GIFT Nifty
The GIFT Nifty, an early indicator for the benchmark Nifty 50, was down 0.56% at 23,720 as of 7:20 a.m., signalling a weak start for the domestic equity markets amid negative global cues.
India Market Recap
Indian equity benchmarks extended their losing streak to a fourth consecutive session, marking the longest stretch of declines since early June, as rising Brent crude prices and weak global sentiment weighed on investor confidence. The NSE Nifty 50 fell 126.65 points, or 0.53%, to close at 23,869.60, while the BSE Sensex declined 363.66 points, or 0.47%, to settle at 76,391.39. Elevated crude oil prices continued to raise concerns over inflation and corporate margins, prompting cautious trading across sectors. On the technical front, Nifty support is placed in the 23,500–23,600 range, while resistance is seen between 23,870 and 24,000.
US Market Recap
Wall Street witnessed broad-based selling on Thursday, with the Dow Jones Industrial Average falling more than 500 points, or around 1%, marking its fifth decline in six sessions. The S&P 500 dropped 1.2%, while the Nasdaq Composite tumbled 2.2%, its steepest single-day decline since late June, after disappointing earnings from two large-cap companies and renewed weakness in semiconductor stocks. US futures were relatively stable during early Asian trading, with Nasdaq-100 futures rising 0.3%, S&P 500 futures trading largely unchanged, and Dow futures slipping around 20 points. Investors remain focused on Middle East developments, crude oil prices, interest rate expectations, and the ongoing earnings season.
Asian Market Update
Asian markets opened sharply lower on Friday as surging oil prices and another wave of selling in technology stocks dampened investor sentiment. Japan's Nikkei 225 declined 2.46%, South Korea's Kospi fell 3.04%, and Australia's ASX 200 lost 0.57%. China's Shanghai Composite was marginally lower by 0.01%. Concerns over higher inflation, geopolitical risks, and the outlook for AI-related investments continued to weigh on regional markets.
Commodity Check
Crude oil prices surged, with Brent crude crossing the $100 per barrel mark for the first time in two months as escalating geopolitical tensions in the Middle East intensified fears of supply disruptions. Brent was up around 14% for the week, while US West Texas Intermediate (WTI) traded near $92 per barrel. The rally followed attacks by Iran-backed Houthi militants on Saudi oil tankers in the Red Sea and was further supported by reports that US President Donald Trump warned of strong military action against Iran and the Houthis if further attacks occur. The sharp rise in oil prices also pushed US Treasury yields and the US dollar higher, reinforcing expectations that central banks may keep interest rates elevated for longer.
Stocks In News
- Patel Engineering: Company to provide Rs 5 lakh ex-gratia assistance to each deceased worker's family.
- Power Finance Corporation: approved to raise borrowing limits to Rs 9 lakh crore.
- IREDA: J.V.N. Subramanyam appointed as Government Nominee Director on the company's board with immediate effect.
- Coforge: Coforge launched Nuuron AI-OS for enterprises globally, with early adopter FDE programs already underway.
- Indostar Capital Finance: Allotted 40,000 secured NCDs worth Rs 400 crore at 9.15%, maturing August and November 2028.
- SEAMEC: Signed diving agreement with HAL Offshore for SAMUDRA PRABHA services worth $9.42 million on July 23, 2026. Signed a July 23, 2026 diving agreement with HAL Offshore for SAMUDRA SEVAK services worth $9.96 million.
- Deepak Nitrite: Executed guarantee for DOIL's $78.43 million term loan from Bank Muscat.
- Swiggy: Board approved a 49.5% cap on aggregate foreign ownership
- CemIndia Projects: Board approved raising up to Rs 5,000 crore via QIP/other modes.
- V.S.T. Tillers Tractors: The board appointed Shuba Kumar as an Independent Director for a five-year term, effective July 27 2026.
- Jai Corp: Operations at its Vasona plastic processing unit were suspended due to flooding caused by heavy rains.
- Infosys: The board appointed Ashiss Kumar Dash as CEO Designate until March 31 2027, with plans to appoint him CEO and Managing Director from April 1 2027.
- Cyient: The company agreed to acquire TAO Digital Solutions to strengthen its data, software engineering and AI capabilities, and completed the buyback of 64 lakh shares.
- Aye Finance: The company approved issuance of up to Rs 220 crore of secured listed non-convertible debentures (NCDs) through private placement, including a Rs20 crore greenshoe option.
- Spandana Sphoorty Financial: The board appointed Dipali Hemant Sheth as Non-Executive Chairperson.
- Vedanta Power, Vedanta Aluminium, Vedanta Iron & Steel, Hindzinc : The promoter group entered into a US$2.25 billion financing agreement under which encumbrances were created over Vedanta Power shares and certain restrictive covenants apply to the company.
- Orient Cement: Acquisition of 9.04% shareholding in the equity shares and cumulative convertible preference shares of Vena Energy KN Wind Power Private Limited.
- South Indian Bank: Kotak Mahindra Mutual Fund acquired an additional 1.47 crore shares, increasing its stake in the bank to 5.16% from 4.60% on July 21, 2026 through Open market operations.
- Servotech Renewable Power Systems: Detected an internal fraud involving two employees and an external entity involving alleged forgery of tax invoices and unauthorized removal of inventory; estimated impact is Rs 2-2.5 crore. a forensic audit is being initiated.
- RailTel: Received North Central Railway order worth Rs 32.75 crore for railway signalling works; execution by Jan. 2028.
- Crompton Greaves: Joint Commissioner partially allowed SGST demand; Rs 5.79 crore impact for FY20.
- ITC: shareholders approved Hemant Bhargava's re-appointment as independent director for five years from 20 December 2026.
- Aye Finance: Approved private placement of NCDs up to Rs 220 crore at 9.75% for 24 months.
- JSW ENERGY: Ind-Ra affirmed JSW Energy (Utkal) loan rating and upgraded unsupported rating to IND AA-/Stable.
- Samvardhana Motherson: Company issued corporate guarantee to HDFC Bank for MECL's Rs 2.4 billion credit facility on July 23, 2026.
- Ultratech cement: Crisil assigned AAA/Stable to Rs 2,000 crore NCDs and reaffirmed existing ratings.
- NTPC Green: 64.76 MW of 225 MW Khavda Solar PV Project declared commercial from July 24 2026.
- Jubilant food: 95.27 million Optionally Convertible Preference Shares issued to Jubilant FoodWorks Lanka for LKR 666.9 million on July 22, 2026.
- Krsnaa Diagnostics: Krsnaa Diagnostics signed Himachal Pradesh PPP agreement for CT scans at 34 health institutions, up from 12.
- Blue Dart Express: Received GST show-cause notice for FY23 alleging excess ITC claim and under-declaration of ineligible ITC, involving tax demand of Rs 21.04 crore, interest of Rs 14.42 crore and penalty of Rs 2.10 crore; the company is evaluating and will respond to the notice.
- KRN Heat Exchanger and Refrigeration: Wholly owned subsidiary KRN HVAC Products received a domestic order worth Rs 50.87 crore (including Rs 7.76 crore IGST) for supply of heat exchanger coils.
- Aurobindo Pharma: Wholly owned subsidiary Apitoria Pharma to acquire 80% stake in CRO business of A1 Biochem Group for $17 million; acquisition expands CRDMO capabilities and A1 Biochem reported FY26 revenue of Rs 102.44 crore.
- ACME Solar: operationalizes 3.62 GWh Battery Energy Storage System projects in Rajasthan
- HG Infra: Transferred remaining 51% stake in H.G. Raipur Visakhapatnam OD-5 Private Limited to Neo Infra fund.
Earnings And Updates
- Net profit up 90% to Rs 104 crore versus Rs 54.8 crore QoQ
- Revenue up 7.7% to Rs 2,076 crore versus Rs 1,927 crore QoQ
- Ebit up 20.1% to Rs 187 crore versus Rs 156 crore QoQ
- Ebit margin at 9% versus 8.1% QoQ
- Other income at Rs 7 crore versus Rs 27 crore QoQ
- Q4 FY26 had a one-time loss of Rs 71 crore
- Revenue up 2.3% to Rs 7,119 crore versus Rs 6,957 crore.
- Ebitda down 33% to Rs 1,192 crore versus Rs 1,778 crore.
- Margin at 16.7% versus 25.6%.
- Net profit down 39.2% to Rs 789 crore versus Rs 1,298 crore.
- Net loss at Rs 132.8 crore versus loss of Rs 289.3 crore YoY
- Revenue up 48.3% to Rs 3,713 crore versus Rs 2,504 crore YoY
- Ebitda loss at Rs 224.7 crore versus loss of Rs 264.4 crore YoY
- To invest Rs 75 crore in arm Meesho Groceries
- Net profit at Rs 75.2 crore versus Rs 35.3 crore YoY
- Net NPA at 1.27% versus 4.21% QoQ
- Gross NPA at 6.60% versus 6.55% 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
- NII up 28% to Rs 316 crore versus Rs 247 crore YoY
- Net profit at Rs 1,273 crore versus loss of Rs 221.3 crore QoQ
- Total income up 27% to Rs 3,432 crore versus Rs 2,695 crore QoQ
- Net profit up 16.4% to Rs 57.4 crore versus Rs 49.3 crore YoY
- Revenue up 25.2% to Rs 565 crore versus Rs 451 crore YoY
- Ebitda up 2.8% to Rs 92.9 crore versus Rs 90.4 crore YoY
- Ebitda margin at 16.4% versus 20% YoY
- Net profit up 44.7% to Rs 180 crore versus Rs 125 crore YoY
- Revenue up 54% to Rs 1,310 crore versus Rs 851 crore YoY
- Ebitda up 49.4% to Rs 302.4 crore versus Rs 202.4 crore YoY
- Ebitda margin at 23.1% versus 23.8% YoY
- Profit down 68.6% to Rs 36.6 crore versus Rs 116.8 crore YoY
- Revenue down 64.9% to Rs 68.4 crore versus Rs 194.7 crore YoY
- Ebitda down 23.8% to Rs 48.5 crore versus Rs 63.6 crore YoY
- Ebitda margin at 70.9% versus 32.7% YoY
- Net profit down 37.5% to Rs 86.4 crore versus Rs 138 crore YoY
- Total income up 8.3% to Rs 2,359 crore versus Rs 2,179 crore YoY
- Profit up 11.6% to Rs 135 crore versus Rs 121 crore YoY
- Revenue up 11.4% to Rs 157.9 crore versus Rs 141.8 crore YoY
- Ebitda up 13.5% to Rs 130.9 crore versus Rs 115.3 crore YoY
- Ebitda margin at 82.9% versus 81.3% YoY
- Appoints Ashiss Kumar Dash as CEO-designate
- To appoint Ashiss Kumar Dash as CEO from April 1
- Ebit up 4.3% to Rs 10,163 crore versus Rs 9,743 crore QoQ
- Revenue up 3.9% to Rs 48,211 crore versus Rs 46,402 crore QoQ
- Net profit down 8.6% to Rs 7,769 crore versus Rs 8,501 crore QoQ
- Ebit margin at 21.08% versus 20.99% QoQ
- Net profit up 34% to Rs 52.2 crore versus Rs 38.9 crore YoY
- Revenue up 24.3% to Rs 240 crore versus Rs 193 crore YoY
- Ebitda up 33.8% to Rs 77.3 crore versus Rs 57.8 crore YoY
- Ebitda margin at 32.2% versus 29.9% YoY
- Profit up 31% to Rs 166 crore versus Rs 127 crore YoY
- Revenue up 23.2% to Rs 371 crore versus Rs 301 crore YoY
- Ebitda up 29% to Rs 224 crore versus Rs 173 crore YoY
- Ebitda margin at 60.3% versus 57.6% YoY
- Loss at Rs 238 crore versus profit of Rs 2,176 crore YoY
- Revenue up 19.9% to Rs 24,584 crore versus Rs 20,496 crore YoY
- Ebitda down 37.5% to Rs 3,267 crore versus Rs 5,226 crore YoY
- Ebitda margin at 13.3% versus 25.5% YoY
- Ebitdar down 34% to Rs 3,889 crore versus Rs 5,866 crore YoY
- Ebitdar margin at 15.8% versus 28.6% YoY
- Net profit up 54.8% to Rs 38.4 crore versus Rs 24.8 crore YoY
- Revenue at Rs 376.6 crore versus Rs 137.1 crore YoY
- Ebitda at Rs 59.1 crore versus Rs 25.2 crore YoY
- Ebitda margin at 15.7% versus 18.4% YoY
- Profit up 60.5% to Rs 184.1 crore versus Rs 114.7 crore QoQ
- Revenue up 10.2% to Rs 721 crore versus Rs 655 crore QoQ
- Net profit at Rs 55 crore versus loss of Rs 13.8 crore YoY
- Revenue up 12.6% to Rs 1,245 crore versus Rs 1,105 crore YoY
- Ebitda up 90% to Rs 221.7 crore versus Rs 116.6 crore YoY
- Ebitda margin at 17.8% versus 10.6% YoY
- Net profit down 13% to Rs 49.2 crore versus Rs 56.6 crore YoY
- Revenue up 6% to Rs 979 crore versus Rs 923 crore YoY
- Ebitda up 3.5% to Rs 115.5 crore versus Rs 111.6 crore YoY
- Ebitda margin at 11.8% versus 12.1% YoY
- Net profit up 40% to Rs 77 crore versus Rs 55 crore QoQ
- Revenue down 6.7% to Rs 604 crore versus Rs 647 crore QoQ
- Ebitda up 33.3% to Rs 144 crore versus Rs 108 crore QoQ
- Ebitda margin at 23.8% versus 16.7% QoQ
- Net profit down 26% to Rs 60.3 crore versus Rs 81.9 crore QoQ
- Revenue down 6.9% to Rs 376 crore versus Rs 404 crore QoQ
- Ebitda down 26.3% to Rs 87.2 crore versus Rs 118.3 crore QoQ
- Ebitda margin at 23.2% versus 29.3% QoQ
- Net profit down 33.3% to Rs 60 lakh versus Rs 90 lakh YoY
- Revenue up 7.1% to Rs 172.7 crore versus Rs 161.3 crore YoY
- Ebitda down 12.8% to Rs 25.3 crore versus Rs 29 crore YoY
- Ebitda margin at 14.6% versus 18% YoY
- Appoints Gayathri R as CFO
- Profit up 17.7% to Rs 62.6 crore versus Rs 53.2 crore YoY
- Revenue up 9.7% to Rs 1,151.5 crore versus Rs 1,050 crore YoY
- Ebitda up 13.3% to Rs 105 crore versus Rs 93 crore YoY
- Ebitda margin at 9.2% versus 8.9% YoY
- To pay first interim dividend of Rs 4 per share