 strategy at Standard Bank, said a meaningful breakthrough in Alaska could trigger gains in the euro to levels not seen since before the Russian invasion in 2022.

“If there is any sense at all that a proper peace deal, or even just a temporary cessation of fighting, is possible, we could see the dollar slump and the euro, in particular, surge,” Barrow said. He sees the potential for the euro to trade between $1.20 to $1.25 for the first time since 2021, from around $1.16 currently.

Ukraine’s dollar bonds are also in focus. They handed investors returns of 10.6 per cent this quarter, the second-best performance among 69 developing nations tracked by the Bloomberg EM Sovereign Total Return Index. A positive outcome of the talks would also bolster bonds and the currencies from countries such as Poland and Hungary.

Commodities

Crude prices are trading near a two-month low going into the meeting. Citigroup Inc. warned this week that progress toward a deal to end the war could push Brent into the low $60s from about $66 now.

Meanwhile, gas prices have taken a pause in the run up to the meeting. While tangible progress on a ceasefire would be bearish for energy prices, it’s unlikely that US sanctions on Russian LNG projects would be lifted imminently.

The conflict has also been a key catalyst for gold’s long rally, with prices doubling from late-2022 to early this year. Any signs of a ceasefire could ease haven demand. Industrial metals like copper will be sensitive to any signs that Russia is on a path to returning to trading with Western countries.

What Bloomberg’s strategists say…

“European stocks, oil, the euro and the Indian rupee are where the verdict will most cleanly be seen. While extreme outcomes are unlikely, there’s enough dispersion in the consensus expectations to mean markets will react, no matter what transpires.”

— Mark Cudmore, Markets Live Executive Editor

More stories like this are available on bloomberg.com

Published on August 15, 2025

 Gold prices on MCX surged 53% to ₹1,00,389 per 10 grams, while silver rose 41% to ₹1,13,342 per kg. In contrast, Sensex and Nifty gained only around 2%, and broader indices like BSE-500 and Nifty-500 saw marginal movements.
| Photo Credit:
iStockphoto

Thanks to global economic uncertainty, gold and silver have outshined returns from the equity markets since last year’s Independence Day and have once again established themselves as safe-haven bets during troubled times.

Gold prices on MCX rallied 53 per cent on Thursday to ₹1,00,389 per 10 grams, up from ₹70,152 logged on August 14, 2024, supported by a firm trend in international markets. Similarly, silver has jumped 41 per cent to ₹1,13,342 per kg.

Equities lag

In contrast, the bellwether Sensex in the same period was up 2 per cent at 80,597 points against Rs 79,106 points, while the broader BSE-500 was down at 35,604 points against 35,810 points logged on August 14, 2024.

Similarly, Nifty increased two per cent to 24,631 points against 24,144 points logged last year, while Nifty-500 was up marginally at 22,680 points (22,673 points).

Central bank buying

Gold has turned attractive not only for investors, but also for most central banks. According to the World Gold Council report, central banks across the globe have acquired 415 tonnes of gold in the first half of this year. Central banks’ gold purchases have exceeded 1,000 tonnes in the last three years, boosting gold prices substantially.

Besides the raging war between Russia-Ukraine and Israel-Iran, the tariff war triggered by the US has been pushing central banks to bet big on gold.

Silver prices has also seen a significant rally driven by a strong industrial demand, particularly from clean energy sectors and safe-haven buying amid geopolitical uncertainty.

Geopolitical impact

Ajay Kumar, Director, Kedia Commodities, said gold has been riding high on global uncertainty and needs a fresh trigger to rally from here on, as it has priced in all the current developments.

“We have reached the peak of uncertain times and things can only settle down as prolonged war or high tariff will impact the US as much as the exporting country. A US Fed rate cut of over 0.50 per cent can lead to gold strengthening further,” he said.

Equity markets are on a recovery path, driven by strong retail inflows through mutual funds, even as foreign investors remain concerned about valuations following weak corporate earnings.

Economic stimulus

However, government spending on infrastructure and income tax relief is expected to stimulate the economy.

Morgan Stanley, in a recent report, stated that India is on track to become the world’s most sought-after consumer market, driven by structural economic changes, a significant energy transition, and rising manufacturing activity.

The research highlights a combination of macroeconomic stability, fiscal discipline and policy reforms that could underpin sustained growth and investment inflows.

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Published on August 15, 2025

Broader markets underperformed, with the Nifty Midcap 100 and SmallCap indices closing lower. Sectoral performance was mixed, with financials outperforming while metals and oil & gas lagged. 
| Photo Credit:

Benchmark indices snapped their six-week losing streak on Thursday, with the Nifty 50 gaining 11.95 points or 0.05 per cent to close at 24,631.30 and the Sensex rising 57.75 points or 0.07 per cent to end at 80,597.66, as markets drew strength from S&P Global’s historic sovereign rating upgrade amid cautious trading ahead of the Independence Day holiday.

S&P Global Ratings raised India’s long-term credit rating to ‘BBB’ from ‘BBB-’ with a stable outlook after nearly 19 years, citing robust economic growth, sustained fiscal consolidation, and policy stability. “S&P projected that India’s real GDP growth would average 6.8 per cent annually over the next three years, reinforcing the country’s economic resilience,” noted Vaibhav Vidwani, Research Analyst at Bonanza.

Technology stocks emerged as the standout performers, with the Nifty IT index surging 1.7 per cent. Wipro led the gainers on Nifty 50, jumping ₹4.85 or 2.01 per cent to ₹246.50, followed by Infosys, which rose ₹21.40 or 1.50 per cent to ₹1,448.00 after announcing plans to acquire a majority stake in an Australian IT firm for over $150 million. HDFC Life gained ₹11.40 or 1.47 per cent to ₹788.00, while Asian Paints added ₹29.80 or 1.19 per cent to ₹2,530.00.

On the losing side, Tata Steel declined ₹4.50 or 2.81 per cent to ₹155.68, leading the laggards. Adani Ports fell ₹18.20 or 1.38 per cent to ₹1,301.40, Hero MotoCorp dropped ₹60.70 or 1.27 per cent to ₹4,708.00, Tech Mahindra slipped ₹18.10 or 1.20 per cent to ₹1,488.20, and Tata Consumer Products declined ₹10.70 or 1.01 per cent to ₹1,045.40.

Broader markets underperform, midcap & smallcap down

Broader markets underperformed, with the Nifty Midcap 100 declining 0.31 per cent to 56,504.25, and the SmallCap indices also ending in negative territory. “Market breadth was decisively negative, with 306 stocks out of the Nifty 500 ending in the red,” observed Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.

Sectoral performance was mixed with Nifty Financial Services gaining 0.36 per cent and Bank Nifty rising 0.29 per cent, while Nifty Metal declined 0.9 per cent and Oil & Gas fell 0.7 per cent. “On the trade front, as concerns persist over elevated US tariffs on Indian goods, Indian government is set to have high-level engagements with China and Russia within a single week,” said Siddhartha Khemka from Motilal Oswal Financial Services.

Rupee and gold remain steady amid global caution

The rupee ended marginally lower at 87.54, down 0.10 paise, as it tracked the range-bound moves in the dollar index at 97.83. “Markets remain watchful ahead of Friday’s key meeting between US President Trump and Russian President Putin over possible peace talks on the Russia-Ukraine war. The rupee is expected to trade in the 87.25–88.00 range,” said Jateen Trivedi from LKP Securities.

Gold traded sideways near $3,355 on Comex and ₹1,00,280 on MCX as market participants awaited the crucial US–Russia meeting. “Overall, gold remains positive as long as $3,280 is held. Range for gold is seen between ₹99,000–₹1,01,500,” Trivedi added.

WPI shows disinflation; trade deficit widens

Wholesale price inflation data provided some relief, with July WPI falling to -0.58 per cent compared to -0.13 per cent in June, indicating continued disinflation trends. However, India’s merchandise trade deficit widened sharply to $27.35 billion from $18 billion in June.

FII selling continues; DII buying streak intact

Foreign institutional investors remained net sellers, offloading equities worth ₹3,644 crore on August 13, while domestic institutional investors maintained their buying streak, purchasing ₹5,624 crore worth of equities, marking their 28th consecutive session of buying.

Looking ahead, markets will remain closed on Friday for Independence Day, creating a long weekend. “Global cues will dictate the mood when markets open on Monday as key events are yet to unfold,” said Hariprasad K from Livelong Wealth, with particular focus on the outcome of the Trump-Putin meeting scheduled for Friday in Alaska.

Published on August 14, 2025

Mufin Green Finance Limited reported a standalone net profit of ₹410.55 lakh for the quarter ended June 30, 2025, marking a 41 per cent increase from ₹262.08 lakh in the same period last year. The company’s total income rose to ₹4,813.69 lakh from ₹3,738.41 lakh year-on-year.

Interest income, the company’s primary revenue source, grew to ₹4,722.77 lakh in Q1 FY26 from ₹3,661.41 lakh in Q1 FY25. Finance costs increased proportionally to ₹2,529.97 lakh from ₹2,029.66 lakh, reflecting the company’s expanded lending operations.

On a consolidated basis, the group recorded a net profit of ₹318.46 lakh compared to ₹438.17 lakh in the previous year, impacted by subsidiary losses. The consolidated revenue from operations reached ₹4,892.66 lakh, up from ₹3,697.87 lakh.

Acuité Ratings upgraded the company’s credit rating from ACUITE BBB+ (STABLE) to ACUITE A- (STABLE) during the quarter. Post-quarter end, Mufin Green raised ₹27.2 crore through three tranches of secured non-convertible debentures in July 2025.

The company also converted share warrants into 94.65 lakh equity shares at ₹55 per share during June 2025, raising additional capital. Earnings per share stood at ₹0.25 for the standalone entity.

The shares of Mufin Green Finance Limited ended flat today on the NSE at ₹92.88.

Published on August 14, 2025

XED Executive Development Ltd offers executive education programmes targeting senior working professionals
| Photo Credit:
Ildo Frazao

The process of direct listing of equities has begun in GIFT IFSC, with Mumbai-based “global executive education” provider XED Executive Development Ltd filing the first Draft Red Herring Prospectus (DRHP) with both NSE-IX and INX — the two international stock exchanges operating out of GIFT City in Gujarat.

The company that has filed the DRHP was founded by John Kallelil John and has a registered office in Mumbai. Incorporated in 2018, the company in the draft prospectus describes itself as a “global leader in executive education” having operations in Singapore, the US, Abu Dhabi and Saudi Arabia. It offers executive education programmes targeting senior working professionals.

 “The company is targeting an IPO size of $12 million,” Kallelil told businessline. The offer is by way of a fresh issue of $9.6 million and an offer-for-sale of $2.4 million by the promoter selling shareholder. Of the total net IPO proceeds, $1.8 million is proposed to be used as technology capex, $2.4 million as working capital , $1.2 million as IPO cost and $4.4 million for general corporate purpose and “unidentified acquisition.”  

Meanwhile, NSE IX stated on a social media platform, “NSE-IX is pleased to note the receipt of the first DRHP filing from XED Executive Development Ltd. As the designated stock exchange, we remain committed to facilitating this process with the highest governance standards. We extend our congratulations to the issuer, marking what we hope will be the beginning of a new chapter in the GIFT-IFSC ecosystem under the aegis of IFSCA.”

In FY25, XED Executive Development Ltd’s revenue from operations stood at $4.59 million, an increase of about 15 per cent over the previous year. During the year, 54 per cent of the company’s revenues came from Singapore, 41 per cent from India, 3.4 per cent from Saudi Arabia and 2 per cent from the US. Revenue from operations is driven by a mix of public programmes (B2C) and custom programmes (B2C). Public programme revenue is generated through direct enrolments in executive education offerings, typically priced between $4,500 and $28,000. Revenue from custom programmes is earned from institutional clients through negotiated fees tailored to their learning objectives.

A significant portion of the revenue of the company is derived from programmes offered in collaboration with Cornell University where faculty from Cornell University lead the instruction, while the company oversees design and delivery. Government of Maharashtra, JSW, Bank of America and Kotak Mahindra Bank Ltd are among its top 10 B2B customers. The company designs and delivers programmes across multiple delivery formats, including in-person classroom sessions, live online modules, and hybrid models.

Published on August 14, 2025

Shares of Suzlon Energy are in focus today following a 7.3 per cent rise in its consolidated net profit to ₹324.32 crore in the June quarter compared to ₹302.29 crore in the corresponding quarter last year, driven mainly by higher revenues.

