Stock Market Crash News Today: Nifty Ends Below 23,800, Sensex Slides 300 Points; Bajaj Finance, Eternal Top Losers

That's all for today folks. Thank you for staying with us through our market coverage. While I will see you on Monday, you can get all the Q1 Result updates here.

• The Stoxx Europe 600 rose 0.5%

• S&P 500 futures rose 0.2%
• Nasdaq 100 futures were little changed

• Sectors close on a mixed note 
• Nifty IT is the top gaining sector today, up almost 1%
• LTM and Mphasis are the top Gainers in Nifty IT today
• Nifty Auto is the top losing sector today, down over 1%
• Hero Motorcorp and Tube Investments of India are the top losers in Nifty Auto today
• Nifty IT snaps 4 day losing streak 
• Nifty PSU Bank snaps 3 day losing streak 
• Nifty Bank snaps 4 day losing streak 
• Nifty Fin Serv down for the 5th consecutive day 
• Nifty Pharma , Nifty Metal, Nifty Realty down for the 3rd consecutive day
• Nifty Oil & Gas down for the 4th consecutive day
• Nifty Auto snaps 3 day gaining streak

• Broader markets outperform benchmark 
• Nifty Midcap 150 ends flat today
• KPIT and Tata Elxsi are the top gainers in Nifty Midcap 150 today
• Nifty Smallcap 250 closes in red, down almost 0.3%
• Go Digit General Insurance and GSPL are the top losers in Nifty Smallcap 250 today

• Nifty closes in red today, down almost 0.4%
• Bajaj Finance and Eternal are the top losers in Nifty today, both down around 2.5%

• Sectors close on a mixed note this week 
• Nifty FMCG is the top gaining sector this week, up over 0.5%
• Nifty Realty is the top losing sector this week, down almost 4%
• Nifty FMCG Snaps 2 week losing streak 
• Nifty Auto up for the 2nd consecutive week 
• Nifty Metal and Nifty Realty down for the 2nd consecutive week 
• Nifty Pharma down for the 3rd consecutive week 
• Nifty IT snaps 3 week gaining streak
   

• Nifty Smallcap 250 outperforms benchmark 
• Nifty Smallcap 250 closes in red this week, down over 2%
• Bandhan Bank and Triveni Engineering & Ind are the top losers in Nifty Smallcap 250 

• Nifty Midcap 150 outperforms benchmark 
• Nifty Midcap 150 closes in red, down over 1%
• Motilal Oswal Fin Serv and Oracle FIn Serv are the top losers in Nifty Midcap 150 this week, both down over 9.5%

• Nifty closes in red this week, down over 2%
• HDFC and Dr Reddy are the top losers of Nifty this week

Rupee closed unchanged at 96.57/$ versus 96.57 on Thursday.

Nifty ends the week in red and closed below 23,800. Nifty fell 102.15 point or 0.43% at 23,767.45, while Sensex closed 331.61 points or 0.43% lower at 76,059.77.

Brent Crude falls 3.9% at $96.80/Bbl.

Laurus Lab shares rise 2% after the results were announced. The shares as of 3:08 p.m. were trading 2.19% higher at Rs 1,602.70 per share. The shares rose 4.72% in one week and 10.16% in the last month. Year-to-date the shares have risen 44.27% and the shares jumped nearly 91.51% in one year.

Laurus Labs Q1 Result Highlights (Cons, YoY)

• Net Profit up 125.8% at Rs 368 crore versus Rs 163 crore.
• Revenue up 29% at Rs 2,026 crore versus Rs 1,570 crore.
• EBITDA up 67% at Rs 638 crore versus Rs 382 crore.
• EBITDA Margin at 31.5% versus 24.3%.
• Tax Expense at Rs 119 crore versus Rs 63 crore.

ACC shares fall 1.27% after the results were announce before seeing some recovery. The shares as of 3:03 p.m. were trading 0.32% lower. The shares fell 3.61% in one week and 1.41% in the last month. Year-to-date- the shares have fallen 23.7% and the shares slumped nearly 30% in one year.

ACC Q1 Result Highlights (Cons, YoY)

• Net Profit down 60.9% at Rs 147 crore versus Rs 376 crore.
• Revenue down 7.8% at Rs 5,790 crore versus Rs 6,277 crore.
• EBITDA down 37.9% at Rs 439 crore versus Rs 707 crore.
• EBITDA Margin at 7.6% versus 11.3%.

SBI Life Q1 Result Highlights (Cons, YoY)

• Net Profit up 22.1% at Rs 725 crore versus Rs 594 crore (Estimate of Rs 696 crore).
• Net Premium Income up 17% at Rs 20,078 crore versus Rs 17,161 crore.
• Solvency Ratio at 1.96 versus 1.90 QoQ.

Sterlite Tech Q1 Result Highlights (Cons, YoY)

• Net Profit at Rs 197 crore versus Rs 10 crore.
• Revenue up 87.4% at Rs 1,910 crore versus Rs 1,019 crore.
• EBITDA up 191.7% at Rs 385 crore versus Rs 132 crore.
• EBITDA Margin at 20.2% versus 13.0%.

