Indian equity indices concluded Friday on a strong note, with the NIFTY closing above 25,100. At close, the Sensex was up 1,046.30 points (1.29%) at 82,408.17, and the NIFTY was up 319.15 points (1.29%) at 25,112.40. This positive market close came in a week of varied global and domestic economic developments, highlighting India's evolving position in a complex international landscape.
Global capital flows continued to exhibit volatility. Foreign portfolio investors (FPIs) who, despite aggregate net inflows for 2025 exceeding the past two years, pulled nearly US$12.3bn (billion) from Indian equities in June. FPIs have also sought greater flexibility from the Securities and Exchnage Board of India (SEBI) regarding ownership limits and trading rules, aiming to ease investment constraints. The ongoing Israel-Iran conflict contributed to market uncertainty, driving up crude oil prices, a perennial concern for import-dependent economies like India. In a contrasting trend, central banks globally, including a significant proportion of those surveyed by the World Gold Council, are set to increase their gold holdings, a strategic move to hedge against geopolitical uncertainties and potentially signalling a gradual shift away from the dominance of the US dollar as a reserve asset. Indian money in Swiss banks also notably rose threefold to 3.5bn Swiss francs in 2024, though this is primarily attributed to increased holdings by resident Indians and not necessarily illicit funds.
Domestically, inflation trends offered some relief, with India's wholesale price index (WPI)-based inflation falling to a 14-month low of 0.39% in May, aided by a favourable base effect and moderation in food prices. This followed a retail inflation dip to a six-year low. However, advance tax collections grew at a more modest 4% until mid-June, reflecting some subdued income growth. In a significant regulatory adjustment, the Reserve Bank of India (RBI) eased provisioning norms for infrastructure project finance loans, reducing the requirement for under-construction projects to 1%. This aims to offer relief to lenders and stimulate credit flow to vital infrastructure projects.
Trade dynamics were shaped by both internal policies and global shifts. India's trade deficit narrowed to US$22bn in May as exports as well as imports contracted, with services exports continuing to provide a healthy surplus. The government announced a tightening of controls on substandard paper imports, particularly from China, through new quality control orders, to support domestic manufacturing. This move aligns with a broader global re-evaluation of supply chains, exacerbated by China's rare earth export volume slumping 61% in May due to Beijing's export curbs, impacting industries worldwide, including those in India. India is also seeking assurance from the US against additional tariffs post-bilateral trade pact, a measure to ring-fence the agreement from future policy shifts. Meanwhile, India's fuel exports are bracing for potential impacts from the European Union (EU) sanctions on Russia, particularly with the new carbon border adjustment mechanism (CBAM) looming.
India is projected to lead global oil demand growth, adding 1mbd (million barrels per day) by 2030, driven by its expanding economy and increasing vehicle ownership. Indian Railways continued to enhance its role in logistics, now transporting 20% of Indian cars, up from just 1% a decade ago, showcasing improved multi-modal freight capabilities. Further bolstering railway infrastructure, the government plans to manufacture 100 new expanded mainline electric multiple units (MEMUs) and 50 air-conditioned Namo Bharat trains for short-distance travel. On the road safety front, anti-lock braking systems (ABS) will become mandatory for all two-wheelers (2Ws) from January 2026, a government mandate aimed at reducing accidents.
In the realm of technology and infrastructure, Lenovo revealed plans to double its ‘Make-in-India’ device output within two years, leveraging local incentives and aiming for India to become an export hub. Google's proposed US$32bn acquisition of cybersecurity firm Wiz faces an antitrust review in the US, highlighting increasing scrutiny of large tech mergers. Meanwhile, Indian startups continue to attract investment, securing US$184.75mn last week. Finally, in a notable development for infrastructure governance, Nandan Nilekani is expected to head a panel on power sector reforms, focusing on leveraging electric vehicle (EV) battery data for grid stability and pushing for deeper ‘digital reforms’ in the power sector, a testament to India's ongoing digital transformation agenda.
International travel demand had taken a sharp hit, with new bookings down 30%–35% as safety concerns mount. Air India witnessed 20%–25% flight cancellations over the past six days, further driving up travel package costs due to last-minute changes and disruptions.
The trends of the major indices in the course of the week's trading are given in the table below:
News
SEBI introduced a new derivatives expiry schedule, effective 1 September 2025. Under the revised framework, index and stock derivatives will now expire every Tuesday, replacing the current Thursday cycle. While existing contracts remain unaffected—except long-dated index options—any contracts expiring on or before 31st August will continue with Thursday expiry. Additionally, monthly contracts from 1st September will now conclude on the last Tuesday of each month. This adjustment is expected to enhance liquidity and trading efficiency, prompting traders to recalibrate their strategies accordingly. The NSE will soon release detailed implementation guidelines to ensure a smooth transition.
