Indian stock markets witnessed a sharp sell-off on 19 February 2026, with benchmark indices tumbling, amid broad-based selling pressure. The BSE Sensex and NSE Nifty 50 fell over 1%, erasing an estimated ₹7.5 lakh crore in investor wealth as BSE market-capitalisation retreated sharply from recent highs. The decline followed three consecutive sessions of gains, triggering aggressive profit-booking across sectors. The sell-off was amplified by mixed signals from the US Federal Reserve meeting minutes, which showed policy-makers divided on the future rate path—raising the possibility of either a pause or further hikes if inflation remains sticky. At the same time, escalating US–Iran tensions pushed Brent crude above US$70–US$71/barrel, reviving inflation concerns for oil-import-dependent India. A spike in the India VIX (Volatility Index) reflected rising volatility and a clear shift to risk-off sentiment. However, on 20th February, markets staged a partial recovery, with both benchmark indices rebounding modestly as investors engaged in selective buying after the sharp correction. Traders are now closely watching further geopolitical developments and key US economic data for cues on near-term direction.
India’s steel sector is gearing up for a significant surge in primary market activity, with at least 10 steel and steel-related firms planning to raise ₹5,000 crore-₹7,000 crore through initial public offers (IPOs) over the next eight to 10 months. Companies such as Steel Infra Solutions Company Ltd, German Green Steel & Power Ltd, Rajputana Stainless Ltd, Bombay Coated Steel Ltd, A-One Steels India Ltd, Jindal Supreme (India) Ltd, Madhur Iron & Steel Ltd and Synergy Advanced Metals Ltd have filed draft red herring prospectuses, with several others advancing preparations. The industry’s capital market push is underpinned by improving demand visibility, government infrastructure projects, production-linked incentives, and protective trade measures. Funds raised will be allocated to capacity expansion, greenfield projects, and financial strengthening, as companies seek to capitalise on India’s long-term steel growth outlook. According to Business Standard analysis, in FY25-26, only 65% of IPOs have opened above their issue price, marking the lowest performance in seven years. This is a decline from 82.1% in FY24-25, reflecting a weakening trend in investor appetite for new listings.
India’s solar cell manufacturers are poised to invest approximately ₹30,000 crore to establish around 50GW (gigawatts) of solar cell capacity by FY26-27, driven by new local-sourcing regulations coming into effect in June. This expansion is led by firms including Waaree Energies, Adani Solar, Reliance Industries Ltd, ReNew Energy Global Plc, Avaada group and Premier Energies. The government mandate requires cells used in state-backed projects and those procured by distribution utilities to be sourced from an approved list of models and manufacturers (ALMM), aiming to reduce import dependence and ensure certified technology integration into the grid. Parallelly, India recorded a historic 52.5GW addition in power generation capacity in the current financial year up to 31st January, surpassing the previous record of 34GW in FY24-25. Renewable energy sources accounted for 39.7GW of this increase, including 34.9GW from solar and 4.6GW from wind. India’s total installed power generation capacity now stands at 520.5GW, split between 248.5GW of fossil fuel-based capacity and 272GW from non-fossil sources, including 8.8GW from nuclear power. In related developments, Waaree Energies plans to invest ₹8,000 crore in Andhra Pradesh to build India’s first large-scale battery gigafactory, expected to generate around 3,000 jobs and produce complete battery packs and large-scale battery energy storage systems.
Indian auto sector is planning new investment plans from foreign auto companies. French automotive-component-maker Valeo announced an investment of ₹2,150 crore to triple its India sales by 2028, aiming to reach ₹7,510 crore. Valeo’s India operations produce electric motors, inverters, battery cooling systems, sensors and ADAS (advanced driver-assistance systems) technologies with manufacturing units in Chennai, Pune and Gujarat. Nissan targets domestic and export sales of 100,000 units annually by FY26-27 as part of its ‘India resurgence plan’. The Japanese auto-maker aims to leverage India’s trade agreements, including those with UK and the European Union (EU), to bolster exports. Nissan’s strategy centres on a fresh product offensive with three locally manufactured launches: the Magnite SUV, the seven-seat Nissan Gravite MPV and the mid-size SUV Tekton. JSW MG Motor India plans to invest ₹3,000 crore-₹4,000 crore over the next two years, launching four new models including a plug-in hybrid, a full electric vehicle (EV), and the Majestor SUV. The company, a joint venture (JV) between India’s JSW group and China’s SAIC Motor, seeks to deepen localisation and expand its product portfolio to compete with established players.
Despite a government target of 30% EV penetration by 2030, sales data show India trailing behind peers like Norway, China and the US. Challenges include limited charging infrastructure, affordability and consumer awareness, though recent innovations such as battery-as-a-service (BaaS) models may accelerate adoption. Maruti Suzuki India (MSIL) launched the eVitara EV with a pricing strategy designed to boost market penetration. The company combines BaaS financing with traditional sales, offering flexible ownership options. Supply constraints, however, are expected to cap volumes until July. MSIL’s approach includes extensive charging infrastructure plans and aims to balance affordability with technology adoption, targeting to expand EV sales while enhancing after-sales services.
Ola Electric’s share price declined nearly 50% in the past six months – and around 7% following disappointing Q3 revenue growth and market share losses. Challenges include prolonged cash burn, execution risks and slowing sales growth. Despite a recovery in gross margin, concerns over demand and competitive pressures from incumbents persist, highlighting the difficulties of scaling in India’s emerging EV market.
The premium motorcycle segment in India is gaining momentum, driven by shifting consumer preferences towards higher-powered models and improving affordability. Sales of motorcycles with engines of 125cc and above have surged to 26% of the market in the first 10 months of fiscal year 2026 (FY25-26), up from 22.1% in FY19-20—the highest in over five years. This growth reflects rising aspirations and the impact of the reduction in the goods and services tax (GST) last September which has stimulated demand for premium models priced around ₹80,000. Leading manufacturers Royal Enfield and TVS Motor have benefited most, with Royal Enfield’s market share in the 125cc+ segment increasing to 32% in FY25-26 from 27% in FY19-20. TVS Motor’s share rose to 19% from 15% over the same period. These gains have come at the expense of Bajaj Auto whose share fell to 22% from 32%.
Indian pharmaceuticals company, Dr Reddy’s Laboratories, is preparing to launch a generic version of Novo Nordisk’s weight-loss drug Wegovy (semaglutide) in India at a price potentially up to 60% lower than the branded product. The competitive landscape as drug-makers vie for a larger share of the global obesity treatment market, projected to reach US$150bn annually by decade’s end. Dr Reddy’s plans a day-one launch of semaglutide in various formats—including oral and injectable—aimed at expanding access and driving sales in the weight-loss and diabetes segments. Industry estimates place generic pricing between ₹4,000-₹5,000 per month, roughly half the cost of innovator brands ranging from ₹8,800 to ₹16,000 depending on dosage. The Hyderabad-based firm has secured regulatory approvals in India, including from the drugs controller general of India (DCGI), and is investing in physician and patient education through obesity centres of excellence across the country. Beyond India, Dr Reddy’s plans to market semaglutide in more than 70 countries over the next two years, including regions such as Asia, Russia, the Commonwealth of Independent States (CIS), North and South Africa and Latin America, while forming partnerships in other markets. Several other major Indian pharmaceuticals companies like Natco Pharma, Sun Pharma, Zydus Lifesciences have recently received regulatory approval from the central drugs standard control organisation (CDSCO) to manufacture and market generic semaglutide in India.
Introduction of India’s new labour codes (NLC) significantly increased wage bills for major listed companies, adding ₹17,600 crore to their costs in the Q3FY25-26. A Business Standard analysis of 96 Nifty 100 firms showed that 73 have already absorbed these added expenses which primarily arise from mandatory provisions for additional social security contributions under the revised labour laws. The impact was most pronounced in sectors such as information technology (IT), banking, aviation and large industrial firms, where fixed-term employees have become eligible for gratuity after just five years, replacing previous thresholds of longer service periods. This shift has prompted companies to increase provisions for gratuity, social security, and retirement benefits substantially. Among the hardest hit were IT giants TCS (Tata Consultancy Services), Infosys and HCL Technologies; banks including HDFC Bank and ICICI Bank; and aviation firms such as InterGlobe Aviation (IndiGo) and Jet Airways. TCS alone saw an incremental labour cost impact of ₹2,128 crore in Q3, equating to 5.5% of employee costs. Infosys and HDFC Bank faced additional wage bills of ₹1,289 crore and ₹1,037 crore, respectively.
The Indian government plans to raise ₹80,000 crore by FY29-30, through the sale of stakes in seven rail public sector undertakings (PSUs) under the ministry of railways. These asset monetisation efforts aim to unlock capital for infrastructure development while maintaining government control. Key PSUs earmarked for partial divestment include Railway Finance Corporation (86.36% government stake), Indian Railway Catering and Tourism Corporation (62.4%), Rail Vikas Nigam (72.8%), IRCON International (65.17%), RailTel Corporation of India (65.17%), RITES (72.2%) and Container Corporation of India (54.8%). The government is expected to retain majority ownership in these entities, with divestment stakes generally capped at 15%. The ministry of railways, which commands the second-largest capital expenditure (capex) allocation in the Central government’s ₹2.78 lakh crore outlay for 2026-27 and beyond, is actively pursuing these monetisation plans to fund ongoing infrastructure projects. The government has also announced its intention to privatise Container Corporation of India by divesting a 30.8% stake over six years.
Private sector banks in India, which derive a higher proportion of their non-interest income from insurance proceeds, may face greater challenges from the Reserve Bank of India’s (RBI) draft regulations aimed at curbing the mis-selling of financial products. According to data from
Economic Times report - IndusInd Bank reported the highest share at 16.5% in FY24-25 followed by Axis Bank - 12.6% and HDFC Bank -13.8%. RBI’s proposed guidelines would require banks to ensure the suitability of insurance products offered to customers, with mandates to refund premiums if mis-selling is established. This regulatory tightening threatens to curtail the lucrative commission income that private banks earn from bancassurance arrangements, where banks distribute insurance and mutual fund products alongside their core offerings. We have written about in detail
here.
Cochin Shipyard (CSL) secured a US$360mn (million) contract from French shipping and logistics giant CMA CGM to build six liquefied natural gas (LNG)-powered container ships, each with a capacity of 1,700 twenty-foot equivalent units (TEU). This order marks the first time ‘Made in India’ container ships have been awarded to an Indian shipyard. The vessels will be constructed at CSL’s existing facility in Kerala, employing designs supplied by South Korea. The first ship is expected to be delivered within 36 months, with two vessels planned for delivery every six months thereafter.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Adani Ports and SEZ signed an MoU (memorandum of understanding) with France’s Port of Marseille Fos to boost trade facilitation, port innovation and energy transition along the India–Middle East–Europe Economic Corridor (IMEC). The partnership, announced during Emmanuel Macron’s visit, proposes an IMEC Ports Club to streamline trade and infrastructure investments. With APSEZ’s hubs at Mundra and Hazira and Marseille Fos’s 70MT (million tonnes) capacity, the collaboration strengthens India–EU connectivity under the IMEC framework.
Embraer and the Mahindra group have announced plans to set up a maintenance, repair and overhaul (MRO) facility in India for the C 390 Millennium aircraft, contingent on its selection under the Indian Air Force’s medium transport aircraft (MTA) programme. The facility would support lifecycle management and strengthen India’s aerospace ecosystem. This builds on their October 2025 strategic partnership to produce the C‑390 Millennium in India.
LTIMindtree, part of the Larsen & Toubro group, has entered a five-year strategic collaboration with the Indian Institute of Creative Technologies (IICT) to advance industry-aligned skilling in creative technologies.
