Stock Market Highlights: Nifty, Sensex End Higher For Second Day; RIL And HDFC Bank Lead Gains

The Nifty 50 closed at 24,317.15, up 66.95 points or 0.28%, while the Sensex ended at 77,928.15, gaining 273.55 points or 0.35%. RIL and HDFC Bank were among the top gainers on the day.

• Mankind Pharma reported consolidated revenue of Rs 4,031 crore in Q1, up 12.9% from Rs 3,570 crore in the same quarter last year.
• EBITDA grew 24.9% year-on-year to Rs 1,057 crore from Rs 846 crore, with EBITDA margins expanding to 26.2% from 23.7% a year ago.

• Hyundai Motor India reported a consolidated net profit of Rs 889 crore in Q1, down 35.1% from Rs 1,369 crore a year ago, but ahead of the estimate of Rs 858 crore. Revenue declined marginally by 0.5% year-on-year to Rs 16,335 crore, in line with the estimate of Rs 16,327 crore.
• EBITDA fell 30.8% year-on-year to Rs 1,512 crore from Rs 2,186 crore, with EBITDA margins contracting to 9.3% from 13.3% a year ago. Both EBITDA and margins came in marginally ahead of estimates of Rs 1,505 crore and 9.2% respectively.

• Bajaj Finance reported a consolidated net profit of Rs 5,986 crore in Q1, up 27.4% from Rs 4,700 crore a year ago and ahead of the estimate of Rs 5,846 crore. Net interest income came in at Rs 12,571 crore, above the estimate of Rs 12,408 crore.
• Asset quality was better than expected, with net NPA at 0.39% against an estimate of 0.46%.

• Vedanta reported a consolidated profit of Rs 5,473 crore in Q1, down 18.3% from Rs 6,698 crore in the previous quarter. Revenue declined 1.7% sequentially to Rs 24,205 crore, against Rs 24,609 crore in Q4.
• EBITDA rose 12.5% quarter-on-quarter to Rs 8,501 crore from Rs 7,559 crore, with EBITDA margins expanding to 35.1% from 30.7% in the previous quarter.

• Mastek told NDTV Profit that nearly 40% of its bookings in Q1 came from artificial intelligence-related work, with back-office transformation seen as a significant area of AI adoption. The company said AI transformation is expected to drive faster growth ahead.
• The company acknowledged that order execution has been slow, with ramp-up periods for some orders taking longer than expected. It added that the demand outlook has turned more positive and that it expects more order conversions going forward.

• Apollo Pipes reported a consolidated net loss of Rs 8.6 crore in Q1, compared to a net profit of Rs 8.1 crore in the same quarter last year. Revenue grew 7.3% year-on-year to Rs 295 crore, against Rs 275 crore in Q1 of the previous year.
• EBITDA fell 85.3% to Rs 3 crore from Rs 20.4 crore, with EBITDA margins contracting sharply to 1% from 7.4% a year ago.

As of 3 PM on Day 1 of the MV Electrosystems IPO, the issue has received overall subscriptions of 2.28 times. Retail investors led with a subscription rate of 8.99 times, followed by non-institutional investors at 2.27 times. Qualified institutional buyers subscribed 0.06 times.

• Ajanta Pharma reported a consolidated net profit of Rs 334 crore in Q1, up 30.9% from Rs 255 crore in the same quarter last year. Revenue grew 24.8% year-on-year to Rs 1,626 crore, against Rs 1,303 crore in Q1 of the previous year.
• EBITDA rose 20.5% to Rs 423 crore from Rs 351 crore, with margins easing slightly to 26% from 26.9% a year ago. Among segments, US generics revenue grew 57% to Rs 487 crore, India business rose 24% to Rs 509 crore, and Africa business grew 30% to Rs 295 crore. Asia business declined 16% to Rs 255 crore.
• The company has approved an interim dividend of Rs 32 per share, taking the total dividend payout to Rs 400 crore.

As of 2:45 PM on Day 2 of the Manipal Health IPO, the issue has received overall subscriptions of 34%. Retail investors lead with a 42% subscription rate, followed by qualified institutional buyers at 41%. The non-institutional investor category stands at 13%.

• Vedanta Aluminium reported a consolidated profit of Rs 5,629 crore in Q1, up 33.8% from Rs 4,207 crore in the previous quarter. Revenue grew 11.9% sequentially to Rs 21,393 crore, against Rs 19,124 crore in Q4.
• EBITDA rose 23.3% quarter-on-quarter to Rs 10,299 crore from Rs 8,352 crore, with EBITDA margins expanding to 48.1% from 43.7% in the previous quarter.

• SEBI's approval for NSE's draft IPO papers is expected by mid-August, with a stock market listing likely in September. NSE had filed its draft IPO papers with SEBI on 17 June. The issue is entirely an offer for sale with around a 6% stake on offer.
• SEBI is also expected to issue its final settlement order in the NSE co-location case soon, with the settlement amount expected to exceed Rs 1,400 crore.
• International roadshows are currently under way, and NSE is also engaging domestic institutional investors as part of its IPO outreach.

• Indian Railway Finance Corporation reported a net profit of Rs 1,927 crore in Q1, up 10.4% from Rs 1,746 crore in the same quarter last year. Total income grew 21.3% year-on-year to Rs 8,391 crore, against Rs 6,918 crore in Q1 of the previous year.
• Current assets under management stood at Rs 4.79 lakh crore, marginally lower than Rs 4.85 lakh crore in the previous quarter.

• European indices are largely trading in positive territory, with Portugal's PSI20 leading gains at 1.37%, followed by Spain's IBEX 35 at 0.93% and the Netherlands' AEX at 0.95%. France's CAC and Denmark's OMXC 25 are also trading higher.
• The UK's FTSE is up 0.33% at 10,944.82, while the pan-European STOXX 600 is higher by 0.40% at 647.56. Switzerland's SMI is trading marginally in the green at 0.13%.
• Germany's DAX and Belgium's BEL 20 are the only indices in negative territory, down 0.09% and 0.59% respectively.

• Japan's Nikkei 225 was the top performer at the close, rising 0.71% or 433.24 points to 61,867.43. Hong Kong's Hang Seng also ended in positive territory, gaining 0.20% to close at 25,858.88.
• Australia's ASX 200 declined 0.78% to 8,967.70, while South Korea's KOSPI fell 1.23% or 69.68 points to 5,593.56.
• China's Shanghai Composite ended lower by 0.62%, closing at 3,804.69, down 23.78 points.

• Trehan IRIS has launched a luxury housing project named Omara in Sector 80, Gurugram, comprising 300 apartments priced between Rs 7.5 crore and Rs 9 crore. The total project cost is estimated at Rs 1,300 crore.
• The company acquired 5.08 acres of land in the sector for around Rs 200 crore through a government auction. Construction is set to begin next month, with project delivery expected in four to five years.

• Mahanagar Gas reported a consolidated net profit of Rs 193 crore in Q1, up 48.5% from Rs 130 crore in the previous quarter. Revenue grew 15.6% sequentially to Rs 2,373 crore, against Rs 2,052 crore in Q4.
• EBITDA rose 31.9% quarter-on-quarter to Rs 343 crore from Rs 260 crore, with EBITDA margins expanding to 14.5% from 12.7% in the previous quarter.

• PSP Projects reported a consolidated net profit of Rs 18.3 crore in Q1, compared to Rs 0.4 crore in the same quarter last year. Revenue grew 64.7% year-on-year to Rs 853 crore, against Rs 518 crore in Q1 of the previous year.
• EBITDA more than doubled to Rs 54.5 crore from Rs 25.2 crore, with EBITDA margins expanding to 6.38% from 4.86% a year ago.

• Israeli Prime Minister Benjamin Netanyahu told ABC News that predicting Iran's actions regarding global commerce in the Strait of Hormuz was not possible, and described Iran as a threat to global peace.
• Netanyahu said the strait's leverage as a chokepoint would diminish if energy flows are rerouted, adding that pipelines could be redirected via the Red Sea through Israel to the Mediterranean as an alternative.

Source: PTI

• IRB Infrastructure reported a consolidated net profit of Rs 306 crore in Q1, up 51.5% from Rs 202 crore in the same quarter last year. Revenue grew 1.8% year-on-year to Rs 2,137 crore, against Rs 2,099 crore in Q1 of the previous year.
• EBITDA rose 21% to Rs 1,152 crore from Rs 952 crore, with EBITDA margins expanding to 53.9% from 45.4% a year ago.

• Deepak Fertilisers reported a consolidated net profit of Rs 490 crore in Q1, up from Rs 243 crore in the same quarter last year. Revenue grew 22.5% year-on-year to Rs 3,256 crore, against Rs 2,659 crore in Q1 of the previous year.
• EBITDA rose 64.7% to Rs 845 crore from Rs 513 crore, with EBITDA margins expanding to 26% from 19.3% a year ago.
• Other income declined to Rs 6 crore from Rs 23.8 crore in the same quarter last year.

• Privi Speciality reported a consolidated net profit of Rs 84.2 crore in Q1, up 36% from Rs 61.9 crore in the same quarter last year. Revenue grew 19.2% year-on-year to Rs 666 crore, against Rs 559 crore in Q1 of the previous year.
• EBITDA rose 15.3% to Rs 152 crore from Rs 132 crore, though EBITDA margins edged lower to 22.9% from 23.6% a year ago. Other income increased to Rs 15.2 crore from Rs 9 crore year-on-year.

• Westlife Foodworld reported a consolidated net profit of Rs 0.6 crore in Q1, down 50% from Rs 1.2 crore in the same quarter last year, even as revenue grew 11.9% year-on-year to Rs 736 crore against Rs 658 crore in Q1 of the previous year.
• EBITDA rose 10.6% to Rs 94 crore from Rs 85 crore, with margins broadly stable at 12.8% versus 12.9% a year ago.

• LT Foods reported a consolidated net profit of Rs 183 crore in Q1, up 8.8% from Rs 169 crore in the same quarter last year. Revenue grew 27.9% year-on-year to Rs 3,152 crore, against Rs 2,464 crore in Q1 of the previous year.
• EBITDA rose 33.5% to Rs 354 crore from Rs 265 crore, with EBITDA margins improving to 11.2% from 10.8% a year ago.
• Other income declined to Rs 9.5 crore from Rs 37.1 crore in the same quarter last year.

• Mahindra and Mahindra reported a net profit of Rs 3,685 crore in Q1, up 6.8% from Rs 3,450 crore a year ago and ahead of the estimate of Rs 3,569 crore. Revenue grew 23% year-on-year to Rs 41,920 crore, marginally above the estimate of Rs 41,845 crore.
• EBITDA rose 7.9% year-on-year to Rs 5,111 crore but came in below the estimate of Rs 5,353 crore. EBITDA margins contracted to 12.2% from 13.9% a year ago, missing the estimate of 12.8%. The company also announced it will absorb its arm Mahindra Investment into itself.
• Automotive business revenue grew 24% year-on-year to Rs 31,033 crore, while automotive EBIT remained flat at Rs 2,211 crore. Farm equipment revenue rose 19% to Rs 10,947 crore, with farm equipment EBIT up 11% at Rs 2,028 crore.

• Hikal MD Sameer Hiremath said the company's new Pune plant will be a key part of its contract development and manufacturing organisation business, with around 400 scientists working at the facility. The plant has capacity to run two or more projects simultaneously and is expected to improve clinical efficiency and CDMO margins.
• Hiremath said the company is seeing more contracts under its CDMO business and has incubated two new businesses over the past two years, including an entry into personal care, with a product launch expected this year.

• Exide Industries reported a net profit of Rs 407 crore in Q1, up 27.2% from Rs 320 crore in the same quarter last year. Revenue grew 17.6% year-on-year to Rs 5,305 crore, against Rs 4,510 crore in Q1 of the previous year.
• EBITDA rose 19.3% to Rs 655 crore from Rs 549 crore, with EBITDA margins holding steady at 12.3% versus 12.2% a year ago.

Brent crude climbed 2.5% to $93.04 per barrel, crossing the $93 mark.

• Germany's Ambassador to India, Philipp Ackermann, has said the two countries are expected to sign a submarine deal "very soon," possibly within the next month. The agreement covers six next-generation conventional submarines to be built in India for the Indian Navy under Project-75I.
• The deal is estimated at around 8 billion euros, or over Rs 90,000 crore. ThyssenKrupp Marine Systems of Germany and state-owned Mazagon Dock Shipbuilders are expected to sign the agreement.

Source: PTI

• MeitY Secretary has said high-level Meta officials have been called to appear within 7 to 10 days to explain the situation at both a policy and technical level. India's concerns on the matter will be formally shared with the company.
• Meta has expressed regret over the incident and has provided its understanding of what occurred to the government. Starting 28 July, Meta has put in place a new protocol to prevent recurrence of such situations.

• Vardhman Textiles reported a consolidated net profit of Rs 310 crore in Q1, up 49.8% from Rs 207 crore in the same quarter last year. Revenue grew 13.3% year-on-year to Rs 2,703 crore, against Rs 2,386 crore in Q1 of the previous year.
• EBITDA rose 45.1% to Rs 473 crore from Rs 326 crore, with EBITDA margins expanding to 17.5% from 13.7% a year ago.

Bondada Engineering has informed the stock exchanges that one of its subsidiaries will acquire a 75% interest in KCS Engineering, a company focused on defence and aerospace technology.

Coforge has launched its Momentuum AI Platform to support its Forward Deployed Engineer (FDE) model, according to an exchange filing. The FDE model places engineers directly within client environments to deliver technology solutions.

• Star Health CFO Nilesh Kambli said the company saw some loss of market share in retail health insurance during the quarter, and noted that overall insurance demand has seen some moderation. The company has deferred commissions under a new accounting method.
• On pricing, Kambli said the company follows an annual calendar for price increases, with decisions depending on the product and market conditions. He added that expected regulatory changes are likely to be beneficial for the company.
• Star Health is targeting a return on equity of 15-16% by FY28 and is incorporating AI across its value chain. Kambli maintained that the company's overall insurance portfolio remains on a sound footing.

• V-Guard Industries Managing Director Ramachandran Venkataraman said the company delivered strong growth in both revenue and profit during Q1.
• He said margins improved due to effective price pass-through, with faster pricing transmission seen in southern markets.
• Venkataraman said geopolitical tensions are affecting commodity prices, and elevated commodity costs could influence pricing across the industry.
• The company expects FY27 revenue to grow around 15% year-on-year, with the possibility of exceeding that level if current trends continue.
• He also said Sunflame is likely to post better growth in Q2.

 

• Gillette India reported a net profit of Rs 160 crore in Q1, up 9.5% from Rs 146 crore in the same quarter last year. Revenue grew 10.8% year-on-year to Rs 783 crore, against Rs 707 crore in Q1 of the previous year.
• EBITDA rose 8.4% to Rs 228 crore from Rs 210 crore, with EBITDA margins marginally lower at 29.1% versus 29.7% a year ago.

• Balkrishna Industries said demand for carbon black remains strong, though raw material availability and weather conditions could affect performance in the near term.
• The company spent Rs 925 crore on expanding its carbon black capacity and power plant, while overall capex spending stood at around Rs 1,000 crore in Q1. Projects under the Rs 3,000 crore capex programme are progressing as planned.
• Management said Q1 margins were impacted by higher input costs. The company implemented a 5% price hike, with partial benefits expected to reflect from Q2.
• Balkrishna Industries estimates that higher input costs had a 3% impact on sales and reduced margins by around 2 percentage points during the quarter.

 

• Hester Biosciences reported a consolidated net profit of Rs 97 crore in Q1, compared with Rs 16.4 crore in the year-ago period.
• The company recorded a one-time gain of Rs 85.3 crore during the quarter.
• Revenue declined 8.2% year-on-year to Rs 77.2 crore from Rs 84.1 crore.
• EBITDA fell 1% to Rs 22.6 crore from Rs 22.8 crore, while EBITDA margin improved to 29.3% from 27.1% a year earlier.

• CRISIL Ratings has downgraded the long-term rating of RPP Infra Projects to 'CRISIL BBB/Stable' from 'CRISIL BBB /Stable', according to a rating rationale dated July 28.
• The agency also downgraded the short-term rating to 'CRISIL A3 ' from 'CRISIL A2'.
• At the same time, CRISIL enhanced the rated bank loan facilities to Rs 642 crore from Rs 557 crore.
• The rating action applies to the company's bank loan facilities and was disclosed in CRISIL's rating rationale.

• Bajaj Global said its board will meet on August 4, 2026 to consider and approve the unaudited financial results for the quarter ended June 30, 2026, according to an exchange filing.
• The company will also consider the Limited Review Report for the quarter at the meeting.
• The trading window for designated persons and their immediate relatives will remain closed until 48 hours after the declaration of the results.

 

• Mahindra & Mahindra is expected to report standalone revenue of Rs 41,845 crore in Q1 FY27, up 23% from Rs 34,083 crore a year earlier, driven by higher tractor and utility vehicle sales volumes.

• EBITDA is estimated to rise 13% to Rs 5,353 crore from Rs 4,735 crore, while EBITDA margin is expected to decline 110 basis points to 12.8% from 13.9% due to raw material cost pressures.

• Net profit is projected to increase 4% year-on-year to Rs 3,569 crore from Rs 3,448 crore.

• Growth is expected to be supported by strong volume gains, with tractor sales at 1.58 lakh units versus 1.34 lakh units a year ago and utility vehicle volumes at 1.74 lakh units versus 1.52 lakh units.

• Investors will watch management commentary on the proposed transfer of the Truck and Bus Division (MTBD) to SML Mahindra, margin outlook for Q2, and capacity constraints affecting certain vehicle models.

• Updates on inventory levels and plans to address high utilisation-driven capacity constraints will also be in focus.

• KPIT Technologies CEO Kishor Patil told NDTV Profit that the company expects stronger growth in the second half of FY27 compared with Q1, with Q4 likely to be a key driver of performance.
• The company said it has increased investments in products and solutions and plans to introduce more offerings going forward.
• Patil said margins are expected to improve as revenue growth accelerates, adding that KPIT has maintained consistency in EBITDA margin expansion.
• The company is increasing its focus on larger OEMs and automotive customers as part of its long-term growth strategy.
• Management said Q1 was impacted by higher costs, salary-related expenses and order cancellations. The conflict in the Middle East and competition from China also weighed on business in Japan and Europe.
• Patil added that cost rationalisation in Europe remains challenging, but the company remains focused on achieving broad-based, long-term growth.

 

• Sowilo Investment told NDTV Profit that there is significant scope for gains in IT stocks, with foundational AI companies expected to benefit from long-term adoption trends over the next 15-20 years.
• The firm said IT companies are entering a lag phase but expects headcount growth to improve from Q3 as enterprises accelerate AI implementation.
• Sowilo believes IT companies can deliver earnings-per-share growth over the next three years as enterprise AI adoption gathers pace.
• The firm prefers mid- and small-cap IT companies over larger peers, citing stronger growth opportunities.
• It also expressed a cautious view on the engineering research and development (ER&D) segment, citing elevated valuations.

• Jindal Drilling & Industries said it has received a contract from Oil and Natural Gas Corporation (ONGC) for a period of three years, according to an exchange filing.
• The contract carries an effective day rate of Rs 45.8 lakh.
• The company disclosed the order win through a regulatory filing.

 

• Abhishek Pareek of Waaree Energies told NDTV Profit that the company aims to achieve revenue of Rs 1 lakh crore over the next five years and expects FY27 EBITDA of Rs 7,000 crore.
• The company is deploying Rs 30,000 crore across business segments and maintained its EBITDA margin guidance of 18–20%. Pareek said Waaree had applied under the ALMM-II scheme and started receiving orders from the Middle East and Europe.

• Thangamayil Jewellery fell 10%, leading losses among jewellery stocks. Motisons Jewellers declined 1.99%, while Senco Gold dropped 1.81%.
• Goldiam rose 2.44%, while Kalyan Jewellers gained 1.46%.

• Syrma SGS Managing Director Jasbir Singh Gujral said during the company’s first-quarter earnings call that exports would remain a key growth area and demand was not a concern.
• Gujral said geopolitical developments had created supply-chain constraints. The company plans to treat inventory as a strategic asset rather than working capital over the next two quarters to protect customer supplies.

• State Bank of India is targeting $10–15 billion through FCNR-B deposits, overseas foreign currency borrowings and external commercial borrowings, according to sources. The bank has likely mobilised more than $5 billion through FCNR-B deposits, while offering leverage of up to nine times on these deposits.
• SBI has also likely raised $1 billion through overseas foreign currency borrowings and $500 million through external commercial borrowings. The bank did not respond to NDTV Profit’s queries.

• KPIT Technologies Chief Executive Officer Kishor Patil told NDTV Profit that growth in the second half of FY27 was expected to be stronger than in the first quarter, led by fourth-quarter performance. Margins are expected to improve as revenue growth picks up.
• Patil said the company would introduce more products and programmes, with a focus on larger automotive manufacturers. He added that higher costs, salary cuts and order cancellations affected the first quarter, while the Middle East war and competition from China weighed on business in Japan and Europe.

• Mihir Vora of TRUST Mutual Fund told NDTV Profit that first-quarter earnings had exceeded expectations so far, with most banks reporting strong results despite pressure on margins.
• Vora expects financials and capital-market businesses to drive market growth. He favours equities over debt and follows a bottom-up approach for large-cap IT companies.

Piramal Pharma said its CDMO business has a strong order book and is seeing healthy traction.

• The company may consider revising its FY27 guidance in Q2.
• Piramal Pharma plans to expand its speciality products portfolio.
• Management said customers are taking longer to make decisions in the CDMO business.

• Lohia Corp listed at Rs 460 on the NSE and BSE, compared with its issue price of Rs 425, marking a premium of about 8%.
• Indo-MIM listed at Rs 703 on the BSE against its issue price of Rs 485, a premium of 45%. The stock listed at a 44% premium on the NSE.
• Xtranet Tech listed at Rs 130 on the BSE and Rs 136 on the NSE, compared with its issue price of Rs 127.

Syrma SGS said the quality of its business improved in Q1, Jasbir Singh Gujral told NDTV Profit.

• Exports grew 60% in Q1, compared with 40% year-on-year growth earlier.
• Revenue from own-design products doubled from a year ago.
• The company expects to exceed its growth guidance by at least 10–15%.
• Supply constraints have not affected operations so far, though a prolonged Middle East conflict could cause disruptions.
• Syrma SGS expects growth in the automotive segment, while the memory business remains a small part of its operations.

Chalet Hotels expects higher growth and bookings in Q2 and the second half of FY27, Shwetank Singh told NDTV Profit.

• The hospitality business grew in Q1 despite global headwinds, supported by domestic and leisure demand.
• The company will continue to focus on its hospitality and commercial businesses.
• Chalet Hotels will not account for the one-off residential business in Q3.
• The company is reducing costs and offerings that it does not require.

• Larsen & Toubro received a Limited Notice to Proceed from NTPC for a 1,600 MW thermal power unit, according to an exchange filing.
• The order value ranges from Rs 10,000 crore to Rs 15,000 crore.

Zensar Technologies expects its business performance in Q2 to improve from Q1, according to management commentary during its earnings call.

• The company expects Q2 and Q3 margins to remain near Q1 levels.
• Deals with new clients are at a record high, while large deals account for 23% of the pipeline.
• Zensar is introducing AI-native offerings and investing in its sales force.
• The company added employees in Q1 and flagged rising competition in the SME segment.

• Infosys added 22.92 points to the Nifty 50, followed by Reliance Industries at 9.41 points and TCS at 6.76 points.
• Bharti Airtel and M&M contributed 5.59 points and 4.8 points, respectively.
• ICICI Bank was the biggest drag, pulling the index down by 15.98 points.
• Adani Ports, Asian Paints, Axis Bank and Eternal also weighed on the index.

Thangamayil Jewellery shares extended their decline for a second session, falling over 9%. The stock was locked in the 10% lower circuit on Wednesday.

• Q1 net profit rose 86.2% to Rs 85.1 crore from Rs 45.7 crore a year earlier.
• Revenue increased 71.2% to Rs 2,666 crore from Rs 1,558 crore.
• EBITDA grew 66.8% to Rs 145 crore from Rs 86.7 crore.
• EBITDA margin narrowed to 5.4% from 5.6% a year earlier.

• Nifty IT rose 1.68%, while Auto gained 0.47% and Pharma advanced 0.37%.
• Nifty Realty fell 0.83%, followed by PSU Bank down 0.49% and Bank lower by 0.47%.
• Financial Services, Private Bank, Media and Energy also traded lower.

 

Syngene International shares fell 8.06% to Rs 380.85 after the company reported a consolidated net loss of Rs 9 crore for Q1, compared with a profit of Rs 86.8 crore a year earlier.

• Revenue declined 15.9% to Rs 736 crore, while EBITDA fell 33.4% to Rs 141 crore.
• EBITDA margin narrowed to 19.1% from 24.2%.
• The quarter included a one-time cost of Rs 14 crore.
• Macquarie maintained Outperform with a target price of Rs 735, while calling the results below expectations.

Indian benchmark indices declined in early trade.

• Sensex fell 214 points, or 0.3%, to 77,440.91.
• Nifty 50 declined 0.3% to 24,187.

Several large companies are scheduled to announce June-quarter earnings today, including Tata Steel, Mahindra & Mahindra, Bajaj Finance, IRFC, LIC Housing Finance, Mankind Pharma, Mazagon Dock Shipbuilders, Swiggy, RailTel, Torrent Pharmaceuticals, Thermax, Hyundai Motor India, Exide Industries and Vedanta. Investors will track earnings for management commentary and forward guidance.

• Landmark Cars has been excluded from the Additional Surveillance Measure framework, according to exchange notifications.
• Diamond Power Infrastructure was also removed from the ASM framework.

The exchanges revised surveillance measures for Asian Granito India.

• Price band revised from 20% to 10%.
• Included in the Short-Term ASM framework.

• Nifty 50 was flat at 24,249.55 in pre-market trade, down 0.65 points.
• Sensex slipped 12.08 points, or 0.02%, to 77,642.52.

Shares of Xtranet Technologies, INDO-MIM and Lohia Corp are scheduled to list on the exchanges today after completing their public offerings.

Investors will track listing premiums and trading volumes following strong demand in parts of the institutional book.

Juniper Green's initial public offering opens for subscription today.

• Issue size: Rs 1,800 crore.
• Entirely a fresh issue of eight crore equity shares.
• Subscription closes on Aug. 3.

Peak XV Partners Growth Investments III exited part of its holding in Go Digit General Insurance through a block deal.

• Buyer: ICICI Prudential Mutual Fund.
• Seller: Peak XV Partners Growth Investments III.
• Shares: 57.21 lakh.
• Price: Rs 243 per share.

Massachusetts Institute of Technology sold 40 lakh shares of KPIT Technologies in a block deal.

• Seller: Massachusetts Institute of Technology.
• Shares sold: 40 lakh.
• Price: Rs 609.09 per share.

Madhya Bharat Agro Products approved raising up to Rs 317.48 crore through a preferential issue of equity shares to non-promoter investors.

Real estate and infrastructure companies announced fresh project developments ahead of the trading session.

• NBCC signed a USD 75 million housing project in Seychelles.
• Brigade Enterprises acquired a two-acre land parcel on Kanakapura Road for a premium residential project with an estimated GDV of Rs 400 crore.
• Oberoi Realty entered a development agreement to redevelop a Malabar Hill property with free-sale entitlement of up to 68,000 sq ft.

Shyam Metalics commissioned a 1.5 MTPA beneficiation plant at Sambalpur, Odisha.

• Investment: Rs 150 crore.
• The facility expands the company's mineral processing capacity.

Capri Global Capital said it will collaborate with OpenAI to deploy enterprise-grade generative AI across its lending operations and key business functions.

MTAR Technologies reported strong year-on-year growth across revenue, operating profit and net profit in the June quarter.

MTAR Tech (Q1, Consolidated YoY)

• Revenue up to Rs 360.7 crore versus Rs 156.5 crore.
• Ebitda up to Rs 84.9 crore versus Rs 28.3 crore.
• Margin at 23.5% versus 18.1%.
• Net profit at Rs 50.2 crore versus Rs 10.8 crore.

Force Motors reported higher revenue and profit for the June quarter, while operating margin narrowed.

Force Motors (Q1, Consolidated YoY)

• Revenue up 6.2% to Rs 2,440 crore versus Rs 2,297 crore.
• Ebitda down 1.2% to Rs 327 crore versus Rs 331 crore.
• Margin at 13.4% versus 14.4%.
• Net profit up 22.8% to Rs 217 crore versus Rs 176 crore.

Vedanta Oil & Gas returned to profit in the June quarter despite reporting a one-time loss.

Vedanta Oil & Gas (Q1, Consolidated YoY)

• Revenue up 8.5% to Rs 2,507 crore versus Rs 2,311 crore.
• Ebitda up 61.2% to Rs 814 crore versus Rs 505 crore.
• Margin at 32.5% versus 21.9%.
• Net profit at Rs 945 crore versus loss of Rs 103 crore.
• One-time loss of Rs 441 crore in Q1.

Syrma SGS Technology reported strong growth in revenue and profit for the June quarter and approved a fund raise.

Syrma SGS (Q1, Consolidated YoY)

• Revenue up 68.3% to Rs 1,589 crore versus Rs 944 crore.
• Ebitda up 86.3% to Rs 161.5 crore versus Rs 86.7 crore.
• Margin at 10.2% versus 9.2%.
• Net profit at Rs 100 crore versus Rs 49.7 crore.

• Re-appointed Sandeep Tandon as Executive Chairman for five years.
• Approved raising up to Rs 1,000 crore through QIP and other modes.

Rainbow Children's Medicare said its subsidiary will develop a women and children's hospital in Malad, Mumbai.

• Estimated project cost: Rs 90 crore.
• Fountainhead TCHM Healthcare LLP will acquire a 24% stake in the subsidiary.
• Rainbow Children's will retain a 76% stake and management control.

NTPC Green Energy said 50 MW of solar capacity at its Rajasthan project will achieve commercial operation on July 31.

• Group operational capacity increases to 10,836.56 MW.

Sun Pharma received regulatory approval to manufacture and market semaglutide in Brazil, expanding its presence in the GLP-1 therapy market.

Brokerages retained a positive view on Star Health following its June-quarter performance.

Jefferies

• Buy
• Target price: Rs 700
• Fourth consecutive quarter of improvement in loss ratio.
• Combined insurance service ratio beat estimates.

Star Health Insurance reported growth in profit and insurance revenue for the June quarter.

Star Health (Q1 YoY)

• Insurance revenue up 12.6% to Rs 4,917 crore versus Rs 4,366 crore.
• Net profit up 25.5% to Rs 550 crore versus Rs 438 crore.

Karnataka Bank reported improved asset quality and higher profit in the June quarter.

Karnataka Bank (Q1 YoY)

• Net interest income up 24.2% to Rs 938.3 crore versus Rs 755.6 crore.
• Net profit up 43.3% to Rs 419 crore versus Rs 292 crore.
• Gross NPA at 2.58% versus 2.78% QoQ.
• Net NPA at 0.87% versus 0.98% QoQ.

Balkrishna Industries announced its first interim dividend alongside June-quarter earnings.

Balkrishna Industries (Q1, Consolidated YoY)

Revenue up 25% to Rs 3,455 crore versus Rs 2,760 crore.

Ebitda up 47% to Rs 744.4 crore versus Rs 506 crore.

Margin at 21.5% versus 18.3%.

Net profit up 56.4% to Rs 451 crore versus Rs 288 crore.

• Declared first interim dividend of Rs 4 per share.

Balkrishna Industries announced its first interim dividend alongside June-quarter earnings.

Balkrishna Industries (Q1, Consolidated YoY)

Revenue up 25% to Rs 3,455 crore versus Rs 2,760 crore.

Ebitda up 47% to Rs 744.4 crore versus Rs 506 crore.

Margin at 21.5% versus 18.3%.

Net profit up 56.4% to Rs 451 crore versus Rs 288 crore.

• Declared first interim dividend of Rs 4 per share.

TeamLease Services reported growth in profit and revenue during the June quarter.

TeamLease Services (Q1, Consolidated YoY)

Revenue up 5.8% to Rs 3,035 crore versus Rs 2,869 crore.

Ebitda up 5.9% to Rs 32.1 crore versus Rs 30.3 crore.

Margin at 1.05% versus 1.05%.

Net profit up 31.7% to Rs 34.9 crore versus Rs 26.5 crore.

• Approved sale of its entire 30% stake in Crystal HR and Securities Solutions Pvt. Ltd. for Rs 10 crore.

Brokerages said Astral's decision to withdraw its proposed chemicals demerger removes an overhang on the stock.

Morgan Stanley

• Overweight
• Target price: Rs 1,660
• Withdrawal removes a key uncertainty.

Citi

• Buy
• Target price: Rs 1,900
• Board may revisit demerger once the chemicals business achieves greater scale.

Astral withdrew its composite scheme of arrangement, deferring the proposed demerger of its chemicals business until it reaches sufficient scale.

Morgan Stanley retained its positive view on Bajaj Housing Finance after the June-quarter update and management guidance.

Morgan Stanley

• Overweight
• Target price: Rs 1,175
• AUM growth guided at 21–23%.
• Management expects 20–25 bps full-year NIM compression.
• Credit cost guidance maintained at 10–15 bps for FY27.

Bajaj Housing Finance reported growth in profit and total income for the June quarter.

Bajaj Housing Finance (Q1 YoY)

• Total income up 17% to Rs 3,063 crore versus Rs 2,616 crore.
• Net profit up 22.6% to Rs 715 crore versus Rs 583 crore.

Brokerages reviewed Syngene International following its June-quarter earnings after revenue and profitability missed expectations.

Macquarie

• Outperform
• Target price: Rs 735
• Called the quarter an all-round miss but noted management retained FY27 EBITDA margin guidance in the mid-20% range.

Syngene International reported a loss in the June quarter as revenue and operating profit declined year on year.

Syngene International (Q1, Consolidated YoY)

Revenue down 15.9% to Rs 736 crore versus Rs 875 crore.

Ebitda down 33.4% to Rs 141 crore versus Rs 211 crore.

Margin at 19.1% versus 24.2%.

Net loss at Rs 9 crore versus profit of Rs 86.8 crore.

• One-time cost of Rs 14 crore in Q1.

Redington reported higher revenue and profit for the June quarter, supported by broad-based growth across its businesses.

Redington (Q1, Consolidated YoY)

• Revenue up 34.6% to Rs 34,922 crore versus Rs 25,952 crore.
• Ebitda up 76.6% to Rs 707 crore versus Rs 400 crore.
• Margin at 2% versus 1.5%.
• Net profit up 76.7% to Rs 486 crore versus Rs 275 crore.

Derivative positioning indicates the 24,000 strike has the highest Put open interest, while the 25,000 strike carries the highest Call open interest, making these key support and resistance levels for today's trade.

• Maximum Call OI: 25,000 strike.
• Maximum Put OI: 24,000 strike.
• No stocks are under the F&O ban list today.

Nifty August futures traded at 24,303, indicating a premium of 53 points over the spot index ahead of the opening bell. Derivatives positioning points to a positive start for domestic equities.

NBCC signed an agreement with the Government of Seychelles for a USD 75 million affordable housing project comprising 1,008 housing units and related infrastructure.

Ramco Systems said UK-based aerospace engineering company CFS Aero selected its aviation software to digitise engine and APU maintenance, repair and overhaul operations.

GAIL and Rashtriya Chemicals & Fertilisers signed an MoU to develop a 1.27 MMTPA gas-based fertiliser project in Maharashtra.

Kenyan authorities directed Tata Chemicals Magadi Ltd. to suspend mining operations and soda ash exports, according to the company's filing.

Novartis AG completed the sale of its 70.68% stake in Novartis India to a ChrysCapital-led consortium, triggering changes in management and board composition.

• Dr. Vikas Gupta appointed Managing Director and CEO.
• New independent directors appointed.
• Company plans rebranding following separation from Novartis AG.

Premier Energies said its board will meet on Aug. 6 to consider raising up to Rs 5,000 crore alongside approval of June-quarter earnings and the AGM notice.

Punjab National Bank's board approved establishing a USD 1.5 billion medium-term note programme to raise foreign currency funds through bond issuances via its IFSC Banking Unit at GIFT City.

Waaree Energies reported higher revenue and profit in the June quarter, while operating margin narrowed year on year.

Waaree Energies (Q1, Consolidated YoY)

• Revenue up 79% to Rs 7,932 crore versus Rs 4,426 crore.
• Ebitda up 44% to Rs 1,440 crore versus Rs 997 crore.
• Margin at 18.2% versus 22.5%.
• Net profit up 14% to Rs 850 crore versus Rs 745 crore.
• Commissioned 118.8 MW capacity at Neemuch Solar Park in Madhya Pradesh.

Analysts retained mixed recommendations on Dabur after its June-quarter earnings, with differing views on growth visibility and competitive pressures.

Jefferies

• Buy
• Target price: Rs 610
• Margins protected despite cost pressures.

Macquarie

• Neutral
• Target price: Rs 470
• Management optimistic on sequential improvement.

Goldman Sachs

• Neutral
• Target price: Rs 485 (cut from Rs 515)
• International business remained supportive.

Morgan Stanley

• Underweight
• Target price: Rs 425
• Inflation and geopolitical risks remain watch points.

Dabur India reported higher revenue and profit for the June quarter while maintaining operating margins broadly stable.

Dabur (Q1, Consolidated YoY)

Revenue up 10.5% to Rs 3,764 crore versus Rs 3,405 crore.

Ebitda up 10.9% to Rs 741 crore versus Rs 668 crore.

Margin at 19.7% versus 19.6%.

Net profit up 15% to Rs 591 crore versus Rs 514 crore.

• Volume growth at 5%.
• International business grew 15% in INR terms.
• HPC business grew 12.3%.
• Food and beverage business grew 7.2%.
• Healthcare business grew 5.5%.

Brokerages maintained positive views on Eicher Motors after quarterly earnings exceeded or matched expectations and capacity expansion remained on track.

Goldman Sachs

• Buy
• Target price: Rs 9,300 (from Rs 9,100)
• Capacity addition supports demand growth.

Jefferies

• Buy
• Target price: Rs 9,300 (from Rs 8,800)
• Strong volumes and premiumisation support outlook.

Citi

• Buy
• Target price: Rs 8,850 (from Rs 8,350)
• Results slightly ahead of estimates; expansion progressing.

Morgan Stanley

• Equal-weight
• Target price: Rs 7,763
• Strong earnings but EV competition remains a risk.

Macquarie

• Neutral
• Target price: Rs 7,717
• Demand outlook constructive despite gross margin miss.

Eicher Motors reported June-quarter earnings and approved a major capacity expansion that will lift Royal Enfield's manufacturing capacity over the next few years.

Eicher Motors (Q1, Consolidated YoY)

Revenue up 31.5% to Rs 6,632 crore versus Rs 5,042 crore.

Ebitda up 32.2% to Rs 1,590 crore versus Rs 1,203 crore.

Margin at 24% versus 23.9%.

Net profit up 21.4% to Rs 1,463 crore versus Rs 1,205 crore.

• Approved Phase-I greenfield expansion in Andhra Pradesh with an investment of Rs 1,225 crore.
• Expansion will add capacity of up to 4.5 lakh motorcycles annually by FY30.

Vedanta Ltd. is scheduled to report its June quarter earnings later today. Investors will watch for commentary on aluminium, zinc, oil & gas and steel businesses after several group verticals released quarterly numbers.

US equity futures traded higher as investors assessed technology earnings and the Federal Reserve’s policy decision.

• Dow Jones futures rose 158 points, or 0.3%.
• S&P 500 futures gained 0.4%.
• Nasdaq-100 futures advanced 0.7%.

Wall Street closed lower overnight, with losses across the major indices.

• The Dow Jones Industrial Average fell 1,153.18 points, or 2.19%, its biggest one-day decline since April 2025.
• The S&P 500 declined 1.52%.
• The Nasdaq Composite dropped 1.74% and ended more than 10% below its intraday record.

Oil prices rose after the US launched another round of strikes against targets in Iran.

• Brent crude traded near $90 per barrel after surging almost 8% in the previous session.
• West Texas Intermediate crude held above $84 per barrel.

• The US Federal Reserve kept its benchmark interest rate unchanged at 3.5–3.75% after policymakers voted 9-3 in favour of the decision.
• Three policymakers favoured a rate increase amid concerns over persistent inflation.

Asian markets traded mixed on Thursday as investors assessed the US Federal Reserve’s decision to keep interest rates unchanged and tracked renewed tensions in the Middle East.

• Japan’s Nikkei 225 gained 1.74%.
• South Korea’s Kospi rose 1.50%.
• Australia’s ASX 200 declined 0.50%.

• GIFT Nifty traded at 24,275.50, compared with Wednesday’s Nifty 50 close of 24,250.
• The early indicator was 25.5 points above the previous close.