The directorate general of trade remedies (DGTR) launched anti-dumping investigations into key imports impacting Indian players. It initiated a sunset review of the anti-dumping duty on fluoroelastomer imports from China. As a key domestic producer, Gujarat Fluorochemicals stands to benefit if the duty is extended, with the review set to determine whether continued protection is warranted to prevent market disruption. A probe was initiated on para nitro toluene imports from the EU, aiming to curb unfair pricing. As a major domestic producer, Aarti could benefit from potential duties that may enhance margins and competitiveness. Investigation begins on TPU -based protection film imports from China. If duties are imposed, it may support domestic pricing power and shield Garware from low-cost competition.
HCL Technologies announced a multi-year strategic partnership with E.ON, a leading European energy company. This collaboration aims to enhance cloud and network management, accelerate DevOps-led transformation, and scale hyperautomation capabilities. HCL Technologies (+0.38%) entered into a strategic partnership with ASISA, a prominent Spanish health insurer, to drive digital transformation across Spain and Portugal. As part of this collaboration, HCL Tech will lead a comprehensive IT modernisation, including artificial intelligence (AI)-driven solutions and mainframe upgrades, to enhance system agility and operational efficiency.This initiative is designed to improve the customer experience for over 2.2mn ASISA clients, with a focus on the health and insurance sectors.
NATCO Pharma successfully completed a US food and drug administration (US FDA) inspection at its active pharmaceutical ingredient (API) manufacturing facility in Mekaguda (Hyderabad). The inspection concluded with a single observation issued in Form 483, indicating minor compliance adjustments but no major regulatory concerns. This outcome reinforces the facility’s overall adherence to quality and safety standards in pharmaceuticals manufacturing.
Lupin signed a licence and supply agreement with SinoUniversal Pharma for Tiotropium dry powder inhaler (DPI) in China. Tiotropium DPI is used for the treatment of chronic obstructive pulmonary disease (COPD). This collaboration aims to expand Lupin’s respiratory portfolio in the Chinese market, leveraging SinoUniversal’s local expertise.
JBM Auto unveiled its ECOLIFE electric bus at the UITP Summit in Hamburg, boasting a 400km range. The company has also set up its European HQ in Frankfurt and partnered with KazenMaier to deploy 100+ e-buses in Germany, expanding its presence in the EV segment under JBM E-Verse, with over 11,000 buses deployed or in execution globally.
Steel Strips Wheels won a Rs22.86 crore goods and services tax (GST) case in the Gujarat High Court, with the demand fully quashed. The ruling provides relief via a refund and penalty waiver, benefiting the company’s financials and legal standing.
Tata Motorsfaces potential pressure on JLR exports as the EU considers accepting a 10% US import tariff, per Handelsblatt. If implemented, the tariff could increase costs for EU-made vehicles sold in the US, impacting profit margins, though the final terms will determine JLR’s actual exposure.
Hindustan Zinc approved a Rs12,000-crore capex plan for setting up a 250KTPA (kilo tonnes per annum) zinc smelter at Debari (Rajasthan), marking a major step in its capacity expansion strategy. The investment includes mining and milling capacity enhancements, aligning with the company’s 2x growth plan to double production of zinc, lead and silver.The project is set to be completed within 36 months from the zero date.
Nelco received national-level authorisation from the department of telecommunications (DoT) to operate as a virtual network operator (VNO) for VSAT (very small aperture terminal) services. This licence enables Nelco to support satellite-based communication solutions by reselling or distributing VSAT services, offering a platform for new entrants to access and deliver satellite connectivity across India. The move strengthens Nelco’s role in expanding digital infrastructure and last-mile connectivity, particularly in remote and underserved regions.
Allied Blenders & Distillers (ABD) launched Russian standard vodka—including the original, gold and platinum variants—in India through its premium portfolio arm, ABD Maestro, recognised as Russia’s No.1 premium vodka and sold in over 85 countries. With the Indian vodka segment reaching 14mn cases in 2024 and displaying high double-digit growth, the launch capitalises on emerging consumer preferences.
Reliance Infrastructure partnered with Dassault Aviation to manufacture Falcon 2000 business jets in India, marking a significant milestone in domestic high-end aviation manufacturing. This collaboration positions India as a strategic hub for business jet production, with the first ‘Made in India’ Falcon 2000 expected by 2028. Additionally, Dassault Reliance Aerospace Ltd (DRAL) will be established as a ‘Centre of Excellence’ for the Falcon series, covering Falcon 6X and Falcon 8X assembly programmes. The partnership strengthens India’s role in advanced aerospace manufacturing and underscores its growing prominence in the global aviation sector.
HEG announced that its subsidiary, Bhilwara Infotechnology, spun off its talent solutions business into a newly formed entity—Texnere India. This strategic move is aimed at leveraging AI for workforce transformation, fostering innovation and expanding global reach in talent acquisition. The transition positions Texnere as a specialised player in AI-driven hiring solutions, enhancing recruitment efficiency and market competitiveness.
