This week, global economic fault lines widened as the United States' (US’s) protectionist trade agenda triggered a cascade of retaliatory measures worldwide. US imposed an additional 25% tariff on Indian goods, bringing the total duty to 50%. India’s finance ministry has warned that this will affect 55% of the country’s exports to US. State Bank of India (SBI) has independently suspended transactions with Nayara Energy due to compliance concerns following new US and EU (European Union) sanctions on Russian-linked entities. Nayara, which operates the Vadinar refinery, was acquired by a Rosneft-led consortium in 2017. The trade disruptions from US tariffs are particularly severe for India's labour-intensive sectors. The knitwear hub of Tiruppur anticipates a potential Rs6,000-crore hit in foreign exchange (forex) earnings and is exploring a pivot to the EU and UK to offset losses.
US’s aggressive stance, also reflected in a revenue-sharing agreement with China, underscores a shift towards conditional market access. Nvidia and AMD agreed to remit 15% of their China-based artificial intelligence (AI) chip revenues to US government in exchange for export licences. This deal, which applies to chips like Nvidia's H100 and AMD's MI300X, came after US threatened 100% tariff on imported chips without a commitment to onshore manufacturing. Allegedly, US is also employing covert tactics to enforce its export controls on advanced semiconductors, with authorities placing location trackers in AI server shipments to detect diversions to China.
Simultaneously, India and China are signalling a potential de-escalation of their own tensions. Both countries are preparing to resume direct commercial flights after a five-year suspension. Furthermore, bilateral trade talks, suspended since the pandemic, may restart this month at the Shanghai Cooperation Organisation (SCO) summit. India's agenda for these talks includes sourcing critical materials like rare earths, chemicals and pharmaceutical ingredients, as it currently relies on China for 65%-70% of its active pharmaceutical ingredients (APIs) and 70% of its fertiliser needs. This pivot toward China highlights India's strategy to diversify its supply chains and trade partnerships in the face of rising US tariffs.
The comptroller and auditor general (CAG) of India revealed that the Union government failed to transfer approximately Rs3.69 lakh crore of cess collections to designated reserve funds over several decades. This lapse, implicating successive administrations, was disclosed in a report to Parliament. The Securities and Exchange Board of India (SEBI) also reported 2% increase in ‘difficult-to-recover’ dues, totalling Rs77,800 crore, with the bulk of these funds tied up in legal proceedings. Meanwhile, the government is set to decriminalise over 1,000 minor statutory offences within 45 days to reduce compliance burdens and improve the ease of doing business. This initiative is part of a broader review that includes overhauling the intellectual property (IP) framework to be more innovation-friendly and affordable.
On the fiscal front, capital expenditure (capex) by Central public sector enterprises (CPSEs) and four key government agencies dipped 23% year-on-year (y-o-y) in July, though cumulative capex for April-July FY25-26 still grew by 5.2% to Rs2.1 lakh crore. The Railway Board was the top spender, with capex of Rs 79,152 crore during this period. The government's own capex, however, surged 52% in Q125-FY26 to Rs2.75 lakh crore. To mitigate the fallout from US tariffs, which are expected to shave 30-80bps (basis points) off GDP (gross domestic product) growth, the government is engaging with states to provide support to exporters, encourage market diversification and reallocate production to tariff-friendly geographies.
India's retail inflation eased to an eight-year low of 1.55% in July, well below the Reserve Bank of India’s (RBI’s) 2%-6% target. This was primarily driven by a sharp decline in food prices, with vegetables, pulses and cereals all showing significant price drops. Despite this, bond traders are pricing in a prolonged pause in RBI's rate-easing cycle, with the 10-year benchmark yield widening to a 2025 high of 99bps above the repo rate.
The technology and electronics sectors are at the forefront of geopolitical tensions and India's drive for self-reliance. The US's additional tariff on select Indian electronics imports affects higher-value segments like printed circuit board assemblies and telecom gear, even as a large portion of smartphone and IT hardware exports remain exempt for now. In response, Indian electronics firms are actively seeking alternative markets in Europe, the Middle East and Africa.
Meanwhile, Indian single malt whiskies are outselling premium Scotch brands in terms of growth, with brands like Indri seeing 53% surge in sales to 124,000 cases in 2024. Finally, in a significant policy shift for the energy sector, India is preparing to allow private companies to mine, import and process uranium to accelerate its nuclear power capacity and enhance supply-chain resilience.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Infosys (+0.36%) successfully implemented the next phase of the nCino platform for ABN AMRO Bank, consolidating legacy systems into a unified cloud-native solution for loan origination and collateral management. The 11-month rollout involved migrating 100,000+ records and integrating across ABN AMRO’s IT landscape, enhancing operational efficiency and customer experience.
Tata Consultancy Services (TCS) (+0.14%) entered a strategic partnership with Now Corporation’s telecom arm, Now Telecom, to build the Philippines’ Sovereign Data Cloud and advance national digital sovereignty and financial inclusivity.
Lupin (+1.40%) launched Glucagon for Injection USP, 1mg/vial in an emergency kit in the US market, marking its entry into a US$122mn (million) annual segment for severe hypoglycaemia treatment and diagnostic imaging support.
Zydus Lifesciences (+2.07%) received final US FDA (US food and drug administration) approval for Diltiazem Hydrochloride tablets USP in strengths of 30mg, 60mg, 90mg, and 120mg, to be marketed under the brand name Cardizem® in US.
Shilpa Medicare (+4.90%) received CDSCO approval for nor ursodeoxycholic acid (NorUDCA) tablets 500mg, becoming the first company globally to launch this therapy for non-alcoholic fatty liver disease (NAFLD). NAFLD is one of the most common liver conditions globally, affecting about 25% of the world’s population -- roughly 1.2bn (billion) people. NAFLD affects around 188mn in India; NorUDCA showed superior efficacy over placebo.
PTC Industries (-0.50%) signed a memorandum of understanding (MoU) with Kineco Aerospace & Defence to co-develop aerospace components and structural assemblies. The partnership targets hybrid aero structures, localisation of flight parts and joint bids for global civil and defence leveraging DRDO-backed R&D.
Gland Pharma (-0.15%) received US FDA approval for its abbreviated new drug application (ANDA) of Cangrelor injection (50mg/vial), bioequivalent to KENGREAL by Chiesi USA. The product, used during percutaneous coronary intervention (PCI) procedures, comes with 180-day generic exclusivity in the US, offering a near-term revenue upside. According to IQVIA data, Cangrelor injection recorded approximately US$122mn in US sales in the 12 months ending June 2025.
RBL Bank (-1.99%) partnered with CAMSPay to launch a next-gen digital payment gateway for Indian enterprises. As the merchant acquiring settlement service partner, RBL will support real-time analytics, reconciliation and regulatory-compliant settlements via open APIs.(appilication processing interface)
Tata Tele Services (+2.50%) partnered with McAfee to offer AI-powered cybersecurity solutions for micro. Small and medium enterprises (MSMEs), addressing India’s projected Rs1.2 lakh crore cybercrime cost by 2025. The bundled service provides affordable protection against phishing, malaware and data breaches.
Izmo launched its automotive AI factory in Bengaluru to accelerate AI adoption across dealerships and original equipment manufacturers (OEMs). The izmo.ai platform offers pricing, operations and productivity agents at 70%–80% lower cost than Western markets, backed by advanced data and safety architecture.
Lupin (-0.05%) signed a licensing deal with Sandoz for bio-similar ranibizumab across EU (ex-Germany), Switzerland, Australia and select Asian markets. Lupin will manage manufacturing and filings, while Sandoz handles commercialisation, with exclusive rights in Canada and semi-exclusive rights in France, Australia, Vietnam and Malaysia.
Stallion India Fluorochemicals (+7.46%) signed an MoU with the Rajasthan government to set up a Rs120 crore refrigerant gas plant in Bhilwara. The facility will produce R-32 and other advanced gases, creating around 30 direct jobs.
Orders
Inox Green Energy (+1.56%) bagged a long-term operations & maintenance (O&M) contract for 182MW (megawatt) of wind assets from a top Indian conglomerate. The deal upgrades 82MW to comprehensive O&M and renews 100MW early, covering the full remaining life of the projects across western India.
DroneAcharya (-2.77%) secured a Rs99.67 lakh order from the Indian Army to supply drones and set up an advanced drone lab by November 2025. The project includes combat-ready FPV, (fist person view)surveillance and nano drones, enhancing tactical training and situational awareness.
Power and Instrumentation (Gujarat) (PIGL) secured a Rs70.54 crore contract from Ajmer Vidyut Vitran Nigam Ltd (AVVNL) for on-grid electrification across nine tribal-focused circles in Rajasthan under the Dharti Aaba Janjatiya Gram Utkarsh Abhiyana initiative, part of the revamped distribution sector scheme (RDSS). Scope includes supply, erection, testing and commissioning of distribution infrastructure for un-electrified households and public institutions, reinforcing PIGL’s engineering-procurement-construction (EPC) capabilities in rural electrification.
Hazoor Multi Projects (HMPL) (+1.51%) announced that its subsidiary, Quippo Oil & Gas Infrastructure secured a Rs280.1 crore contract from Oil India for the charter hire of one drilling rig over four years, marking HMPL’s formal entry into India’s upstream oil & gas services sector.
Larsen & Toubro (L&T) (+1.69%) secured an ultra-mega contract worth over Rs15,000 crore from Adani Power to build eight thermal power units of 800MW each, totalling 6,400MW of new generation capacity.
Jupiter Wagons (-0.44%) secured a Rs242.41 crore order from GATX India for 583 specialised freight wagons, marking a strategic boost to its rail logistics portfolio. The deal supports long-distance bulk and containerised transport.
HBL Engineering (+1.18%) secured a Rs54.12 crore contract from West Central Railway for installing KAVACH safety systems across 166km (kilometres) in the Kota division. With this, its order-book rises to Rs4,083.17 crore; project completion is slated within 700 days.
Investment/ Acquisition / Stake Stale
The Indian Hotels Company Limited (+0.11%) is to acquire 51% stake in ANK Hotels (Rs110 crore) and Pride Hospitality (Rs94 crore) to expand its midscale portfolio. ANK operates 111 hotels under The Clarks brand, with Rs14.32 crore turnover in FY24-25 and presence across India and Sri Lanka.
Earnings
POCL Enterprises (+4.37%) reported Q1FY25-26 net profit of Rs11.64 crore, up 85% y-o-y, on revenue of Rs372.43 crore (+2.4% y-o-y), supported by improved operating performance and lower deferred tax expense.
Tata Motors Q1FY25-26 net profit declined 30.4% y-o-y to Rs3,924 crore, impacted by lower volumes and reduced profitability at Jaguar Land Rover (JLR); consolidated revenue fell 2.5% to Rs1,04,407 crore.
Yatra Online Q1FY25-26 net profit surged nearly 4x y-o-y to Rs16 crore, driven by strong growth in hotels & packages and corporate travel segments; revenue more than doubled to Rs209.8 crore (+108% y-o-y).
Hindustan Aeronautics Limited (-0.80%) reported Q1FY25-26 net profit of Rs1,377 crore, down 4.1% y-o-y, despite 10.8% rise in revenue to Rs4,819 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 29.2% y-o-y to Rs1,284.3 crore, with margins improving to 26.7% from 22.86%, driven by operational efficiency.
Honasa Consumer (+1.11%) reported Q1FY25-26 net profit of Rs41.3 crore, up 2.6% y-o-y and 65% sequentially. Revenue rose 7.4% y-o-y to Rs595.25 crore, driven by improved sales, while total expenses increased on higher traded goods and employee costs.
Premier Explosives (-1.40%) posted Q1FY25-26 net profit of Rs15.35 crore, up 110% y-o-y and 4x sequentially. Revenue rose 71% y-o-y to Rs142.15 crore, driven by strong order execution, despite higher raw materials and inventory costs.
Cosmo First reported strong Q1 FY26 results with revenue from operations rising 16% y-o-y to Rs800.03 crore and total income reaching Rs824.49 crore. Net profit grew 38.6% y-o-y to Rs42.87 crore, driven by higher other income and improved operating performance.
Inox Wind reported a robust Q1 FY26 performance, with revenue rising 29.2% y-o-y to Rs826.25 crore and net profit surging 134% to Rs97.34 crore, driven by higher sales volumes and improved execution.
Inox Green Energy reported Q1 FY25 revenue of Rs56.20 crore, up 10.5% y-o-y, driven by operational efficiency gains. Net profit surged 439.5% y-o-y to Rs22.39 crore, reflecting margin expansion and disciplined cost control.
United Spirits reported Q1 FY26 revenue of Rs2,549 crore, up 8.4% y-o-y, supported by steady demand across key markets. Net profit declined 13.7% y-o-y to Rs258 crore, while EBITDA fell 9.4% to Rs415 crore, with margins contracting to 16.3% from 19.5%.
Lloyds Enterprises reported Q1 FY26 revenue of Rs330.90 crore, up 2.4% y-o-y, reflecting stable operational growth. Net profit surged 1,368% Y-o-y to Rs248.67 crore, driven by exceptional gains and improved cost dynamics.
Top gainers and losers of the major indices for the week are given in the table below:
