Published on: July 21, 2025
Shares of JSW Steel Ltd. fell over 1.5% on Monday following the announcement of its Q1 FY26 results, despite reporting a 45% rise in consolidated net profit to ₹2,184 crore, up from ₹1,503 crore in the previous quarter. The decline in share price came amid concerns over a 3.7% drop in revenue, which fell to ₹43,147 crore from ₹44,819 crore in the same period last year.
The company reported strong operational performance, with Ebitda up 19% at ₹7,576 crore and margins improving to 17.6% from 14.2%. However, the stock dipped as much as 1.56% to ₹1,018.30, before recovering to trade 0.10% lower at ₹1,023, underperforming the 0.18% gain in the NSE Nifty 50. The Relative Strength Index (RSI) stood at 50.55, signaling neutral momentum.
Over the past 12 months, JSW Steel has gained 14.79%, with a 13.31% rise year-to-date. Bloomberg data shows that out of 34 analysts tracking the stock, 17 maintain a 'Buy', seven a 'Hold', and 10 a 'Sell', with a consensus 12-month price target suggesting only a 2.1% upside.
The mixed market reaction highlights investor caution despite healthy profitability, as concerns persist around muted top-line growth and a relatively modest return outlook.
Published on: July 21, 2025
Reliance Industries Ltd. (RIL) shares declined 2.4% to ₹1,440 in early trade on Monday, marking the first session after the release of its June quarter (Q1FY26) results. The stock underperformed even as the NSE Nifty 50 remained flat, with RSI at 39, indicating weakening momentum.
For Q1FY26, Reliance reported a 39% sequential rise in consolidated net profit to ₹26,994 crore, primarily driven by a one-time gain from the sale of listed investments. However, revenue fell 7% YoY to ₹2.43 lakh crore, and operational trends were mixed across business segments.
The company’s margin expanded 80 basis points to 17.6%, supported by strong performance in telecom (Jio), while retail revenue underperformed expectations, and the oil-to-chemical (O2C) segment showed only a gradual recovery.
Despite the lukewarm market response, analysts remain optimistic. Jefferies expects improved profit growth in FY26 and FY27, reinforcing a positive long-term view. According to Bloomberg data, of the 37 analysts tracking the stock, 34 have a 'Buy' rating, with only one 'Hold' and two 'Sell' recommendations. The average 12-month target price of ₹1,611 implies a 9% upside from current levels.
While investors reacted to softer core operational performance, the strategic outlook for RIL remains intact, supported by its diversified business model and continued expansion across digital, retail, and energy segments.
Published on: July 21, 2025
ICICI Bank Ltd. shares rose over 2.5% on Monday morning after the private sector lender reported a strong set of earnings for the June quarter (Q1FY26). The stock climbed 2.53% to ₹1,462 on the NSE and 2.48% on the BSE, helping lift overall market sentiment and aiding the recovery in broader indices.
The BSE Sensex was up 316.26 points at 82,073.99, while the NSE Nifty gained 72.70 points to 25,042.75 as of morning trade.
ICICI Bank reported a 15.9% year-on-year (YoY) increase in consolidated net profit to ₹13,558 crore, compared to ₹11,696 crore in the same period last year. On a standalone basis, net profit rose 15.5% YoY to ₹12,768 crore, up from ₹11,059 crore.
The bank's net interest income (NII) grew 10.6% YoY to ₹21,635 crore, driven by a 12% growth in domestic loans. However, the net interest margin (NIM) moderated slightly to 4.34%, down from 4.41% in the previous quarter.
Asset quality showed improvement, with the gross non-performing asset (GNPA) ratio declining to 1.67% as of June 30, from 2.15% a year ago, reflecting better risk management and loan portfolio performance.
The strong earnings print and improvement in asset quality boosted investor confidence, positioning ICICI Bank as a key driver in Monday’s market rebound.