Shriram Properties announced plans for a premium high-rise residential project with an estimated gross development value (GDV) of ₹550 crore–₹600 crore. The development will span nearly 500,000sqft (square feet) of saleable area and is expected to be launched in the latter part of 2026. The site offers strong connectivity to Sarjapur, Varthur, Whitefield and the Outer Ring Road, and is located near reputed international schools and the upcoming Dommasandra Metro Station, positioning it within a high-demand micro-market.
Aequs Limited signed a non‑binding MoU with Guidance, the nodal agency of the government of Tamil Nadu (GoTN), to establish a new aerospace manufacturing unit in the state. Under the proposed plan, Aequs, along with a group company, intends to invest up to ₹1,900 crore over the next 10 years.
Keystone Realtors, operating under the Rustomjee brand, has been appointed as the developer for a large-scale society redevelopment project in Andheri (East), Mumbai. It will undertake the redevelopment of Om Nagar Co‑operative Housing Society Federation Limited, adding another significant project to its growing Mumbai portfolio. The redevelopment spans a strategically located land parcel of 20,569.90sqmtr (square metres) in Andheri (East), one of Mumbai’s high-demand suburban markets. The project comprises eight housing societies and will involve the rehabilitation of 637 existing members.
Zydus Lifesciences launched PEPAIR™, India’s first affordable oscillating positive expiratory pressure (OPEP) device priced at ₹990. It uses positive pressure and oscillations during exhalation to loosen mucus, clear airways, and improve breathing for patients with chronic obstructive pulmonary disease (COPD), asthma, and bronchiectasis.
Infosys announced a strategic collaboration with Anthropic to deliver advanced enterprise artificial intelligence (AI) solutions, beginning with the telecommunications sector through a dedicated Anthropic Centre of Excellence. The partnership integrates Anthropic’s Claude models (including Claude Code) with Infosys Topaz AI offerings, enabling enterprises to automate complex workflows, accelerate software delivery, and implement governance-driven AI solutions.
Embassy Development received MahaRERA approval for phase-1 of Embassy Serenity, its first residential project in Alibaug (MMR), marking entry into the lifestyle and second-home housing segment. Located in Thal Village, the resort-style retreat spans 0.2mnsqft (million sq ft) of RERA carpet area with an estimated GDV of ₹400 crore, positioned in the high-demand ‘Hamptons of Mumbai’ micro-market.
Lupin Limited signed a licence and supply agreement with Spektus Pharma to commercialise DeslaFlex™ in Canada, strengthening its CNS portfolio. Developed using Spektus’sFlexitab™ platform, the novel antidepressant offers greater dosing flexibility for patients with major depressive disorder (MDD).
Delhivery partnered with RIDEV (ANV Web Ventures Pvt Ltd) to deploy 150 high-performance EVs over the next three months across North East India, Bengaluru, and Hyderabad. The collaboration introduces an ‘EV‑as‑a‑Service’ leasing model, easing upfront costs and technical complexities for gig workers. This structure is expected to boost rider earnings while advancing Delhivery’s green logistics and sustainability goals.
SEAMEC’s vessel ‘SEAMEC DIAMOND’ went off-hire from its ONGC contract on 18 February 2026 at 01:30 hrs for statutory dry-docking. The company confirmed that it will resume the contract post-docking, with updates to be shared upon re‑deployment.
Bharat Forge signed an MoU with VVDN Technologies to explore strategic collaboration across automotive, defence, AI and data centre domains. The partnership will focus on innovation-led product development, combining VVDN’s expertise in electronics design and system integration with Bharat Forge’s strengths in advanced manufacturing and large-scale production.
Lloyds Metals and Energy, through its wholly-owned subsidiary Lloyds Global Resources FZCO (LGRF), has incorporated Virtus Lloyds Resources FZCO in the DMCC Zone, Dubai. The new entity will focus on investment and trading in metals and mining, with plans to build strategic partnerships with US metals and minerals developers. LGRF has subscribed to 100% equity stake for AED 50,000, marking an expansion of the group’s global investment footprint.
Tata Advanced Systems Limited (TASL) has inaugurated India’s first private-sector helicopter final assembly line (FAL) for the Airbus H125 at Vemagal (Karnataka). This marks the first time India’s private sector will handle manufacturing, integration, testing and maintenance of a rotary-wing platform domestically. The facility will produce the civil H125 and potentially the H125M military variant, with the first ‘Made in India’ helicopter deliveries expected in early-2027.
Tips Music disclosed that the GST department, Mumbai initiated an inspection, search and seizure operation at its accounts office. The company stated it is fully cooperating with authorities, collating information and responding to queries. A final report will be issued as per established procedures, with updates to follow once the inspection concludes.
NCC Limited received a two-year debarment order from NHAI, effective 17 February 2026, restricting it and its step-down subsidiary OB Infrastructure from participating in any new tenders or contracts floated by the authority. This action prevents the company from bidding on fresh NHAI projects until February 2028, impacting its ability to secure new highway contracts during the period.
Bharti Airtel continued its open-market share purchases in Indus Towers, acquiring over 4.2 lakh shares in the latest tranche. Since February 2026, cumulative buying has crossed 53 lakh shares, lifting Airtel’s stake to 51.2% (up from 51.03% in December 2025). This steady accumulation, including a notable 12 lakh-share block, further consolidates Airtel’s majority control over the tower company.
Aurobindo Pharma received four GST recovery orders from the additional commissioner of central tax, Ranga Reddy GST commissionerate, Hyderabad, alleging erroneous refund of accumulated input tax credit (Rule 89) for Sept–Dec 2022. Total disputed amount was around ₹169.83 crore with GST of ₹84.93 crore and penalty of ₹84.91 crore.
Zydus Lifesciences launched Anyra™, India’s first indigenously developed bio-similar of Aflibercept 2mg, with agreements signed alongside Regeneron Pharmaceuticals and Bayer. It is used for treatment of wet age-related macular degeneration (AMD), macular oedema from retinal vein occlusion (branch & central RVO), Diabetic Macular Edema (DME), diabetic retinopathy (DR), and myopic choroidal neovascularisation (mCNV). These chronic retinal conditions require timely anti-VEGF (vascular endothelial growth factor) therapy to prevent irreversible vision loss and long-term complications.
Orders
Power Mech Projects secured ₹1,005 crore+ orders from Adani Power subsidiaries for ultra-supercritical thermal projects in Uttar Pradesh (Mirzapur phase‑1, ₹515 crore) and Madhya Pradesh (Mahan phase‑3, ₹490 crore). Scope includes erection, testing, commissioning of steam generator & turbine systems, plus manpower support for performance guarantee tests of unit-1 and unit-2.
DilipBuildcon was declared L1 bidder for a ₹668.02 crore engineering-procurement-construction (EPC) project to construct a flood protection embankment on the Narmada River in Bharuch (Gujarat). Awarded by the Narmada water resources department, the project will be executed over 24 months, aiming to mitigate flood risks and strengthen riverbank infrastructure for long-term resilience.
BL Kashyap and Sons secured a ₹300-crore order from CRC Greens Pvt Ltd for civil structural works in a Greater Noida group housing project. The contract, to be executed over 42 months, strengthens the company’s presence in the residential real estate construction segment.
Texmaco Rail & Engineering secured a ₹27.67-crore contract (inclusive of GST) from south western railway for annual maintenance and breakdown restoration of overhead equipment (OHE) and power supply installations across the Mysore division. The order, valued at approximately ₹23.45 crore excluding GST, covers 1,046TKM (track kilometres) of electrification infrastructure along with associated electrical assets.
HFCL secured an export order worth approximately US$4.67mn (₹42.34 crore) from a renowned international customer. The company confirmed that the order has been received in the normal course of business. The order size, translating to nearly ₹42.34 crore, underscores HFCL’s continued traction in global markets.
Lupin signed a licence and supply agreement with Spektus Pharma to commercialise DeslaFlex™ in Canada, strengthening its CNS portfolio in the region. DeslaFlex™ is a novel antidepressant developed using Spektus Pharma’s proprietary Flexitab™ oral drug-delivery platform, designed to provide greater dosing flexibility and offer a differentiated treatment option for patients diagnosed with major depressive disorder (MDD).
GR Infraprojects secured a ₹1,897.51-crore EPC contract from west central railway for constructing a new rail line between Bahari and Gondawali stations in Madhya Pradesh. The project, part of the Sidhi–Singrauli corridor, covers extensive works including bridges, tunnels, stations and track infrastructure.
KNR Constructions received a ₹2,163.07-crore HAM contract for building a four-lane elevated corridor along east coast road (ECR) from Thiruvanmiyur to Uthandi in Tamil Nadu. The project aims to ease traffic congestion and improve coastal connectivity, with a construction period of 1,095 days and a five-year operation phase post-commercial operation date (COD).
NBCC (India) secured fresh work orders worth ₹104.95 crore (excluding GST), strengthening its Project Management Consultancy (PMC) portfolio. The contracts include ₹14.72 crore from Rourkela Steel Plant (SAIL) for infrastructure and hospital upgrades and ₹90.23 crore from NLC India Limited for an R&R colony in Jharkhand.
Acquisitions
BLS E‑Services approved the acquisition of 100% equity in Atyati Technologies for ₹154 crore cash, making it a wholly-owned subsidiary, subject to approvals. The board also recommended changes in IPO proceeds utilisation with an extra-ordinary general meeting (EGM) scheduled on 16 March 2026 via video conferencing.
Torrent Power Limited entered into a definitive agreement to acquire 100% equity stake and convertible instruments in Nabha Power Limited from L&T Power Development Limited, a wholly-owned subsidiary of Larsen & Toubro Limited, at an enterprise value of ₹6,889 crore. The transaction remains subject to customary regulatory approvals and standard closing conditions. Nabha Power Limited operates a fully contracted supercritical thermal power plant built on advanced Japanese technology.
Lodha Developers announced the acquisition of an 80% equity stake in Solidrise Realty Private Limited (SRPL) for a cash consideration of ₹294.07 crore. Solidrise Realty, incorporated on 21 March 2025, operates in the real estate sector with a focus on Pune.
Inox Green Energy Services emerged as the successful bidder for acquiring Wind World India’s independent power producer (IPP) and operation & maintenance (O&M) businesses, approved under the national company law tribunal (NCLT) resolution process. IPP portfolio (about 600MW installed capacity) to be acquired by Inox Clean Energy Ltd via subsidiary Inox Neo Energies. Wind World India operates across manufacturing, IPP and O&M segments. It has an installed IPP capacity of 600MW through subsidiaries. Its O&M portfolio spans 4.5GW, servicing major corporate clients. Key customers include Tata group, ReNew, Greenko, Apraava Energy and Hindustan Zinc.
Earnings
Ola Electric reported its Q3FY25-26 results with revenue from operations declining 55% y-o-y to ₹470 crore, compared with ₹1,045 crore in Q3FY24-25. The company posted net loss of ₹487 crore, narrowing from net loss of ₹564 crore in Q3FY24-25.
Siemens Energy India delivered a strong Q3FY25-26 performance with revenue from operations rising 26% y-o-y to ₹1,910.9 crore, compared with ₹1,516.9 crore in Q3FY24-25. Net profit grew 35% y-o-y to ₹312.9 crore, against ₹231.7 crore in Q3FY24-25.
Alkem Laboratories reported its Q3FY25-26 results with revenue from operations rising 10.7% y-o-y to ₹3,736.82 crore, compared with ₹3,374.28 crore in the corresponding quarter last year. Net profit increased marginally by 1.9% y-o-y to ₹653.03 crore, against ₹640.79 crore in Q3FY24-25.
West Coast Paper Mills posted its Q3FY25-26 results with revenue from operations rising 3.3% y-o-y to ₹1,049.8 crore, compared with ₹1,016 crore in the same quarter last year. Net profit declined sharply by 58% y-o-y to ₹27 crore, against ₹64.2 crore in the corresponding period of the previous fiscal.
Top gainers and losers of the major indices for the week are given in the table below:
