Published on: August 12, 2025
JSW Steel has challenged Bhushan Power and Steel’s lenders in the Supreme Court over their demand for ₹6,155 crore in EBITDA and ₹2,509.88 crore in interest from the firm’s 2017–2021 insolvency period. Represented by senior counsel NK Kaul, the company argued that neither the request for resolution plan nor the final plan required distribution of EBITDA, which is not considered distributable profit.
JSW maintained that any delays in implementing the ₹19,700 crore acquisition were due solely to the Directorate of Enforcement’s asset attachments, lifted only in December 2024. The dispute comes as the Supreme Court, in a rare move, recalled its earlier order scrapping the acquisition and ordering liquidation, agreeing to review the case afresh after pleas from JSW Steel and lenders.
Published on: August 12, 2025
Tata Motors announced that its long-planned demerger of the commercial vehicle (CV) business will be effective from October 1, 2025, following National Company Law Tribunal proceedings. The restructuring, approved in 2024, will split the automaker into two listed companies—TML Commercial Vehicles Ltd., housing the CV business and related investments, and Tata Motors Passenger Vehicles Ltd., which will include the passenger vehicle, EV, and Jaguar Land Rover operations.
Shareholders will receive one share of the demerged company for every Tata Motors share held, with separate listings on the NSE and BSE. The record date for eligibility will be announced in advance. In Q1FY26, Tata Motors’ CV segment revenue fell nearly 5% year-on-year to ₹17,000 crore.
Published on: August 12, 2025
Top brokerages shared fresh insights and revised outlooks on key Indian companies following Q1FY26 results. Citi maintained a Buy on Akums Drugs with a ₹700 target, expecting strong international growth, while Morgan Stanley kept an Overweight on Titagarh Rail Systems at ₹1,027 despite a revenue miss.
Hindalco drew mixed views, with Investec cutting its target to ₹705 on tariff headwinds and Citi retaining a bullish stance at ₹800. Goldman Sachs initiated Buy on Hyundai Motor India at ₹2,600, citing product cycle strength and EV potential, while Jefferies reaffirmed Buy on HCL Tech at ₹1,850, noting steady demand but near-term margin pressure from AI investments.
Sector strategists signaled caution—BofA warned of muted market returns and ongoing smallcap overvaluation, while Goldman Sachs highlighted an emerging mass consumption revival that could drive growth into FY27.
Published on: August 12, 2025
The Shapoorji Pallonji Group is considering using part of the proceeds from a possible sale of its 18.4% stake in Tata Sons to repay ₹88.1 billion ($1 billion) in bonds issued by Goswami Infratech, maturing in April next year, according to sources. The debt repayment would help the conglomerate free up investor support for other capital expenditure plans.
Talks are in the early stages, and plans could change. If the stake sale does not go ahead, Shapoorji intends to initiate refinancing discussions for the 2026 bonds in November. The development follows reports of Tata Sons exploring options for Shapoorji’s exit and comes months after the group secured $3.4 billion in India’s largest-ever private credit deal.
Published on: August 12, 2025
Indian benchmark indices began Tuesday’s session on a subdued note, with the Sensex slipping 121 points to 80,483 and the Nifty easing 29 points to 24,556, as traders remained cautious ahead of July CPI data and a busy earnings calendar. Market breadth was positive, with 1,336 stocks advancing against 860 declines.
Tata Steel, Bajaj Finserv, L&T, Hero MotoCorp, and Jio Financial led the Nifty gainers, while Hindalco, ICICI Bank, Dr Reddy’s, HDFC Bank, and Kotak Mahindra Bank were the top losers. Analysts expect a range-bound trade until macro data and corporate results provide clearer market direction.
Published on: August 12, 2025
Indian equity benchmarks surged on Tuesday, with the Sensex climbing 746 points to 80,604 and the Nifty gaining 222 points to 24,585, fueled by upbeat global markets and renewed FII interest. In the coming week, investors will watch quarterly results from major companies including Bharti Airtel, SBI, Tata Motors, LIC, DLF, Sona BLW, Adani Ports, Titan, and Bajaj Auto.
Several firms, such as Hindalco, SJVN, Ashoka Buildcon, Bata India, and Astral, have already reported mixed Q1 performances. Key corporate developments include Medi Assist’s stake sale, Adani Defence’s acquisition of Indamer Technics, and HDFC Bank’s financing partnership with VinFast. Ex-dividend and stock-split actions, along with large-cap earnings, are expected to keep market volatility elevated ahead of August 12 trading.
Published on: August 11, 2025
In an exclusive interaction with BW Businessworld, Sanjeev Gupta, CEO of the Karnataka Digital Economy Mission (KDEM), outlined the state’s strategy to maintain its leadership in technology and innovation while competing with neighbouring states. Karnataka, which holds 50% of India’s mid-market Global Capability Centre (GCC) share, has launched the country’s first GCC policy with a “nano GCC” model, enabling smaller teams to set up operations with enterprise benefits.
Through its Nipuna scheme, the state funds 40% of industry-designed training in AI, quantum computing, and machine learning, supported by 20+ Centres of Excellence in emerging tech. The ₹1,000 crore Local Economy Accelerator Program will create specialised hubs beyond Bengaluru in cities like Mysuru, Mangaluru, and Hubballi, focusing on sectors from semiconductors to fintech and EV manufacturing.
Achievements include GCCs and electronics manufacturing clusters outside Bengaluru, Wipro’s ₹1,250 crore PCB Park investment, and Tecchren’s ₹1,000 crore battery pack plant. The Hubballi-Dharwad-Belagavi cluster is being positioned as an EV and drone manufacturing hub, attracting interest from global players like Honeywell and Taiwanese battery manufacturers.
Published on: August 11, 2025
Indian equities recovered from a flat start on Monday, with the Sensex climbing 320.07 points (0.40%) to 80,177.86 and the Nifty advancing 103.25 points (0.42%) to 24,466.55 by mid-session. The gains follow a rare six-week losing streak for benchmark indices.
Adani Enterprises surged 4.63% to ₹2,279, leading Nifty gainers, followed by Tata Motors (+2.89%) and State Bank of India (+2.17%). ICICI Bank (-0.86%) topped the losers’ list. Broader market breadth was mixed, with 1,964 stocks advancing against 2,023 declining.
Sectorally, Nifty Next 50 gained 0.65%, while midcap, banking, and financial indices posted modest advances. Foreign institutional investors net bought ₹1,933 crore on Friday, breaking a 14-session selling run. Technical charts place Nifty support at 24,300–24,000 and resistance at 24,500–24,700, with upcoming US-India inflation data, US retail sales, and corporate earnings in focus.
Published on: August 11, 2025
Tata Motors shares remain under pressure after the automaker posted a sharp 63% year-on-year drop in consolidated net profit to ₹3,924 crore for Q1FY26, hurt by weak Jaguar Land Rover volumes, US tariffs, forex losses, and softer domestic demand.
Nuvama has cut its target price to ₹610 from ₹670, retaining a ‘Reduce’ rating, citing muted volume growth, model discontinuations, and rising competition in the commercial vehicle space. Motilal Oswal has reiterated a ‘Neutral’ stance with a ₹631 target, highlighting global tariff uncertainties, soft demand in Europe and China, and rising cost pressures.
Nomura too remains ‘Neutral’, trimming its target to ₹704 from ₹799 and lowering valuations across CV, PV, and JLR segments amid weaker margins and demand risks. The stock has fallen 41% over the past year and 16% year-to-date, with a current market value of ₹2.33 lakh crore.
Published on: August 11, 2025
JSW Cement Ltd.’s ₹3,600 crore initial public offering closed on Monday with robust demand, fully subscribing by the third and final day. The issue comprises a ₹1,600 crore fresh issue and a ₹2,000 crore offer for sale by existing shareholders, including State Bank of India.
Priced between ₹139 and ₹147 per share, the IPO values the company at ₹19,564 crore at the upper end. Subscription stood at 7.77 times overall, led by Qualified Institutional Buyers at 15.80 times and Non-Institutional Investors at 10.97 times, while the retail portion was booked 1.81 times.
This will mark JSW Group’s sixth listed entity, following JSW Infrastructure’s debut in October 2023. Share allotment is expected on August 12, with listing scheduled for August 14. In the grey market, the IPO commands a ₹5 premium, suggesting a 3.4% upside over the issue price.
Published on: August 11, 2025
Thirteen companies are in focus for Monday’s trade, with major corporate developments across sectors. BEML Ltd secured its first international order in the Rail and Metro segment — a $1 million contract from Malaysia for retrofitting and reconditioning its Mass Rapid Transport System.
JM Financial Credit Solutions will sell a 2.1% stake in JM Financial Home Loans to Bajaj Allianz Life Insurance for ₹65.5 crore, trimming its holding from 8.98% to 6.88%, with completion expected by August 31.
The Competition Commission of India has initiated a probe against Rashtriya Chemicals and Fertilizers on allegations of forcing dealers and farmers in Maharashtra to buy additional products along with urea, citing potential violations of the Competition Act. Other stocks in focus include ICICI Bank, Hexaware, Shree Cement, Prestige Estates, Zydus, and Nitin Fire.
Published on: August 11, 2025
Indian banks have ramped up advertising and publicity spends by 160% over the past five years, embracing a full-funnel marketing approach that blends brand awareness with direct customer acquisition. Data from 11 large-cap banks’ FY25 annual reports show ICICI Bank (₹1,952 crore) and Kotak Mahindra Bank (₹1,009 crore) as top spenders, followed by HDFC Bank (₹592 crore).
State-run lenders like Bank of Baroda and Canara Bank also recorded sharp jumps, though SBI and Union Bank trimmed budgets slightly. The strategy shift aims to capture affluent customers, expand CASA deposits, and drive conversions through mass and niche campaigns.
However, despite higher spends — up 14% year-on-year in FY25 — marketing efficiency has dropped sharply, with revenue and profit per ad rupee falling across most lenders. Analysts say the challenge now is to ensure these bigger budgets translate into sustainable customer relationships and measurable business growth.
Published on: August 11, 2025
HDFC Bank has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 30 basis points across various loan tenures, effective August 7, offering relief to borrowers with loans linked to the MCLR benchmark. The revised rates now range from 8.55% to 8.75%, down from 8.60%–8.80% in July.
Overnight and one-month MCLR rates have been cut by 5 bps to 8.55%, the three-month rate lowered to 8.60%, and the six-month rate trimmed to 8.70%. The most significant drop came in the one-year MCLR, which fell from 9.05% to 8.70%.
The move comes a day after the Reserve Bank of India maintained its repo rate at 5.5%, continuing its neutral stance while having cut rates by 100 bps since February to spur growth. HDFC Bank’s home loan rates, linked to the repo rate, currently range from 7.90% to 13.20%.
Published on: August 11, 2025
HBL Engineering Ltd.’s shares soared over 14% to ₹684, marking their highest level since December 20, 2024, after the company posted a robust first-quarter performance. Consolidated net profit jumped 79% year-on-year to ₹143 crore, driven by a 15.7% rise in revenue to ₹602 crore and a 74% surge in EBITDA to ₹192 crore.
Profit margins expanded to 31.9% from 21.2% a year earlier. The Hyderabad-based leader in batteries and power systems — with a presence across defence, aviation, electric mobility, and energy storage — also drew strong trading interest, with volumes 21 times the 30-day average.
Despite the stock’s overbought RSI of 72.84, Bloomberg data shows analysts maintaining ‘buy’ ratings, with an average 12-month target suggesting a further 28.5% upside.
Published on: August 8, 2025
Shares of National Securities Depository Ltd. (NSDL) extended their winning streak for a third straight session after listing on the BSE, delivering a 66% return over its IPO price of ₹800. The scrip touched an intraday high of ₹1,339 on Friday, up 19%, before settling near the upper band.
Gains of 17% on Wednesday and 20% on Thursday have propelled the depository’s market capitalisation to ₹26,600 crore. The IPO—an offer for sale of 5.01 crore shares by existing shareholders such as IDBI Bank, NSE, and SBI—garnered ₹4,012 crore, including ₹1,201.44 crore from anchor investors like LIC, Capital Group, and Fidelity.
With all pre-IPO shares under a six-month lock-in, NSDL maintains a dominant position in India’s two-player depository market alongside CDSL.