Published on: July 9, 2025
Copper-related stocks such as Hindustan Copper, Vedanta, and Hindalco opened in the red on Wednesday after U.S. President Donald Trump announced a potential 50% tariff on copper imports. While the implementation timeline remains unspecified, the announcement sent shockwaves through global commodity markets.
Copper futures in the U.S. soared 13%—the steepest single-day rise since records began in 1968—pushing prices to an all-time high. However, the London Metal Exchange (LME) prices remained relatively steady.
The proposed tariff has significant implications for India, which exported $2 billion worth of copper and related products in FY24–25. Of this, the U.S. accounted for $360 million, or 17% of the total, making it a key export market.
Analysts warn of potential headwinds for wire and cable manufacturers like KEI Industries. According to Zee Business Managing Editor Anil Singhvi, a decline in export demand could lead to oversupply and price softening in the domestic market.
Investors are expected to closely track developments around the tariff's implementation and its broader impact on the Indian metal and electrical equipment sectors.
Published on: July 9, 2025
Adani Enterprises Ltd (AEL) witnessed overwhelming demand for its latest non-convertible debenture (NCD) issue, with the ₹1,000 crore offering fully subscribed within just three hours of opening on Wednesday. Stock exchange data revealed bids worth over ₹1,400 crore by 3:30 PM, prompting expectations of an early closure ahead of the scheduled end date of July 22.
The issue, structured with a base size of ₹500 crore and a green shoe option of another ₹500 crore, offered interest rates of up to 9.3% per annum across eight series with tenors of 24, 36, and 60 months. Investors could choose from quarterly, annual, or cumulative payout options.
Notably, the entire subscription came from the non-institutional segment, including retail investors, high net-worth individuals (HNIs), and corporates. This marks the company’s second public NCD issuance following its ₹800 crore debut in September 2023, which saw 90% subscription on Day 1.
At least 75% of the proceeds will be used to prepay or repay existing debt, while up to 25% will be allocated for general corporate purposes, the company said in a statement. Lead managers for the issue include Nuvama Wealth Management, Trust Investment Advisors, and Tipsons Consultancy Services.
The strong response underscores growing investor confidence in Adani Enterprises' creditworthiness and long-term outlook, especially among retail and HNI segments.
Published on: July 9, 2025
JSW Steel shares will be in the spotlight after the company reported a 14% year-on-year increase in consolidated crude steel production to 7.26 million tonnes in Q1 FY26, despite scheduled maintenance shutdowns. Indian operations contributed 7.02 million tonnes, up 15% YoY, although production dipped 5% sequentially due to blast furnace maintenance. The company confirmed that all units are now operating optimally with 87% capacity utilisation.
In Q4 FY25, JSW Steel posted a 14% YoY rise in net profit to ₹1,501 crore, even as revenue slipped 3% to ₹44,819 crore. Operating EBITDA stood at ₹6,378 crore with a margin of 14.2%.
On the technical front, the stock's Relative Strength Index (RSI) is at 59.6—indicating neutral momentum—while a positive MACD reading at 8.9 reflects a bullish setup.
JSW Steel shares closed at ₹1,044.3 on Tuesday, showing a 0.15% gain. The stock has surged 16% over the last six months and 32% in the past two years, taking its market cap to ₹2.55 lakh crore. According to Trendlyne, analysts maintain a ‘Buy’ rating with an average target price of ₹1,045.
Published on: July 9, 2025
Leading brokerages have released updated notes on key Indian real estate firms, offering revised target prices and performance expectations for FY26. The assessments cover Sobha, Godrej Properties, Macrotech Developers (Lodha), and Signatureglobal, highlighting pre-sales trends, execution capabilities, debt levels, and market expansion plans.