Alembic Pharmaceuticals received an establishment inspection report (EIR) from the US FDA for its API-3 facility in Karakhadi. The EIR signifies the successful conclusion of US FDA’s inspection, affirming compliance with regulatory standards. This development reinforces Alembic’s operational credibility in API manufacturing and strengthens its global quality assurance framework.
Divi’s Laboratories was in focus following the settlement between Novartis and MSN on the '659 patent related to Entresto, a blockbuster heart failure drug. With this resolution, the legal battle now shifts to the next patent, which is set to expire in November 2026, with exclusivity extending until May 2027. Divis, a key supplier of Entresto API, could see earnings of Rs700 crore in FY25-26, if MSN launches the generic version in July 2025. However, if the launch is delayed, Divis' revenue from Entresto API could range between Rs1,000 crore and Rs1,200 crore in FY25-26.
Bharat Forge signed an MoU (memorandum of understanding) with French company Turgis Gaillard to offer the AAROK UAV, a medium altitude long endurance (MALE) unmanned aerial vehicle, in alignment with the Indian ministry of defence (MoD). The UAV is designed for long-range surveillance and strike capabilities, reinforcing India’s defense autonomy.
Mahindra & Mahindra (M&M) received unconditional approval from the competition commission of India (CCI) for its proposed acquisition of SML Isuzu Limited. The company will proceed with an open offer at Rs1,554.60 per share, aiming to strengthen its presence in the commercial vehicle segment.
ICICI Bank, Axis Bank and Mastercard may exit their partnerships with DreamFolks to engage directly with airport lounge operators. The move follows a major service disruption on 22 September 2024. The development signals potential client attrition, posing risks to DreamFolks’ revenue and aggregator-based business model.
KrishanaPhoschem’s board approved the establishment of a new manufacturing facility in Meghnagar (Jhabua, Madhya Pradesh), featuring a 500TPD (tonnes per day) DAP/NPK fertiliser plant and a 300TPD sulphuric acid unit. Funded through a mix of debt and internal accruals, this move marks the company’s strategic foray into fertiliser-linked manufacturing, enhancing its presence in the agri-inputs value chain.
Marksans Pharma's UK arm, Relonchem, secured UKMHRA approval for its Oxybutynin Hydrochloride 2.5mg/5ml Oral Solution. This regulatory nod not only broadens its footprint in the urology space but also reinforces its portfolio across key regulated markets like India, UK and US.
LTIMindtree launched BlueVerse, an AI ecosystem aimed at accelerating enterprise AI adoption with ready-made solutions for marketing and customer engagement. The platform includes a no-code AI agent builder to strengthen its position in the growing digital transformation market.
Orders
MTAR Technologies secured a 10-year export contract with Weatherford Products GMBH, expected to generate Rs10 crore in FY25-26 and scale to around Rs90 crore annually from FY26-27. The long-term agreement, centred on supplying whipstock assemblies and other critical components, will be fulfilled from MTAR’s upcoming Adibatla facility which is scheduled to commence operations by June 2026. This deal reinforces MTAR’s global footprint in precision-engineered oilfield equipment.
KPI Green Energy subsidiary, Sun Drops Energia, won 36.87MW (megawatt) solar project orders under the captive power producer segment. These domestic orders, guided by Gujarat’s regulatory policies, are set for phased rollout in FY25-26.
Ashoka Buildcon bagged a US$67.25mn contract from the government of Guyana for phase-2 of the East Bank–East Coast road linkage project, covering the Eccles to Providence stretch, set to be executed over 18 months.
United Drilling Tools secured Rs107.5 crore order from ONGC for large OD casing pipes with connectors, with execution expected in around nine months. The deal boosts the company’s total order-book to Rs250 crore–Rs280 crore, improving revenue visibility.
CG Power and Industrial Solutions secured a record Rs641 crore order from Power Grid Corporation of India (PGCIL) for the supply of 765/400kV (kilovolt) transformers—its largest-ever single order to date. The project is to be executed over 18–36 months.
Siemens led consortium won a Rs4,100 crore contract to implement advanced signaling and telecommunication systems for India’s first high-speed rail project, with Siemens’s individual share at Rs1,230 crore. The scope includes design, installation and ongoing maintenance of critical rail communication infrastructure, ensuring safe and efficient train operations.The project is scheduled to be completed over 54 months.
Polycab executed a Rs6,447.54 crore contract with BSNL to serve as the project implementation agency (PIA) for the BharatNet project across Karnataka, Goa, and Puducherry. The agreement covers design, supply, construction, installation, upgradation, operation and maintenance of the middle-mile network infrastructure.
Investment/ Acquisition / Stake Stale
NTPC planned to issue Rs4,000 crores in unsecured non-convertible debentures via private placement at a 6.89% coupon rate. The proceeds will be utilised for capital expenditure (capex) and refinancing existing loans, strengthening NTPC’s financial position and funding infrastructure growth.
ITC completed acquisition of 100% stake of Sresta Natural Bioproducts for Rs400 crore.
Top gainers and losers of the major indices for the week are given in the table below:
