- The GIFT Nifty is down 0.29% at 24,299 as of 8 am today
- US and European futures dipped slightly ahead of Friday’s market open
- Indian NSE Nifty 50 rose 1.09%, gaining 0.6% for the week ending Friday
Good Morning!
The GIFT Nifty, an early indicator for the benchmark Nifty 50, is down 0.29% at 24,299 as of 8 am. Equity-index futures for the US (S&P 500) and Europe (Euro Stoxx 50) dipped 0.03% and 0.02% respectively.
India Market Recap
Indian equity benchmarks resumed weekly gains as earnings gathered pace, taking the centre stage over rallying crude oil prices and weak global cues. For the week, The NSE Nifty 50 and the BSE Sensex gained 0.6% each. On Friday, the 50-stock index rose 1.09% or 261.55 points to 24,334.30 and the 30-stock index gained 1.25% or 964.58 points to 78,151.45.
US Markets Recap
US stocks opened sharply lower on Friday as investors dumped chip stocks amid mounting concerns over the sustainability of the artificial intelligence investment boom, while escalating tensions in the Middle East added to market anxiety by driving oil prices higher.
At 9:34 a.m. EDT, the Nasdaq Composite plunged 564.08 points, or 2.18%, to 25,319.21, leading losses among the major US. benchmarks. The S&P 500 fell 86.81 points, or 1.15%, to 7,446.96 after the opening bell.
Asian Market Update
Asian stock markets remained mixed today as Japanese equities reported losses with investors looking at rising geopolitical tensions in the Middle East along with continued concerns over valuations in artificial intelligence-linked technology stocks. Japan's Nikkei 225 fell 4.03%, South Korea's Kospi slipped 0.38%, while Australia's ASX 200 edged 0.30% higher.
Commodity Check
Oil prices hit $90 a barrel for the first time since mid-June, following latest military action between the United States and Iran heightened concerns over crude supplies moving through the Strait of Hormuz. Brent crude for September settlement rose 2.7% to $90.50 a barrel after climbing nearly 4% earlier in the session. U.S. West Texas Intermediate for August delivery gained 2.4% to $84.49 a barrel.
ALSO READ: US Stock Market Today: S&P 500 Sinks; Nasdaq Crashes 2% As Chip Stocks Selloff Worsens
Earnings and Updates
Axis Bank (Q1, Standalone YoY)
Net interest income up 8% to Rs 14,646 crore versus Rs 13,560 crore; up 1% QoQ.
Pre-provision operating profit up 1% to Rs 11,659 crore versus Rs 11,515 crore; up 16% QoQ.
Provisions down 44% to Rs 2,223 crore versus Rs 3,948 crore; down 37% QoQ from Rs 3,522 crore.
Net profit up 23% to Rs 7,114 crore versus Rs 5,806 crore; up 1% QoQ.
Gross NPA rose to 1.28% versus 1.23%, up 5 bps QoQ.
Net NPA rose to 0.39% versus 0.37%, up 2 bps QoQ.
Margin down 16 bps to 3.46% versus 3.62%.
Gross slippage ratio rose to 1.79% versus 1.63%, up 16 bps QoQ.
HDFC Bank (Q1, Standalone YoY)
Net interest income up 7% to Rs 33,534 crore versus Rs 31,438 crore.
Other income down 41% to Rs 12,822 crore versus Rs 21,730 crore.
Operating profit down 21% to Rs 28,168 crore versus Rs 35,734 crore.
Provisions up 17% to Rs 3,060 crore versus Rs 2,610 crore.
Net profit up 5% to Rs 19,060 crore versus Rs 18,155 crore.
Gross NPA rose to 1.17% versus 1.15%, up 2 bps QoQ.
Net NPA rose to 0.41% versus 0.38%, up 3 bps QoQ.
Margin down 12 bps to 3.26% versus 3.38%.
Credit cost rose to 0.40% versus 0.35%, up 5 bps QoQ.
Yield on advances down 10 bps to 7.7% versus 7.8%.
Cost of funds flat at 4.4%.
ICICI Bank (Q1, Standalone YoY)
Net interest income up 13% to Rs 24,385 crore versus Rs 21,635 crore.
Net profit up 16% to Rs 14,804 crore versus Rs 12,768 crore.
Gross NPA improved to 1.38% versus 1.40% QoQ.
Net NPA rose to 0.35% versus 0.33% QoQ.
Provisions down 31% to Rs 1,260.5 crore versus Rs 1,814.6 crore; up sharply QoQ from Rs 96.2 crore.
Return on assets rose to 2.49% versus 2.40% QoQ.
Margin up 4 bps to 4.36% versus 4.32%.
Treasury gain at Rs 151 crore versus loss of Rs 106 crore QoQ.
Loan growth at 19.6% YoY and 5% QoQ.
Kotak Mahindra Bank (Q1, Standalone YoY)
Net interest income up 9% to Rs 7,928 crore versus Rs 7,259 crore; up 1% QoQ.
Operating profit up 10% to Rs 6,131 crore versus Rs 5,564 crore; up 5% QoQ.
Provisions down 45% to Rs 668 crore versus Rs 1,208 crore; up 29% QoQ.
Net profit up 26% to Rs 4,123 crore versus Rs 3,282 crore; up 2% QoQ.
Gross NPA improved to 1.18% versus 1.20%, down 2 bps QoQ.
Net NPA rose to 0.27% versus 0.25%, up 2 bps QoQ.
Fresh slippages rose to Rs 1,321 crore versus Rs 1,018 crore QoQ and Rs 1,812 crore YoY.
Margin down 14 bps to 4.53% versus 4.67% QoQ and 4.65% YoY.
Punjab National Bank (Q1, Standalone YoY)
Net interest income up 2% to Rs 10,798 crore versus Rs 10,578 crore; up 4% QoQ.
Operating profit up 6% to Rs 7,519 crore versus Rs 7,081 crore; flat QoQ.
Provisions up 100% to Rs 792 crore versus Rs 396 crore; down 13% QoQ.
Net profit up 214% to Rs 5,253 crore versus Rs 1,675 crore; up 1% QoQ.
Gross NPA improved to 2.78% versus 2.95%, down 17 bps QoQ.
Net NPA improved to 0.28% versus 0.29%, down 1 bp QoQ.
Margin up 3 bps to 2.50%.
Operating expenses down 13% to Rs 7,613 crore.
Punjab & Sind Bank (Q1, Standalone YoY)
Net interest income up 15.4% to Rs 1,039 crore versus Rs 900 crore.
Operating profit up 1% to Rs 545 crore versus Rs 540 crore.
Provisions down 57% to Rs 94 crore versus Rs 217 crore.
Net profit up 23.2% to Rs 332 crore versus Rs 269 crore.
Gross NPA improved to 2.21% versus 2.40% QoQ.
Net NPA improved to 0.65% versus 0.79% QoQ.
Yes Bank (Q1, Standalone YoY)
Net interest income up 17% to Rs 2,786 crore versus Rs 2,372 crore; up 6% QoQ.
Other income up 3% to Rs 1,798 crore versus Rs 1,752 crore; up 4% QoQ.
Operating expenses up 4% to Rs 2,880 crore versus Rs 2,766 crore; up 5% QoQ.
Operating profit up 25% to Rs 1,704 crore versus Rs 1,358 crore; up 5% QoQ.
Provisions up 39% to Rs 394 crore versus Rs 284 crore; up 110% QoQ from Rs 188 crore.
Net profit up 34% to Rs 1,071 crore versus Rs 801 crore; flat QoQ.
Gross NPA flat at 1.3%.
Net NPA flat at 0.2%.
Return on assets down 10 bps to 0.9% versus 1.0%.
Margin flat at 2.7%.
RBL Bank (Q1, Standalone YoY)
Net interest income up 12% to Rs 1,654 crore versus Rs 1,481 crore.
Operating profit up 31.3% to Rs 923 crore versus Rs 703 crore.
Provisions up 36% to Rs 599 crore versus Rs 442 crore; down 12% QoQ from Rs 678 crore.
Net profit up 26.6% to Rs 254 crore versus Rs 200 crore.
Gross NPA improved to 1.30% versus 1.45% QoQ.
Net NPA improved to 0.37% versus 0.39% QoQ.
Margin down 28 bps to 4.13% versus 4.41%.
Approved fundraising of up to Rs 10,000 crore through debt instruments.
Approved increase in borrowing limits to Rs 40,000 crore.
Poonawalla Fincorp (Q1, Consolidated YoY)
Total income up 77.8% to Rs 2,337 crore versus Rs 1,314 crore.
Net profit at Rs 308 crore versus Rs 62.6 crore.
Tata Technologies (Q1, Consolidated QoQ)
Revenue up 5.9% to Rs 1,665 crore versus Rs 1,572 crore.
EBIT up 7.5% to Rs 221 crore versus Rs 205 crore.
Margin at 13.25% versus 13.06%.
Net profit down 11.5% to Rs 181 crore versus Rs 204 crore.
Reliance Industries (Q1, Consolidated QoQ)
Revenue up 5.2% to Rs 3.09 lakh crore versus Rs 2.94 lakh crore. (Bloomberg Estimate: Rs 3.01 lakh crore)
Ebitda up 6.2% to Rs 47,517 crore versus Rs 44,731 crore. (Bloomberg Estimate: Rs 46,367 crore)
Margin at 15.4% versus 15.2%.
Net profit up 23.4% to Rs 20,946 crore versus Rs 16,971 crore. (Bloomberg Estimate: Rs 20,451 crore)
Reliance Jio ARPU at Rs 215.6.
Reliance Jio subscribers at 53.3 crore.
Oberoi Realty (Q1, Consolidated YoY)
Revenue up 31.7% to Rs 1,301 crore versus Rs 988 crore.
Ebitda up 41.1% to Rs 734 crore versus Rs 520 crore.
Margin at 56.4% versus 52.7%.
Net profit up 29% to Rs 544 crore versus Rs 421 crore.
Tatva Chintan (Q1, Consolidated YoY)
Revenue up 42.9% to Rs 167 crore versus Rs 117 crore.
Ebitda up 86.5% to Rs 32.4 crore versus Rs 17.4 crore.
Margin at 19.4% versus 14.9%.
Net profit at Rs 16 crore versus Rs 6.7 crore.
Approved capacity expansion for the Dahej unit.
IDBI Bank (Q1, Standalone YoY)
Interest income up 7.4% to Rs 7,541 crore versus Rs 7,021 crore.
Net interest income up 10.1% to Rs 3,486 crore versus Rs 3,166 crore.
Operating profit down 7.9% to Rs 2,168 crore versus Rs 2,354 crore.
Net profit up 5.4% to Rs 2,115 crore versus Rs 2,007 crore.
Gross NPA improved to 2.30% versus 2.32%, down 2 bps QoQ.
Net NPA rose to 0.16% versus 0.15%, up 1 bp QoQ.
Margin down 54 bps to 3.61% versus 4.15%.
CASA ratio down to 43.64% versus 44.59%.
India Cements (Q1, Standalone YoY)
Revenue down 0.6% to Rs 1,019 crore versus Rs 1,025 crore.
Ebitda up 84.5% to Rs 155 crore versus Rs 84 crore.
Margin at 15.2% versus 8.2%.
Net profit at Rs 26.9 crore versus loss of Rs 133 crore.
One-time loss at Rs 25.3 crore versus loss of Rs 124 crore.
JK Cement (Q1, Consolidated YoY)
Revenue up 20.3% to Rs 4,032 crore versus Rs 3,353 crore.
Ebitda down 5.8% to Rs 648 crore versus Rs 688 crore.
Margin at 16.1% versus 20.5%.
Net profit down 14.5% to Rs 278 crore versus Rs 324 crore.
Rossari Biotech (Q1, Consolidated YoY)
Revenue up 28% to Rs 697.2 crore versus Rs 543.7 crore.
Ebitda up 19% to Rs 80.6 crore versus Rs 67.8 crore.
Margin at 11.6% versus 12.4%.
Net profit up 4% to Rs 35 crore versus Rs 33.6 crore.
Bhansali Engineering Polymers (Q1, Consolidated YoY)
Revenue up 53% to Rs 471 crore versus Rs 308 crore.
Ebitda up 55.6% to Rs 82.4 crore versus Rs 52.95 crore.
Margin at 17.48% versus 17.19%.
Net profit up 43% to Rs 65.6 crore versus Rs 45.9 crore.
Can Fin Homes (Q1, Standalone YoY)
Total income up 7% to Rs 1,096 crore versus Rs 1,020 crore.
Net profit up 19.6% to Rs 268 crore versus Rs 224 crore.
Jayaswal Neco Industries (Q1, Standalone YoY)
Revenue up 27.7% to Rs 2,107 crore versus Rs 1,649 crore.
Ebitda up 25.7% to Rs 396 crore versus Rs 315 crore.
Margin at 18.8% versus 19.1%.
Net profit up 109% to Rs 194 crore versus Rs 93 crore.
Turtlemint Fintech (Q4, Consolidated QoQ)
Revenue up 28.6% to Rs 357 crore versus Rs 278 crore.
Ebitda loss at Rs 4 crore versus loss of Rs 38.6 crore.
Net profit at Rs 3.1 crore versus loss of Rs 62.2 crore.
Stocks In News
Pine Labs: Anand Raisinghani resigned as President & Chief Business Officer, Setu, effective July 17, 2026.
Torrent Pharmaceuticals: Curatio Inc., Philippines wholly owned subsidiary, was dissolved with effect from July 10, 2026.
Anupam Rasayan India: Completed acquisition of Mates Visa Consultancy, becoming a 100% owned subsidiary on July 17, 2026.
NTPC: THDC commissioned an 11 MWac floating solar plant at Khurja STPP with effect from July 17, 2026.
Samvardhana Motherson International: Received court approval on July 17, 2026 for acquisition of Yutaka Giken and Shinnichi.
Reliance Power: CBI conducted search and seizure operations at the company's office on July 18, 2026.
Reliance Infrastructure: CBI searched the registered office in connection with RCFL/RHFL transactions.
Aarti Drugs: GPCB ordered closure of the Saykha plant effective 15 days from July 18, 2026.
Amara Raja Energy & Mobility: APPCB revoked closure orders for Tirupati and Chittoor facilities on July 18, 2026.
Alembic Pharmaceuticals: NATCO received tentative USFDA approval for Olaparib tablets; Alembic will distribute the product in the US.
Karur Vysya Bank: Revised MCLR rates effective July 22, 2026, increasing overnight, one-month, six-month and one-year MCLR rates by 5–10 bps.
Neogen Chemicals: CRISIL downgraded the company's ratings on July 18, 2026 due to delays in the battery project.
Tata Power: Received SECI letter of award for a 324 MW/2,592 MWh pumped storage project with annual revenue of Rs 351.3 crore.
South Indian Bank: Increased MCLR rates by 5 bps across multiple tenures.
NBCC: Proposed merger of wholly owned subsidiary HSCC; appointed date is April 1, 2026, and DIPAM has given a no-objection.
Avantel: Received a purchase order worth Rs 20.81 crore from L&T for SATCOM services, executable by July 2027.
Bajel Projects: Incorporated a wholly owned subsidiary in the UAE for EPC projects.
Chemplast Sanmar: Reported a minor fire at the Karaikal EDC plant on July 17, 2026; operations are disrupted and damage assessment is underway.
Cipla: USFDA inspected InvaGen's Central Islip facility from July 13–17, 2026 and issued one Form 483 observation.
Sigma Advanced Systems: Approved allotment of 1.33 crore equity shares at Rs 347 per share, raising Rs 460 crore through a preferential issue.
Zee Entertainment: Cancelled an unutilised commitment of $215.1 million on July 18, 2026.
Adani Power: Board to consider fundraising through equity and other instruments on July 22, 2026.
Piramal Finance: Sought approval to raise up to Rs 4,000 crore through QIP, rights issue, or preferential placement.
India Glycols: NCLT approved demerger of the Bio Pharma undertaking into Ennature Bio Pharma and the Spirits & Biofuel undertaking into IGL Spirits.
HCLTech: Opened a Global Technology Center in GIFT City.
Belrise Industries: Closed QIP and allotted 7.73 crore shares at Rs 220 per share, raising about Rs 1,700 crore.
Power Grid Corporation Of India: Declared successful bidder for installation of two synchronous condenser units at the Fatehgarh-II substation.
Anand Rathi Share & Stock Brokers: Bombay High Court quashed an arbitral award of Rs 4.94 crore; the company is evaluating legal remedies.
Baazar Style Retail: Filed two civil suits in Alipore court, including a claim of Rs 28.18 crore and a plea for injunction over alleged defamation.
Vedanta Group Companies: Promoter group entered into a $1 billion bridge facility on July 15, 2026.
EPACK Durable: CIO Mohammed Kaishulla resigned effective July 18, 2026.
REC: Incorporated Beed Parli and Yavatmal Power Transmission subsidiaries for Maharashtra transmission projects.
NATCO Pharma: Received tentative USFDA approval for Olaparib tablets; litigation remains ongoing.
Rossari Biotech: Approved transfer of its entire stake in Rossari International Ltd to Rossari (Singapore) Pte Ltd.
SEAMEC: Vessel Samudra Sevak was off-hired from July 18, 2026 after a technical issue and emergency docking.
Axis Bank: Appointed Rajeev Mantri as Chief Financial Officer with effect from September 28, 2026.
Prism Johnson: MPCB directed forfeiture of a Rs 10 lakh bank guarantee for alleged consent non-compliance.
Navneet Education: Agreed to divest part of its stake in K12 Techno Services for Rs 329.68 crore.
Rane Holdings: Subsidiary RSSL received a GST show-cause notice involving Rs 11.88 crore, including a penalty of Rs 1.07 crore.
Allied Blenders: MAILLP filed a defence and counterclaim of Rs 34.86 crore.
Hexaware Technologies: Appointed Eravi Gopan to lead hyperscaler and strategic technology partnerships from July 18, 2026.
SPML Infra: Allotted 6.93 lakh equity shares and 95.39 lakh warrants at Rs 186 per share and converted Rs 7.16 crore of debt.
SIS: Acquired 6.53 lakh shares of UDS for Rs 12.67 crore, increasing its stake to 6.65%.
Tech Mahindra: AGM resolutions 1–4 were passed; resolution 5 remains stayed following a Kolkata court order.
MPS: NCLT Chennai approved the first-motion application for amalgamation of ADI BPO Services with MPS.
NMDC: Vivek Nishant Nath appointed Director (Commercial) for five years from July 15, 2026.
Gulshan Polyols: Received Rs 5 crore incentive from DPIIT under NEIDS 2017.
J&K Bank: Signed an agreement to sell 1.02 crore shares of PNB MetLife for Rs 120.10 crore.
Jagsonpal Pharmaceuticals: Completed acquisition of 85% stake in Aequitas Healthcare.
Zota Health Care: Acquired 2.35 lakh shares of Davaindia Health Mart for Rs 119.52 crore.
Sterlite Technologies: Expanded optical connectivity portfolio in the US with the CONCAT solution.
Olectra Greentech: Impleaded as a respondent in a PIL related to land acquisition for its proposed EV manufacturing facility.
Aditya Birla Capital: Invested Rs 484 crore in Aditya Birla Sun Life through a rights issue.
ACME Solar Holdings: Denied reports of damage to BESS containers.
GAIL: Signed an agreement with KABIL for collaboration in critical minerals.
Alkem Laboratories: Completed acquisition of a 51%–55% stake in Switzerland-based Occlutech Holding AG.
Pfizer: Temporarily discontinued Premarin Cream in India due to supply constraints.
Authum Investment & Infrastructure: NCLT approved the resolution plan for acquisition of Creatoz Builders.
JSW Cement: JSW Steel approved sale of shares worth up to Rs 811 crore in the proposed IPO.
Dr Lal PathLabs: Income-tax appeal allowed; ESOP expense deduction of Rs 32.66 crore approved.
Smartworks Coworking Spaces: Approved expansion of about 2.47 lakh sq ft with investment of Rs 35 crore.
NIIT Learning Systems: Approved merger of NIIT USA with StackRoute Learning.
RailTel: Faced an arbitration claim of Rs 60.26 crore from 3i Infotech and filed a counterclaim of Rs 91.34 crore.
DCM Shriram: Approved renewable energy investments of up to Rs 105 crore for additional green power capacity.
What to Watch:
Board Meetings
20th July
India Shelter Finance Corporation Limited – Fund Raising
Indo Thai Securities – Fund Raising
Shyam Metalics and Energy Limited – Fund Raising
Sobha Ltd,. – Fund Raising
Shares to exit anchor Lock-in
Amagi Media Labs – 6 month lock-in, 121mln shares, 56% of Total Outstanding
20th July
Swaraj Engines Ltd, Mahindra Logistics Ltd, XPRO India Ltd, Gland Pharma Ltd, Artemis, Medicare Services Ltd, Rossari Biotech Ltd, JSW Energy Ltd, Tanla Platforms Ltd, Pearl Global Industries Ltd, GE Power India Ltd, Brookfield India REIT
Earnings
20th July
Action Construction Equipment Ltd,, Authum Investment & Infrastructure Ltd,, Bajaj Healthcare Ltd, BlueStone Jewellery and Lifestyle Ltd, Canara HSBC Life Insurance Company Ltd, Central Mine Planning & Design Institute Ltd, D.P. Abhushan Ltd, Indo Thai Securities Ltd, Indian Overseas Bank Ltd, Jaiprakash Power Ventures Ltd, Mahindra Logistics Ltd, Rallis India Ltd, SG Mart Ltd, Shyam Metalics and Energy Ltd, SML Mahindra Ltd, Sobha Ltd, Swaraj Engines Ltd, Transformers and Rectifiers (India) Ltd, Tourism Finance Corporation of India Ltd, UltraTech Cement Ltd, Karur Vysya Bank Ltd, Vimta Labs Ltd, Venus Remedies Ltd, Dynamic Cables Ltd, Aurum Proptech Ltd, Tinna Rubber & Infrastructure Ltd.
Bulk/Block Deals
- Mrs Bectors Food Spe- JUNOMONETA FINSOL PRIVATE LIMITED bought 28,249 shares at Rs 194.36/share. QE SECURITIES LLP bought 39,762 shares at Rs 191.76/share.
- IKIO Technologies - HRTI PRIVATE LIMITED bought 13,566 shares at Rs 225.16/share. QE SECURITIES LLP bought 8,151 shares at Rs 224.87/share.
- Landmark Cars - HELIOS MUTUAL FUND bought 2.46 lakh shares at Rs 520.28/share. JUNOMONETA FINSOL PRIVATE LIMITED bought 4,283 shares at Rs 516.93/share. QE SECURITIES LLP bought 4,605 shares at Rs 517.03/share.
- Nilkamal - SEETHA KUMARI bought 85,316 shares at Rs 1,442.39/share. SETU SECURITIES PRIVATE LIMITED sold 68,697 shares at Rs 1,452.57/share.
- Paisalo Digital- DHIRAJBHAI VAGHJIBHAI KORADIYA bought 1.00 lakh shares at Rs 74.30/share.
- PC Jeweller - HRTI PRIVATE LIMITED sold 1.33 crore shares at Rs 9.83/share.
- ZFCVINDIA - AXIS MUTUAL FUND sold 5.94 lakh shares at Rs 2,330.03/share.
Insider Trades
Avantel - Abburi Vidyasagar, Promoter, sold 5,00,000 shares.
Trading Tweaks
Price Band Changes
- Price band change from 5% to 10% - Fujiyama Power Systems
- List of securities to be excluded from ASM Framework
- Oriental Hotels
F&O Cues
- Nifty July Futures is up 1.03% to Rs. 24,345 at a premium of Rs.11.
- Maximum Call OI at 25000 strike and Maximum Put OI at 23000 strike.
- Stocks Under Ban - Kaynes
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