Sobha:
Nuvama maintained its ‘Buy’ rating on Sobha, revising the target price to ₹1,784 from ₹1,708. The company posted its highest-ever quarterly pre-sales of ₹2,080 crore in Q1FY26, up 11% YoY. Notably, the NCR region overtook Bengaluru in sales share, driven by Sobha’s expansion into Greater Noida. However, average realisations dipped 10% YoY to ₹14,395/sq ft, prompting cautious optimism from analysts.
Godrej Properties:
Nomura initiated coverage with a ‘Reduce’ rating and a target of ₹1,900, citing concerns over a potential 5% miss in FY26F pre-sales guidance due to weaker new launch performance. It flagged slow progress in new business development and a premium valuation—135% above NAV—as key risks, especially compared to peers like Macrotech and Prestige.
Signatureglobal:
Despite a 15% YoY drop in Q1FY26 pre-sales to ₹2,640 crore, Nuvama reiterated its ‘Buy’ rating with an unchanged target of ₹1,456. The firm sees strong momentum ahead as Signatureglobal transitions into the premium housing segment. However, net collections declined and debt rose following a land acquisition in Sohna.
Macrotech Developers (Lodha):
MOFSL remains bullish on Lodha, retaining its ‘Buy’ call and raising the target price to ₹1,870, citing strong project acquisitions, timely execution, and entry into new markets like Pune and Bengaluru. The company is expected to sustain a 20% CAGR in pre-sales, supported by low debt and diversification into commercial and industrial assets.
Overall, while geographic expansion and project execution support optimism, brokerages remain watchful of rising valuations and macro headwinds in India’s real estate sector.
Published on: July 8, 2025
Reliance Industries Ltd (RIL) is once again in the market spotlight as its stock trades just 4.6% below its all-time high of ₹1,608.95, buoyed by optimism around its ambitious foray into new energy and artificial intelligence (AI). Despite a slight 0.4% dip on July 8 to ₹1,534.55, the stock has rebounded nearly 38% from its 52-week low in April.
Global and domestic brokerages remain bullish. Morgan Stanley reiterated its overweight rating with a ₹1,617 target, highlighting the transformational nature of RIL’s upcoming AI infrastructure in Jamnagar, which includes a 1GW NVIDIA-powered data center. The brokerage also forecasts a 16% YoY EBITDA growth and a 27% surge in net profit in Q1FY26, driven by strong fuel margins, stable telecom growth, and solid retail performance.
Nuvama Institutional Equities gave the highest price target of ₹1,801, citing RIL's early entry into the solar module market and the valuation potential of its integrated New Energy operations. Goldman Sachs echoed the optimism, adding RIL to its APAC Conviction List and projecting a strong 16% EBITDA growth for FY26.
Bernstein also raised its target to ₹1,640, pointing to disciplined capital allocation, ongoing telecom tariff hikes, and rapid expansion in the energy vertical as key value drivers.
While short-term volatility in refining margins and rising depreciation from 5G rollouts may weigh on earnings, analysts believe near-term triggers like a Jio listing and New Energy ramp-up could unlock additional value. With the stock advancing for five straight months and trading within striking distance of its peak, RIL remains a compelling long-term investment bet aligned with India’s clean energy and digital future.
Published on: July 8, 2025
ITC Limited reported a 25% year-on-year growth in its agri-business revenue, reaching ₹19,753 crore in FY2024–25, as outlined in its latest annual report. The company highlighted a strategic pivot toward scaling its value-added agri-products portfolio, including spices, coffee, frozen marine items, and processed foods.
With operations spanning 22 states and over 3.5 million tonnes of annual throughput, ITC has strengthened its position as a key supply chain partner, particularly in spices like chilli, cumin, turmeric, and coriander. The business also continued to expand its organic and integrated crop management initiatives to meet rising global demand.
ITC made notable strides in international markets, particularly in Europe and the Middle East, and retained its leadership in value-added frozen marine product exports. Despite challenges in the shrimp segment—such as volatile farm gate prices and supply chain issues—the company extended its market reach to new geographies including Greece, Israel, and Malaysia.
The company capitalized on strong Indian coffee exports amid global supply shortages from Brazil and Vietnam, leveraging its sourcing strength in key domestic growing regions.
With a diversified and evolving portfolio, ITC’s agri-business remains a significant growth engine for the conglomerate, aligning with global trends in food security, sustainability, and value-added processing.
Published on: July 8, 2025
Tata Motors shares are expected to be in focus after its luxury subsidiary, Jaguar Land Rover (JLR), reported a 10.7% year-on-year drop in wholesale volumes for Q1FY26 to 87,286 units. The decline aligns with expectations, driven by the phased discontinuation of older Jaguar models and disruptions from new US import tariffs. Retail sales also fell 15.1% YoY to 94,420 units.
Sequentially, the company saw a sharper drop, with wholesales and retail sales declining 21.7% and 12.8%, respectively. The UK market was most impacted, with wholesales plunging 25.5% due to the end of Jaguar XE, XF, and F-TYPE production. North America and Europe also recorded double-digit declines, while MENA, China, and Overseas markets posted modest gains.
Despite the volume slowdown, JLR increased its focus on high-margin offerings. The Range Rover, Range Rover Sport, and Defender together accounted for 77.2% of total wholesales, up significantly from 66.3% in Q4FY25, indicating a continued shift toward a more premium portfolio.
JLR attributed the US sales decline to a temporary pause in shipments in April after the imposition of new tariffs. The company’s financial results for the quarter are expected in August.
Tata Motors stock has declined 30% over the past year but remains a long-term outperformer with a 530% return over five years. The company’s current market capitalisation stands at ₹2.53 lakh crore.
Published on: July 8, 2025
Kotak Mahindra Bank shares rose as much as 4% to ₹2,238 on July 8 following a strong June quarter business update, signaling continued momentum in lending and deposit growth. The bank’s advances rose 14% year-on-year to ₹4.45 lakh crore, while deposits increased 14.6% to ₹5.13 lakh crore. Sequentially, loans and deposits grew 4.2% and 2.8%, respectively.
However, growth in low-cost current and savings account (CASA) deposits was more moderate. Average CASA deposits rose 4.2% YoY, while end-of-period CASA declined 2.2% QoQ, though still up 7.9% from a year ago.
Analysts responded positively. Morgan Stanley retained its “Overweight” rating with a target price of ₹2,650, citing strong balance sheet expansion amid a soft macro environment. Jefferies reiterated its “Buy” call with a target of ₹2,550, noting healthy credit growth and resilient average CASA levels despite a QoQ dip in end-of-period figures.
As of 9:20 a.m., the bank’s stock was trading at ₹2,228, up 3.6% on the NSE. With over 20% gains year-to-date, Kotak Mahindra Bank continues to outperform the broader banking sector.
Published on: July 8, 2025
ndia’s capital markets regulator, SEBI, has accused global trading giant Jane Street of manipulating the Nifty Bank Index during the opening minutes of trade on January 17, 2024. In an interim order, SEBI said Jane Street’s rapid-fire trades between 09:15 and 09:22:59—focused on At-the-Money Nifty Bank options and involving aggressive, unhedged positions—caused the index to fall over 3% in just eight minutes.
The regulator termed the activity as “intra-day index manipulation” with no plausible economic rationale, and flagged concerns about the integrity of the derivatives market. Jane Street strongly denied the allegations, stating that its trades were part of a legitimate index arbitrage strategy aimed at closing pricing gaps between index options and underlying stock values.
It asserted that such actions support healthy market functioning and rejected SEBI’s claim that it was uncooperative, pointing to multiple engagements with exchanges and the regulator since February 2024.
SEBI also highlighted suspicious volume spikes during weekly expiry days and alleged “marking the close” practices that may have distorted option settlement prices—potentially harming retail investors. Jane Street countered that rolling over delta exposure on expiry days is a standard practice globally.
The regulator has barred Jane Street’s India entities from the market and ordered it to deposit ₹4,843.57 crore in escrow, pending further investigation. The firm plans to contest the order and explore legal remedies. The case underscores growing regulatory scrutiny of high-frequency trading and marks one of the most high-profile confrontations between SEBI and a global trading firm.
Published on: July 8, 2025
Indian banks witnessed a continued divergence between credit and deposit growth in the April-June quarter, with advances outpacing deposits across public, private, and small finance banks, according to provisional data. While credit growth remained strong, led by CSB Bank (32% YoY) and UCO Bank (16.6%), deposit growth lagged behind for most lenders, with many reporting single-digit or low teen growth rates.
Private sector giant HDFC Bank was an exception, posting 16.4% deposit growth versus 6.7% credit growth, driven by its merger with HDFC Ltd. In contrast, IndusInd Bank saw declines in both loans and deposits amid fallout from a recent derivative accounting issue. Among small finance banks, AU and Suryoday led with over 30% deposit growth, while ESAF reported the slowest credit growth at just 2.9% YoY.
System-wide, RBI data showed credit growth at 9.6% and deposit growth at 10.3% YoY as of June 13. Analysts warn that the growing gap may strain banks’ liquidity and force them to hike deposit rates or seek alternative funding to sustain lending. With the economy rebounding, deposit mobilisation will be crucial to fuel the next leg of credit-led expansion.
Published on: July 7, 2025
Tata Sons Chairman N Chandrasekaran on Monday expressed optimism about the future of the Indian travel and hospitality sector, citing strong domestic consumption trends and increasing inbound tourism. Speaking at the Annual General Meeting (AGM) of Indian Hotels Company Limited (IHCL), he outlined ambitious plans to expand IHCL’s global footprint to 700 hotels and double revenues to over ₹15,000 crore by 2030.
During his address, Chandrasekaran began by paying heartfelt tributes to the victims of the recent Air India plane crash and to the late Ratan Tata, whom he described as an “uncommon leader” and a guiding force within the Tata Group. “We miss him very dearly,” he added.
Chandrasekaran highlighted India’s resilience in the face of global economic challenges post-Covid, emphasizing the consistent growth of the services sector at over 8% and increasing foreign tourist arrivals, which are nearing the 10 million mark annually.
For the fiscal year 2024-25, IHCL posted strong financials, with standalone revenue at ₹5,145 crore and profit after tax of ₹1,430 crore. On a consolidated basis, revenue touched ₹8,565 crore with ₹1,908 crore in profit. The company’s EBITDA margin reached 38%, backed by a free cash flow of ₹1,100 crore and a robust cash reserve of over ₹3,000 crore. IHCL signed 74 new hotels and opened 26 in FY25, expanding its portfolio to 380 properties.
Chandrasekaran concluded by asserting that India’s growing consumption and increasing travel demand signal a "very strong and bright" future for the hospitality industry.
Published on: July 7, 2025
SM Datta, the former chairman of Hindustan Unilever Ltd. (HUL) and a stalwart of Indian industry, passed away in Mumbai on Saturday at the age of 89. A visionary leader, Datta played a pivotal role in shaping HUL’s growth trajectory during his tenure from 1990 to 1996, driving major mergers and acquisitions that expanded the company’s footprint in the foods and beverages segment.
Under Datta’s leadership, HUL—then Hindustan Lever—executed several landmark deals, including the 1994 merger with Tata Oil Mills Company and acquisitions of Kissan (from the UB Group), Dollops ice cream (from Cadbury), and Brooke Bond/Lipton. These moves helped transform HUL into a more diversified FMCG powerhouse.
A science graduate from Presidency College, Kolkata, and a post-graduate from Calcutta University, Datta began his career at HUL in 1956 as a management trainee and rose through the ranks to become chairman. He later held prominent roles across industry bodies including Assocham and the Bombay Chamber of Commerce & Industry, and served on the boards of several companies such as IL&FS Investment Managers, Philips India, Castrol India, and Wockhardt Hospitals.
Datta’s contributions to Indian industry, especially in navigating HUL through a decade of intense corporate activity, remain widely respected and remembered.
Published on: July 7, 2025
Shares of Indian auto and IT companies declined on July 7 as uncertainty looms over the much-anticipated India–US bilateral trade agreement. With the 90-day pause on U.S. President Donald Trump's proposed tariff hikes set to expire on July 9 and the new 25% tariff regime likely taking effect from August 1, investors offloaded stocks with high export exposure, particularly in the auto and IT sectors.
The Nifty Auto and Nifty IT indices slipped into the red in early trade, reflecting broader market apprehension. Maruti Suzuki, Bharat Forge, and Tata Motors were among the key losers in the auto space, while IT majors like Tech Mahindra, HCL Tech, Infosys, and TCS also saw declines.
Commerce Minister Piyush Goyal clarified that India will not rush into any trade deal and will only sign one that serves national interest. This comes even as Trump confirmed that "take it or leave it" tariff letters would be sent to 10–12 countries, including India, and that additional 10% duties may apply to BRICS-aligned nations starting August 1.
Market experts warned that the lack of clarity around exemptions and escalating tariff rhetoric are pushing investors toward defensiveness. Auto exporters are particularly vulnerable due to the direct impact of Section 232 tariffs, while IT firms face indirect risks from a weaker U.S. dollar, potential visa restrictions, and geopolitical uncertainty.
Analysts believe a favorable trade resolution could revive sentiment, but until then, volatility is expected to persist across sectors with high U.S. dependency.
Published on: July 7, 2025
Indian stock markets ended Monday’s session flat amid cautious sentiment ahead of U.S. President Donald Trump's anticipated tariff letters, expected to be revealed later in the evening. While both benchmark indices staged intraday recoveries, investors remained on edge over escalating trade tensions and the breakdown of India–US negotiations over a proposed mini trade deal. Key sticking points remain around India’s refusal to open up sensitive sectors like dairy and agriculture.
The NSE Nifty 50 closed nearly unchanged, slipping 0.30 points to end at 25,461.30, while the BSE Sensex edged up by just 9.61 points to settle at 83,422.50. During the session, the Nifty dipped as low as 25,407.25 and the Sensex fell to 83,262.23.
Top laggards included Bharat Electronics, Tech Mahindra, Infosys, and Eternal Ltd., while heavyweights like Reliance Industries, Hindustan Unilever, Bharti Airtel, and ITC helped limit broader losses. On the sectoral front, nine of the 15 NSE indices ended in the red, led by sharp declines in the Defence, Media, and IT sectors.
Broader market indices also fell, with the BSE SmallCap down 0.33% and the MidCap index slipping 0.15%. Market breadth was negative, with 1,379 stocks declining compared to 789 gainers on the BSE, reflecting a bearish undertone across the broader market.
Published on: July 7, 2025
Bank of Baroda has removed charges for non-maintenance of minimum balance on standard savings accounts, effective July 1, aligning with a broader shift among public sector banks to enhance customer service. The waiver excludes premium savings products and mirrors similar moves by Canara Bank, Punjab National Bank, and Indian Bank. State Bank of India (SBI) had led the way in 2020, and its chairman CS Setty recently said the policy has supported first-time account holders without compromising deposit inflows.
The change comes amid ongoing dialogue between the finance ministry and public sector banks on easing penalties for low balances. This is particularly significant as banks grapple with a decline in low-cost CASA (current account and savings account) deposits, which dropped to 36.8% of total deposits in March 2025 from 39.2% the previous year, as per the RBI’s Financial Stability Report.
With rising reliance on higher-cost term and certificate deposits, banks are adapting by diversifying revenue sources. The growth of digital banking and the rise in average balances in Jan Dhan accounts—up 18% YoY—have reduced servicing costs. Instead of charging for low balances, banks now earn through transaction fees, debit card services, and other digital channels, marking a shift toward more customer-friendly and sustainable banking practices.