Rupee strengthens 0.04% at 96.54/$ versus close of 96.57 on Thusday.

Hindustan Zinc’s board took note of a letter from SEBI and said the alleged non-compliances were inadvertent. The board expressed satisfaction with the measures taken after the warning and reiterated the company’s commitment to governance standards.

• CG Power’s consolidated net profit rose 16.3% year-on-year to Rs 313 crore, while revenue increased 14% to Rs 3,281 crore. Ebitda grew 4.3% to Rs 397 crore, but the margin narrowed to 12.1% from 13.2%.
• Other income rose to Rs 83.6 crore from Rs 28.3 crore. The company will set up brownfield switchgear and EPD manufacturing facilities in Nashik.

• Grindwell Norton’s consolidated net profit rose 22.2% year-on-year to Rs 116 crore, while revenue increased 14.2% to Rs 803 crore.
• Ebitda grew 14.3% to Rs 738.7 crore from Rs 646.2 crore. The Ebitda margin stood at 92%, compared with 91.8% a year earlier.

• Manipal Health management expects the company to have effectively no net debt after its IPO, providing capacity for brownfield and greenfield expansion. The integration of Pune-based Sahyadri Hospitals is expected within 16-18 months, with the transition to the Manipal brand planned in about 10 months.
• The company will prioritise bed additions at operational hospitals and continue investing in clinical equipment, IT systems and AI. Annual maintenance capex, including technology upgrades, stands at Rs 7-8 lakh per bed.

• Atul’s consolidated net profit rose 91.9% year-on-year to Rs 245 crore, while revenue increased 25% to Rs 1,848 crore.
• Ebitda grew 66.9% to Rs 393 crore, with the margin expanding to 21.3% from 15.9%. Tax expense rose to Rs 92.3 crore from Rs 44.7 crore.

• Welspun Corp’s consolidated net profit rose to Rs 1,046 crore from Rs 350 crore a year earlier, supported by a Rs 548 crore gain from the sale of EPIC shares. Revenue increased 14.9% to Rs 4,081 crore.
• Ebitda rose 31.8% to Rs 692 crore, while the margin expanded to 17% from 14.8%. The company also approved the purchase of an additional 51% stake in Welspun Captive Power for Rs 67.66 crore.

• Hindustan Zinc’s consolidated net profit rose 8.7% sequentially to Rs 5,469 crore, while revenue increased 1.5% to Rs 13,747 crore. Ebitda grew 4.5% to Rs 8,050 crore.
• Revenue, Ebitda and net profit exceeded estimates of Rs 12,716 crore, Rs 7,647 crore and Rs 5,038 crore, respectively. The Ebitda margin stood at 58.55%, below the estimate of 60.1%, but higher than 56.9% in the previous quarter.

• European markets opened largely higher, with Spain's IBEX 35 gaining 0.78% and Sweden's OMXS30 rising 0.79%, among the strongest performers in early trade.
• Germany's DAX advanced 0.53%, while Italy's FTSE MIB climbed 0.39%. The pan-European STOXX 600 was up 0.31%.
• The UK's FTSE 100 gained 0.28%, France's CAC 40 rose 0.08%, and Switzerland's SMI added 0.39%.
• Finland's HEX was the only major market in the red, slipping 0.38% at the open.

• Asian markets closed broadly lower, with Taiwan and Japan posting the sharpest declines.
• Taiwan's benchmark index fell 2.67%, while Japan's Nikkei dropped 2.73%.
• South Korea's Kospi was the worst performer among major markets, declining 5.72%.
• China's Shanghai Composite lost 1.61%, while the Shenzhen Component fell 2.47%.
• Hong Kong's Hang Seng Index ended 0.98% lower, and Australia's ASX 200 declined 0.75%.
• Singapore's STI slipped 0.1%, while New Zealand's NZX 50 fell 0.17%.

• Sources told NDTV Profit that SAIF Partners is planning a block deal in Paytm next week and may sell up to a 5% stake in the company.
• The shares are likely to be offered at a discount of 5-8% to the current market price, according to the sources.
• SAIF Partners, through two entities, owns close to 12% of Paytm.
• The proposed transaction and final deal size remain subject to market conditions and investor demand.

• Marine Electricals said it has secured three orders with a combined value of Rs 376 crore, according to an exchange filing.
• The company disclosed the order wins through a regulatory filing.

 

• Dr Lal PathLabs reported a consolidated net profit of Rs 170 crore in Q1, up 28.8% from Rs 132 crore in the year-ago period.
• Revenue increased 19.1% year-on-year to Rs 798 crore from Rs 670 crore.
• EBITDA rose 28.7% to Rs 248 crore from Rs 192 crore, while EBITDA margin improved to 31% from 28.7% a year earlier.
• The company also declared an interim dividend of Rs 5 per share.

• Greenply Industries reported a consolidated net profit of Rs 37.5 crore in Q1, up 32% from Rs 28.4 crore in the year-ago period.
• Revenue increased 20.7% year-on-year to Rs 725 crore from Rs 601 crore.
• EBITDA rose 27.1% to Rs 78.3 crore from Rs 61.6 crore, while EBITDA margin improved to 10.8% from 10.3% a year earlier.

• LMW, formerly known as Lakshmi Machine Works, reported a consolidated net profit of Rs 55.5 crore in Q1, compared with Rs 11.5 crore in the year-ago period.
• Revenue rose 24% year-on-year to Rs 861 crore from Rs 694 crore.
• EBITDA increased to Rs 63.6 crore from Rs 13.7 crore a year earlier.
• EBITDA margin expanded to 7.4% from 2% in the corresponding quarter last year.

• V-Mart Retail reported a Q1 net profit of Rs 47.2 crore, up 40.5% from Rs 33.6 crore in the year-ago period.
• Revenue increased 23% year-on-year to Rs 1,089 crore from Rs 885 crore.
• EBITDA rose 27.3% to Rs 161 crore from Rs 126 crore, while EBITDA margin improved to 14.8% from 14.3% a year earlier.

• Dalmia Bharat reported a consolidated net profit of Rs 188 crore in Q1, down 52% from Rs 393 crore a year earlier.
• Revenue increased 7% year-on-year to Rs 3,890 crore from Rs 3,636 crore.
• EBITDA declined 8.8% to Rs 805 crore from Rs 883 crore, while EBITDA margin narrowed to 20.7% from 24.3%.
• The company reported a one-time cost of Rs 182 crore during the quarter, compared with a one-time profit of Rs 16 crore a year ago.
• Other income rose to Rs 139 crore from Rs 49 crore in the corresponding period last year.
• Dalmia Bharat also appointed Yatin Malhotra as Chief Financial Officer, effective August 1.

• The National Financial Reporting Authority (NFRA) has issued its first guidance on the use of technology and artificial intelligence in statutory audits of listed companies and other public interest entities.
• NFRA said auditors remain fully accountable for audit outcomes and cannot delegate audit responsibility to technology tools. The regulator also cautioned against overreliance on machine-generated outputs.
• The guidance requires firms to establish governance frameworks, ensure explainability of AI tools, protect data and continuously monitor technology used in audits.
• NFRA also emphasised compliance with the Digital Personal Data Protection (DPDP) Act and existing auditing standards when using AI and other technologies in audit processes.

 

• Sapphire Foods reported a consolidated net profit of Rs 14 crore in Q1, compared with a loss of Rs 1.8 crore in the year-ago period.
• Revenue rose 14.7% year-on-year to Rs 891 crore from Rs 777 crore.
• EBITDA increased 24% to Rs 140 crore from Rs 113 crore, while EBITDA margin improved to 15.7% from 14.5% a year earlier.

• Hind Rectifiers said the Ministry of Corporate Affairs (MCA) has approved the change of its name to Hirect Limited, effective July 24, 2026.
• The MCA has issued a fresh certificate of incorporation reflecting the new name, according to the company's regulatory filing.
• The company said it is filing the necessary documents with stock exchanges and other regulatory authorities to complete the transition to the new corporate identity.

 

• Banks and insurance companies are set to roll out the Central Know-Your-Customer 2.0 (CKYC) system in August, sources told Reuters.
• The system will allow customers to access financial products without repeatedly submitting KYC documents to different institutions.
• Under CKYC 2.0, banks and insurers will be able to retrieve customer information from a central registry after obtaining customer consent for account opening or updates.
• Mutual fund companies are expected to join the common customer identification platform at a later stage.
• The initiative is aimed at streamlining KYC processes across financial services providers.

• Lohia Corp's IPO was subscribed 45% overall as of 12:57 pm on Day 2 of the issue.
• Retail investors led demand, with the retail portion subscribed 91%.
• The qualified institutional buyers (QIB) segment was subscribed 43%, while the non-institutional investor (NII) category was subscribed 21%.

 

• State-owned oil marketing companies (OMCs) have activated contingency plans and are evaluating alternative crude oil shipping routes as disruptions in the Red Sea continue, sources told NDTV Profit.
• Refiners are considering options, including routes via the Suez Canal and Europe, to reduce reliance on vulnerable maritime corridors. Freight costs and transit times are being assessed before fresh crude purchases are made.
• The Strait of Bab el-Mandeb remains a key concern, with disruptions affecting supplies from Saudi Arabia, India's third-largest crude supplier in June.
• BPCL said it has secured crude supplies until August and is currently arranging purchases for September.
• Industry officials said crude availability could be affected if disruptions persist, while BPCL noted that it is difficult to assess the situation beyond September at this stage.

 

• Indo MIM's IPO was subscribed 1.96 times overall as of 12:51 pm on Day 2 of the issue.
• The non-institutional investor (NII) category led demand with subscriptions of 5.43 times.
• The retail investor portion was subscribed 1.42 times, while the qualified institutional buyer (QIB) segment was subscribed 31%.

• Amit Kumar Sinha of Mahindra Lifespace told NDTV Profit that some parts of the business were lumpy in Q1, but the company expects higher collections in Q2 and aims to make up for the shortfall during the rest of the year.
• The Bhandup project contributed 55-60% of new sales in Q1.
• The company has eight project launches planned this year and is working on launches in Ahmedabad and Pune.
• Mahindra Lifespace is targeting Rs 10,000 crore in revenue for FY27.
• Sinha said the company has a diversified business model and, unlike some peers, is also present in the industrial plotting segment.

• Infosys recorded a large trade involving 14 lakh shares at Rs 1,023.40 apiece, valued at Rs 143.28 crore. Another 1.8 lakh shares changed hands at Rs 1,029.50 each, valued at Rs 18.53 crore.
• Coforge saw 5.2 lakh shares traded at Rs 1,455 apiece in a transaction worth Rs 76.36 crore. Large trades were also recorded in Bajaj Finserv, BHEL, AU Small Finance Bank, Sun Pharma and Bharat Electronics.

• Atul Suri said the Nifty could reach 30,800 in the next 12-18 months, while his bear-case target stands at 22,000. He favours metals, industrials, pharmaceuticals, textiles and companies supplying to data centres.
• Suri expects mid-cap stocks to gain weight as investors track earnings momentum. He said large amounts of global capital were moving towards the AI trade, while India remained under pressure due to currency weakness and relative market performance.

• Organon shareholders approved proposals related to Sun Pharma’s $11.75 billion acquisition. Under the proposed transaction, Organon will become a wholly owned subsidiary of Sun Pharmaceutical Holdings USA.
• The transaction remains subject to regulatory approvals and other customary closing conditions.

• OpenAI is rolling out Health in ChatGPT to US users, allowing them to connect Apple Health and supported medical records securely.
• The company also expects to deploy AMD’s Helios infrastructure at scale, OpenAI executive Sachin Katti said at an AMD event.

• MedPlus Health said war-related disruptions and price fluctuations affected its financial performance. The company sees room for growth in the pharmacy business, which remains at an early stage.
• The company has paused its capital expenditure plans as it prepares to enter the healthcare business.

• India’s Flash Composite PMI fell to 54.3 in July from 57.1 in June, marking the slowest expansion in private sector activity since March 2022.
• Growth in output and new orders slowed amid competitive pressure, order cancellations, fewer client enquiries and shortages of key raw materials. New orders increased at the weakest pace in nearly four-and-a-half years, while inflationary pressures rose.

• MedPlus Health said war-related disruptions and price fluctuations affected its financial performance. The company sees growth potential in the pharmacy business, which remains at an early stage.
• MedPlus Health has paused capital expenditure plans as it prepares to enter the healthcare business.

• Caliber Mining management said its Ebitda margin has remained between 23% and 25% and expects to sustain this range.
• The company operates in Maharashtra, Madhya Pradesh and Uttar Pradesh. It has received one new order and two repeat orders.

HSBC India’s Services PMI stood at 53.1 in July, while the Manufacturing PMI was at 53.9. Both readings remained above the 50 mark.

• David Roche said disruption in the Red Sea and the US-Iran war were affecting trade routes and increasing political instability. He said there were limited alternatives to key shipping routes.
• Roche said crude oil could reach $125 a barrel if the war continued, with available inventories insufficient to offset supply losses.

• Teva has received approval for Tolvaptan, introducing competition for Lupin’s generic product. Lupin’s version had remained without competition so far.
• Analysts estimate that the drug could contribute around $250 million to Lupin. Teva’s entry could affect Lupin’s revenue and margins.

• Fractal Analytics said it is using AI across its operations to support decision-making and organise data. The company has divided its AI portfolio into three verticals and plans to invest further in AI infrastructure.
• TMT degrowth affected the company’s overall performance. Fractal Analytics expects growth in healthcare and TMT, with the decline in the TMT vertical showing signs of bottoming out.

• Mphasis management said demand showed signs of improvement in the first quarter, with the company signing three large deals. It expects further merger and acquisition activity and growth opportunities in the BFSI segment.
• The company is seeing short-duration AI deals as clients invest in infrastructure and seek efficiency. Rupee depreciation did not support margins during the quarter.

• Hartmut Issel of UBS Wealth Management said the investment approach to Indian markets was not limited to large-cap stocks. UBS Wealth remains positive on AI, data centre and industrial companies, while IT services firms face revenue and pricing pressure.
• Issel said the rupee was gradually stabilising and banking growth was not reflected in share prices. Higher crude oil prices and risks around the Strait of Hormuz remain concerns, with the next six to 12 months important for the US-Iran conflict.

• Flipkart plans to start a food delivery service in India within a month, beginning with a pilot in Bengaluru before expanding to other markets.
• The company is considering a separate app and plans to offer the service through ONDC. Flipkart has not officially announced the launch timeline.

• Vedanta fell 1.53%, while Vedanta Iron & Steel declined 1.19% and Vedanta Oil & Gas dropped 0.82%.
• Vedanta Power slipped 0.43%, while Vedanta Aluminium traded 0.16% lower.


 

• Tribhovandas Bhimji Zaveri fell 2.11%, followed by Goldiam at 2.03% and Vaibhav Global at 1.84%. Senco Gold, Motisons Jewellers and Sky Gold also declined.
• Kalyan Jewellers fell 0.84%, Titan Company declined 0.59% and PC Jeweller slipped 0.43%. KDDL traded 0.02% higher.


 

Swiggy shares fell 6.04%, while Barbeque-Nation Hospitality declined 4.99%. Eternal dropped 2.40%, Westlife Foodworld lost 1.55% and Jubilant FoodWorks slipped 0.17%.

• Zensar Technologies rose 2.09%, followed by Persistent Systems at 1.36%, Coforge at 0.90% and HCLTech at 0.76%.
• Fractal Analytics fell 3.88%, while Infosys declined 1.78%. Newgen Software, Sonata Software, Wipro, Hexaware Technologies, Happiest Minds Technologies, KPIT Technologies, Latent View Analytics and Tech Mahindra also traded lower.


 

• Bharti Airtel pulled the Nifty 50 down by 26.25 points, followed by HDFC Bank at 25.02 points, ICICI Bank at 15.28 points, Infosys at 14.44 points and Larsen & Toubro at 13.93 points.
• Cipla contributed 4.71 points to the index, while Nestle India and HCLTech added 2.31 points and 2.04 points, respectively.


 

• HCLTech shares rose as much as 2.51% to Rs 1,276 after 27.6 lakh shares changed hands in a block deal. A separate bunched trade involved about 28 lakh shares.
• The identities of the buyers and sellers and the transaction value were not immediately known. Trading volumes exceeded the stock’s 30-day average.

• Nifty Realty fell 1.34%, while Nifty Auto and Nifty Metal declined 0.98% each. Consumer Durables, Oil and Gas, Defence, Financial Services, Bank, Energy and PSU Bank also traded lower.
• Nifty FMCG gained 0.13%. IT, Media and Pharma recorded losses of up to 0.10%.


 

• Nifty fell as much as 0.9% to 23,646
• Sensex fell as much as 778 points or 1% lower at Rs 75,613.43

Goldman Sachs maintained its Buy rating on PTC Industries with a target price of Rs 25,770. It said the titanium cradle order linked to the Zorawar Light Tank programme marked the company’s entry into complex defence design programmes and opened a new growth opportunity.

• Jefferies maintained its Buy rating on Vishal Mega Mart with a target price of Rs 160. It cited double-digit same-store sales growth, margin expansion and the contribution from own brands.
• The brokerage said the foreign ownership cap could result in a private equity stake sale.

Kotak Securities maintained Reduce on CIE Automotive and cut its target price to Rs 450 from Rs 470. It cited weak execution, a margin miss and continued pressure on the European business.

The Nifty 50 indicated a decline of 203.25 points, or 0.85%, to 23,666.35 in pre-market trade. The Sensex indicated a fall of 683.20 points, or 0.89%, to 75,708.19.

Jefferies upgraded SRF to Hold from Underperform and raised its target price to Rs 2,540 from Rs 2,450. Technical Textiles and Packaging Films drove the earnings beat, while the recovery in Specialty Chemicals remained slow.

Morgan Stanley maintained its Overweight rating on Mphasis with a target price of Rs 2,730. It expects the second quarter to deliver the strongest growth, supported by healthy deal wins, despite the margin miss.

The Indian rupee depreciated by as much as 10 paise to 96.67 against the US dollar.

UBS maintained its Buy rating on Swiggy with a target price of Rs 355. It said the 49.5% foreign ownership cap could provide strategic flexibility and improve Instamart’s Ebitda margin by 50-70 basis points.

Cantor maintained its Overweight rating on Adani Energy Solutions with a target price of Rs 1,819. The transmission and energy solutions businesses drove the Ebitda beat, while the company’s earnings conversion phase continued.

Cantor maintained its Overweight rating on Adani Green Energy with a target price of Rs 1,570. Ebitda exceeded expectations, while the brokerage said the focus would shift from project execution to monetisation.

Cantor maintained its Overweight rating on Adani Power with a target price of Rs 266. Record dispatches and higher contracted volumes supported the Ebitda beat, while the brokerage said the focus would shift to earnings quality and funding.

Morgan Stanley maintained its Underweight rating on Cyient with a target price of Rs 820. It said the first-quarter performance was better than feared and the large-deal pipeline reached a 12-quarter high, but expects a gradual growth recovery.

• Citi maintained Buy and raised its target price to Rs 830 from Rs 700 after revenue growth supported the first-quarter performance. It said commodity and labour costs weighed on margins.
• Jefferies retained Buy and increased its target to Rs 900 from Rs 700. It cited growth in the traction motor business, the Denso partnership and opportunities in robotics.

• UBS maintained Buy with a target price of Rs 210 after revenue growth and margins exceeded expectations. It expects marketing spending to increase before the festive season.
• Jefferies retained Buy and raised its target to Rs 240 from Rs 225. Macquarie maintained Underperform with a target of Rs 125, citing moderated sequential growth and the expectations reflected in the current valuation.

• Morgan Stanley maintained Equal-weight and cut its target price to Rs 1,075 from Rs 1,112, citing a challenging growth outlook. BofA retained Buy but reduced its target to Rs 1,300 from Rs 1,570.
• Jefferies maintained Hold and lowered its target price to Rs 1,020 from Rs 1,235. It cut estimates by 1-3% as the growth outlook weakened. All three brokerages noted Infosys’ deal wins, while Morgan Stanley said investors would monitor the CEO transition.

• Citi maintained Buy and raised its target price to Rs 5,800 from Rs 5,100, while Jefferies retained Buy and increased its target to Rs 5,840 from Rs 5,380. Both cited yields as a support despite higher fuel costs.
• BofA maintained Buy but cut its target price to Rs 5,350 from Rs 5,800 after the first-quarter miss. It flagged fuel costs and capacity reductions as risks.

JPMorgan maintained an Overweight rating and raised its target price to Rs 1,600 from Rs 1,550. It expects launches to support a recovery in the US business and branded prescriptions to drive growth in India.

Citi retained a Buy rating with a target of Rs 1,700, while Jefferies maintained Underperform and raised its target to Rs 1,170 from Rs 1,120. Morgan Stanley retained Underweight with a target of Rs 1,218 and expects the US revenue run rate to improve from the second half.

• ACC, Bank of Baroda, Bank of India, Hindustan Zinc, Jindal Steel, NTPC, REC, Shriram Finance, Steel Authority of India and Tata Consumer Products are among the companies scheduled to report earnings today.
• Other companies due to announce results include CG Power, Container Corporation of India, CreditAccess Grameen, Dalmia Bharat, Dr. Lal PathLabs, KFin Technologies, Laurus Labs, Lodha Developers, SBI Cards, SBI Life Insurance, V-Mart Retail and Welspun Corp.

• Panacea Biotec’s price band has been narrowed to 5% from 10%, while Elitecon International’s price band has been reduced to 10% from 20%.
• Cyient DLM, Huhtamaki India and MPS have been shortlisted under the short-term Additional Surveillance Measure framework. GNG Electronics has been removed from the framework.

• HDFC Mutual Fund bought and sold 71 lakh CIE Automotive India shares at Rs 418.50 each. In Gandhar Oil Refinery, Societe Generale bought 6.84 lakh shares at Rs 280.93 apiece, while Arham Share and Setu Securities sold 2.41 lakh shares and 99,995 shares, respectively.

• Onix Renewable sold 5.32 lakh Indo Thai Securities shares at Rs 218.19 each. VQ Fastercap Fund sold 5.98 lakh Oswal Pumps shares at Rs 343.61 apiece, while Rajdipkumar Chandrakant Gupta bought 8 lakh Tanla Platforms shares at Rs 635.42 each.

• Route Mobile recorded purchases by Irage Broking Services, IMC India Securities and Anupama Shetty. Other deals were reported in AGIIL, Asian Granito India, BlueStone, Huhtamaki India, Lotus Developers, Motisons Jewellers, Oracle Financial Services Software and Wakefit.

• Caliber Mining & Logistics will list on July 24 after its IPO was subscribed 146.64 times. The issue received 240.71 times subscription from qualified institutional buyers, 267.36 times from non-institutional investors and 41.15 times from retail investors.
• The IPO price band was Rs 402 to Rs 424 per share.

Shadowfax Technologies’ six-month lock-in ends for 25.98 crore shares, representing 45% of its outstanding shares.

Turtlemint Fintech Solutions’ one-month lock-in ends for 1.30 crore shares, or 4% of its outstanding shares.

Abbott India and Intellect Design Arena will trade ex-special dividend. Central Mine Planning & Design Institute and Shyam Metalics and Energy will trade ex-interim dividend, while Jupiter Life Line Hospitals will trade ex-stock split.

Neogen Chemicals, NTPC, Shriram Finance, Share India Securities, CreditAccess Grameen and Spectrum Electrical Industries will hold board meetings to consider fundraising proposals.

• Infosys named Ashiss Kumar Dash CEO-designate until March 31, 2027, and plans to appoint him CEO and Managing Director from April 1, 2027. Swiggy capped aggregate foreign ownership at 49.5%. Cyient agreed to acquire TAO Digital Solutions and completed the buyback of 64 lakh shares. PFC raised its borrowing limit to Rs 9 lakh crore, while CemIndia Projects approved fundraising of up to Rs 5,000 crore.

• Vedanta group entities entered into a $2.25 billion financing agreement. Aurobindo Pharma’s subsidiary will acquire an 80% stake in A1 Biochem Group’s CRO business for $17 million. SEAMEC signed two diving services agreements worth $9.42 million and $9.96 million. ACME Solar operationalised battery storage projects totalling 3.62 GWh in Rajasthan.

• Jai Corp suspended operations at its Vasona unit due to flooding. Servotech Renewable Power Systems detected an alleged internal fraud with an estimated impact of Rs 2 crore to Rs 2.5 crore. Blue Dart received a GST notice involving a Rs 21.04 crore tax demand, Rs 14.42 crore interest and Rs 2.10 crore penalty. RailTel secured a Rs 32.75 crore railway order, while KRN HVAC Products received a Rs 50.87 crore domestic order.

Cyient (Q1, Consolidated QoQ)

• Revenue up 7.7% to Rs 2,076 crore versus Rs 1,927 crore.
• Ebit up 20.1% to Rs 187 crore versus Rs 156 crore.
• Margin at 9% versus 8.1%.
• Net profit up 90% to Rs 104 crore versus Rs 54.8 crore.
• Other income at Rs 7 crore versus Rs 27 crore.
• Q4 FY26 included a one-time loss of Rs 71 crore.

Meesho (Q1, Consolidated YoY)

• Revenue up 48.3% to Rs 3,713 crore versus Rs 2,504 crore.
• Ebitda loss at Rs 224.7 crore versus loss of Rs 264.4 crore.
• Net loss at Rs 132.8 crore versus loss of Rs 289.3 crore.
• To invest Rs 75 crore in Meesho Groceries.

Suryoday Small Finance Bank (Q1, YoY)

• Net interest income up 28% to Rs 316 crore versus Rs 247 crore.
• Net profit up 113% to Rs 75.2 crore versus Rs 35.3 crore.
• Gross NPA at 6.60% versus 6.55% (QoQ).
• Net NPA at 1.27% versus 4.21% (QoQ).
• Provisions at Rs 36.7 crore versus Rs 62.1 crore (YoY).
• Provisions at Rs 36.7 crore versus Rs 41.3 crore (QoQ).

Spandana Sphoorty Financial (Q1, Consolidated YoY)

• Total income down 0.3% to Rs 303 crore versus Rs 304 crore.
• Net profit at Rs 11.9 crore versus loss of Rs 360.2 crore.

Motilal Oswal Financial Services (Q1, Consolidated QoQ)

• Total income up 27% to Rs 3,432 crore versus Rs 2,695 crore.
• Net profit at Rs 1,273 crore versus loss of Rs 221.3 crore.

NIIT Learning Systems (Q1, Consolidated YoY)

• Revenue up 25.2% to Rs 565 crore versus Rs 451 crore.
• Ebitda up 2.8% to Rs 92.9 crore versus Rs 90.4 crore.
• Margin at 16.4% versus 20%.
• Net profit up 16.4% to Rs 57.4 crore versus Rs 49.3 crore.

Sona BLW Precision Forgings (Q1, Consolidated YoY)

• Revenue up 54% to Rs 1,310 crore versus Rs 851 crore.
• Ebitda up 49.4% to Rs 302.4 crore versus Rs 202.4 crore.
• Margin at 23.1% versus 23.8%.
• Net profit up 44.7% to Rs 180 crore versus Rs 125 crore.

Indosolar (Q1, YoY)

• Revenue down 64.9% to Rs 68.4 crore versus Rs 194.7 crore.
• Ebitda down 23.8% to Rs 48.5 crore versus Rs 63.6 crore.
• Margin at 70.9% versus 32.7%.
• Net profit down 68.6% to Rs 36.6 crore versus Rs 116.8 crore.

Go Digit General Insurance (Q1, YoY)

• Total income up 8.3% to Rs 2,359 crore versus Rs 2,179 crore.
• Net profit down 37.5% to Rs 86.4 crore versus Rs 138 crore.

Indian Energy Exchange (Q1, Consolidated YoY)

• Revenue up 11.4% to Rs 157.9 crore versus Rs 141.8 crore.
• Ebitda up 13.5% to Rs 130.9 crore versus Rs 115.3 crore.
• Margin at 82.9% versus 81.3%.
• Net profit up 11.6% to Rs 135 crore versus Rs 121 crore.

Infosys (Q1, Consolidated QoQ)

• Revenue up 3.9% to Rs 48,211 crore versus Rs 46,402 crore.
• Ebit up 4.3% to Rs 10,163 crore versus Rs 9,743 crore.
• Margin at 21.08% versus 20.99%.
• Net profit down 8.6% to Rs 7,769 crore versus Rs 8,501 crore.
• Appointed Ashiss Kumar Dash as CEO-designate.
• To appoint Ashiss Kumar Dash as CEO from April 1.

Thyrocare Technologies (Q1, Consolidated YoY)

• Revenue up 24.3% to Rs 240 crore versus Rs 193 crore.
• Ebitda up 33.8% to Rs 77.3 crore versus Rs 57.8 crore.
• Margin at 32.2% versus 29.9%.
• Net profit up 34% to Rs 52.2 crore versus Rs 38.9 crore.

International Gemmological Institute (Q1, Consolidated YoY)

• Revenue up 23.2% to Rs 371 crore versus Rs 301 crore.
• Ebitda up 29% to Rs 224 crore versus Rs 173 crore.
• Margin at 60.3% versus 57.6%.
• Net profit up 31% to Rs 166 crore versus Rs 127 crore.

InterGlobe Aviation (Q1, Consolidated YoY)

• Revenue up 19.9% to Rs 24,584 crore versus Rs 20,496 crore.
• Ebitda down 37.5% to Rs 3,267 crore versus Rs 5,226 crore.
• Margin at 13.3% versus 25.5%.
• Ebitdar down 34% to Rs 3,889 crore versus Rs 5,866 crore.
• Ebitdar margin at 15.8% versus 28.6%.
• Net loss at Rs 238 crore versus profit of Rs 2,176 crore.

Fineotex Chemical (Q1, Consolidated YoY)

• Revenue up 174.7% to Rs 376.6 crore versus Rs 137.1 crore.
• Ebitda up 134.5% to Rs 59.1 crore versus Rs 25.2 crore.
• Margin at 15.7% versus 18.4%.
• Net profit up 54.8% to Rs 38.4 crore versus Rs 24.8 crore.

IIFL Capital Services (Q1, Consolidated QoQ)

• Revenue up 10.2% to Rs 721 crore versus Rs 655 crore.
• Net profit up 60.5% to Rs 184.1 crore versus Rs 114.7 crore.

Gujarat Alkalies & Chemicals (Q1, Consolidated YoY)

• Revenue up 12.6% to Rs 1,245 crore versus Rs 1,105 crore.
• Ebitda up 90% to Rs 221.7 crore versus Rs 116.6 crore.
• Margin at 17.8% versus 10.6%.
• Net profit at Rs 55 crore versus loss of Rs 13.8 crore.

Allied Blenders & Distillers (Q1, Consolidated YoY)

• Revenue up 6% to Rs 979 crore versus Rs 923 crore.
• Ebitda up 3.5% to Rs 115.5 crore versus Rs 111.6 crore.
• Margin at 11.8% versus 12.1%.
• Net profit down 13% to Rs 49.2 crore versus Rs 56.6 crore.

Orient Cement (Q1, QoQ)

• Revenue down 6.7% to Rs 604 crore versus Rs 647 crore.
• Ebitda up 33.3% to Rs 144 crore versus Rs 108 crore.
• Margin at 23.8% versus 16.7%.
• Net profit up 40% to Rs 77 crore versus Rs 55 crore.

Seshasayee Paper & Boards (Q1, Consolidated QoQ)

• Revenue down 6.9% to Rs 376 crore versus Rs 404 crore.
• Ebitda down 26.3% to Rs 87.2 crore versus Rs 118.3 crore.
• Margin at 23.2% versus 29.3%.
• Net profit down 26% to Rs 60.3 crore versus Rs 81.9 crore.

Ramco Systems (Q1, Consolidated YoY)

• Revenue up 7.1% to Rs 172.7 crore versus Rs 161.3 crore.
• Ebitda down 12.8% to Rs 25.3 crore versus Rs 29 crore.
• Margin at 14.6% versus 18%.
• Net profit down 33.3% to Rs 60 lakh versus Rs 90 lakh.
• Appointed Gayathri R as CFO.

Route Mobile (Q1, Consolidated YoY)

• Revenue up 9.7% to Rs 1,151.5 crore versus Rs 1,050 crore.
• Ebitda up 13.3% to Rs 105 crore versus Rs 93 crore.
• Margin at 9.2% versus 8.9%.
• Net profit up 17.7% to Rs 62.6 crore versus Rs 53.2 crore.
• Board declared first interim dividend of Rs 4 per share.

S&P 500 futures were little changed, while Nasdaq-100 futures rose 0.3%. Dow Jones Industrial Average futures slipped by around 20 points.

• The Dow Jones Industrial Average fell more than 500 points, while the S&P 500 declined 1.2%. The Nasdaq Composite dropped 2.2%, its steepest one-day fall since late June.
• Earnings from two technology companies added to selling pressure in semiconductor shares.

Gold traded near $4,050 an ounce after falling about 2% in the previous session as rising bond yields reduced demand. Australian and New Zealand government bonds also declined, tracking losses in US Treasuries.

• European Central Bank President Christine Lagarde said policymakers could consider another rate increase after keeping the deposit rate unchanged at 2.25%.
• Markets also raised expectations of a US Federal Reserve rate increase by September as energy prices continued to rise.

Brent crude rose above $100 a barrel, raising concerns about renewed inflation. Higher oil prices pushed US Treasury yields to yearly highs and strengthened the dollar as traders increased bets that central banks would keep monetary policy tight for longer.

Investors questioned whether spending by technology companies on artificial intelligence would generate enough earnings growth to support current valuations. Rising geopolitical tensions and energy costs also reduced risk appetite.

GIFT Nifty traded at 23,689, down about 181 points from the Nifty 50’s Thursday close of 23,869.60.