The revenue from operations soared nearly 55 per cent to ₹3,117.33 crore during the quarter under review as against ₹2,015.98 crore in the year-ago period. The EBITDA rose to ₹599 crore in the quarter from ₹370 crore in the year-ago period.

The company received 1 GW of orders in the quarter, taking its total order book to 5.7 GW.

Girish Tanti, Vice Chairman, Suzlon Group, said, “The rising demand from C&I and PSU customers, along with a strong base of repeat orders, reflects the trust in Suzlon’s technology leadership and execution capabilities.”

Himanshu Mody, Chief Financial Officer, Suzlon Group, said, “The company recognised Deferred Tax Assets of ₹630 crore last quarter, which is now unwinding, resulting in a deferred tax charge of ₹134 crore in Q1 FY26. This is purely an accounting adjustment with no cash impact.”

The board approved appointment of Vinod R Tanti as the Chairman and Managing Director and Girish R Tanti as the Executive Director of the company for a further term of five years, i.e. from October 7, 2025, up to October 6, 2030.

Himanshu Mody has resigned as the Chief Financial Officer of the company with effect from the close of business hours of August 31, 2025.

Brokerages have broadly maintained favourable outlook on the stock. Nuvama Institutional Equities remain positive on Suzlon, but trimmed FY26 and FY27 EPS by 4 per cent and 1 per cent, respectively, to factor in softer realisation as the EPC mix remains low. The brokerage retained hold call at a revised target price from ₹68 to ₹67 per share.

Motilal Oswal has reiterated buy at a target price of ₹80 per share. The brokerage counted on Suzlon’s strong execution at 444MW, EPC share up 22 per cent of the order book, steady per MW realisations in the WTG segment and healthy EBITDA margins.

The stock declined 4.29 per cent to ₹60.41 at 12.39 pm on the BSE, moderating between intraday high and low of ₹63.82-₹60.10, against the previous close of ₹63.12

Published on August 13, 2025

SEBI plans to allow a broader set of strategies under SIFs, which bridge the gap between mutual funds and portfolio management services
| Photo Credit:
HEMANSHI KAMANI

SEBI plans to overhaul key market regulations, including simplifying draft offer documents, easing compliance for foreign portfolio investors (FPIs) and expanding investment options under Specialised Investment Funds (SIFs) in this financial year.

The market regulator aims to introduce a template-based format for relevant sections of draft offer documents to cut down on repetitive disclosures and make filings easier to prepare and understand. The current framework under the Issue of Capital and Disclosure Requirements (ICDR) Regulations, introduced in 2018, has expanded over time, leading to bulky, complex documents.

For 2025-26, the regulator will also undertake a comprehensive clean-up of overlapping and redundant rules, simplify procedural requirements and use technology to reduce compliance costs. “Excessive or overlapping regulations can increase compliance costs and create operational rigidities,” Chairman Tuhin Kanta Pandey said in the 2024-25 annual report released on Tuesday.

SIF strategies

SEBI also plans to allow a broader set of strategies under SIFs, which bridge the gap between mutual funds and portfolio management services. SIFs currently offer limited strategies in equity, debt, and hybrid categories, with a minimum investment of ₹10 lakh. It would also be reviewing the existing framework and exploring alternatives to allow FPIs in non-cash settled non-agricultural commodity derivative contracts.

The regulator has identified ₹77,800 crore in ‘difficult to recover’ dues, up nearly 2 percent from last year. Over ₹61,200 crore relates to matters before court-appointed committees, while ₹12,300 crore is tied to parallel proceedings in various courts and tribunals.

Other regulatory reviews are underway, including the margin trading funding (MTF) framework — with the MTF book at ₹92,000 crore as of August 8 — and a committee review of Takeover Regulations to align them with global practices and judicial rulings.

Published on August 12, 2025

SEBI-registered portfolio management services (PMS) firm Elever has raised $1.1 million in a pre-series A funding round, bringing its total funding to $4 million. The Bengaluru-based company targets reaching ₹1,000 crore in assets under management within two years.

The round was led by Brand Capital, the strategic investment arm of The Times of India Group, along with participation from global CXOs and existing investors. The capital will be used to scale Elever’s PMS business, strengthen brand presence, and enhance investor engagement.

Elever specialises in quantitative PMS strategies using rule-based and factor investing to deliver risk-adjusted returns. The platform combines data-driven insights with systematic investment processes, targeting individual investors and family offices with institutional-grade portfolio management.

“We see Elever as a frontrunner in the evolution of wealth-tech, leveraging automation and factor investing to deliver consistent, risk-adjusted outcomes,” said Srini Vudayagiri, President and Head of Brand Capital.

In July, Elever launched Factorcapro PMS, described as India’s first PMS strategy designed for monthly income and capital protection, primarily targeting retirees and conservative investors. The company plans to raise a Series-A round within 12 months.

Founded in 2020 by Anshul Sharan, Karan Aggarwal, Ram Subramaniam, and Santosh R, Elever operates in a growing market where India’s PMS AUM has nearly tripled since FY17, reaching approximately $445-450 billion by March 2025.

Published on August 12, 2025

The minimum number of public shareholders required has also been increased from 250 to 1,000
| Photo Credit:
FRANCIS MASCARENHAS

The BSE has strengthened its rules for small and medium enterprises (SMEs) moving to the mainboard and for companies listed on other exchanges seeking direct listing. The changes aim to improve transparency, disclosures and the overall quality of listings.

Under the new norms, companies must now report operating profits of at least ₹15 crore over the last three financial years, with a minimum of ₹10 crore in each year. This replaces the earlier rule that required a positive operating profit in at least two of the past three years.

The minimum number of public shareholders required has also been increased from 250 to 1,000.

To ensure sufficient market activity, companies must meet liquidity criteria over the past six months before listing. This includes trading in at least 5 per cent of the weighted average number of equity shares and being traded on at least 80 per cent of the trading days in that period.

Additionally, applicants must have net tangible assets of at least ₹3 crore in each of the last three years and a clean compliance track record for the same period.

This comes over three months after the National Stock Exchange (NSE) tightened its rules for migration to its mainboard.

BSE said the move is part of its role as a responsible market infrastructure institution to safeguard market integrity, boost investor confidence and support economic growth.

The current combined market cap of 405 companies trading on the BSE SME platform is ₹75,000 crore. Out of the 600 listed on BSE’s SME platform, around 200 companies have migrated to the mainboard.

Published on August 11, 2025

Equity benchmark indices traded in positive territory in the mid-trading session after a muted opening, taking cues from foreign fund inflows and global market sentiment. However, market experts suggest that the volatility would continue amid Trump’s tariffs and trade war.

After a flat opening, Sensex zoomed 417.21 pts or 0.52 per cent to 80,275.00 as at 1.02 pm (close to intraday high of 80,294.40). Nifty 50 increased by 127.85 pts or 0.52 per cent to 24,491.15.

Midcap index outperformed smallcap index. On the sectoral front, PSU Bank rose over 1.5 per cent, defence index up 1.20 per cent, realty, healthcare and pharma also followed with marginal gains. On the other hand, consumer durables and oil & gas indexes dipped to trade in the negative territory.

Top gainers & losers intraday

Shares of Adani Enterprises, Tata Motors, SBI, Trent and Grasim led the gainers of Nifty 50, while ICICI Bank, Hero Motocorp, Bharat Electronics, Bajaj Auto, HDFC Life and ONGC slipped to trade among major losers.

A total of 2,933 stocks were traded on the National Stock Exchange at the time of writing, while 1,370 advanced and 1,480 declined. Fortis, Delhivery, eClerx Services, Indian Bank and Yatharth Hospital featured among 49 stocks that hit a 52-week high, while 99 stocks such as GRP, Quess Corp, Protean eGov and Capacit’e Infraprojects hit a 52-week low.

65 shares such as Yatra Online and Vipul were locked in the upper circuit, while 76 stocks, including Suven and Best Agro hit the lower cirucit.

Midcap & smallcap movers

Ashok Leyland, Supreme Industries, Policy Bazaar, Mazagon Dock and Bharat Forge surged 3-4 per cent under the midcap segment, while Voltas, Oil India, CONCOR, Biocon and PI Industries depreciated 1-6 per cent.

Among the smallcap index, Afcons, Data Patterns, BEML, KPIL and MCX soared 3-5 per cent, while Amber, ACE, IGIL, Welspun Living and ITI declined 3-7 per cent.

On the BSE, shares of HBL Engineering, DOMS Industries, TVS Supply Chains, Transformers and Rectifiers and Apollo Micro Systems zoomed 6-13 per cent. PGEL, Garware Hi-Tech, Amber, Indigo Paints and PTC Industries dragged the most.

Shares of SBI, Grasim, DOMS Indsutries, PGEL and TVS Supply Chain react to Q1 show. Bata, BEML, SJVN, Titagarh Rail and more to announce their results today. Follow live updates

Published on August 11, 2025

National Securities Depository Ltd (NSDL) listed its shares a few days ago on the BSE and since then it is making waves. As against the issue price of ₹800, the stock has risen to ₹1,337 in just three days of listing.

However, those who wished to buy the shares of NSDL on the National Stock Exchange (NSE) would not have found the stock. The stock of NSDL did not list on the NSE, as the latter is a promoter.

Likewise, Central Depository Services Ltd (CDSL) and the BSE trade exclusively on the NSE. The current Securities and Exchange Board of India (SEBI) regulations prohibit market infrastructure institutions such as exchanges, clearing corporations and depositories from self-listing to avoid any conflict of interest that might arise while discharging their duty as a front-line regulator for the securities markets.

MIIs regulation

Regulations on MIIs have been rehauled every now and then in the last two-and-half decades ever since they became corporates and demutualised their functioning. The then Finance Minister Jaswant Singh in his 2002-03 Budget announced Corporatisation (from not-for-profit organisation to for-profit organisation) and Demutualisation (to become public listed company) of stock exchanges, by which ownership and trading rights were separated from each other. To implement the initiatives of the then government, SEBI had constituted a committee under the Chairmanship of former Chief Justice of India, MH Kania. The panel submitted its report in August 2002 recommending steps for corporatisation and demutualisation on August 28, 2002.

Incidentally, BSE turned into a public limited company exactly 20 years ago — on August 8, 2005.

Bimal Jalan committee report

Subsequently, SEBI in 2010 constituted another committee under the chairmanship of former Reserve Bank of India (RBI) Governor Bimal Jalan to review the ownership and working of MIIs. The report, submitted in November 2010, raised the bar for existing institutions and prospective entrants. According to the report, these institutions are systemically important for the country’s financial development and serve as infrastructure necessary for the securities market.

Among the major recommendations were no listing (cross-listing) of stock exchanges, restricting anchor investors to Banks, PFIs and having an optimal number of exchanges in India with a cap on profits.

Rejecting many key proposals of the much-debated Bimal Jalan panel, SEBI in 2012 had allowed listing of stock exchanges with several conditions, including limits on ownership so that 51 per cent of the exchanges are always held by the public. It opened the door for cross-listing.

Listing of MIIs

While Multi Commodity Exchange of India was the first to be listed from the sector on March 9, 2012, the BSE got its shares listed on the NSE on February 3, 2017. Shares of CDSL were listed on June 29, 2017.

However, NSE had then opposed the idea of cross-listing — listing on a rival exchange, and wanted to list its shares only on its own platform. However, with the listing of NSDL on a rival platform, it appears NSE has now had a change of heart and is planning to list its shares on the BSE. It now awaits SEBI approval to file its draft red herring prospectus to launch its much-awaited initial public offering.

The time has now come for dual listing, including on its own exchange, as the market regulator has tightened disclosure/insider trading norms as well as general trading rules, making them uniform across exchanges. If allowed, this would also benefit traders and investors, giving them better pricing.

Published on August 8, 2025

SEBI allows transaction charges for distributors bringing minimum ₹10,000 subscription, effective immediately
| Photo Credit:
HEMANSHI KAMANI

Capital market regulator SEBI has allowed a transaction charges to distributors who bring in minimum subscription of ₹10,000.

The decision follows a public consultation on the subject matter carried out in May 2023 followed by an industry consultation in June, said SEBI in a circular on Friday.

Based on the feedback received from the industry and considering that distributors as an agents of AMCs are entitled to be remunerated by the AMCs, the charges or commission will be done away with, it said.

