Indian equity indices closed lower on Friday, with the NIFTY settling at 24,008, down 265.80 points (1.10%). The Sensex fell 880.34 points (1.10%) to 79,454.47. Escalating tensions between India and Pakistan have weighed heavily on market sentiment. While conflict had been anticipated, investors were caught off guard by the intensification of hostilities, though analysts still project it will be short-lived, given India's strategic advantages and Pakistan's economic vulnerabilities.
Despite the geopolitical concerns, foreign institutional investors (FIIs) continued their investments through yesterday, although retail investors have adopted a more cautious stance. Market participants remain wary that escalation between the two nuclear powers could trigger a significant equity sell-off. Recent reports of military activity and damage to Pakistan Army air defence units in Sialkot and Lahore, along with explosions in Karachi, have heightened tensions. India has reported intensified shelling across multiple line of control (LoC) sectors including Kupwara, Uri and Rajouri.
Meanwhile, global markets remain stable and positive, supported by expectations of an imminent US-UK trade deal and preliminary indications of trade talks with China. Investors are likely to remain cautious until clear signs of de-escalation emerge, though strong market fundamentals and institutional flows could provide stability in the medium term.
In international monetary policy developments, the US Federal Reserve (Fed) has maintained its benchmark interest rates unchanged since December 2024 in the range of 4.25% to 4.5% for the third consecutive meeting. This cautious approach reflects uncertainty in the economic outlook, particularly regarding the potential inflationary impact of president Trump's tariff policies, which the Fed fears could increase inflation and raise unemployment levels.The Reserve Bank of India (RBI) scrapped the ‘short-term investment limit’ and the ‘concentration limit’ for investments by foreign portfolio investors (FPIs) in corporate debt securities. This decision aims to facilitate easier inflows into the Indian corporate debt market.
The trends of the major indices in the course of the week's trading are given in the table below:
News
The recently concluded free trade agreement (FTA) between India and the United Kingdom (UK) is anticipated to take up to 15 months to come into effect. This timeframe includes approximately three months for ‘legal scrubbing’ of the extensive text and potentially a year for ratification by the British Parliament, according to sources. The agreement includes provisions for lower tariffs on automobiles and automotive parts, a move seen as pragmatic and helpful for India.
UK has secured concessions on Scotch whiskey, with India agreeing to reduce import duties from 150% to 75% on implementation, gradually decreasing to 40% over the next 10 years. However, India has retained its right to retaliate, if UK introduces its carbon border adjustment mechanism (CBAM) on carbon-intensive imports starting in January 2027, asserting that Indian products meeting equivalent certification will not be taxed.
The FTA also outlines duty-free imports of internal combustion engine (ICE) vehicles from UK under a predefined quota, while India's duty-free quota on such vehicles to UK is limited to a few thousand units. As part of the impending FTA, the UK will gain access to sell up to 22,000 premium electric vehicles (EVs) in the Indian market. India has agreed to lower its automotive tariffs to 10% from the current level of over 100% for UK EVs within this quota.
Sensitive industrial products such as diamond, silver, base stations, smartphones, TV camera tubes, optical fibres and optical fibre bundles and cables have been excluded from any duty benefits under the India-UK FTA. Domestic medical device manufacturers are expressing concerns about potential repercussions. Their primary worry stems from the possibility of cheaper, Chinese-made medical devices entering India indirectly through UK, taking advantage of the zero-tariff provisions under the bilateral trade pact.
The FTA is also anticipated to boost manufactures of solar modules and wind turbines in both countries, opening wider doors for their exports. Indian renewable energy companies are expected to benefit from duty-free access to the UK market, making them more competitive. While US remains a major export destination for Indian solar modules, shifting trade policies have prompted companies to explore new markets. UK, with its net-zero emissions target by 2050 and increasing focus on renewable energy sources for heating and electricity, presents a considerable opportunity.
Godrej Consumer Products announced plans to invest Rs700 crore (US$84mn -- million) over the next 12 to 18 months to expand its manufacturing footprint. This investment will primarily focus on establishing two new factories in south and north India, with the potential for additional lines to be added at existing overseas facilities.
Ichnos Glenmark Innovation (IGI), a global biotechnology company, announced that the US Food and Drug Administration (FDA) granted fast-track designation to its investigational bispecific antibody, ISB 2001, for the treatment of adult patients with relapsed or refractory multiple myeloma (RRMM). These patients must have received at least three prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody.
In April 2025, Force Motors sold 3,210 units of small commercial vehicles (SCV), light commercial vehicles (LCV), utility vehicles (UV) and sports utility vehicles (SUV) in the domestic market. This represents a jump of 41.53% compared to the 2,268 units sold in April 2024.