Published on: July 21, 2025
Indian benchmark indices Sensex and Nifty staged a sharp recovery on Monday morning, July 21, after opening weak amid global uncertainty and a cautious earnings season. The rebound was led by strong gains in banking, auto, and metal stocks, with heavyweights like HDFC Bank, ICICI Bank, Eternal Ltd., UltraTech Cement, and Tata Steel emerging as top performers on the Nifty 50.
At around 10 a.m., the Sensex climbed 305.46 points (0.37%) to 82,063.19, while the Nifty gained 71.05 points (0.28%) to 25,039.45. Market breadth remained mixed, with 1,597 stocks advancing, 1,638 declining, and 183 remaining unchanged. Volatility edged higher, with India VIX up 1.4%, signaling rising market uncertainty.
HDFC Bank surged 2% after reporting a decent Q1 performance with a 5.4% YoY rise in Net Interest Income to ₹31,438 crore and net profit of ₹18,155 crore. The lender also announced a 1:1 bonus issue and a ₹5 special interim dividend, further boosting sentiment. Multiple brokerages including Nomura, Bernstein, and Nuvama maintained their bullish outlook.
ICICI Bank also gained 2% post its strong Q1 earnings, with CLSA rating it ‘Outperform’ and Nomura issuing a ‘Buy’. Of the 52 analysts tracking the stock, 49 have a ‘Buy’ rating, reflecting broad institutional confidence.
Despite the rebound, overall market sentiment remained cautious. Ajit Mishra of Religare Broking pointed to uncertainty around the U.S.-India trade talks and the August 1 tariff deadline, along with sticky global inflation and Fed rate cut uncertainty, as factors weighing on investor mood.
Sectorally, Nifty Bank rose 0.67%, led by a 0.70% gain in private banks. Nifty Auto and Metal indices also advanced, while Oil & Gas (-0.85%), IT (-0.47%), and FMCG stocks dragged. The Nifty Midcap 100 and Smallcap 100 indices remained nearly flat.
Technically, the Nifty continues to face resistance near the 25,200 level, with the RSI below 50, reflecting weak momentum. Analysts believe a decisive close above 25,200 is necessary to reverse the near-term bearish structure, while support near 24,800 remains key.
Top gainers on the Nifty included HDFC Bank, Eternal, ICICI Bank, UltraTech Cement, and Tata Steel, while IndusInd Bank, Wipro, Reliance Industries, Tata Consumer Products, and HCL Tech were among the laggards.
Published on: July 21, 2025
Eternal Ltd., the parent company of Zomato, announced on Monday its plans to enter the ready-to-eat food service space with the launch of a new subsidiary, Blinkit Foods Ltd. The wholly-owned arm will focus on the preparation, sale, and delivery of food, directly challenging offerings like Zepto Cafe.
In a stock exchange filing, Eternal Ltd. stated that Blinkit Foods will be incorporated with a paid-up capital of ₹10 lakh, and will engage in food service operations, including innovation, sourcing, and end-to-end delivery to consumers.
The move marks a strategic expansion for Eternal Ltd., aiming to leverage its logistics and delivery capabilities via Blinkit, and deepen its footprint in India’s fast-growing quick commerce and ready-to-eat food segment. This initiative is expected to integrate closely with Blinkit's existing infrastructure to accelerate service rollout and challenge emerging players in the space.
The announcement signals Eternal's continued diversification beyond food delivery, following growing competition in India’s Q-commerce and cloud kitchen sectors.
Published on: July 21, 2025
Shares of Dodla Dairy Ltd. fell over 5% to ₹1,386.30 on Monday after the company reported a weaker-than-expected performance for the first quarter of FY26. The stock was trading 4.42% lower at ₹1,385.30 as of 12:08 p.m., underperforming the NSE Nifty 50 index, which gained 0.28%. Trading volume was 4.2 times the 30-day average, with a Relative Strength Index (RSI) of 48.38, indicating neutral momentum.
Dodla Dairy’s consolidated net profit declined 3.2% year-on-year to ₹62.9 crore, while EBITDA fell 21.5% to ₹82.5 crore from ₹105 crore in the same period last year. Margins contracted 330 basis points to 8.2%, down from 11.5% a year ago, reflecting inflationary pressures and seasonal volatility. The company attributed the decline partly to an early monsoon, which resulted in 10 additional rainy days, impacting milk prices.
Despite the profit drop, revenue rose 10.5% YoY to ₹1,007 crore, and the company achieved its highest-ever milk procurement at 18.7 lakh litres per day, according to its investor presentation.
Out of four analysts tracking the stock, all maintain a ‘Buy’ rating, according to Bloomberg data. The 12-month average price target suggests a potential upside of 14%. However, near-term concerns around margins and seasonal volatility appear to be weighing on investor sentiment. The stock has gained 11.41% over the past year and is up 9.16% year-to-date.
Published on: July 21, 2025
Shares of Titagarh Rail Systems Ltd. edged higher on Monday after the company secured a new order worth ₹312.69 crore from the Ministry of Railways. The contract entails the manufacturing and supply of 780 BVCM-C freight wagons, with execution expected within nine months of the order placement.
Headquartered in Kolkata, Titagarh is a key domestic player in rail manufacturing, catering to both Indian and international markets with a product portfolio spanning freight wagons, passenger coaches, metro components, and other rolling stock. The order reinforces the company’s strong momentum amid increased public investment in rail infrastructure and modernization.
The stock rose 1.4% to ₹939 apiece in early trade before paring gains to remain flat as of 12:41 p.m., outperforming the 0.29% gain in the NSE Nifty 50 Index. Despite a 42.14% decline over the past 12 months, the sentiment among analysts remains largely optimistic.
According to Bloomberg data, seven out of eight analysts tracking the stock rate it a 'Buy', with one maintaining a 'Hold'. The average 12-month consensus target suggests a potential upside of 19% from current levels. The stock's Relative Strength Index (RSI) stood at 54, indicating neutral momentum.
The new order is seen as a positive trigger, potentially supporting a near-term re-rating, as Titagarh continues to capitalize on rail sector tailwinds.
Published on: July 21, 2025
Tata Capital Ltd. is preparing to file updated draft papers for its much-anticipated initial public offering (IPO), a month after receiving approval from the Securities and Exchange Board of India (SEBI). According to sources familiar with the matter, the IPO will include both a fresh issue of up to 21 crore shares and an offer for sale (OFS) component.
Promoter Tata Sons Pvt. is expected to offload up to 23 crore shares, while International Finance Corp. (IFC) will sell 3.58 crore shares. Tata Sons currently holds an 88.6% stake in the non-banking financial company (NBFC), with other Tata Group entities owning an additional 7%. IFC holds a 1.8% stake through 7.16 crore shares.
The proceeds from the fresh issue will be used primarily to bolster Tata Capital’s Tier-I capital base, supporting future capital needs and business growth through onward lending. Part of the funds will also cover IPO-related expenses. Notably, the company does not plan any pre-IPO placement.
Leading investment banks including Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup, and HDFC Bank will serve as the book running lead managers for the IPO.
In the lead-up to the public offering, Tata Capital has actively raised funds through other channels. In June, the board approved a ₹1,752 crore rights issue and ₹30,000 crore bond issuance. Earlier in February, a ₹1,500 crore rights issue was completed, fully subscribed by Tata Sons and other minority shareholders like IFC.
For FY25, Tata Capital reported a profit of ₹3,655 crore, up from ₹3,327 crore in the previous year. Revenue surged to ₹28,313 crore from ₹18,175 crore, highlighting robust business momentum ahead of the listing. Following the IPO, Tata Capital will become the 17th listed entity under the Tata Group umbrella.
