GIFT Nifty
The GIFT Nifty was trading lower at around 24,294.50 in early trade, indicating a weak start for the domestic equity markets amid cautious global sentiment.
India Market Recap
Indian equity benchmarks ended the week on a strong note, supported by upbeat earnings, which outweighed concerns over rising crude oil prices and weak global cues. For the week, both the NSE Nifty 50 and the BSE Sensex gained 0.6%. On Friday, the Nifty surged 261.55 points, or 1.09%, to close at 24,334.30, while the Sensex advanced 964.58 points, or 1.25%, to settle at 78,151.45. The rally was driven by broad-based buying as investors focused on the ongoing earnings season and company-specific developments. On the technical front, Nifty support is placed in the 24,100–24,200 range, while resistance is seen between 24,400 and 24,500.
US Market Recap
Wall Street came under pressure on Friday as investors sold technology and semiconductor stocks amid growing concerns over the sustainability of the artificial intelligence investment cycle. Rising geopolitical tensions in the Middle East also weighed on sentiment by pushing oil prices higher. S&P 500 futures slipped 0.1%, while Nasdaq-100 futures traded near the flatline, and Dow Jones futures were down 84 points, or 0.2%, in early trade. For the week, the S&P 500 declined 1.6%, the Nasdaq Composite fell 2.9%, and the Dow Jones Industrial Average lost 0.9%. The VanEck Semiconductor ETF (SMH) also dropped nearly 9%, marking its third weekly decline in the past four weeks.
Asian Market Update
Asian markets traded mixed on Monday as investors assessed escalating geopolitical tensions in the Middle East alongside continued concerns over valuations in AI-related technology stocks. South Korea's Kospi declined 0.74%, while the Kosdaq fell 1.66%. Australia's S&P/ASX 200 gained 0.34%, whereas Japanese markets remained closed for a public holiday. Market sentiment remained cautious as investors balanced geopolitical risks against corporate earnings expectations.
Commodity Check
Crude oil prices surged on Monday, with Brent crude rising above $90 per barrel for the first time since mid-June after renewed military action between the United States and Iran heightened concerns over supply disruptions through the Strait of Hormuz. Brent crude for September delivery gained 2.7% to $90.50 per barrel, while US West Texas Intermediate (WTI) advanced 2.4% to $84.49 per barrel. The renewed escalation, including fresh attacks over the weekend and indications that the ceasefire had effectively collapsed, has intensified fears of disruptions to one of the world's most critical oil shipping routes, keeping energy markets on edge.
Stocks In News
- 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.
- 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.
- 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.
- Axis Bank: Appointed Rajeev Mantri as Chief Financial Officer with effect from September 28, 2026.
- 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.
- 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.
- 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.
- 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.
Earnings and Updates
- 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.
- 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%.
- 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.
- 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.
- 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.
- 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.
- 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%.
- 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.
- 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.
- 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.
- Revenue up 5.2% to Rs 3.09 lakh crore versus Rs 2.94 lakh crore.
- Ebitda up 6.2% to Rs 47,517 crore versus Rs 44,731 crore.
- Margin at 15.4% versus 15.2%.
- Net profit up 23.4% to Rs 20,946 crore versus Rs 16,971 crore.
- Reliance Jio ARPU at Rs 215.6.
- Reliance Jio subscribers at 53.3 crore.
- 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.
- 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%.
- 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.
- 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.
- 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.
- 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.
- 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.