Published on: July 25, 2025
Pharma giant Cipla reported a 10% year-on-year rise in consolidated net profit to ₹1,298 crore for the quarter ended June 2025 (Q1FY26), compared to ₹1,177.64 crore in the same period last year. Total revenue grew 3.94% YoY to ₹6,957.47 crore, while EBITDA came in at ₹1,778 crore with a stable margin of 25.6%.
Cipla’s India business — its largest market by revenue — recorded a robust 6% growth, crossing the ₹3,000 crore mark for the first time in an opening quarter. The growth was fueled by strong demand in key therapeutic areas such as respiratory, urology, and anti-infectives. However, the North America segment saw a 7% decline, generating revenue of $226 million, amid pricing pressures and delays in drug approvals.
Despite headwinds in the U.S. market, Cipla maintained market leadership in key products. Albuterol retained its No. 1 position in the U.S. MDI segment with a 19.5% share, while Lanreotide captured 21% of its market. Cipla also launched complex generics like Nano Paclitaxel vials and Nilotinib Capsules and entered a strategic partnership to commercialize its first biosimilar in the U.S., expected to launch in Q2FY26.
Cipla’s performance stood out in an otherwise weak market session. Its stock rose nearly 3.5% by 2:30 PM, outperforming the Nifty 50, which was down nearly 1%. The Nifty Pharma index traded up 0.56%, with Cipla emerging as the top gainer in the sector.
While U.S. growth remains under pressure due to rising competition and easing supply shortages, Cipla’s domestic strength and focus on complex generics and biosimilars position it well for future growth. The company’s Q1 performance contrasts with rival Dr Reddy’s, which recently missed profit estimates and flagged intensified price erosion in key U.S. products.
Published on: July 25, 2025
ITC Limited plans to invest ₹20,000 crore in the medium term to significantly expand its manufacturing capabilities across sectors, Chairman Sanjiv Puri announced during the company’s Annual General Meeting on Friday. The diversified conglomerate has already commissioned eight new manufacturing facilities focused on FMCG, sustainable packaging, and value-added agricultural exports.
Reinforcing its ‘Bharat First’ strategy, ITC aims to deepen its presence in the Indian market before scaling globally. The company is also launching new brands to drive value creation and consumer engagement. Puri emphasized that global supply chain disruptions have underscored the need for future-readiness through innovation and strategic agility.
Currently, 65% of ITC’s revenue is derived from its non-cigarette businesses, with strong momentum in FMCG, packaging, and paper segments. The company recently signed an agreement to acquire Century Pulp and Paper, which will significantly boost its paperboard capacity more efficiently than setting up a new plant — avoiding a 1.4x higher investment and a four-year wait typical of greenfield projects.
Puri highlighted that India's paper and paperboard demand is growing at 6–7% annually, necessitating 1 million metric tons of new capacity each year over the next decade. However, the paper segment is currently challenged by low-cost imports from China and Indonesia and subdued domestic demand.
ITC’s annual consumer spend across its 25+ Indian brands stands at over ₹34,000 crore, reaching more than 260 million households. The company continues to push forward with digital transformation — its B2B app and other new-age channels now contribute 31% of FMCG sales.
The chairman also pointed to India's broader consumption growth, predicting that by 2030, per capita income will cross $4,000, and by 2035, Gen Z will be responsible for every second rupee spent.
Internally, ITC is enhancing efficiency and optimizing product mix to improve profitability. Despite short-term pressures from gestation costs of new businesses and ICML investments, the company remains committed to its goal of achieving an 80–100 basis points annual margin improvement.
ITC is also setting up a major integrated consumer goods manufacturing facility in Sandilla, Uttar Pradesh, as part of its long-term infrastructure expansion. As of 12:16 PM on Friday, ITC shares were trading at ₹408.35, down 0.40% on the BSE.
Published on: July 25, 2025
Shares of India’s leading automakers declined in early trade on Friday following the announcement of a landmark free trade agreement (FTA) between India and the United Kingdom — the country’s first major trade pact in over a decade. The agreement introduces significant import duty concessions on large internal combustion engine (ICE) vehicles and luxury electric vehicles, triggering investor concerns about increased competition in the premium auto market.
Mahindra & Mahindra shares slipped 1.12%, Tata Motors dropped 0.78%, and Maruti Suzuki declined 0.89% amid apprehensions over how the reduced tariffs could impact domestic sales and pricing power in the high-end segment.
Under the FTA, import duties on specific vehicles will drop from the current 115% to 75% immediately, with a phased reduction to 40% over the next ten years. The concessions apply to ICE vehicles with petrol engines above 3,000cc, diesel engines above 2,500cc, and electric vehicles priced over £80,000. Notably, there will be no tariff reductions on electric, hybrid, or hydrogen vehicles for the first five years of the agreement.
Analysts suggest this could pave the way for UK-based luxury car manufacturers to strengthen their presence in India, potentially eroding the market share of domestic premium carmakers.
Beyond the automotive sector, the India-UK FTA spans 26 chapters, encompassing trade in goods and services, investment, and intellectual property rights. Both governments have lauded it as a forward-looking and comprehensive pact, expected to enhance long-term economic cooperation between the two nations.
Published on: July 25, 2025
Kotak Mahindra Bank is expected to post a 26% year-on-year decline in net profit for the first quarter of FY26, according to the average of estimates from five brokerages. While net interest income (NII) is projected to grow modestly by 7% YoY, analysts highlight ongoing margin pressure and muted interest income growth.
Despite this, loan growth remains a bright spot, with disbursement momentum likely to drive a 12–13% annual rise in the bank’s loan book. Nuvama pegs loan growth at 12.4% YoY and 2.7% QoQ, while YES Securities and Phillip Capital forecast sequential growth of 2.5% and 4.2% respectively.
However, net interest margins (NIMs) may remain under pressure due to lower yields on advances. Nuvama expects NII to increase just 5.7% YoY and decline 0.7% QoQ. YES Securities also anticipates a dip in NIMs, while Motilal Oswal projects continued margin softness coupled with a mild deterioration in asset quality.
On the asset quality front, analysts expect broadly stable slippages. YES Securities foresees lower provisioning costs, and Phillip Capital suggests credit costs are likely to normalise, offering some support to profitability.
Cost efficiency is likely to be maintained, with Motilal Oswal indicating stable cost ratios amid healthy underlying business growth.
Investors will focus on management’s commentary regarding full-year FY26 guidance, particularly on credit growth, margin recovery, and asset quality trends. Updates on loan repricing, following recent policy rate changes, and competitive dynamics in deposit mobilization will also be key watch points.
Published on: July 25, 2025
Navratna defence PSU Bharat Electronics Ltd. (BEL) has signed a ₹1,640 crore contract with the Indian Army for the supply of state-of-the-art Air Defence Fire Control Radars. According to an exchange filing on Friday, the radars will be indigenously designed by the Defence Research and Development Organisation (DRDO) and manufactured by BEL.
These advanced radars are equipped with inbuilt Electronic Countermeasure (ECM) capabilities and are intended for round-the-clock surveillance, target acquisition, tracking of aerial threats, and coordination with air defence guns for neutralisation. The modular systems are designed for ease of deployment, operation, and maintenance in all weather conditions.
Despite the contract announcement, BEL's stock fell by 1.19% to ₹393.50 — its lowest since July 21 — before trimming losses to trade 0.77% lower at ₹395.20 as of 2:46 p.m. This movement was in line with a broader 0.94% decline in the NSE Nifty 50 Index. However, the stock remains up 34.68% year-to-date and 30.95% over the past 12 months. With a Relative Strength Index (RSI) of 45.73, it remains in a neutral zone.
Out of 29 analysts tracking BEL, 24 have a 'buy' rating, one advises 'hold', and four suggest 'sell'. Bloomberg data indicates an average 12-month price target implying a potential upside of 5.2%.
Published on: July 25, 2025
Indian equity markets ended sharply lower on Thursday, July 24, 2025, amid the weekly F&O expiry, with the BSE Sensex slipping 542.47 points to close at 82,184.17 and the Nifty50 losing 157.80 points to settle at 25,062.10, despite positive global cues including progress on the India-UK Free Trade Agreement.
L&T declined marginally by 0.21% to ₹3,477.70. Media reports suggest Torrent Power is in talks to acquire L&T's thermal power business for around $1 billion, including debt.
Among major Q1 results due today are Bajaj Finserv, Cipla, SBI Cards, Bank of Baroda, Shriram Finance, Tata Chemicals, and SAIL, with Cipla already reporting a 10% rise in net profit to ₹1,298 crore, pushing its stock up 4%.
Sun Pharma announced a $200 million US litigation settlement related to generic drug pricing, while REC posted a 29% YoY jump in net profit at ₹4,465 crore and declared a ₹4.60 interim dividend per share.
IEX reported a 25% YoY increase in Q1 profit to ₹120.7 crore and a 15% rise in traded electricity volumes, while Cyient posted a 6.88% growth in net profit and 5% revenue growth.
Karur Vysya Bank reported stable asset quality with net profit up 14% YoY, and Anant Raj saw a 38.3% YoY rise in Q1 profit, backed by a 25.7% revenue surge.
Other notable corporate actions include ex-dividend trading for HDFC Bank, UltraTech Cement, LIC, and others. Adani Enterprises is restructuring its copper business through a strategic stake swap with MetTube Mauritius.
Stocks such as eClerx, Enviro Infra, eMudhra, and BEL also announced strong results or secured significant orders, keeping investor interest high heading into Friday's trade.
Published on: July 24, 2025
Shares of Reliance Industries Ltd (RIL) fell 1.97% to ₹1,396.45 on Thursday, as investor sentiment turned cautious following the company’s Q1 FY26 results and amid rising geopolitical risks. The stock decline comes after a brief one-day pause in selling.
According to Deven Choksey, MD of DRChoksey FinServ, the market had priced in optimism ahead of earnings, particularly expecting a potential Jio Platforms listing announcement, which did not materialize. He noted that more clarity may emerge at the upcoming Annual General Meeting (AGM).
Another factor weighing on the stock is the European Union's new sanctions on Russian crude, which could impact companies like RIL that are heavily involved in crude oil refining. Choksey described this as a temporary pressure, rather than a long-term threat.
Despite these headwinds, Choksey remains bullish on RIL’s retail and digital businesses, citing robust consumer demand, tax-related benefits, and over 20% EBITDA growth in Jio Platforms. He called the current dip a "buying opportunity" for long-term investors.
On the financial front, RIL reported a strong 78% YoY rise in consolidated net profit to ₹26,994 crore for Q1 FY26, while revenue grew 5.26% to ₹2,48,660 crore, driven by strong performance across segments.
Published on: July 24, 2025
Cipla Ltd. is set to announce its June quarter (Q1 FY26) results on Friday, July 25, with brokerages anticipating a mixed performance. The drugmaker is expected to benefit from robust growth in India sales, while facing headwinds in the US generics market, particularly due to pricing pressure on gRevlimid and a drop in high-margin contributions.
Revenue is projected to rise between 3.6% and 9% YoY, supported by an 8–9% growth in domestic formulations, even as US revenues may decline 12–13% YoY. Leading brokerage estimates include:
PhillipCapital: ₹7,323 crore (+9% YoY)
Nuvama: ₹7,007 crore (+5% YoY)
Motilal Oswal: ₹6,933 crore (+3.6% YoY)
JM Financial: ₹7,049 crore (+6.4% YoY)
EBITDA margins are forecast to contract by around 100 basis points YoY, owing to weaker US sales. However, sequential improvements are likely due to cost controls and domestic strength.
PhillipCapital sees EBITDA at ₹1,797 crore, margin at 24.5%
Nuvama expects ₹1,715 crore, with the same margin
Motilal Oswal projects ₹1,629 crore, margin at 23.5%
Net profit (PAT) estimates vary widely depending on the extent of US impact and margin compression:
Lowest: ₹1,140 crore (Nuvama, -3% YoY)
Highest: ₹1,380 crore (JM Financial, +17.2% YoY)
Investor focus will be on the trajectory of the US generics business, pricing dynamics in key products, and the resurgence of India’s trade generics segment. Margin outlook and sequential momentum will also be closely watched.
Published on: July 24, 2025
Shares of Tata Consumer Products Ltd. climbed 3.94% on Thursday, buoyed by investor optimism despite the company’s Q1 FY26 results missing market estimates. The FMCG major reported a consolidated net profit of ₹334 crore, marking a 15% year-on-year increase, but fell short of the ₹355 crore Bloomberg consensus.
Revenue grew 9.8% to ₹4,779 crore, below the expected ₹4,813 crore. Operating profit declined 9% to ₹607 crore, with EBITDA margins shrinking to 12.7% from 15.3% a year ago. The margin pressure was largely attributed to rising input costs in tea and coffee, as well as weaker performance in international and non-branded segments.
Additionally, the company faced headwinds in its ready-to-drink beverage business due to unseasonal weather, while newer ventures like Organic India and Capital Foods showed muted traction.
Brokerage Reactions:
Citi: Maintained Buy, but trimmed target to ₹1,275 (from ₹1,325), citing weak Q1 and profitability concerns.
Morgan Stanley: Retained Overweight rating, raised target to ₹1,255, noting solid core performance and potential for margin recovery by Q3.
Despite the mixed earnings, Tata Consumer’s core branded business remained resilient, and analysts expect a gradual recovery in margins in the second half of the fiscal year, keeping investor sentiment constructive.
Published on: July 24, 2025
Tata Consumer Products Ltd (TCPL) shares rose on Thursday, July 24, after the FMCG major reported an in-line performance for the first quarter of FY26. The company posted a 15% year-on-year (YoY) rise in net profit to ₹334 crore, compared to ₹290 crore in Q1FY25. Revenue from operations grew 10% YoY to ₹4,778.91 crore, driven by a steady performance in its core branded portfolio.
Despite the revenue growth, consolidated EBITDA declined 8% YoY, and EBITDA margins contracted by over 250 basis points to 12.7%, primarily due to coffee price corrections in the non-branded business and elevated input costs. However, management expressed confidence in a margin recovery by Q3, aided by falling auction prices and improved cost pass-through in branded tea.
Focus remains on strengthening performance in NourishCo and Capital Foods, which the company sees as key growth levers in the coming quarters.
Brokerage Reactions:
CLSA: Hold; Target raised to ₹1,065 (from ₹1,044)
Citi: Buy; Target cut to ₹1,275 (from ₹1,325)
Morgan Stanley: Overweight; Target ₹1,255
JP Morgan & Jefferies: Neutral/Hold; Target ₹1,100
Nomura: Buy; Target ₹1,300
Investor sentiment remained positive, with analysts largely optimistic about the second-half recovery, keeping the stock in focus on the Street.
Published on: July 24, 2025
Maruti Suzuki India Ltd. announced on Thursday that it exported over 96,000 units in the April–June quarter of FY 2024–25, solidifying its position as India’s leading passenger vehicle exporter with a 47% market share during the period.
A standout achievement was recorded by the company’s compact SUV Fronx, which has become the fastest Indian SUV to reach 1 lakh units in exports, achieving the milestone in just 25 months. Exclusively produced at Maruti Suzuki’s Gujarat facility, the Fronx began exports in 2023 to key global markets including Latin America, the Middle East, and Africa.
Maruti Suzuki currently exports 17 models to nearly 100 countries, with South Africa, Japan, and Saudi Arabia ranking among its top export destinations. The company’s export volumes for FY 2024–25 have already crossed 3.3 lakh units, marking its highest-ever annual export tally.
Commenting on the achievement, Hisashi Takeuchi, MD & CEO of Maruti Suzuki India, said, "Our renewed focus on international markets has been instrumental in Maruti Suzuki’s continued leadership in passenger vehicle exports."
Published on: July 24, 2025
IndusInd Bank shares will be in the spotlight after the lender's board of directors approved a significant fundraising plan totaling ₹30,000 crore. In a regulatory filing on Wednesday, the bank announced its intention to raise ₹20,000 crore through debt securities, either in Indian rupees or approved foreign currencies, via private placement.
In addition, the bank will look to raise up to ₹10,000 crore via equity instruments, which may include Qualified Institutional Placement (QIP), American Depository Receipts (ADR), or Global Depository Receipts (GDR).
This move underscores the bank's efforts to strengthen its capital base and support future growth plans. The announcement is expected to keep IndusInd Bank shares in focus on Thursday, as investors assess the potential impact on the bank’s balance sheet and expansion strategy.
Published on: July 24, 2025
Benchmark equity indices ended lower on Thursday, weighed down by significant losses in Reliance Industries, Infosys, and HDFC Bank. The NSE Nifty 50 declined by 157.8 points or 0.63% to settle at 25,062.1, while the BSE Sensex fell 542.47 points or 0.66% to close at 82,184.17.
Among the top gainers in the Nifty were Eternal Ltd., Tata Motors Ltd., Dr Reddy's Laboratories Ltd., and Cipla Ltd. On the flip side, Nestle India, Trent, Shriram Finance, Tech Mahindra, and Reliance Industries were the worst performers.
Heavyweights like Reliance, Infosys, and HDFC Bank contributed the most to the benchmark indices' fall. Sectorally, 11 out of 15 NSE sectors ended in the red, with IT, FMCG, and Realty indices registering the steepest declines.
The broader market showed relative strength but still ended lower. The BSE MidCap index declined 0.43%, while the SmallCap index dropped 0.50%. Market breadth on the BSE was negative, with 2,410 stocks declining, 1,645 advancing, and 166 remaining unchanged, indicating overall bearish sentiment in the market.
Published on: July 24, 2025
Jio BlackRock Mutual Fund is set to expand its portfolio with five new passively managed index schemes after receiving approval from SEBI. The new schemes include four equity index funds—Nifty 50, Nifty Next 50, Nifty Midcap 150, and Nifty Smallcap 250—and one debt index fund, Nifty 8-13 yr G-Sec Index Fund. These launches follow the successful debut of three debt schemes that collectively raised ₹17,800 crore.
All new funds will be available only in the direct plan with growth option, aiming to offer cost-effective investment avenues. The equity funds will replicate their respective Nifty indices, providing exposure across large-cap, mid-cap, and small-cap segments. The debt fund, meanwhile, targets government securities with maturities between 8–13 years, appealing to conservative investors seeking relatively lower credit risk.
The schemes will be co-managed by seasoned professionals, including Tanvi Kacheria, Anand Shah, Haresh Mehta, Vikrant Mehta, Siddharth Deb, and Arun Ramachandran. Minimum investment starts at ₹500 for both lump sum and SIP options.
With these additions, Jio BlackRock aims to deepen its presence in India’s growing mutual fund market by offering simple, low-cost passive investment options aligned with diverse investor goals and risk appetites.
Published on: July 23, 2025
Tata Consumer Products Ltd. reported a strong first quarter for FY26, with net profit rising 15% year-on-year to ₹331.75 crore, up from ₹289.25 crore a year earlier. However, profit dipped sequentially from ₹348.72 crore posted in Q4 FY25. Revenue rose 9.8% YoY to ₹4,778.91 crore, driven by broad-based growth across the domestic food and beverage categories.
Despite the topline momentum, EBITDA fell 8% YoY to ₹615 crore, impacted by higher tea input costs in India and pricing pressure in international coffee markets. Tata Consumer’s India business grew in double digits, with tea and salt leading the charge, supported by volume growth.
The packaged beverages business grew 12% YoY, and coffee revenue jumped 67%, while India’s food segment rose 14% YoY, led by a 27% growth in the Tata Sampann portfolio. However, RTD beverages faced weather-related challenges, registering only 3% volume growth.
Tata Starbucks continued its expansion, adding six new stores, taking the total to 485 across 80 cities. The Cold Brew segment also gained share in the overall menu mix.
MD & CEO Sunil D’Souza said the company delivered steady 10% topline growth, driven by core India operations. He acknowledged transitory pressures in Capital Foods and Organic India, but reaffirmed a focus on innovation, advertising, and distribution expansion to strengthen performance ahead.