The second week of July witnessed several major developments that are likely to shape the weeks ahead. Against the backdrop of heightened geopolitical tensions and volatile financial markets, a series of high-impact events dominated headlines, including the escalating conflict between the US and Iran, Tata Consultancy Services Ltd.'s first-quarter results, heavy monsoon rains in Maharashtra, the SBI Funds Management IPO, and Novo Nordisk's launch of its once-weekly insulin in India.
Here's a recap of the week that was:
Markets On Home Turf
Indian equity benchmarks rallied on Friday but ended the week lower, snapping a four-week winning streak-their longest since December 2025.
The NSE Nifty 50 and the BSE Sensex declined 0.25% and 0.22%, respectively, for the week. On Friday, however, the Nifty 50 rose 244.10 points, or 1.02%, to close at 24,206.90, while the Sensex gained 827.57 points, or 1.08%, to settle at 77,569.39.
TCS Q1 Results
Tata Consultancy Services Ltd. reported its earnings for the first quarter of FY27 on Thursday, with the IT major delivering results that were broadly in line with Street expectations despite softer profit and order bookings.
The company posted a consolidated net profit of Rs 13,349 crore for the quarter, down 2.7% sequentially from Rs 13,718 crore in the March quarter. The decline was primarily due to an exceptional charge of Rs 668 crore related to the settlement of legal claims.
US-Iran Tensions Escalate
The United States launched a fresh round of strikes against Iran this week, saying the action was in response to attacks on commercial vessels in the Strait of Hormuz. The strikes came as Iran continued funeral processions for those killed in the conflict.
Washington described Iran's actions as "unwarranted, dangerous, and a clear violation of the ceasefire." Iran retaliated by targeting US-linked military installations across several Gulf countries, prompting President Donald Trump to declare the ceasefire "over."
Maharashtra Rains
Heavy monsoon rains battered Maharashtra during the week, resulting in more than 30 deaths across Mumbai, Pune and nearby regions due to flooding and structural collapses.
Mumbai alone reported at least 13 fatalities as relentless rainfall disrupted rail and road connectivity, triggered building collapses and forced school closures across several districts.
SBI Trims OFS Stake Sale To 4.89%
State Bank of India revised the size of its offer for sale in the SBI Funds Management IPO, reducing its stake sale to 4.89%.
The revised offer comprises up to 9.95 crore equity shares, representing 4.8851% of SBI Funds' paid-up equity capital. The country's largest lender had earlier planned to divest about 6.3% through the IPO.
Novo Nordisk Launches Once-Weekly Insulin In India
Novo Nordisk is betting that its newly launched once-weekly insulin will help overcome one of the biggest barriers to insulin adoption in India-the burden of daily injections.
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The Danish drugmaker launched Awiqli (insulin icodec) in India, making the country the sixth globally to introduce what it describes as the world's first once-weekly basal insulin.
The treatment reduces the number of injections from 365 to 52 annually and has been approved for adults with Type 1 and Type 2 diabetes.
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