Sector-wise market news update-July 15, 2025

Government & Regulatory
• SEBI enforcement: Global trading firm Jane Street deposited ~₹4,843 crore into escrow to comply with SEBI’s interim order in its derivatives-market manipulation probe and is seeking lifting of its trading ban.
• Market reaction: F&O volumes dropped ~20% following the ban, affecting both BSE and NSE share trading

SEBI initiatives:
o Bond Central platform live—aimed at improving transparency and price discovery in the corporate bond market
o Tightened surveillance on trading member compliance—non-adherence may result in new client bans or trading terminal blocks
o Proposed allowing ratings of non-SEBI-regulated instruments, encouraging separate operational units for such ratings
• SEBI market structure: SEBI-supported analysts caution that Nifty is testing the key 25,000 support level; critical if breaks below, with next support at ~24,800

Infrastructure & Construction
• Real estate rally: Investor confidence in luxury housing is boosting real-estate stocks

Sector Outlook
• Derivatives market signal: Jane Street incident highlights increased scrutiny—investors should expect potential volatility in F&O segments.
• Fixed-income shift: Bond Central offers retail and institutional investors better access; expect improved yields and transparency.
• Macro sentiment: Mixed signals across banks and markets—sector tracking essential for directional plays.

Corporate results Update

IT & Technology

HCL Technologies – Q1 FY26 (Consolidated, QoQ)
• Revenue: ₹30,349 crore (↑0.34% QoQ)
• EBIT: ₹4,942 crore (↓9.18%)
• EBIT Margin: 16.28% (↓171 bps from 17.99%)
• Net Profit: ₹3,843 crore (↓10.77%)
• Key Segment Growth:
o IT & Business Services: ₹22,454 crore (↑1.2%)
o ER&D Services: ₹5,174 crore (↑0.23%)
• Guidance:
o FY26 Revenue: Lower band revised to 3–5% (from 2–5%)
o EBIT Margin: Revised to 17–18% (from 18–19%)
o Deal Wins: $1.8 bn (vs estimate of $2.3 bn)
o Employee Expenses rose 2% QoQ, outpacing revenue growth.

Tata Technologies – Q1 FY26 (QoQ)
• Revenue: ₹1,244.29 crore (↓3.2%)
• EBIT: ₹168.81 crore (↓17%)
• EBIT Margin: 13.6% (vs 15.7%)
• Net Profit: ₹170.28 crore (↓10%)

Tejas Networks – Q1 FY26 (YoY)
• Revenue: ₹202 crore (↓87% YoY)
• EBITDA: Loss of ₹135.67 crore (vs ₹230 crore profit YoY)
• Net Loss: ₹193.87 crore (vs ₹77.5 crore profit YoY)

Agri & Chemicals

Rallis India – Q1 FY26 (YoY)
• Revenue: ₹957 crore (↑22.2%)
• EBITDA: ₹150 crore (↑56.3%)
• Net Profit: ₹95 crore (↑98%)
• Margin: 15.7% (vs 12.3%)
• Key Drivers: Strong volume-led growth across Crop Care, Seeds, and Soil & Plant Health.
• New Launches: 9 crop protection products, 14 seed products.

Deepak Fertilisers
• Signed LNG regasification agreement with Petronet LNG (₹1,200 crore + 20% variable cost). 25 TBTU LNG annually.
Pharma & Healthcare

Sun Pharma
• Settled US patent dispute with Incyte over LEQSELVI (deuruxolitinib).
• To launch the drug in the US for severe alopecia areata.

Glenmark Pharma
• Arm IGI Therapeutics signed a $700M + $1.2B global licensing deal with AbbVie for ISB 2001 (in Phase I for multiple myeloma).

AstraZeneca Pharma
• Received Indian government approval for import & sale of Durvalumab (Imfinzi) for bladder cancer treatment.

Infra & Engineering

Power Mech Projects
• Received ₹498 crore EPC order from SJVN Thermal (Buxar) and ₹53 crore from Jhabua Power for B-T-G maintenance.
RVNL
• Secured:
o ₹447 crore order from Delhi Metro Rail
o ₹213 crore from South Central Railway

RailTel
• Won:
o ₹264 crore project for Kavach collision-avoidance system from
East Central Railway.
o ₹10 crore IT infrastructure order from Indian Overseas Bank.

Real Estate

Brigade Enterprises
• Approved fundraising up to ₹1,500 crore via NCDs on a private placement basis.

Ashiana Housing
• Q1 booked area: 5.95 lakh sq. ft. (↑34.6%)
• Sales value: ₹431 crore (↑83%)
• Key project launches: Ashiana Tarang (Bhiwadi), Ashiana Aravali (Jaipur)

Ajmera Realty
• Residential carpet area sold: 63,244 sq. ft. (↑52%)
• Sales value: ₹108 crore (↑65%)
• Collections: ₹234 crore (↑42%)

Retail & FMCG

DMart – Q1 FY26 (QoQ)
• Revenue: ₹16,359.7 crore (↑16.3%)
• EBITDA: ₹1,299 crore (↑6%)
• EBITDA Margin: 7.9% (vs 8.7%)
• Net Profit: ₹772.81 crore (flat)

Other Notables
• Infosys McCamish Systems: Settled data breach dispute with Vermont Dept. of Financial Regulation.
• MTNL: CMD Robert J. Ravi’s term extended by 3 months.
• UNO Minda: Clarified it has no board proposal regarding rare earth magnets.
• Unicommerce: To power Sennheiser’s e-commerce via its

Convertway platform.
• SBI: Sold 2.02% stake in Tamil Nadu Telecommunications.
• Wockhardt: Exits US generics segment; begins voluntary liquidation of its US arms.

Fund Raise Actions

Banking & Financial Services
• State Bank of India (SBI) is set to raise up to ₹25,000 crore via QIP during FY 2026. This will significantly bolster its CET 1 capital ratio by ~60 bps and represents one of India’s largest institutional equity placements
• Brigade Enterprises board approved issuance of up to ₹1,500 crore in NCDs through private placement
• Satin Creditcare Network plans to raise ₹50 crore via NCDs with an attractive 11.5% coupon rate
• Mahindra & Mahindra Financial Services approved issuance of ₹100 crore secured NCDs at 7.05%, maturing in June 2027

Aviation
• SpiceJet successfully raised ₹3,000 crore through QIP, with an additional ₹736 crore, supporting its recovery plan

Investor Takeaways
• Banks Portfolio: The SBI QIP and other institutional moves signal a strong emphasis on capital adequacy—worth considering positions in well-capitalized PSU and private lenders.
• Infra & Realty Plays: Brigade’s substantial NCD issue indicates ongoing funding for expansion or refinancing — potentially highlighting opportunities in realty/infra debt instruments.
• High-Yield Instruments: Microfinance NCDs like Satin (11.5%) and secured NCDs from M&M Finance (7.05%) offer attractive yields amid a stable credit environment—ideal for fixed-income allocations.
• Aviation Outlook: SpiceJet’s large QIP may help it stabilize operations and improve liquidity; reform or turnaround potential.
• Watch derivatives volumes—continued pinch from Jane Street’s ban may affect liquidity and premiums.
• Monitor bond yields—Bond Central could present fresh debt investment opportunities for portfolio balance.
• Track Nifty support—25,000–24,800 zone is pivotal; technical bounce or correction could shape next market leg.
• Assess regulatory trends—SEBI is becoming proactive; any future enforcement may shift sector performance