Adani Ports and Special Economic Zone Limited (APSEZ) handled a total cargo volume of 37.5MMT (million metric tonnes), representing a 4% year-on-year (y-o-y) increase. This growth was driven by a strong performance in container traffic which saw a 21% y-o-y increase in volume and liquids and gas cargo which grew by 8% y-o-y.
It has announced its strategic intent to expand its operations into new international markets, specifically targeting Vietnam, the Philippines, Indonesia and the Middle East. The company aims to leverage its expertise in ports and logistics to foster growth in these regions. In a related development, APSEZ is also focusing on refinancing its upcoming debt obligations. The company has Rs9,034 crore of debt due in FY25-26 and anticipates a similar amount maturing in FY26-27 and FY27-28.
Adani Enterprises, the flagship company of the Adani group, has announced a significant capital expenditure (capex) of Rs36,000 crore (US$4.3bn -- billion) for FY25-26. A substantial portion, Rs10,500 crore, is earmarked for the airports business. It completed about Rs31,500 crore of capex in the last fiscal. A large part of the upcoming investment, besides airports, will also be directed towards the green hydrogen ecosystem, roads and solar energy.
Paras Defence and Space Technologies announced a strategic joint venture (JV) with Heven Drones Israel, an independent subsidiary of Heven – a US-based global leader in autonomous, hydrogen-powered and mission-specific drones. The JV will establish a new entity in India focused on designing, manufacturing and supplying next-generation drone systems tailored for India's defence and homeland security landscape, with long-term aspirations to address global markets.
Union Bank of India was scrutinised over a pre-publication bulk purchase of a book. The Bank reportedly spent Rs7.25 crore to acquire nearly 200,000 copies of the book, India@100: Envisioning Tomorrow's Economic Powerhouse, authored by Krishnamurthy Subramanian, the former chief economic adviser to the government of India. The sheer volume of the order is considered unusual in the Indian publishing industry, where English-language titles selling over 10,000 copies pre-release are rare. Mr Subramanian was sacked as International Monetary Fund’s executive director possibly as a consequence of his outrageous book deal.
Swiggy announced a strategic move to hand over its private label food brands to Kouzina Food Tech (Kouzina). These digital-first brands, including The Bowl Company, Homely, Soul Rasa and Istah, will be managed by Kouzina under an exclusive licence agreement aimed at scaling their operations. Kouzina will oversee end-to-end operations, innovation and growth for these brands, leveraging its asset-light expansion model and existing network of over 250 kitchen partners across more than 100 cities. This partnership allows Swiggy to focus on its core food delivery business, while enabling its private labels to expand into new markets under Kouzina's management. Swiggy also announced suspension of its hyperlocal food delivery service across all operational cities. Swiggy cited operational constraints as the reason. The company is working to restore the service soon. This suspension follows the expansion of Swiggy's Bolt service. Bolt promises 10-minute delivery.
Gujarat Themis Biosyn announced the commencement of commercial production at its newly-established active pharmaceutical ingredients (API) plant located at Vapi (Gujarat). It anticipates that this new facility will support its forward integration initiatives and strengthen its presence in export markets, particularly in US and Europe.
Indian government approved a national scheme for industrial training institute (ITI) upgradation and the establishment of five national centres of excellence for skilling, with a total financial outlay of Rs60,000 crore (US$7.2bn). This significant initiative aims to transform India's vocational education landscape.
Lupin announced that it has received approval from the US FDA for its abbreviated new drug application (ANDA) for Raltegravir tablets USP, 600mg (milligram) indicated for use in combination with other anti-retroviral agents for the treatment of human immunodeficiency virus (HIV-1) infection in adult and pediatric patients weighing at least 40kg.
National Stock Exchange of India (NSE) has announced that it will introduce futures and options (F&O) contracts on three additional securities: Piramal Pharma (-3.57%), Fortis Healthcare (-2.93%) and UNO Minda (-0.44%).
Reliance Industries (RIL) withdrew its application for a trademark on ‘Operation Sindoor’, the code name for India's strike against terrorist bases in Pakistan and Pakistan-occupied Kashmir. The company had initially applied for the trademark, stating its intention to use it for entertainment purposes, including the production, presentation and distribution of audio, video, or still and moving images. However, a strong backlash led RIL to retract the application, blaming the patent filing on a junior executive without proper authorisation.
Orders
Welspun Corp secured export order worth Rs1,950 crore for the supply of longitudinal submerged arc welding (LSAW) line pipes and bends. LSAW pipes are primarily used for the transportation of liquids and gases. Its consolidated global order-book has reached approximately Rs19,300 crore.
Solex Energy announced that it has been awarded a Rs451.41-crore order from KPI Green Energy to supply solar modules for KPI Green's Gujarat Urja Vikas Nigam Limited (GUVNL) projects. These modules will be part of KPI Green's independent power producer portfolio.