Published on: July 21, 2025
AU Small Finance Bank Ltd. shares fell over 7.5% on Monday, hitting ₹735.20—their lowest level since June 6—as investors reacted to deteriorating asset quality in the bank’s first-quarter results for FY26. The stock extended its losing streak to four consecutive sessions, underperforming the broader market despite a year-to-date gain of 32%.
The decline followed concerns around rising slippages, which jumped to 3.8% of total loans due to stress in credit cards, the microfinance institution (MFI) portfolio, and commercial banking. A 19-basis-point increase in Gross Non-Performing Assets (GNPA) to 2.47% was largely attributed to the south-based mortgage portfolio, Emkay Global Research noted. Net NPA rose to 0.88% from 0.74% in the previous quarter.
Despite these pressures, the bank reported a 15.6% year-on-year increase in standalone net profit to ₹581 crore, supported by a 38% rise in operating profit to ₹1,312 crore. Net interest income (NII) grew 6% YoY to ₹2,045 crore. However, provisions surged 88.6% YoY to ₹533 crore, reflecting rising stress, though they were down 16% sequentially.
Management expects elevated credit card delinquencies to persist through Q2, with MFI recovery delayed until Q4, signaling continued near-term challenges.
As of 9:59 a.m., the stock was trading at ₹737.35, down 7.24%, even as the NSE Nifty 50 index gained 0.29%. Trading volume was 3.4 times the 30-day average, while the stock’s relative strength index (RSI) dropped to 32.82—approaching oversold territory.
Out of 34 analysts tracked by Bloomberg, 19 have a 'Buy' rating, 7 a 'Hold', and 8 recommend 'Sell'. The 12-month consensus target implies a modest 6.1% upside, reflecting cautious optimism amid persistent asset quality concerns.
Published on: July 21, 2025
HDFC Bank Ltd. delivered a better-than-expected performance in Q1FY26, prompting most brokerages to raise their target prices while maintaining their bullish stance on the stock. Key highlights from the private lender’s results included steady growth in loans and deposits, a limited decline in net interest margins (NIM), and resilient asset quality.
During the April–June quarter, the bank posted a 12% year-on-year (YoY) rise in profit after tax (PAT) to ₹18,155 crore. Operating profit rose a strong 50% YoY to ₹35,734 crore, backed by a 5% YoY growth in net interest income (₹31,438 crore) and a 104% jump in total other income (₹21,729 crore). The increase in other income was aided by one-time gains, including proceeds from the ₹9,100 crore IPO of its subsidiary, HDB Financial Services, which were largely used to enhance provision buffers.
Gross NPA rose marginally by 7 basis points to 1.4%, while net NPA inched up 4 bps to 0.47%, indicating stable asset quality. The bank made a substantial floating provision of ₹9,000 crore, contributing to a sharp 352% quarter-on-quarter increase in total provisions to ₹14,442 crore.
Brokerages were largely positive. Jefferies maintained HDFC Bank as its top sector pick, citing strong performance across business banking and auto loans. CLSA noted the bank’s outperformance on NIMs, with only an 11-bps decline against a 15-bps estimate, and sees loan growth rebounding to 15–16% beyond FY26. Motilal Oswal expects HDFC Bank to deliver 1.9% ROA and 14.9% ROE by FY27, supported by a reduction in high-cost borrowings and strong operating leverage.
Analysts see continued upside potential driven by improved operating metrics, robust loan pipeline across retail, MSME, and corporate segments, and enhanced risk buffers. While minor NIM pressure and rising provisions were noted, the overall sentiment remains upbeat due to the bank’s operational resilience and strong capital position.
Published on: July 21, 2025
Indian equity markets opened on a flat-to-positive note on Monday, July 21, with the Sensex holding firm above 81,800 and the Nifty 50 opening below the 25,000 mark. Despite a cautious broader market, Bank Nifty surged 225 points to 56,508 in early trade, driven by strong quarterly earnings from ICICI Bank and HDFC Bank.
In contrast, small and midcap indices witnessed pressure, with the Nifty Midcap falling 165 points to 58,938, indicating profit booking in broader markets. GIFT Nifty had earlier suggested a weak start, in line with muted global cues and ongoing geopolitical concerns.
Investor sentiment remains focused on the upcoming US-India trade negotiations. VK Vijayakumar of Geojit Investments said that a favorable trade agreement with tariff rates below 20% would be a market-positive trigger. He also noted the potential for institutional fund rotation from other banks into ICICI Bank following its standout Q1 performance.
Meanwhile, Anthem Biosciences made a strong stock market debut, listing at a 26.8% premium on the NSE at ₹723.05, defying the subdued overall sentiment.
Among Nifty 50 stocks, early gainers included ICICI Bank, HDFC Bank, Hindalco, Tata Steel, and UltraTech Cement. On the downside, IndusInd Bank, Reliance Industries, Axis Bank, Wipro, and Titan led the laggards.
Global markets remain edgy ahead of the August 1 deadline for potential US tariffs on EU goods. Reports suggest President Trump may push for a 15–20% tariff on European imports, raising concerns over escalating trade tensions.
Overall, while heavyweight banks provided early support to benchmarks, weakness in broader indices and global trade uncertainty kept investors cautious.
Published on: July 21, 2025
ICICI Bank Ltd. delivered a robust performance in the first quarter of FY26, posting a 15% year-on-year rise in standalone net profit to ₹12,768 crore, surpassing Bloomberg’s consensus estimate of ₹11,770 crore. Net interest income (NII) climbed 11% YoY to ₹21,635 crore, while net interest margin (NIM) stood at 4.34%, slightly lower than the 4.41% recorded in Q4 FY25. Despite a challenging macroeconomic environment, the bank maintained asset quality with gross NPAs at 1.7% and credit costs rising to 0.5%—a level analysts viewed as normalization.
Loan growth moderated to around 11.5–12% YoY, while deposits grew 13%, reflecting a strategic focus on quality over volume. CASA (Current Account and Savings Account) growth came in strong at 14% YoY.
Brokerages largely maintained a positive outlook. Bernstein kept its 'Market-Perform' rating with a ₹1,440 target, noting stable returns and resilient margins. Jefferies reiterated a 'Buy' rating, raising its target to ₹1,760 and naming ICICI as a top sector pick, citing strong core performance and expectations of recovery in loan growth. CLSA maintained an 'Outperform' rating with a ₹1,700 target, praising ICICI for sequential NII growth and business banking strength, despite industry-wide pressures.
Overall, the results reflect ICICI Bank’s ability to manage profitability and risk in a tightening environment, though growth moderation remains a concern among analysts.
Published on: July 17, 2025
Indian stock markets began Thursday’s session on a flat note, with benchmark indices showing little movement amid a lack of strong domestic or global cues. The NSE Nifty 50 opened at 25,200, while the BSE Sensex edged up just 20 points to hover around 82,650. The Bank Nifty was also subdued, opening at 57,100.
Despite the broader consolidation trend, mid and small-cap indices outperformed, with the Nifty Midcap 100 opening 0.21% higher at 59,745.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, markets remain stuck in a two-month-long range due to the absence of new triggers. He noted that while the India-US interim trade deal is already priced in, a surprise lower tariff rate—such as 15%—could serve as a catalyst for a breakout rally.
Top Early Movers:
• Gainers: IndusInd Bank, Hindalco, Eicher Motors, Trent, and Hero MotoCorp led the Nifty gainers.
• Laggards: Tech Mahindra dropped 2% after reporting earnings, weighing on the broader IT sector. Other key laggards included ICICI Bank, HDFC Life Insurance, SBI Life, and Zomato.
Stocks Under Pressure:
HDFC Bank, Bharti Airtel, M&M, Sun Pharma, and Hindalco also saw selling pressure in early trade.
Global Market Snapshot:
Asia-Pacific markets opened lower, reacting to US President Donald Trump’s denial of any plan to replace Federal Reserve Chairman Jerome Powell. Interestingly, US markets had closed higher on Wednesday on the same news, reflecting mixed investor sentiment.
With markets lacking momentum and direction, investors are likely to focus on Q1 earnings and further developments on the trade and tariff front for cues.
Published on: July 17, 2025
Tech Mahindra Ltd. reported a steady performance for Q1FY26, with EBIT margins expanding for the seventh consecutive quarter—up 76 basis points sequentially to 11.06%. The company continues to move toward its long-term goal of achieving a 15% EBIT margin by FY27. Management, during the post-earnings call and press conference, reaffirmed their commitment made in Q4FY25 and expressed confidence in sustaining margin momentum.
Despite seasonal challenges from the Comviva business and elevated visa-related costs, margin improvement was driven by structural levers such as lower subcontracting expenses, increased offshoring, tighter contract governance, and improved portfolio integration.
Key Q1FY26 Highlights (Consolidated, QoQ):
• Revenue: ₹13,351 crore, down 0.25% (vs estimate ₹13,411 crore)
• EBIT: ₹1,477 crore, up 7.18% (vs estimate ₹1,476.78 crore)
• EBIT Margin: 11.06%, up 76 bps (vs estimate 11.01%)
• Net Profit: ₹1,141 crore, down 2.14% (vs estimate ₹1,189 crore)
Deal Wins and Segmental Performance:
Tech Mahindra secured $809 million in new deal wins during the quarter, exceeding most brokerage expectations of $600–800 million. The communications vertical, which makes up 33% of overall revenue, grew 3% QoQ and helped offset softness in other sectors.
Management Commentary and Outlook:
The company expects FY26 to outperform FY25 but did not provide specific revenue or margin guidance due to persistent macroeconomic uncertainty. However, management projects sequential revenue growth beginning in Q2, with large deal ramps contributing meaningfully in the coming quarters.
With strong cost controls, delivery optimization, and automation efforts in place, Tech Mahindra remains confident about reaching its 15% EBIT margin target by FY27.
Published on: July 17, 2025
Axis Bank reported a 3.8% year-on-year decline in net profit to ₹5,806.14 crore for the first quarter of FY26, compared to ₹6,034.64 crore in the same period last year. Sequentially, net profit dropped 18%. The fall in earnings comes despite a 14% YoY rise in operating profit to ₹11,515 crore, and a 5% increase in core operating profit to ₹10,095 crore.
Net Interest Income (NII) rose marginally by 0.8% to ₹13,560 crore but declined 2% sequentially. The bank's Net Interest Margin (NIM) fell to 3.80% in Q1FY26, from 3.97% in Q4FY25 and 4.05% in Q1FY25, indicating margin pressure.
Asset quality deteriorated during the quarter. Gross NPA ratio rose to 1.57% from 1.28% in the previous quarter, and 1.54% a year ago. Gross NPAs in absolute terms stood at ₹17,765 crore, up from ₹14,490 crore in Q4FY25. Net NPAs increased to ₹5,066 crore (0.45%) from ₹3,685 crore (0.33%) in the previous quarter.
Provisions surged to ₹3,948 crore in Q1FY26, significantly higher than ₹1,359 crore in Q4FY25.
Deposits rose 9% YoY to ₹11.61 lakh crore, with term deposits growing 12%, savings deposits up 3%, and current account deposits increasing 9%. CASA ratio stood at 40%. Advances grew 8% YoY to ₹10.59 lakh crore, led by a 6% rise in retail loans, which formed 59% of the loan book.
In the July 17 session, Axis Bank shares closed 0.63% lower at ₹1,161 on the NSE, reflecting investor caution following the mixed quarterly performance.