The circular will come into force with immediate effect, said SEBI.

Published on August 8, 2025

Foreign Portfolio Investors (FPIs) continued their selling streak in Indian markets for the fourth consecutive week ending August 8, 2025, with net outflows of ₹1,334 crore, though this represented a marginal improvement from the previous week’s ₹2,000 crore outflow.

The week witnessed significant volatility in FPI flows, with the largest single-day outflow of ₹5,165 crore recorded on August 8, marking one of the heaviest selling sessions. Equity markets bore the brunt of foreign selling, with net outflows of ₹11,370 crore for the week, while debt investments provided some cushion with net inflows of ₹2,036 crore.

“Foreign Institutional Investors (FIIs) continued their significant withdrawal from Indian equity markets, marking the fourth consecutive week of outflows,” said Himanshu Srivastava, Associate Director – Manager Research, Morningstar Investment. “This week saw a total net outflow of approximately ₹1.34 billion, as against the net outflow of ₹2.0 billion in the previous week.”

The selling pattern showed increasing intensity towards the week’s end, with August 7 and 8 recording outflows of ₹4,103 crore and ₹5,165 crore, respectively, after a brief respite on August 6 when FPIs turned net buyers with inflows of ₹2,450 crore.

US-India trade tensions emerged as the primary catalyst for foreign investor retreat. “Factors such as escalating US-India trade tensions played a pivotal role in defining the direction of FII flows this week,” Srivastava noted. “The announcement of a 25 per cent tariff hike on Indian goods by the US government heightened investor concerns, leading to a decline in market sentiment.”

In the debt segment, FPIs showed mixed behavior across categories. General debt limit investments attracted ₹2,729 crore in net inflows, while Voluntary Retention Route (VRR) debt saw modest inflows of ₹117 crore. However, the Fully Accessible Route (FAR) category witnessed significant outflows of ₹2,060 crore, reflecting selective approach by foreign investors.

The rupee’s volatility added another layer of complexity for foreign investors. “The Indian rupee also saw volatility during the week, initially strengthening against the US dollar, before weakening again due to renewed dollar demand,” Srivastava explained. “While the Reserve Bank of India intervened to stabilise the currency, market sentiment remained cautious.”

Corporate earnings disappointment compounded the challenges. “Additionally, disappointing first-quarter corporate earnings and a weakening Indian rupee further exacerbated the selling pressure, as foreign investors reassessed their positions,” Srivastava added.

Vinod Nair, Head of Research at Geojit Investments Limited, highlighted the broader market context. “Since July, the Indian equity market has remained in a phase of consolidation, reflecting weakening investor sentiment due to trade-aligned challenges,” Nair said. “Concerns over steep US tariff rates and underwhelming quarterly earnings have dampened market confidence.”

The pharmaceutical sector, with significant US exposure, faced particular pressure. “Persistent selling by FIIs, particularly in pharma stocks with significant US exposure, underscores this cautious outlook,” Nair observed.

Looking ahead, market participants expect continued volatility. “Market volatility is expected to persist. While risks from US trade tensions and sustained FII outflows remain, potential support from DIIs could offer some relief,” Nair noted. “Upcoming inflation data from both India and the US will be critical in shaping investor expectations.”

The week’s FPI flows underscore the sensitivity of foreign capital to geopolitical developments and domestic fundamentals, with trade policy uncertainties likely to remain a key overhang on investor sentiment in the near term.

Published on August 9, 2025

BlueStone Jewellery and Lifestyle, which offers contemporary jewellery under its flagship brand ‘BlueStone’, on Friday raised over ₹693 crore from anchor investors days before its initial public offering (IPO) opening for subscription.

Institutional investors that participated in the anchor book included Amansa Holdings SBI Life Insurance Company, Nippon India Mutual Fund (MF), Goldman Sachs, Aditya Birla SunLife MF, HDFC Life Insurance Co Ltd, Societe Generale, DSP India MF, PGIM India MF, Axis MF and Motilal Oswal MF, according to a circular uploaded on BSE’s website.

As per the circular, the company allocated over 1.34 crore equity shares at ₹517 apiece to anchor investors aggregating the transaction size to ₹693.29 crore. The issue, with a price band of ₹492 to ₹517 per share will be open for subscription on August 11 and conclude on August 13.

The IPO involves a fresh issue of ₹820 crore and offer for sale (OFS) of 1,39,39,063 equity shares worth ₹720.65 crore, at the upper end of the price band. This aggregates the transaction size to ₹1,540.65 crore.

Those selling shares through the OFS include Kalaari Capital Partners II, LLC, Saama Capital II, Ltd., Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures) and others.

Proceeds from the fresh issue will be used to fund its working capital requirements and general corporate purposes.

The Bengaluru-based company introduced its ‘BlueStone’ brand in 2011 and has since grown into a leading name among jewellery retailers in the country.

It has a network of 275 stores across 117 cities in 26 states and Union Territories, covering over 12,600 PIN codes across India as of March 31, 2025. The company operates three manufacturing facilities in Mumbai, Jaipur and Surat.

Axis Capital, IIFL Capital Services and Kotak Mahindra Capital Company are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.

Published on August 9, 2025

NCDEX, which commands a dominant share of India’s agri-commodity trade, must also ensure sufficient investment in technology, operations, and risk frameworks before the launch.

The National Commodity & Derivatives Exchange (NCDEX) has received an in-principle approval from SEBI to launch equity and equity derivatives trading, but the final go-ahead will depend on meeting a set of regulatory directions.

The market regulator has asked the agri-focused bourse to continue strengthening its commodity derivatives franchise as it diversifies into equities. NCDEX, which commands a dominant share of India’s agri-commodity trade, must also ensure sufficient investment in technology, operations and risk frameworks before the launch.

Further, SEBI has advised the exchange to first build a strong, stable cash equity segment before scaling into equity derivatives. “The move into equity is a natural extension of our founding ethos: enabling price discovery, empowering producers and unlocking financial inclusion. The approval outlines a few directional expectations — each of which aligns well with our vision for a broader, inclusive market framework,” NCDEX MD and CEO, Arun Raste, told businessline.

Equity products

As part of its product strategy, NCDEX plans to introduce sector-linked offerings such as FPO-basket exchange-traded funds, which would give retail investors exposure to aggregated farmer performance. Subject to regulatory approval, it also envisions launching Agri Infra REITs to attract long-term capital into warehouses, cold storage and logistics infrastructure, aimed at reducing losses and increasing producer incomes.

“We envision a capital market where rural and semi-urban savers are encouraged to route their savings into productive investments, so that they are not just price takers but active capital market participants and can generate wealth for themselves,” Raste said.

The exchange’s board has approved raising ₹500-600 crore through a primary equity issuance to fund platform development, compliance infrastructure, member onboarding and product innovation. “We are engaging agri value chain stakeholders, institutional investors aligned with long-term infrastructure plays and global ecosystem players in AgriTech, rural fintech and inclusive capital markets,” Raste said, adding that fundraising discussions are progressing well.

Rural inclusion

Alongside products, the exchange is building an accessibility framework that includes skilling programmes for rural investors and brokers through the NCDEX Institute, dedicated on-boarding support for farmer producer organisations and small enterprises, and API integrations with rural fintech platforms for easier market access.

With a network of over 650 farmer-producer organisations across 16 States and a reputation for trust in rural India, Raste expects the exchange to become “India’s first equity exchange truly built for Bharat,” serving as a listing and investment platform for agri-tech companies, rural-focused fintechs, cooperatives and small enterprises.

NCDEX is backed by institutions including the National Stock Exchange, LIC, Nabard, ICICI Bank and IFFCO. It currently offers contracts in cereals, pulses, oilseeds, fibres, spices, guar complex and metals, and will now seek to leverage this deep rural base to expand into the equity space.

Published on August 8, 2025

The shares of Paras Defence & Space Technologies Ltd were trading at ₹630.05 down by ₹19.10 or 2.94 per cent on the NSE today at 12.48 pm.

Paras Defence & Space Technologies Ltd. signed a teaming agreement with Germany’s High Performance Space Structure Systems GmbH (HPS GmbH) on August 7, 2025, to co-develop deployable antenna reflector systems for satellites in the Indian market.

The partnership will focus on creating unfurlable antenna reflectors that fold during satellite launches and deploy automatically in orbit. The technology includes reflector assemblies, hold-down release mechanisms, deployment electronics, and thermal hardware components.

Under the exclusive arrangement for India, Paras Defence will serve as the primary customer interface while HPS GmbH provides design and manufacturing support from Germany. The German company may establish similar facilities in India through a potential joint venture.

The collaboration addresses India’s reliance on international suppliers for deployable reflector technology, marking what the companies describe as one of the first private sector initiatives to develop these capabilities domestically. The reflectors will support applications including satellite internet, Earth imaging, disaster response, and military communications.

Amit Mahajan, Director at Paras Defence, said the partnership addresses a strategic gap in India’s space manufacturing ecosystem and supports the country’s self-reliance goals.

Mumbai-based Paras Defence operates in optics and defence engineering with over 40 years in business, serving clients including DRDO, ISRO, and the Ministry of Defence. Munich-based HPS GmbH specializes in deployable antenna systems for European and international space programs.

Published on August 8, 2025

Target: ₹1,950

CMP: ₹1,510.65

VA Tech Wabag is a leading Indian multinational focused exclusively on water technology, delivering solutions in municipal and industrial water treatment, including desalination, wastewater treatment, and water reuse.

FY25 marked a milestone year for VA Tech Wabag, with the company delivering its highest-ever order book, revenue, EBITDA, and PAT. Strong financial discipline led to ₹705 crore in net cash, ₹353 crore in free cash flow, 13% EBITDA margin, 9% PAT margin, and 15% return on equity. Its upgraded AA credit rating reflects the company’s robust execution and low-risk, cash-rich profile.

With an order book of ₹13,667 crore, which is 4.2 times its FY25 revenue, Wabag has strong visibility over the next 3–4 years, especially as it taps into India’s ₹35,800 crore water infrastructure opportunity. The company is also nurturing future growth through its Blue Seed Initiative, which supports innovation in water-tech by partnering with emerging startups. Company Outlook

We initiate a Buy rating on Va Tech Wabag with a target price of ₹1,950 based on 26.5x P/Ex assigned to its FY27E earnings.

Key risks include execution challenges in complex EPC projects, working capital pressures from delayed municipal payments, geopolitical uncertainties in international markets, margin sensitivity to project mix, and high dependence on government-funded orders.

Published on August 7, 2025

Trent Limited shares traded 0.48 per cent lower at ₹5,331 on Wednesday afternoon after the Tata Group retailer reported its slowest revenue growth in two years, despite beating profit estimates for the June quarter.

The stock opened at ₹5,285 against the previous close of ₹5,356.50 and touched a high of ₹5,440 during the session. Trading volumes remained active with 14.74 lakh shares changing hands, generating a turnover of ₹789.74 crore by midday.

Market sentiment turned cautious as the company’s standalone revenue growth of 20 per cent year-on-year marked a significant deceleration from 57 per cent growth in the same quarter last year. While Trent beat profit estimates with a net income of ₹423 crore against poll expectations of ₹390 crore, revenue of ₹4,781 crore fell short of the estimated ₹5,061 crore.

Leading brokerages maintained their buy ratings but trimmed target prices following the results. Citi cut its target to ₹7,150 from ₹7,600 while maintaining a buy rating, citing slower revenue growth despite profitability beating expectations. MOSL reduced its target to ₹6,400 from ₹6,600, highlighting margin expansion surprises despite the growth slowdown.

Bernstein set an outperform rating with a ₹6,500 target but called the revenue growth a “significant disappointment.” The brokerage noted that despite adding 27 per cent more stores and 38 per cent additional square footage, revenue growth remained subdued. Like-for-like growth moderated to low single digits from mid-single digits in the previous quarter.

However, Avendus took a more bearish stance, downgrading the stock to ‘Reduce’ with a ₹5,000 target, down from ₹5,650. The brokerage cited stretched valuations at 65 times price-to-earnings and predicted FY26 may witness a consolidation phase with muted macro conditions potentially capping the market capitalization near ₹2 lakh crore.

The mixed analyst reactions reflect concerns over growth sustainability amid competitive pressures in the retail sector.

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Published on August 7, 2025

Five companies given go-ahead for IPO.

Market regulator Securities and Exchange Board of India (SEBI) on Wednesday cleared initial public offerings (IPOs) of four more companies. Prestige Hospitality Ventures, an arm of realty firm Prestige Estates Projects, Anand Rathi Share and Stock Brokers, Epack Prefab Technologies and Gujarat Kidney and Super Speciality have received final observation from SEBI to launch IPO.

Prestige Hospitality Ventures eyes ₹2,700 crore IPO that comprises a fresh issue of ₹1,700 crore and an offer-for-sale (OFS) worth ₹1,000 crore, according to its draft red herring prospectus (DRHP). Prestige Estates Projects will offoload shares in the OFS.

₹750-cr IPO from Anand Rathi

Anand Rathi Share and Stock Brokers is planning to launch ₹745 crore IPO, which is entirely a fresh issue. Anand Rathi Group’s brokerage arm, Anand Rathi Share and Stock Brokers, has refiled its DRHP with SEBI. Earlier, it had filed its DRHP in December 2024. Proceeds worth ₹550 crore will be used to fund the company’s long-term working capital requirements and general corporate purposes, it said in a DRHP.

Epack Prefab public issue

Epack Prefab Technologies’ IPO consists of fresh issues worth ₹300 crore and an offer-for-sale of up to one crore shares by promoter group and selling shareholders. The company will use the funds for setting up a new manufacturing facility at Ghiloth Industrial Area in Alwar, Rajasthan, expansion of the existing manufacturing facility at Mambattu in Andhra Pradesh, payment of debt and for general corporate purposes.

Gujarat Kidney IPO

Gujarat Kidney and Super Speciality’s offer is entirely a fresh issue of 2.2 crore shares. It provides integrated healthcare services, with a focus on secondary and tertiary care. Proceeds of the IPO will be used for proposed acquisition of Parekhs Hospital in Ahmedabad, part-payment of purchase consideration for the already acquired Ashwini Medical Centre, setting up a new hospital in Vadodara, and buying robotics equipment for the hospital in Vadodara. Besides, the company will also use fresh funds for debt repayment, funding inorganic growth through unidentified acquisitions and general corporate purposes.

Published on August 6, 2025

Shares of National Securities Depository Ltd (NSDL) did not list on the National Stock Exchange (NSE) as the latter is itself a promoter and one of the selling shareholders in NSDL’s IPO.

In addition, State Bank of India (SBI), HDFC Bank, IDBI Bank, Union Bank of India, and Administrator of Specified Undertaking of the Unit Trust of India (SUUTI) also sold shares.

According to SEBI regulations, market infrastructure institutions like NSDL must comply with a maximum ownership cap of 15 per cent held by any single promoter entity. NSE currently held more than this limit (around 24 per cent) before the IPO, and its participation in the Offer‑for‑Sale (OFS) required NSE to reduce its stake.

The ₹4,011-crore NSDL IPO, an offer for sale (OFS) component of 5.01 crore shares, was subscribed 41.01 times on the closing day of bidding. The price band was ₹760-800 per share. The company secured ₹1,201 crore from anchor investors.

NSDL stock debuted on the BSE at 10 per cent premium at ₹880 against the issue price of ₹800. At 10.12 am, it traded at ₹906 after hitting an early high of ₹920.

Shivani Nyati, Head of Wealth at Swastika Investmart, advised investors to book partial profits near the listing level and retain some shares, possibly with a stop‑loss around ₹850

Likewise, Central Depository Services Ltd (CDSL) trades exclusively on the National Stock Exchange (NSE) due to regulatory constraints and to avoid conflicts of interest, as the BSE is its promoter. CDSL debuted on the NSE on June 30, 2017.

Catch live updates on NSDL share price here

Published on August 6, 2025

Target: ₹440

CMP: ₹321.20

Advanced Enzyme Technologies (ADVENZY) started FY26 on a good note wherein Q1-FY26 operating performance (Revenue/EBITDA up about 11/24 per cent q-o-q) has shown signs of improvement as indicated by the management earlier. Top-line growth was largely driven by Human Nutrition segment wherein the largest product Serratiopeptidase (Sera) grew by 49/38 per cent y-o-y/q-o-q led by conscious pricing decisions and strong contribution from IPCA. EBITDA margin improved by 308 bps q-o-q, mainly on account of operating leverage.

We expect FY26 to deliver a strong growth on the back of improved momentum in Sera where ADVENZY is the domestic market leader, improved trajectory of nutraceuticals business in overseas market, better visibility in animal nutrition portfolio and favourable base.

Capacity expansion in JC Biotech (for Sera) in FY25 and debottlenecking activity in SSPL coupled with new R&D lab should enable ADVEZNY to improve the growth trajectory in the medium-term, in our view. With current capacity utilisation being at 65 per cent, potential brownfield expansion could contribute to the revenue performance from FY28 onwards, provided the growth momentum continues.

We assign Buy rating to ADVENZY after valuing it at 25x PE on Sep’27E earnings. Consistency in core portfolio growth, meaningful acquisition(s) and/or strengthening of execution capabilities through agile leadership team could be re-rating triggers, in our view.

Published on August 5, 2025

Equities pared earlier losses by midday Tuesday, with the Sensex declining 272.88 points to 80,745.84 and the Nifty 50 down 77.40 points to 24,645.35 as of 12:38 pm. The markets had opened weak following US President Trump’s threat to substantially raise US tariffs on India over Russian oil imports.

The Sensex, which had fallen 436 points to 80,583 by 10 am, recovered from its morning lows as selective buying emerged in banking and consumer stocks. The index opened at 80,946.43 against its previous close of 81,018.72. The Nifty 50 opened at 24,720.25 compared to Monday’s close of 24,722.75.

IndusInd Bank led the Nifty 50 gainers with a 1.74 per cent rise to ₹818.05, followed by Titan Company which gained 1.36 per cent to ₹3,401.80. Maruti Suzuki advanced 1.33 per cent to ₹12,530.00, while Trent climbed 1.11 per cent to ₹5,307.50. Bharti Airtel added 0.85 per cent to ₹1,930.90.

On the downside, Dr Reddy’s Laboratories declined 1.46 per cent to ₹1,207.10, leading the losers. Asian Paints fell 1.33 per cent to ₹2,417.10, while Cipla dropped 1.19 per cent to ₹1,497.00. ICICI Bank and Infosys both declined 1.16 per cent to ₹1,446.30 and ₹1,463.40 respectively.

Market breadth remained weak with 2,056 stocks declining against 1,768 advances on the BSE, where 4,015 stocks were traded. A total of 111 stocks hit 52-week highs while 70 touched 52-week lows. Additionally, 202 stocks were in the upper circuit while 174 were in the lower circuit.

Sectoral indices mirrored the benchmark performance with Nifty Next 50 down 0.25 per cent to 66,753.05. Nifty Financial Services declined 0.37 per cent to 26,377.55, while Nifty Bank fell 0.30 per cent to 55,457.95. Nifty Midcap 100 dropped 0.33 per cent to 57,244.45.

The tariff concerns have sparked fears over trade ties, economic growth, and corporate earnings prospects. Foreign institutional investors continued their selling streak with outflows of ₹2,566 crore on Monday, though domestic institutional investors provided support with purchases of ₹4,386 crore.

Trading volumes remained elevated as investors assessed the impact of potential trade disruptions on Indian businesses, particularly those with exposure to international markets and commodity imports.

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Published on August 5, 2025

SEBI has suggested a simplified set of disclosures to be submitted to the audit committee

The Securities and Exchange Board of India (SEBI) on Monday proposed relaxations for related-party transactions (RPTs), including disclosure norms and a turnover-based framework to determine materiality.

For entities with turnover up to ₹20,000 crore, a transaction will be considered material if it exceeds 10 per cent of the annual consolidated turnover. In the case of entities with turnover between ₹20,001 crore and ₹40,000 crore, the threshold should be ₹2,000 crore plus 5 per cent of the turnover exceeding ₹20,000 crore.

“The approach of scale-based threshold would ensure that materiality threshold increases with the increase in the turnover of the company leading to an appropriate number of related party transactions being categorised as material thereby reducing the compliance burden of listed entities,” SEBI said in a draft paper, inviting comments by August 25.

For entities with turnover exceeding ₹40,000 crore, the threshold will be ₹3,000 crore plus 2.5 per cent of the turnover exceeding ₹40,000 crore, or ₹5,000 crore, whichever is lower.

The proposed threshold was back tested with RPT data for the FYs 24 and 25 of top 100 listed entities on NSE based on turnover. Based on the analysis, “it is observed that the number of material  RPTs requiring shareholders’ approval have considerably reduced by approximately 60 per cent, thereby facilitating ease for the listed entities,” SEBI  said.

Upper ceiling

In order to protect the interests of minority shareholders, an absolute threshold of ₹5,000 crore as an upper ceiling has been proposed for listed entities having turnover above ₹40,000 crore.

Under the current SEBI listing obligations and disclosure requirements norms, a listed entity is required to consider an RPT as material if the transaction, either individually or taken together with previous transactions during a financial year, exceeds ₹1,000 crore or 10 per cent of the entity’s annual consolidated turnover, whichever is lower, as per its last audited financial statements.

The proposal follows representations made by stakeholders about the challenges with the existing norms, such as requiring shareholder approval for RPTs exceeding ₹1,000 crore or 10 per cent of the consolidated turnover — which is onerous for listed entities with high turnover.

SEBI has also suggested a simplified set of disclosures to be submitted to the audit committee if the total value of RPTs with a related party in a financial year .

Further, SEBI has also proposed changes related to omnibus approvals for RPTs.

Published on August 4, 2025

Equity benchmark indices gained in the mid-trading session on Monday as investor sentiment improved slightly amid mixed global cues. However, trade tensions persist as the US tariffs weigh on investors’ confidence.

Sensex climbed 426.41 pts or 0.53 per cent to 81,026.32 as at 12.41 pm after opening at 80,765.83 against the previous close of 80,599.91. Nifty 50 gained 139.90 pts or 0.57 per cent to 24,705.25.

The midcap index outperformed smallcap with 0.77 per cent and 0.67 per cent increase, respectively. Sector-wise, metal and automobile stocks led the gains (each up over 1 per cent), while FMCG and healthcare dipped. IT, banking, pharma and oil & gas indexes traded with marginal gains.

Top gainers & losers intraday

Shares of Tata Steel, Hero Motocorp, BEL, Eicher Motors and Hindalco led the gainers of Nifty 50, while Power Grid, ONGC, Tata Consumer Products, HDFC Bank and SBI traded as major laggards.

The market breadth was broadly positive as 1,697 stocks advanced and 1,188 stocks declined of all the 2,987 stocks that were traded on the National Stock Exchange at the time of writing.

Bosch, Delhivery, Cartrade Tech, HDFC AMC were among 43 stocks that hit a 52-week high, and AIA Engineering, Ease My Trip featured among 63 hit a 52-week low.

68 shares including Orchid Pharma, Vipul, Cosmo First and BGR Energy hit the upper circuit and 60 shares such as Sky Gold, V2 Retail, Reliance Power, hit the lower circuit.

Midcap & smallcap movers

Under the midcap segment, UPL, Aditya Birla Capital, SAIL, LIC Housing Finance and Tube Investments soared 4-6 per cent, while PI Industries, M&M Finance, Tata Communications, MRF and OIL declined by 1-2 per cent.

Delhivery, MCX and Data Patterns zoomed nearly 6 per cent among the smallcap segment. Aegis Logistics and Manappuram also increased by 4 per cent.

On the other side, NH, RPower, Aarti Industries, Indiamart and PNB Housing fell 3-6 per cent.

On the BSE, Sarda Energy led the gainers with 19 per cent rally. GMDC, Netweb, CGCL and NIIT soared 7-9 per cent.

Meanwhile, Advanced Enzyme Tech, Shakti Pumps, Epigral and GoColors plunged 7-8 per cent.

In addition to Delhivery, shares of UPL, Sarda Energy, ABB India, Federal Bank, Epigral, MCX  and more showed significant movements following Q1 results. DLF, Bosch, Siemens, Ather Energy and more to announce Q1 results today. Catch live updates here

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Published on August 4, 2025

Bharti Hexacom (₹1,843.65)

Bulls gain strength

The stock of Bharti Hexacom, which gained 3.7 per cent last week, surpassed a resistance at ₹1,830. Notably, it bounced off the support at ₹1,730 last week. Overall, the price action shows that the bulls have been gaining strength. Until the support at ₹1,730 holds, the stock will retain the bullish bias.

In the near-term, we expect the price to rally to ₹2,000. Go long on Bharti Hexacom at ₹1,840 and buy more shares if the price dips to ₹1,800. Keep stop-loss at ₹1,710. When the price rises to ₹1,920, revise the stop-loss to ₹1,820. On a rally to ₹1,960, alter the stop-loss to ₹1,900. Exit at ₹2,000.

Emami (₹619.10)

Forms higher low

Powered by the rally in the last two sessions, the stock of Emami appreciated nearly 8 per cent last week. The price action on the chart shows that it has formed a higher low and the price has now crossed over both 21- and 50-day moving averages. While there might be a price correction, the broader trend is bullish, and we expect the stock to touch ₹820 over the next few months.

So, buy the stock of Emami at ₹615 and accumulate at ₹580. Place stop-loss at ₹540. When the stock runs up to ₹700, modify the stop-loss to ₹650. Raise the stop-loss to ₹720 when the price hits ₹760. Liquidate the longs at ₹820.

Varun Beverages (₹511.55)

Shift in trend

The stock of Varun Beverages posted gains in the two of the last three weeks. The price action hints that the bulls are gaining ground and there is a shift in the broader trend. That said, going ahead, we are likely to see its price moderate to ₹485. But then, the probability is high for the scrip to resume the uptrend.

Before the end of this year, there is a good chance for the stock to touch ₹620. Buy at ₹510 and ₹485. Keep a stop-loss at ₹440. When the price hits ₹550, alter the stop-loss to ₹500. Tighten the stop-loss further to ₹520 when the stock appreciates to ₹580. Book profits at ₹620.

Published on August 2, 2025

The outlook for the stock of NTPC (₹330.90) is neutral. Immediate support levels are at ₹311 and ₹287. A close below the latter will change the outlook negative.

Nearest resistance levels are at ₹344 and ₹363. A close above the latter will change the outlook positive for NTPC. We expect the stock to move between ₹300 and ₹370 in the near term.

F&O pointers: NTPC August futures closed at ₹331.60 against the spot price of ₹330.90. The counter witnessed a rollover of nearly 95 per cent, which is higher than the three-month average. Rollovers are largely on the longer side. Option positioning indicates that NTPC could move in the ₹290-370 range.

Strategy: Consider buying 335-call on NTPC as the stock can move towards the upper end of the narrow band from the current level. The option premium is ₹5.25 and the market lot is 1,500 shares. So, the cost of this trade will be ₹7,875. This is the maximum loss and that will happen if NTPC fails to cross ₹335 on expiry. The break-even point is ₹340.25.

Target and stop-loss can be ₹7.50 and ₹2 respectively. Shift the stop-loss to ₹5 when the premium hits ₹5.75. Hold the position for a maximum of two weeks. But if the stock opens either on a strong note or considerably weak on Monday, avoid trading.

Follow-up: Traders can book profits as Asian Paints surged sharply as expected.

Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.

Published on August 2, 2025

Nifty 50 (24,565) was down 1.1 per cent and Nifty Bank (55,618) lost 1.6 per cent last week. The futures and options (F&O) data show a bearish bias. Here is an analysis:

Nifty 50

Nifty futures (Aug) (24,627) dropped 1.3 per cent last week and at the same time, there was an increase in the Open Interest (OI). The OI rose from 74 lakh contracts on July 25 to 169 lakh contracts on August 1. This shows fresh short build-up.

In line with this, the Put Call Ratio (PCR) of weekly options stood at nearly 0.60 on Friday. A ratio less than 1 is because of a greater number of call option selling when compared to puts. Traders sell calls when they hold bearish expectations.

However, the chart shows that the underlying Nifty 50 index has a strong base at 24,500. The equivalent level for Nifty futures (Aug) is at 24,600.

In case the support at 24,600 holds well, Nifty futures can establish a rally, possibly moving up to 25,200 in the near term. Resistance above 25,200 is at 25,370.

On the other hand, if the contract breaches the base at 24,600, it can fall to 24,200 and 24,000, which are potential support levels.

Strategy: Since there is an important support ahead, traders can hold on to Nifty futures (Aug) long initiated at 24,700. Maintain the stop-loss at 24,500. When the contract touches 25,000, revise the stop-loss at 24,800. Book profits at 25,200.

That said, if Nifty futures slip below the support at 24,600 and triggers the stop-loss of the long position suggested earlier, it would be an indication of further decline. In that case, traders can short Nifty futures below 24,500 with a stop-loss at 24,800 for a target of 24,000.

Instead of shorting futures, one can consider buying a put option at the prevailing price when Nifty futures drops to 24,500. We suggest 24,500-put of August monthly expiry. Target and stop-loss can be based on the Nifty futures’ levels as aforementioned.

Nifty Bank

Nifty Bank futures (Aug) (55,794) depreciated 1.7 per cent over the last week. As this happened, the OI of this contract increased from about 6 lakh contracts to a little over 21 lakh contracts. This indicates short build-up.

Supporting the bearish tilt, the PCR of August expiry options stood at 0.9 on Friday. A ratio less than 1 is considered bearish as more call options have been sold compared to the puts.

The chart of Nifty Bank futures, too, hints that the bears are having an upper hand over the bulls.

Although there might be an uptick in price from the current level, possibly to 56,200 or 56,500, the contract is likely to resume the decline and drop to 55,500, a support. A breach of this can open the door for a decline to 54,500. 

On the other hand, if the bulls can lift Nifty Bank futures above 56,500, it could lead to a tough fight against the bears. But to establish a sustainable rally, the barrier at 57,000 should be decisively breached. 

Notable resistance levels above 57,000 are at 57,500 and 58,000.

Strategy: For a better-risk reward ratio, instead of shorting Nifty Bank futures (Aug) now, wait for it to rise to 56,200 and then sell. Place initial stop-loss at 56,600.

After initiating the trade, if the contract slips to 55,700, trail the stop-loss to 56,100. Book profits at 55,500.

Alternatively, one can consider buying the 56,000-put option if its premium moderates to ₹600. Target and stop-loss can be ₹1,200 and ₹350 respectively.

Published on August 2, 2025

U.S. stocks plunged on Friday, with the S&P 500 logging its biggest daily drop since May after President Trump imposed new tariffs on major trade partners and a weak July jobs report raised concerns over economic momentum.
| Photo Credit:
JEENAH MOON/Reuters

U.S. stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new U.S. tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure.

Also weighing on equities was an 8.3% tumble in Amazon.com shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit.

Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on U.S. imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals.

Further denting confidence in the economic picture, data showed U.S. job growth slowed more than expected in July while the prior month’s report was revised sharply lower, indicating the labor market may be starting to crack.

Fed rate cut bets surge after hiring slowdown

The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting.

“There’s no way to pretty-up this report. Previous months were revised significantly lower where the labor market has been on stall-speed,” said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin.

“Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They’ll likely have to do the same thing this year.” Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5%, according to CME’s FedWatch Tool, up from 37.7% in the prior session.

Indexes post steep losses; volatility spikes

The Dow Jones Industrial Average fell 542.40 points, or 1.23%, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60%, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24%, to 20,650.13.

The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21.

For the week, the S&P 500 fell 2.36%, the Nasdaq declined 2.17%, and the Dow fell 2.92%.

The CBOE Volatility Index, also known as Wall Street’s fear gauge, closed up 3.66 points at 20.38, its highest close since June 20.

Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6% as the worst performing of the 11 major S&P 500 sectors.

Also reporting earnings was Apple, which lost 2.5% after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned U.S. tariffs would add $1.1 billion in costs over the period.

Trump targets Labour Data Chief; Kugler exits Fed

Stocks briefly extended declines after Trump said he ordered the commissioner of the U.S. Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data.

“(Trump) didn’t seem to be disappointed with the last five jobs reports,” said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular.

“I think this is clearly something that happens in dictatorships, not in democracies.”

The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates.

Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq.

The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows.

Volume on U.S. exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days.

Published on August 2, 2025

The National Stock Exchange (NSE) has agreed to pay ₹40.35 crore to settle charges of indirectly sharing sensitive, unpublished information with external parties with SEBI.

The settlement, by neither “admitting nor denying the findings of facts and conclusions of law,” could help the country’s largest stock exchange move closer to reviving its long-pending IPO plans.

The case involves the sharing of confidential company announcements before they were made public. SEBI found that between February 2021 and March 2022, NSE allowed sensitive data to be passed on to a third-party vendor and its subsidiary, NSE Data & Analytics (NDAL), without a formal agreement in place. This subsidiary then disseminated the data to its clients, violating insider trading rules.

The settlement order said that the system architecture at NSE enabled NDAL clients to access price-sensitive announcements ahead of their public release on the exchange’s website. This breached multiple norms, including the Prohibition of Insider Trading Regulations, 2015.

Governance issues

SEBI also flagged other governance issues, such as a committee’s power to waive penalties without proper approvals, and lapses in overseeing client code modifications between unrelated institutional investors.

NSE filed a suo motu settlement application and proposed the ₹40.35-crore payment along with non-monetary terms such as a system audit and a compliance report. An internal review by the exchange attributed the lapses to broader organisational decisions and clarified that no individual was personally accountable.

While the settlement resolves this specific case, SEBI has retained the right to reopen it if any misrepresentation or future violations are found. NSE continues to face scrutiny in other ongoing and bigger matters, including cases related to co-location and dark fibre access. The stock exchange has filed separate settlement applications in those cases on June 20, and is awaiting the regulator’s decision.

Published on August 1, 2025

Shares of Krystal Integrated Services Limited (KISL) traded 0.41 per cent lower at ₹655 on Friday afternoon despite the company reporting robust first-quarter earnings for FY26. The stock hit an intraday high of ₹672 before retreating, with trading volumes reaching 0.39 lakh shares worth ₹2.50 crore by mid-session.

The Mumbai-based facility management company posted a 25.6 per cent year-on-year revenue growth to ₹323.08 crore in Q1 FY26, up from ₹257.15 crore in the corresponding quarter last year. EBITDA surged 31.4 per cent to ₹21.35 crore, while the margin improved to 6.61 per cent from 6.32 per cent previously.

Net profit grew 7.4 per cent to ₹16.33 crore, though the PAT margin declined to 5.06 per cent from 5.91 per cent in Q1 FY25. The company attributed this to a conservative taxation approach aimed at reducing volatility throughout the year.

KISL secured several significant contracts during the quarter, including a ₹31.55 crore three-year deal with Maha Mumbai Metro Operation Corporation and a ₹20.26 crore facility services contract for Patna airport from the Airports Authority of India. Corporate client revenue on a standalone basis jumped to ₹55.66 crore from ₹18.21 crore year-on-year.

The company has expanded its service portfolio to include water treatment projects and continues to strengthen its presence across healthcare, education, city infrastructure, and manufacturing segments. KISL currently serves 461 customers across 3,209 locations nationwide.

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Q1 Results Live: ITC, Adani Power, Tata Power, Godrej Properties, UPL, Delhivery, MCX Q1 results today, Eicher Motors, HUL lead gainers, Hester Bio & Netweb rally, Sun Pharma, Niva Bupa, One MobiKwik, Swiggy shares drag post Q1 results

Published on August 1, 2025

SEBI also proposes expanding the anchor investor framework by increasing the number of anchor allottees for issues above ₹250 crore, enabling wider foreign fund participation. 
| Photo Credit:
HEMANSHI KAMANI/Reuters

The Securities and Exchange Board of India (SEBI) proposed changes to the allocation structure of large initial public offerings (IPOs) on Thursday, including increasing the share allocated to institutional buyers and reducing the share allocated to retail investors.

The regulator has proposed to cut retail investors’ share to 25 per cent from 35 per cent in a graded manner for large IPOs, while that for QIBs may be raised to 60 per cent from 50 per cent.

The regulator said that while the average size of IPOs has increased in recent years, “direct retail participation has remained flat over the past three years.” In large public issues, retail subscription levels have been particularly muted, SEBI said, inviting public comments by August 21.

Anchor investor pool to expand for larger IPOs

To encourage broader institutional participation, SEBI has also proposed expanding the anchor investor framework. For IPOs with anchor allocations above ₹250 crore, the number of permissible anchor investor allottees may be increased, a move aimed at facilitating participation by foreign portfolio investors managing multiple funds.

Further, SEBI recommended including insurance companies and pension funds in the reserved category of the anchor investor portion, alongside mutual funds. It suggested raising the reservation for life insurers, pension funds, and domestic mutual funds from 30 per cent to 40 per cent of the anchor book. One-third of this would remain earmarked for mutual funds, while 7 per cent would be carved out for insurers and pension funds.

Published on July 31, 2025

The bearish sentiment extended across the broader market indices as well, with Nifty Midcap 100 falling more than 1 per cent and Nifty Smallcap 100 also down by 1.01 per cent during the opening session.
| Photo Credit:
iStockphoto

Indian stock markets opened sharply lower on Thursday, witnessing a major sell-off after US President Donald Trump announced a 25 per cent tariff on Indian goods, along with penalties on purchases of Russian crude and defence equipment.

The move has triggered widespread concern among investors and raised fears of a slowdown in exports and overall business sentiment.

At the opening bell, the Nifty 50 index dropped to 24,642.25, falling by 212.80 points or 0.86 per cent. The BSE Sensex also declined sharply, opening at 80,695.50 after losing 786.36 points or 0.97 per cent.

The bearish sentiment extended across the broader market indices as well, with Nifty Midcap 100 falling more than 1 per cent and Nifty Smallcap 100 also down by 1.01 per cent during the opening session.

According to market experts, while the impact of the US tariff announcement is expected to be short-term, India needs to take immediate steps to boost domestic consumption, as its exports will be hit. This could potentially impact business confidence and slow down the economy.

Ajay Bagga, a banking and market expert, told ANI, “The 25 per cent punitive tariffs on India with the threat of secondary tariffs due to buying Russian oil will have a short-term impact on Indian markets. India exports $87 billion of goods to the US while importing $45 billion of goods from the US.”

He further pointed out that sectors such as electronics, smartphones, textiles, gems and jewellery, leather goods, engineering goods, seafood and chemicals will be significantly impacted at these tariff levels.

“Hopes are high that this is yet another maximalist posturing by Trump, and like with the EU, Japan and Korea, the final tariffs will be nearer to 15 per cent,” Bagga added.

However, he also noted that India’s position is different from other countries due to its reluctance to open the agricultural and dairy sectors to US genetically modified exports.

Citing South Korea’s example, Bagga said that despite having a free trade agreement with the US since 2012, Korea was initially threatened with a 25 per cent tariff and finally settled for a 15 per cent tariff in return for 0 per cent tariff access for US goods.

He emphasised the need for urgent economic reforms, saying, “India will find it tough to get a lower tariff deal done. The urgent need is to massively deregulate, boost domestic consumption by GST cuts and stimulus, and to protect Indian exporters and their supply chains as they seek other markets or recalibrate to serve the domestic market.”

Bagga also warned about the possible rise in oil prices due to reduced availability of Russian oil in the global supply chain.

“The impact on India’s Balance of Trade and Current Account Deficit needs to be watched as potentially 18 per cent of India’s total goods exports are now covered by these tariffs. The sentiment weakening could translate into economic weakness, hence the urgent need for fiscal and monetary stimulus measures along with a 1991-style massive deregulation to unleash animal spirits in the Indian economy,” he said.

Among sectoral indices on the NSE, Nifty Oil and Gas witnessed the highest selling pressure, down 1.48 per cent, followed by Nifty Consumer Durables, which declined by 1.42 per cent. Nifty Auto and Nifty Pharma also dropped by more than 1 per cent, with all major sectors trading in the red at the time of reporting.

Vikram Kasat, Head – Advisory at PL Capital, said that the recent low of 24,598 on Nifty will act as a crucial support level. “Breaking below 24,598 can drag the Nifty index lower towards the 24,450-24,500 zone, which is a major support zone for the Nifty,” he said, adding that the IT sector could emerge as a possible indirect beneficiary of INR depreciation.

On the political front, Kasat remarked, “Politically, the relationship is in its toughest spot since the mid-1990s. Trust has diminished. President Trump’s messaging has damaged many years of careful, bipartisan nurturing of the US-India partnership in both capitals.”

Meanwhile, several major companies are scheduled to release their Q1 earnings results today, including Hindustan Unilever, Sun Pharmaceutical Industries, Maruti Suzuki India, Adani Enterprises, Coal India, Vedanta, Ambuja Cements, Eicher Motors, TVS Motor Company, Cholamandalam Investment and Finance Company, Mankind Pharma, Swiggy, Dabur India, JSW Energy and PB Fintech.

Asian markets were trading mixed on Thursday. Japan’s Nikkei 225 surged 0.7 per cent, while Singapore’s Straits Times index declined 0.66 per cent. Hong Kong’s Hang Seng index dropped 1.38 per cent, South Korea’s KOSPI index was down 0.39 per cent and Taiwan’s Weighted Index gained 0.34 per cent.

Published on July 31, 2025

| Photo Credit:
Anindito Mukherjee/Bloomberg

Target: ₹400

CMP: ₹338.90

NTPC’s PAT stood at ₹6,108 crore, up 11 per cent y-o-y but down 23 per cent q-o-q, beating our and consensus estimates by 13 per cent. PAT adjusted for regulatory deferral movement stood at ₹4,101 crore. However, the consolidated revenue and EBITDA missed our and consensus estimates, led by lower power generation.

The company has a capex plan of about ₹₹2.65 lakh crore at the group level over FY26-28 (₹87,661 crore at the standalone level). This will drive the growth in the regulated equity. Due to its strong vendor network and management, it expects lower execution risk in setting up thermal projects. The captive coal production target for FY26 is 45 MT, and it aims to produce 56 MT in FY27 and 60 MT by FY28.

We value NTPC using SoTP with the thermal business at 2.1x P/BV on FY27 consolidated regulated equity, RE business at CMP (NGEL) after accounting for the 90 per cent stake and considering a 25 per cent Holdco discount, PSP optionality at ₹23/share, CWIP and cash at 1x P/BV of FY25. We maintain Buy rating with unchanged target price of ₹400.

Key risks to our estimates and target price: Delays in commissioning of the thermal and RE capacity; financial position of Discom. NTPC’s trade receivables are dependent on the timely payment from state Discoms; and lower Thermal Power Plant PLF and PAF.

Published on July 30, 2025

GNG Eletronics Listing on NSE

Shares of GNG Electronics Ltd declined after a stellar listing at nearly 50 per cent premium over the IPO price of of ₹237 on Wednesday.

Market experts acknowledged the strong debut. According to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, the listing was in line with expectations.

On the BSE, the stock listed at ₹350 and soared to a high of ₹364. At 11.48 am, it declined 2.79 per cent to ₹340.25.

It traded at ₹340.89 on the NSE, after listing at ₹355. It jumped to a high of ₹359.40. The mcap stood at ₹3,884.94 crore, as per NSE data

Tapse cautioned that post-listing valuations appear stretched and advised conservative investors to consider booking profits, while those with a long-term view and higher risk appetite could continue to hold, citing the company’s scalable business model and promising position in the SME tech space.

Meanwhile, Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, recommended investos to secure partial profits and retain the remainder with a stop-loss set at 280.

IPO details

The ₹460.43 crore IPO was booked 146.90 times on the closing day, mirroring a strong participation from institutional buyers. It had a price band of Rs 225-237 per share.

It witnessed strong demand across categories, particularly from qualified institutional buyers (QIBs) and non-institutional investors (NIIs), underscoring confidence in the company’s growth story, Prashanth Tapse of Mehta Equities Ltd, said.

The IPO was a combination of a fresh issue of equity shares aggregating to ₹400 crore and an offer for sale (OFS) of 25.5 lakh equity shares by promoters worth ₹60.43 crore.

As per regulatory filing, the proceeds of the fresh issue will be utilised for debt payment, funding working capital requirements and for general corporate purposes.

Published on July 30, 2025

NSE has offered a record amount of nearly ₹1,400 crore to settle legal matters
| Photo Credit:
FRANCIS MASCARENHAS

National Stock Exchange of India Ltd. is awaiting a response from the country’s market regulator on its offer to settle long pending cases that could clear the path for its much delayed initial public offering.

The operator of the country’s biggest stock exchange filed two applications with the Securities and Exchange Board of India on June 20, to settle the cases related to its co-location services and unauthorized installation of fiber optic lines, it said in notes to June quarter earnings statement. NSE did not give details of its offer.

The Mumbai-headquartered bourse, also the largest derivatives exchange globally by number of contracts traded, has offered a record amount of nearly ₹1,400 crore ($161 million) to settle legal matters. The move can potentially remove a key hurdle toward the bourse’s public listing, for which it had first filed papers in 2016.

NSE’s listing plans have been halted by the market regulator due to ongoing cases dating back to 2015 in which some high-frequency trading firms were alleged to have gained unfair access to its co-location servers. The investigation derailed the exchange’s IPO ambitions even though its unlisted shares continue to attract investor interest.

More stories like this are available on bloomberg.com

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Published on July 29, 2025

Shares of Torrent Pharmaceuticals hit a 52-week high in early trade as brokerages cheered in-line Q1FY26 results. Its net profit increased 20 per cent y-o-y to ₹548 crore for the quarter under review.

Citi has maintained buy at an increased target price of ₹4,380 from ₹4,000 earlier. The brokerage expects margin expansion to continue due to operating leverage in branded segments and potential US recovery.

Nuvama Institutional Equities argued that the pharma’s India business would benefit over the medium term due to the addition of 1,200 medical representatives (MRs) over FY25 and FY26. JB Chemicals’ acquisition is a long-term growth or value driver. Nuvama remains optimistic on Torrent Pharma and retained buy at an increased target price from ₹3,920 earlier to ₹4,180.

Elara Capital upgraded the stock from reduce to accumulate rating at a target price raised from ₹3,382 to ₹4,048 per share. However, it flagged slowdown in domestic market as a key risk.

HDFC Securities believes Torrent Pharma is well-positioned for steady growth, driven by its strong branded franchise supported by new product launches, expanding consumer wellness portfolio, and continued momentum in Brazil and a gradual turnaround in the US generics. The analysts retained add rating at a revised target price of ₹3,780 per share.

InCred Equities — maintaining hold at new target price of ₹3,700 per share — observed that at the current valuation, the stock is priced to perfection, reflecting strong fundamentals, growth outlook and concerns regarding acquisition. The valuation is likely to remain buoyant, supported by healthy earnings growth and continued operational excellence, it added.

At 11 am, the stock surged 3.03 per cent to ₹3,734.45 on the BSE after hitting a 52-week high of ₹3,749 in early trade.

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Published on July 29, 2025

In its order Sebi barred it from trading in the securities market but subsequently lifted the ban after the trading firm deposited ₹4843.5 crore as directed by the regulator

US-based trading firm Jane Street has sought an extension from the Securities and Exchange Board of India to respond to its interim order issued on July 3 when the Indian markets regulator had said it had manipulated prices through the use of Indian index derivatives.

In a statement the firm said, “We are engaging constructively with SEBI and have sought an extension to respond to the interim order issued on July 3.” The regulator had given it 21 days to respond to the allegations in the interim order.

Jane Street said in the statement it was “committed to conduct that upholds the integrity of India’s capital markets and contributes to their continued development.”

In its order SEBI barred it from trading in the securities market but subsequently lifted the ban after the trading firm deposited ₹4843.5 crore as directed by the regulator. SEBI said the activities of Jane Street would be closely monitored by the exchanges.

‘Sinister scheme’

The quantitative trading firm was accused by SEBI of perpetrating a ‘sinister scheme’ and manipulating prices in its favour and led to small investors trading at ‘unfavourable and misleading prices.’

According to reports, the firm had said in an internal email to its employees that it would challenge the order and has also appointed lawyers to advise it.

SEBI’s investigations showed that the manipulative trading activity occurred on the Nifty Bank index. The regulator is understood to be investigating whether it manipulated prices on the BSE derivatives market as well.

Published on July 28, 2025

IDFC First Bank shares declined 0.34 per cent to ₹70.94 in Monday morning trade despite reporting mixed first-quarter results that showed strong business growth overshadowed by elevated credit costs. The stock traded in a range of ₹69.23-₹71.55 with heavy volumes of 233.44 lakh shares worth ₹164.71 crore by 11.50 AM.

The private sector lender reported net interest income of ₹49.5 billion for Q1FY26, up 5.3 per cent year-on-year but below analyst expectations of ₹53.2 billion.

Net profit stood at ₹4.64 billion, declining 28 per cent annually due to higher provisioning costs of ₹16.6 billion. The bank maintained robust loan growth of 20 per cent and deposit growth of 26 per cent year-on-year.

Asset quality concerns emerged as gross non-performing assets rose 10 basis points quarterly to 2.0 per cent, with gross slippages hitting a nine-quarter high of 4.19 per cent annualized. The microfinance segment contributed significantly to stress, though the bank reduced its MFI book by 37 per cent year-on-year to ₹8,354 crore.

Centrum Broking maintained its ‘Reduce’ rating with a revised target price of ₹63, citing margin compression and sustained credit cost pressure. Net interest margins fell 24 basis points quarterly to 5.71 per cent, with management expecting further pressure in Q2 due to rate transmission effects.

The bank’s cost-to-income ratio improved to 68.7 per cent from 73.6 per cent in the previous quarter, helped by controlled operating expense growth of 11.5 per cent year-on-year.

Published on July 28, 2025

Businessman use tablet and smart phone for Stock Market istock photo for BL
| Photo Credit:
Orientfootage

Stock markets are in for an event-heavy week ahead with a raft of Q1 earnings from blue-chips, the US Fed interest rate decision and foreign investors trading activity driving investors’ sentiment, analysts said.

Macroeconomic data announcements, monthly auto sales numbers and global market trends would also guide movement in the domestic equities, they said.

Markets would also keep a track on developments related to the August 1 trade deal deadline and geopolitical tensions between Thailand and Cambodia.

August 1 marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India.

“The start of the new month will bring attention to key economic data, including Industrial Production (IIP) and HSBC Manufacturing PMI on August 1. Additionally, monthly auto sales figures will be closely monitored. The scheduled expiry of the July derivatives contracts may add further volatility to the markets,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

Q1 earnings this week

As the earnings season progresses, results from heavyweights such as IndusInd Bank, Asian Paints, NTPC, Tata Steel, Hindustan Unilever, Mahindra & Mahindra, Maruti Suzuki, Sun Pharma, ITC and others will be tracked for insights on sectoral resilience and corporate performance, he said.

Globally, traders will focus on the US Fed’s interest rate decision and GDP growth numbers, along with updates on trade negotiations ahead of Trump’s August 1 tariff deadline, which could impact FII flows, Mishra added.

Movement of rupee against the dollar and crude oil prices will also be monitored by investors.

“Looking ahead, all eyes are now on the upcoming Q1 earnings reports from several key companies. Their performance will be crucial in determining whether markets can find support or continue to trend lower in the near term,” Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said.

Investors will closely monitor foreign fund flows, and any meaningful development on the India–US trade front for further direction, he added.

Last week, the BSE benchmark gauge declined 294.64 points or 0.36 per cent, and the Nifty dipped 131.4 points or 0.52 per cent.

“The Indian stock market continued its downward trajectory for the fourth consecutive week, marking the longest losing streak for the Nifty since October 2024. Investor sentiment remained weak, primarily due to the absence of strong domestic triggers, tepid corporate earnings for the June quarter, and persistent selling by foreign institutional investors (FIIs),” Gour said.

Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd, said, we expect markets to remain in consolidation mode amid continued uncertainty around India-US trade deal, a mixed Q1 FY26 earnings season so far and intensifying FII outflows.

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Published on July 27, 2025

HDFC Bank, Bharti Airtel, ICICI Bank and State Bank of India made gains in their valuation.
| Photo Credit:
champpixs

The combined market valuation of 6 of the top-10 most valued firms diminished by ₹2.22 lakh crore last week, with Reliance Industries taking the biggest hit, in-line with a bearish trend in equities.

Last week, the BSE benchmark gauge declined by 294.64 points or 0.36 per cent.

“Markets ended lower for the fourth straight week as caution prevailed amid mixed cues. The market’s direction was initially influenced by earnings announcements, with the banking sector showing strength due to positive results from HDFC Bank and ICICI Bank. However, a dip in stocks like Reliance capped the recovery.

“Furthermore, foreign fund outflows and uncertainty over trade deals ahead of the August 1 deadline kept volatility high,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

From the top-10 pack, Reliance Industries, Tata Consultancy Services (TCS), Infosys, Bajaj Finance, Hindustan Unilever and Life Insurance Corporation of India (LIC) suffered a combined erosion of ₹2,22,193.17 crore from their market valuation.

HDFC Bank, Bharti Airtel, ICICI Bank and State Bank of India made gains in their valuation.

The valuation of Reliance Industries tumbled ₹1,14,687.7 crore to ₹18,83,855.52 crore, the most among the top-10 firms.

Infosys faced an erosion of ₹29,474.56 crore to ₹6,29,621.56 crore from its market capitalisation (mcap).

The valuation of LIC tanked ₹23,086.24 crore to ₹5,60,742.67 crore and that of TCS dropped by ₹20,080.39 crore to ₹11,34,035.26 crore.

The mcap of Bajaj Finance declined by ₹17,524.3 crore to ₹5,67,768.53 crore and that of Hindustan Unilever fell by ₹17,339.98 crore to ₹5,67,449.79 crore.

However, the market valuation of HDFC Bank jumped ₹37,161.53 crore to ₹15,38,078.95 crore.

ICICI Bank added ₹35,814.41 crore taking its valuation to ₹10,53,823.14 crore.

The mcap of Bharti Airtel climbed ₹20,841.2 crore to ₹11,04,839.93 crore and that of State Bank of India went up by ₹9,685.34 crore to ₹7,44,449.31 crore.

Reliance Industries remained the most valued domestic firm followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Hindustan Unilever and LIC.

Published on July 27, 2025

Amagi Media Labs Limited, a software-as-a-service (SaaS) company, has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

According to the DRHP, the proposed IPO combines a fresh issue of equity shares aggregating up to ₹1,020 crore with an offer for sale (OFS) of up to 3,41,88,542 equity shares (3.41 crore equity shares) by the selling shareholders.

Founded in 2008 by its promoters Baskar Subramanian, Managing Director & CEO, Srividhya Srinivasan, Chief Technology Officer; and Arunachalam Srinivasan Karapattu, President—Global Business, is backed by leading venture capital firms, including Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest. The company works with more than 45 per cent of the top 50 listed ‘media and entertainment’ companies by revenue.

As part of the OFS, the Investor Selling Shareholders – PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X – Mauritius, Accel India VI (Mauritius) Ltd., Accel Growth VI Holdings (Mauritius) Ltd., Trudy Holdings, AVP I Fund, and certain Individual Selling Shareholders will be offloading shares.

Amagi proposes to utilise the net proceeds of the fresh Issue towards investment in technology and cloud infrastructure (₹667 crore) and funding inorganic growth through unidentified acquisitions and general corporate purposes.

On the financial front, Amagi reported revenue from operations of ₹1,162 crore in FY25, recording a compound annual growth rate of 30.70 per cent from FY2023 to FY2025, driven by new customer acquisition and increased use of the platform by existing customers. Amagi’s adjusted EBITDA margin improved significantly to 2.02 per cent in FY25, compared to (17.69%) in FY24 and (20.62 per cent) in FY23.

The company, in consultation with the BRLMs, may consider a pre-IPO Placement aggregating up to ₹204 crore prior to filing of the Red Herring Prospectus with the ROC. If the pre- IPO Placement is undertaken, then the fresh issue will be reduced to the extent of such pre-IPO placement.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited, and Avendus Capital Private Limited are the Book Running Lead Managers to the issue.

The equity shares of the company are proposed to be listed on BSE and NSE.

Published on July 26, 2025

Amagi Media Labs, which offers cloud-based software as a service (SaaS) solution for broadcast and video content, has filed preliminary papers with SEBI seeking its approval to raise funds through an initial public offering.

The proposed IPO of the Bengaluru-headquartered company combines a fresh issue of shares worth ₹1,020 crore along with an offer for sale (OFS) of 3.41 crore shares by the selling shareholders, according to the draft red herring prospectus (DRHP) filed on Friday.

As part of the OFS, investors — PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X, Mauritius, Accel India VI (Mauritius) Ltd, Accel Growth VI Holdings (Mauritius) Ltd, Trudy Holdings, AVP I Fund — and certain individual shareholders will be offloading shares.

Amagi may consider raising ₹204 crore through a pre-IPO placement. If such placement is undertaken, the fresh issue will be reduced to the extent of such pre-IPO placement.

The company proposes to utilise proceeds from the fresh issue worth ₹667 crore towards investment in technology and cloud infrastructure, a portion will be used for funding inorganic growth through unidentified acquisitions and general corporate purposes.

Founded in 2008, Amagi is backed by leading venture capital firms, including Accel, Avataar Ventures, Norwest Venture Partners and Premji Invest. The company works with more than 45 per cent of the top 50 listed ”media and entertainment”& companies by revenue.

Amagi is a SaaS firm that connects media companies to their audiences through cloud-native technology and helps content providers and distributors upload and deliver video over the internet (streaming) through smart televisions, smartphones and applications.

Its business is organised across three key divisions – cloud modernisation, streaming unification and monetisation and marketplace.

Amagi reported revenue from operations of ₹1,162 crore in FY25, recording a compound annual growth rate of 31 per cent from FY2023 to FY2025.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services and Avendus Capital have been roped in to manage the company’s IPO.

The equity shares of the company are proposed to be listed on BSE and NSE.

Published on July 26, 2025

Indiqube Spaces proposes to utilise the fresh capital of ₹462.6 crore towards funding capital expenditure for setting up new centres, ₹93 crore for repayment, and the remainder for general corporate purposes

The initial public offerings of GNG Electronics and Indiqube Spaces closed today on strong note especially the former generating a whopping subscription of nearly 148 times.

The GNG Electronics IPO came out with price band of ₹225-227 a share. The IPO comprised a fresh share sale of ₹400 crore and an offer-for-sale (OFS) of up to 25.50 lakh shares, worth ₹60.44 crore. The IPO received bids for nearly ₹50,000 crore against the IPO size of ₹460.44 crore

The IPO that opened on Wednesday saw a robust response from all category investors, with qualified institutional investors leading the bidding graph with 266.21 times followed by non-institutions 227.67 times. The quota reserved for retail investors was subscribed 46.84 times.

Proceeds from the fresh issue will be utilised for debt payment, funding working capital requirements, and for general corporate purposes.

As part of the IPO, the company had raised ₹138.13 crore from 14 anchor investors by allotting 58.28 lakh shares at ₹237 a share. Among them included Goldman Sachs, Mirae Asset MF, Motilal Oswal MF, Edelweiss MF, Buoyant Opportunities Strategy, and marquee investors like Ashish Kacholia’s Bengal Finance, Madhusudan Kela’s Founder Collective Fund and Mint Focused Growth Fund.

GNG Electronics is one of the leading refurbishers of laptops and desktops with significant presence across India, the US, Europe, Africa, and the UAE. The company operates under the brand “Electronics Bazaar,” with a presence across the full refurbishment value chain, from sourcing to refurbishment, sales, and after-sales services, as well as warranty provision

Meanwhile, the ₹700-crore IPO of the Bengaluru-based Indiqube Spaces was subscribed 12.41 times, as retail investors were the most aggressive. Their portion was subscribed 12.90 times.

While NIIs quota was subscribed 8.27 times, the window for QIB received bids for 14.352 times, while the employees’ portion was subscribed 6.83 times.

Indiqube IPO

Indiqube Spaces proposes to utilise the fresh capital of ₹462.6 crore towards funding capital expenditure for setting up new centres, ₹93 crore for repayment, and the remainder for general corporate purposes. Managed workplace solutions company, IndiQube Spaces Ltdimited, has raised over ₹314.32 crore from anchor investors.

The proceeds from this fresh issue of funds will be for funding capital expenditure towards establishment of new centres, repaying/pre-paying, in full or in part, certain borrowings availed by the company and general corporate purposes.

Published on July 25, 2025

Shares of Bajaj Finance fell 6 per cent in early trade on Friday amid concerns over MSME stress, deteriorating asset quality and elevated credit costs.

The NBFC posted a consolidated net profit of ₹4,765.29 crore in the quarter ended June 2025, up 21.8 per cent y-o-y, compared to ₹3,911.98 crore in the corresponding quarter previous year.

Market experts believe that the growth in the MSME segment would remain subdued in FY26 due to ongoing macro headwinds.

Global brokerage JP Morgan downgraded the stock from overweight to neutral. Dometic brokerage Motilal Oswal also reiterated neutral rating at a target price of ₹1,000 per share. 

Motilal observed Bajaj Finance’s healthy performance for the quarter, driven by strong AUM growth. “While credit costs rose sequentially primarily due to stress in the MSME and Auto Loan segments, asset quality witnessed only a marginal deterioration,” it said.

The brokerage has maintained FY26/FY27 PAT estimates broadly unchanged, and believes that credit costs have now peaked and will remain below the upper end of the guided range.

Jefferies has maintained buy at a target price of ₹1,110.

JM Financial – retaining buy at revised target price of ₹1,000 from ₹985 earlier – continues to like Bajaj Finance given its ability to deliver sector leading growth/RoE on cross-cycle basis. However, near-term concerns around growth/asset quality and rich valuations might limit upside.

HDFC Securities maintained buy at ₹985, adding that the company is poised for 24 per cent AUM CAGR over FY26-FY27, with the scale-up of new products and simultaneously delivering strong profitability.

UBS has maintained sell call at ₹750 per share.

Bajaj Finance shares traded 4.32 per cent lower on the BSE at ₹917.60 as at 10.20 am, hitting a low of ₹897.65. The stock opened lower at ₹908 against the previous close of ₹959.

Bajaj Finserv, set to announce Q1 numbers today, also dragged nearly 5 per cent in today’s trade.

Published on July 25, 2025

Markets witnessed sharp profit-booking on Thursday, with benchmark indices reversing early gains to close significantly lower as disappointing quarterly earnings from IT majors triggered a sector-wide selloff that overshadowed positive manufacturing PMI data and global cues.

The Sensex plunged 542.47 points or 0.66 per cent to close at 82,184.17, while the Nifty fell 157.80 points or 0.63 per cent to settle at 25,062.10. The decline came despite the indices opening on a strong note, with the Nifty touching a high of 25,246 in early trade before sliding to an intraday low of 25,018.

Sector slide

The IT sector bore the brunt of selling pressure, with the Nifty IT index tumbling over 2 per cent following lacklustre Q1 FY26 results from major technology companies. Among individual stocks, CϙForge crashed 9 per cent, Persistent Systems declined 8 per cent, while Infosys dropped 1 per cent, weighing heavily on the broader market sentiment.

“Indian equities fell sharply today, reversing previous gains despite positive global cues. Initial optimism around the India-UK free trade agreement gave way to caution as attention shifted firmly to earnings. The IT and FMCG sectors dragged down large-cap stocks due to subdued Q1 performance,” said Vinod Nair, Head of Research at Geojit Investments Ltd.

Sectoral performance remained mixed throughout the session. While PSU banks, healthcare, and pharma stocks outperformed with the PSU Bank index rallying over 1.40 per cent, sectors including construction, consumer goods, energy, and oil & gas lagged . The Nifty Realty index also came under pressure and closed among the top sectoral losers.

Market breadth was decidedly negative, with 2,467 stocks declining against 1,523 advances on the BSE. In the Nifty 500 universe, as many as 326 stocks ended in the red, reflecting broad-based weakness across segments. The broader indices also witnessed selling pressure, with the Nifty Midcap 100 declining 0.58 per cent and the Smallcap 100 underperforming significantly by tumbling 1.09 per cent.

“Today, the benchmark indices experienced profit booking at higher levels. Among sectors, the IT index lost the most, correcting 2.20 per cent, whereas despite weak market sentiment, the PSU Bank index rallied over 1.40 per cent,” noted Shrikant Chouhan, Head Equity Research at Kotak Securities.

Gainers and losers

Among individual Nifty 50 stocks, Eternal emerged as the top gainer, surging 3.44 per cent to close at ₹312.45, followed by Dr. Reddy’s Laboratories, which gained 1.72 per cent to ₹1,268.90. Tata Motors advanced 1.62 per cent to ₹701.30, while Tata Consumer Products rose 0.98 per cent to ₹1,073.00 and Cipla gained 0.87 per cent to ₹1,486.30.

On the losing side, Nestle India led the decline, plummeting 5.57 per cent to ₹2,316.00, while Trent fell 3.94 per cent to ₹5,148.00. Tech Mahindra dropped 3.26 per cent to ₹1,496.20, Shriram Finance declined 3.17 per cent to ₹633.30, and Reliance Industries slipped 1.53 per cent to ₹1,402.80.

The macroeconomic backdrop remained supportive with robust manufacturing activity data. “The latest data revealed robust manufacturing activity—the HSBC India Manufacturing PMI rose to 59.2 in July 2025 from 58.4 in June—while the Services PMI eased to 59.4 from 60.4, reflecting a modest deceleration in services growth,” according to Ashika Institutional Equities.

Rupee retreats

Currency markets saw mixed action as the rupee opened strongly with 0.30 per cent gains but gave up those gains during the session. “Rupee opened strongly with 0.30 per cent gains supported by a weaker dollar index near 97.30 in early trade. However, as the dollar index began to recover intraday, the rupee gave up its gains and settled near 86.40 from the day’s high of 86.25,” said Jateen Trivedi, VP Research Analyst at LKP Securities.

Gold prices declined amid reduced safe-haven demand following fresh trade deal announcements. “Gold traded weak as trade deals between the US and Japan, and potential agreements with the EU, weighed on safe-haven demand. Comex gold has declined by around $60 since yesterday, while MCX gold dropped nearly ₹1,500 to ₹98,600,” Trivedi added.

Technical analysts highlighted key resistance and support levels for the market. “The Nifty slipped lower as it faced stiff resistance around the 25,250–25,260 zone. On the downside, support remains intact at 24,900; a decisive break below this level could trigger a correction in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.

“Though the Q1 earnings are broadly in line, it does not justify the premium valuation; India is trading at a 3-year high of 21x P/E,” Nair cautioned, highlighting valuation concerns amid the earnings season.

Looking ahead, market participants remain cautious with focus shifting to next week’s U.S. Federal Reserve policy decision and ongoing earnings announcements. “Market participants remain cautious ahead of next week’s U.S. Federal Reserve policy decision, which is expected to provide further direction,” Trivedi noted, suggesting continued volatility in the near term as global monetary policy cues and domestic earnings developments continue to drive market sentiment.

Published on July 24, 2025

Benchmark indices Sensex and Nifty declined in early trade on Thursday amid profit-taking in blue-chip stocks and continuous foreign fund outflows.

Despite a positive start, the 30-share BSE Sensex failed to carry forward the momentum and fell later in the trade. The benchmark declined 130.92 points to 82,595.72 in early trade. The 50-share NSE Nifty dipped 23 points to 25,196.90.

From the Sensex firms, Trent, Kotak Mahindra Bank, UltraTech Cement, Bajaj Finance, Tech Mahindra, Tata Consultancy Services, Infosys and Axis Bank were among the biggest laggards.

However, Tata Motors, Eternal, Sun Pharma and Tata Steel were among the gainers.

Infosys Ltd on Wednesday reported an 8.7 per cent rise in June quarter net profit and narrowed its full-year revenue forecast after stronger-than-expected earnings growth.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were trading in positive territory.

The US markets ended higher on Wednesday.

India and the UK will sign a free trade agreement on Thursday in London that will allow export of labour-intensive products such as leather, footwear and clothing at concessional rates, while making imports of whisky and cars from Britain cheaper.

The pact also helps double trade between the two economies to $120 billion by 2030.

“US striking trade deals with many countries is slowly removing concerns surrounding tariff wars. In the mother market US, good corporate earnings are providing the fundamental support to the market. Good Q1 numbers from Infosys can provide support to the weak IT index,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,209.11 crore on Wednesday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought stocks worth ₹4,358.52 crore in the previous trade.

Global oil benchmark Brent crude climbed 0.31 per cent to $68.72 a barrel.

On Wednesday, the Sensex jumped 539.83 points or 0.66 per cent to settle at 82,726.64. The Nifty gained 159 points or 0.63 per cent to settle at 25,219.90.

Published on July 24, 2025

Blocks deals worth $371 million were seen in the stocks of two real estate companies — Oberoi Realty and Lodha Developers.

The seller in the two blocks was the same investor, Invesco Developing Markets Fund.

Exchange filing showed that Invesco sold around 1.1 crore shares of Oberoi Realty or 3 per cent of its equity at ₹1,754.26 per share for a total amount of ₹1,883.2 crore ($218 million). One of the buyers was SBI Mutual Fund that picked up 40.94 lakh shares at ₹1,754.10 each for ₹718 crore.

Invesco has exited its entire investment of 3 per cent stake in the company it held at June-end.

The names of the rest of the buyers were not disclosed.

In Lodha Developers, Invesco sold around 95.3 lakh shares or just about 1 per cent of its equity at ₹1,384.93 per share for a total amount of ₹1,319.8 crore ($152.8 million). Invesco has exited the company through this block.

The names of the buyers was not disclosed, but sources said that a number of domestic funds as well as overseas funds had been buyers in the shares of Lodha as well as Oberoi Realty.

Mixed performance

Shares of real estate companies have been mixed this year and while there have been spikes, there have also been steep falls.

A quick look at the charts show that Oberoi Realty shares have fallen from ₹2,300-levels at the start of the year to lower than ₹1,800 now.

Shares of Lodha are almost back at the levels they were at the beginning of 2025.

Published on July 23, 2025

The company is pursuing a two-pronged strategy for growth: deepening relationships with existing clients through joint ventures (long-term) and focusing on tie-ups and partnerships with players across the component ecosystem to drive backward integration.
| Photo Credit:
PRIYANSHU SINGH

Shares of Dixon Technologies surged 3 per cent following 68.2 per cent y-o-y increase in consolidated net profit and a nearly 95 per cent jump in total income during the quarter ended June 2025.

Its consolidated net profit for the quarter under review stood at ₹224.97 crore as against ₹133.68 crore in the corresponding quarter previous year. The total income was recorded at ₹12,837.34 crore in June 2025 quarter as against ₹6,587.98 crore in the same quarter a year ago. 

Brokerages were optimistic due to strong Q1 results, driven by the mobile and EMS (Electronics Manufacturing Services) segment. They flagged key risks such as lower-than-expected growth in the addressable market, loss of relationships with key clients, rising competition and limited bargaining power with clients, which could impact margins and overall profitability.

Domestic brokerage Motilal Oswal maintained buy and hiked the target price from ₹20,500 to ₹22,100, citing 37 per cent upward potential. It has also raised FY27 estimates by 10 per cent to factor in higher mobile volumes.

The company is pursuing a two-pronged strategy for growth: deepening relationships with existing clients through joint ventures (long-term) and focusing on tie-ups and partnerships with players across the component ecosystem to drive backward integration. Motilal believes that the approach is expected to provide greater revenue visibility and support margin improvement in the coming years.

Motilal Oswal’s report highlights that a display facility with HKC, a camera module collaboration with Qtech, and precision component manufacturing with Chongqing Yuhai Precision will enable Dixon to address a larger share of the smartphone bill of materials (BoM). Additionally, the joint ventures with Longcheer and Vivo are likely to contribute sustainable incremental volumes for the company.

Nomura retained ‘buy’ at an increased target price of ₹21,154.

HDFC Securities observed that Dixon’s growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segment. The analysts maintained add call at a target price of ₹17,740.

Nuvama Institutional Equities noted that Dixon is building a vertically integrated, export-oriented EMS platform to sustain growth beyond the PLI regime. 

Nuvama maintains a hold rating on the stock due to its rich valuation (at a target price of ₹16,100). This cautious stance also reflects the uncertainty surrounding the approval timelines for its joint ventures, most of which are with Chinese partners.

As at 10.20 am, the stock traded 3.01 per cent positive at ₹16,597.50 (close to intraday high of 16,607.35).

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Published on July 23, 2025

The domestic market ended nearly flat, lacking clear direction amid mixed earnings announcements and muted global cues. Investors, staging cautious stance, seemed to have opted for profit booking.

After opening with a positive note, the market slipped into weakness in the early part of the session. It later shifted into a choppy movement with weak bias for better part of the session, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said.

Sensex dipped by 13.53 pts or 0.02 per cent to close at 82,186.81 after positive opening at 82,527.43 against previous close of 82,200.34. Nifty 50 dropped 29.80 pts or 0.12 per cent to 25,060.90.

Vinod Nair, Head of Research, Geojit Investments Limited, highlighted thatmarket’s attention is on quarterly earnings, which slowed lately after some traction from banking stocks.