Azad Engineering (Azad) announced that it has entered into a long-term supply agreement with GE Steam Power GMBH, acting through its GE Vernova Power business. Under this contract, Azad will manufacture and supply highly engineered and complex rotating and stationary airfoils for advanced nuclear, industrial and thermal power industries, meeting GE Vernova's global demand in the power generation and essential industries. The current phase of this multi-year contract is valued at approximately Rs452.48 crore. Azad views this agreement as a big step towards cementing its strategic collaboration with GE Steam Power GMBH.
Time Technoplast announced that it has received the confirmation order from ministry of corporate affairs, approving the scheme of amalgamation between NED Energy Limited (transferor) and Power Build Batteries Private Limited (transferee), along with their respective shareholders and creditors.
Investment/ Acquisition / Stake Stale
KPIT Technologies announced that its board of directors has approved the acquisition of Caresoft's global engineering solutions business for a total consideration of up to US$191mn. The deal involves KPIT acquiring 100% of Caresoft's entities located in US, UK, Mexico and Italy. Caresoft's engineering solutions business focuses on the off-highway, truck and bus segments, as well as manufacturing solutions. The total consideration includes a fixed payment and up to US$25mn in variable payments linked to revenue and business synergy milestones, payable over four years in either cash or equity shares.
Earnings
In Q4FY24-25, Latent View Analytic’s sales increased by 34.88% year-on-year (y-o-y) to Rs232 crore, while operating profit increased by 35.99% y-o-y to Rs54.9 crore and net profit increased by 13.50% y-o-y to Rs51.3 crore.
Bank of Baroda reported 3.3% y-o-y increase in stand-alone net profit to Rs5,048 crore in Q4FY24-25. Despite the rise in net profit, investor sentiment appears to have been negatively impacted by a 6.6% drop in the Bank's net interest income (NII), a key indicator of a bank's core earnings, which fell to Rs11,020 crore
In Q4FY24-25, Polycab India's sales increased by 25.09% y-o-y to Rs6,986 crore, while operating profit increased significantly by 34.51% y-o-y to Rs1,025 crore and net profit increased substantially by 32.73% y-o-y to Rs734 crore.
In Q4FY24-25, CG Power and Industrial Solutions’ sales increased by 25.59% y-o-y to Rs2,753 crore, while operating profit increased by 22.18% y-o-y to Rs347 crore and net profit increased by 17.09% y-o-y to Rs274 crore.
In Q4FY24-25, Century Enka's sales fell by 5.33% y-o-y to Rs444 crore, while operating profit crashed 74% y-o-y to Rs8.77 crore and net profit by 65.99% y-o-y to Rs6.91 crore.
In Q4FY24-25, OneSource Speciality Pharma’s sales increased 482.76% y-o-y to Rs426 crore, while operating profit was Rs183 crore compared to a loss of Rs2.80 crore in the same period last year and net profit jumped to Rs98.5 crore compared to a loss of Rs40.2 crore in the same period last year.
In Q4FY24-25, Cartrade Tech’s sales increased by 17.24% y-o-y to reach Rs170 crore, while operating profit surged by 69.23% y-o-y to reach Rs46.2 crore and net profit increased significantly by 98.40% y-o-y to reach Rs46.1 crore.
In Q4FY24-25, Craftsman Automation’s sales increased significantly by 58.28% y-o-y to reach Rs1,749 crore, while operating profit increased by 17.87% y-o-y to reach Rs244 crore and net profit decreased by 5.25% y-o-y to reach Rs66.8 crore.
In Q4FY24-25, MRF’s sales increased by 11.43% y-o-y to reach Rs7,075 crore, while operating profit increased by 18.31% y-o-y to reach Rs1,079 crore and net profit increased by 29.29% y-o-y to reach Rs512 crore.
In Q4FY24-25, APL Apollo Tubes’ sales increased by 15.60% y-o-y to reach Rs5,509 crore, while operating profit surged by 47.86% y-o-y to reach Rs414 crore and net profit increased significantly by 72.35% y-o-y to reach Rs293 crore.
In Q4FY24-25, Wonderla Holidays’ sales decreased by 2.91% y-o-y to reach Rs96.8 crore, while operating profit decreased significantly by 44.35% y-o-y to reach Rs19.7 crore and net profit decreased substantially by 51.33% y-o-y to reach Rs11.0 crore.
In Q4FY24-25, Route Mobile’s sales increased by 15.54% y-o-y to reach Rs1,175 crore, while operating profit decreased by 2.40% y-o-y to reach Rs122 crore and net profit decreased by 15.65% y-o-y to reach Rs60.3 crore.
Top gainers and losers of the major indices for the week are given in the table below:
