Published on: July 31, 2025
TVS Motor Company Ltd reported a consolidated net profit of ₹610.04 crore for the first quarter of FY26, marking a 32.36% year-on-year (YoY) increase from ₹460.88 crore in Q1FY25. The company’s revenue from operations rose 18.38% to ₹12,210.05 crore, compared to ₹10,314.47 crore in the same quarter last year.
On a standalone basis, revenue grew 20% YoY to ₹10,081 crore, while net profit surged 35% to ₹779 crore from ₹577 crore in Q1FY25. Operating EBITDA stood at ₹1,263 crore, reflecting a 32% YoY growth, with margins improving by 100 basis points to 12.5%.
Additionally, the Board of Directors approved a fundraise of up to ₹500 crore through the issuance of Non-Convertible Debentures (NCDs) on a private placement basis, to be issued in one or more tranches over time. This move is aimed at strengthening the company’s financial flexibility.
Published on: July 31, 2025
Tata Motors Ltd. announced on Thursday that it will acquire Italian truckmaker Iveco S.p.A. in an all-cash deal valued at €3.82 billion (approximately ₹33,360 crore or $4.37 billion), marking its largest acquisition to date. The offer, made through a newly formed subsidiary under Singapore-based TML CV Holding Pte. Ltd., involves purchasing all 27.2 crore outstanding shares of Iveco at €14.10 per share. The move aims to delist Iveco from the Euronext Milan stock exchange.
The acquisition excludes Iveco’s defence business, which will be divested before deal closure. The spin-off is expected by Q1 2026, with an anticipated extraordinary dividend of €5.5–6.0 per share tied to the €1.7 billion valuation of the defence arm. Including this payout, the offer represents a 22–25% premium to Iveco’s recent three-month average share price. Excluding the dividend, the premium stands at 34–41%.
The transaction has been unanimously approved by Iveco’s board and supported by its largest shareholder, Exor N.V., which has committed to tendering its 27.06% stake (43.11% of voting rights). Tata Motors has secured full committed financing for the deal, which is subject to regulatory approvals, including those under merger control, foreign direct investment, and EU financial regulations. Completion is expected in the first half of 2026.
Tata Motors Chairman N. Chandrasekaran described the acquisition as a strategic extension of the company’s global CV ambitions following its recent demerger. “The combined group will have dual home markets in India and Europe, allowing us to invest more boldly and scale faster,” he said.
However, not all market analysts are optimistic. Brokerage firm Investec labeled the acquisition “another rickety ride,” citing lower margins and slower growth prospects in Europe’s commercial vehicle sector compared to Tata’s Indian operations. Tata Motors’ shares closed 3.5% lower at ₹668.40 on the BSE following the news.
Tata has also committed to a two-year set of non-financial covenants post-deal to support Iveco’s employees, suppliers, and customers, and says it will continue to support Iveco’s existing strategy after the transaction.
Published on: July 31, 2025
Tata Motors shares fell by 2.4% to an intraday low of ₹652.05 on the BSE on Thursday, July 31, amid growing investor concerns over U.S. President Donald Trump’s proposed 25% reciprocal tariffs on Indian imports. The market reaction also followed the company’s announcement of a new wholly-owned subsidiary in the Netherlands, aimed at streamlining and expanding its global commercial vehicle (CV) operations.
The new entity, TML CV Holdings, will be incorporated under Tata Motors’ Singapore-based subsidiary and will act as a holding company to manage global interests and legal entities in the CV segment. This move is part of Tata Motors’ broader effort to boost its international commercial vehicle footprint, particularly in light of its ongoing acquisition strategy.
Market sentiment was further rattled by the U.S. administration’s sudden tariff announcement, effective August 1, which threatens to impact India’s export-oriented sectors such as automobiles and pharmaceuticals. Although most auto parts are currently exempt under Section 232 provisions, analysts at Nomura flagged Indian auto component makers as vulnerable to changes in U.S. demand and regulatory shifts.
Brokerage firm Nuvama maintained a “Reduce” rating on Tata Motors with a target price of ₹670, while acknowledging potential gains from the company’s acquisition of Iveco’s ex-defence business for €3.8 billion. The firm projected the deal to be earnings-accretive by 4%, with a 2% fair value upside based on valuation multiples. However, it cautioned against the risk of a potential commercial vehicle down-cycle in the EU and U.S. that could weigh on earnings in the near term.
Published on: July 31, 2025
Tata Motors has announced a landmark $4.5 billion all-cash deal to acquire Iveco’s truck and bus division, marking its largest overseas acquisition since purchasing Jaguar Land Rover in 2008. The transaction, expected to close by April 2026, will significantly enhance Tata’s global footprint, granting it a strong foothold in Europe and access to Iveco’s advanced technologies, including electrification.
The deal will create a commercial vehicle powerhouse with combined annual revenues of €22 billion ($25 billion), with approximately 50% from Europe, 35% from India, and the rest from the Americas. Tata Motors Chairman N. Chandrasekaran called it “the next logical step” following the company’s recent demerger of its commercial, passenger, and electric vehicle businesses. He emphasized that the acquisition positions Tata Motors to compete globally with dual home markets in India and Europe.
Although Tata Motors' shares dipped briefly by 2.4% amid concerns over funding, they recovered soon after. The acquisition also enables Tata to diversify its commercial vehicle portfolio and reduce dependency on Jaguar Land Rover, which is facing challenges in key markets like China and the U.S. With this move, Tata is set to compete directly with European giants such as Volvo and Daimler in the heavy vehicles segment.
Published on: July 31, 2025
French multinational Schneider Electric SE announced on Wednesday its plan to acquire the remaining 35% stake in Schneider Electric India Pvt Ltd (SEIPL) from Temasek Holdings for an all-cash deal worth €5.5 billion (approximately $6.4 billion or ₹56,075 crore). The acquisition, subject to regulatory approval, will give Schneider full ownership of SEIPL and represents the largest M&A transaction of 2025 so far.
This move deepens Schneider’s strategic focus on India, which the company views as a crucial hub for global operations. Schneider CEO Olivier Blum highlighted the country’s economic momentum and supportive manufacturing policies as key growth drivers. The company aims to triple its manufacturing capacity in India and expects SEIPL to deliver double-digit annual sales growth.
SEIPL, born from a 2018 joint acquisition with Temasek of L&T’s electrical and automation business, has since become Schneider’s third-largest revenue-generating market. In 2024, SEIPL reported €1.8 billion in statutory revenue, with total India sales reaching €2.5 billion. Temasek Deputy CEO Chia Song Hwee praised the joint venture's success and Schneider’s ongoing leadership in India’s fast-growing industrial sector.
Published on: July 30, 2025
Tata Motors is reportedly in advanced talks to acquire Italian commercial vehicle manufacturer Iveco from its principal shareholder, the Agnelli family’s investment arm Exor, in a deal valued at $4.5 billion. If finalized, this would mark the Tata Group’s second-largest acquisition after the $12.9 billion takeover of Corus in 2007, and the biggest for Tata Motors since acquiring Jaguar Land Rover in 2008.
According to The Economic Times, the boards of Tata Motors and Iveco are expected to meet on Wednesday to approve the transaction, with an official announcement anticipated the same day. The acquisition would be structured via a Dutch-based special purpose entity fully owned by Tata Motors. Morgan Stanley is advising Tata, while Goldman Sachs is working with Exor and Iveco. Legal counsel is being provided by Clifford Chance.
Iveco confirmed it is engaged in advanced discussions to separate its defence and core businesses, a move it had already signaled with plans to divest the defence unit by 2025. Iveco, which has a market cap of around $4.9 billion, manufactures trucks, buses, and engines and employs 36,000 people globally.
However, the deal is likely to face regulatory scrutiny, especially under Italy’s “golden power” rules designed to protect companies of strategic national interest—such as those involved in defence manufacturing. Iveco's relatively smaller size compared to European peers like Volvo and Daimler has long made it a potential takeover target, but its defence ties could complicate the transaction.
With the exclusivity window for negotiations closing on August 1, both sides are racing to finalize the terms in what could be a transformative deal for Tata Motors’ global ambitions in the commercial vehicle segment.
Published on: July 30, 2025
Varun Beverages Ltd. continues to attract a positive outlook from analysts despite a 7% year-on-year volume decline in its India business due to a shorter summer and early monsoon. Operational efficiencies helped the company maintain profitability, with Goldman Sachs noting cost control measures such as freight optimization, rationalized sales structure, and larger plants closer to market hubs.
Goldman Sachs raised its target price from ₹590 to ₹610, maintaining a ‘Buy’ rating and projecting a 19% upside. The brokerage expects a 10% volume recovery in the second half of the year, driven by improved demand and sustained cost-efficiency initiatives, including investments in renewable energy and productivity enhancements.
CLSA, meanwhile, kept its high-conviction ‘Outperform’ rating but trimmed the target price to ₹774 from ₹786, citing adjustments in valuation while still implying a significant 51% upside. The firm noted margin expansion in international markets due to backward integration in Zambia, DRC, and Morocco, along with the expansion of snacking product distribution and a new plant in Zimbabwe set to be commissioned by October.
In Q2 results, Varun Beverages reported a 2.5% decline in consolidated revenue to ₹7,017 crore, but EBITDA rose slightly by 0.4% to ₹1,999 crore, beating estimates. Net profit increased 5.1% YoY to ₹1,317 crore, while margins improved by 110 basis points to 28.8%.
With capex intensity expected to decline and a new CFO, Pankaj Madan, stepping in with extensive FMCG experience, Varun Beverages appears well-positioned for steady growth across both domestic and global operations.
Published on: July 30, 2025
Tata Steel is expected to report a 29% year-on-year rise in net profit to ₹1,674 crore for the June quarter, supported by improved cost efficiencies and favorable steel pricing trends, particularly in Europe. Analysts forecast the company's revenue to decline 8% to ₹50,478 crore, mainly due to weaker volumes impacted by planned plant maintenance and muted export demand.
Despite topline pressure, operating performance is set to improve. Systematix Research projects EBITDA per tonne expansion to about $103, driven by narrowing losses in the European business and cost optimization, especially in the Netherlands. This is expected to contribute to an overall 20% growth in EBITDA.
Brokerages estimate:
Nuvama: EBITDA up 7% QoQ to ₹7,179 crore
Kotak Equities: EBITDA up 10% to ₹7,361 crore
JM Financial: EBITDA up 12% to ₹7,168 crore
Falling coking coal prices and a 4% quarter-on-quarter improvement in Indian steel realizations are also seen as key profitability drivers. Analysts from YES Securities and Nuvama expect better domestic pricing and lower input costs to support margin expansion in the India business.
While the volume dip may weigh on revenues, Tata Steel’s robust margin outlook and improving international performance indicate a strong operational quarter.
Published on: July 30, 2025
Asian Paints Ltd.’s Q1FY26 performance has evoked a mixed reaction from leading brokerages, highlighting a sharp divide in market sentiment. While Jefferies and HSBC maintain their 'Buy' ratings with increased target prices of ₹2,900 and ₹2,800 respectively, citing improving demand trends and easing input costs, several global firms remain cautious.
Jefferies sees a recovery in decorative volume growth as a key upside trigger and calls the stock a “strong contra idea,” despite short-term margin pressures due to anti-dumping duties on Titanium Dioxide. HSBC, while trimming its target slightly, also acknowledges demand "green shoots" and anticipates a boost from an early festive season.
Conversely, Goldman Sachs, Citi, and UBS retain their 'Sell' ratings with target prices ranging from ₹2,100 to ₹2,250. They express concerns over persistent competitive intensity, potential earnings pressure, and a muted growth outlook. Goldman Sachs highlights margin strain due to product mix deterioration, while Citi flags risks from aggressive discounting and marketing spends tied to recent M&A activity. UBS adds that Q1 marginally exceeded expectations, but sees no strong recovery ahead.
Morgan Stanley, meanwhile, stays 'Underweight' with a target price of ₹1,909, cautioning that single-digit volume growth may persist despite early festive demand.
The sharply polarized broker opinions underscore the challenges and opportunities facing Asian Paints in a dynamic and competitive market landscape.
Published on: July 30, 2025
French electrical equipment giant Schneider Electric SE announced it will acquire the remaining 35% stake in its Indian joint venture, Schneider Electric India Pvt. Ltd. (SEIPL), from Temasek Holdings in an all-cash deal valued at €5.5 billion ($6.4 billion). Once completed, the deal will grant Schneider full ownership of SEIPL, making it the largest transaction in India so far in 2025.
Subject to regulatory clearances, including approval from India’s antitrust authorities, the acquisition underscores Schneider’s long-term commitment to India, positioning it as a strategic hub for global manufacturing, R&D, and supply chain operations. Schneider CEO Olivier Blum emphasized the importance of India in the company’s multi-hub growth model, citing strong economic fundamentals and government-led manufacturing initiatives.
The move builds on the 2018 joint acquisition by Schneider and Temasek of L&T’s electrical and automation business, which was merged with Schneider’s India unit. Since then, SEIPL has grown into Schneider’s third-largest market by revenue. In 2024, it reported €1.8 billion in statutory revenue, with total Indian sales reaching €2.5 billion.
Schneider plans to triple its capacity in India and projects double-digit annual sales growth. Temasek Deputy CEO Chia Song Hwee lauded the partnership, calling it a successful example of long-term value creation through joint ventures.
Published on: July 30, 2025
Indian equity benchmarks started Wednesday’s session on a cautious note with the Sensex rising 0.32% to 81,594.50 and the Nifty climbing 0.28% to 24,890.40. The Nifty Bank index mirrored the sentiment, up 0.16% at 56,310.10. Despite Tuesday’s rebound, investor caution persists ahead of the FOMC outcome and amid six headwinds including overbought technicals, FII selling worth ₹41,006 crore in July, and subdued Q1FY26 earnings.
Key stocks like L&T, Tata Steel, and Bharti Airtel led the gains, while Tata Motors and Asian Paints dragged. Over 20 companies, including Tata Steel, Power Grid Corporation, and Procter & Gamble Hygiene, are set to release their quarterly earnings today.
Investors are also eyeing developments in stocks such as Varun Beverages, Reliance Infrastructure, and Jubilant Pharmova. On the IPO front, the spotlight is on NSDL’s public issue alongside Sri Lotus Developers and M&M Engineering. Meanwhile, newly listed GNG Electronics and Indiqube Spaces are making their debut on the bourses today, keeping market activity vibrant across segments.
Published on: July 30, 2025
Hindustan Unilever Ltd. (HUL) is set to announce its financial results for the April–June quarter on Friday, with analysts anticipating a subdued performance amid ongoing urban demand weakness and margin pressures. According to Bloomberg estimates, HUL's revenue is expected to rise modestly by 2.4% year-on-year to ₹16,076 crore, while net profit may increase 6.8% to ₹2,608 crore. However, Ebitda is seen declining slightly to ₹3,653 crore, with margins compressing to 22.7% from 23.8% a year ago.
The broader FMCG sector is expected to post low single-digit growth, largely driven by volumes rather than price hikes. Analysts highlight that rural demand has remained resilient, bolstered by favorable weather and expectations of a good monsoon, making it a key bright spot in an otherwise sluggish landscape.
Brokerage Expectations:
Investec (Hold | TP: ₹2,538): Predicts flat or lower Ebitda margins, 4% revenue growth, and a 1% drop in net profit.
Nirmal Bang (Hold | TP: ₹2,420): Expects subdued growth, with 3.6% revenue growth and a 2% rise in volumes; sees margin contraction.
Jefferies (Buy | TP: ₹2,950): Forecasts 2% volume and 1% price growth, but expects a 120 bps drop in gross margin.
Nuvama (Buy | TP: ₹3,055): Projects 4.3% revenue growth with 3–4% volume growth; expects Ebitda to decline by 1.4%.
HSBC (Hold | TP: ₹2,290): Anticipates 3% volume growth and stable Ebitda margins between 22–23%, with a gradual demand recovery in H2 FY26.
While rural recovery and early signs of volume pick-up offer some optimism, analysts agree that pressure on margins and weak urban consumption may continue to weigh on near-term earnings performance.
Published on: July 30, 2025
Shares of Tata Motors Ltd fell sharply in Wednesday’s trading session, declining by as much as 4% to hit a low of ₹665.45 on the BSE, following media reports that the company is close to acquiring Italy-based Iveco Group’s truck business for $4.5 billion. At 10:11 a.m., the stock was trading 3.22% lower at ₹670.10. The decline comes despite no official confirmation from Tata Motors.
If finalized, the deal would mark Tata Motors’ largest acquisition since its $2.3 billion purchase of Jaguar Land Rover in 2008, and the Tata Group’s second-biggest deal after the $12.9 billion Corus acquisition. According to the report, the acquisition would be executed through a Dutch-based special purpose entity and involves the Agnelli family's Exor as the seller.
The sharp fall in Tata Motors made it the biggest loser on the BSE Sensex on Wednesday. Other laggards included Eternal, Hindustan Unilever, and Reliance Industries. On the flip side, Larsen & Toubro surged 3.8% to become the top gainer, followed by NTPC and Bharti Airtel.
Despite the drag from Tata Motors, benchmark indices continued their positive momentum. The BSE Sensex rose 75.35 points to 81,413.30, while the NSE Nifty50 gained 26.45 points to 24,847.55, supported by strength in infrastructure, pharma, and FMCG counters.
Published on: July 30, 2025
The Indian rupee slipped past the 87 mark against the US dollar on Wednesday, opening 28 paise lower at 87.10—the weakest level since March 13—amid renewed trade tensions and rising global crude prices. According to Bloomberg, the currency has now depreciated 1.57% in July and 1.78% year-to-date.
The latest pressure on the rupee stems from comments by US President Donald Trump, who hinted at imposing 20–25% tariffs on Indian imports, significantly higher than market expectations. While the tariff structure is yet to be finalized, the statement has heightened uncertainty ahead of the August 1 deadline for a possible US-India trade agreement.
Analysts warned that the rupee could remain under pressure unless the Reserve Bank of India (RBI) intervenes again in the offshore Non-Deliverable Forward (NDF) market. On Tuesday, the RBI was actively defending the 86.90 level, where the rupee rebounded thrice.
Adding to the currency's woes, crude oil prices climbed to over a one-month high as geopolitical tensions flared. Brent crude was trading at $72.51 per barrel, while WTI stood at $69.09. The dollar index, which tracks the greenback against six major currencies, is also heading for its best month this year, putting further pressure on emerging market currencies like the rupee.
As India navigates complex trade talks and external shocks, all eyes will remain on the RBI’s next move and whether crude prices and tariff risks ease in the near term.
Published on: July 25, 2025
Cipla Ltd.’s stock jumped 4% to ₹1,546.60 on the BSE in Friday’s afternoon session following the company’s strong Q1FY26 earnings. The stock rose from its previous close of ₹1,487.25, boosting the pharma major’s market capitalisation to ₹1.24 lakh crore.
For the quarter ended June 2025, Cipla reported a consolidated net profit of ₹1,298 crore, up 10% year-on-year (YoY), compared to ₹1,178 crore in the same period last year. Revenue from operations grew 4% YoY to ₹6,957 crore, up from ₹6,693 crore in Q1FY25.
The company’s EBITDA also increased by 4% to ₹1,778 crore. However, the EBITDA margin dipped marginally by 7 basis points, settling at 25.6%.
The stock rally reflects investor confidence in Cipla’s steady financial performance despite headwinds in international markets. With solid domestic sales growth and continued momentum in complex generics and biosimilars, Cipla remains a key player in India's pharmaceutical sector.