Equity Markets & Sector News Update -July 22, 2025

• Market Overview: Sensex ended +0.54%, Nifty +0.49%, making it two consecutive days of gains. Strong earnings from HDFC Bank and ICICI Bank supported momentum, while Reliance lagged on mixed results.

• Sector Activity: Banking and financials led the market rally. Media and metals also saw gains (–0.5%)

• Stock Movers:
o Eternal (Zomato parent) surged strongly (~+10% upper circuit) on sharp revenue growth—revenue jumped 70% YoY to ₹7,167 cr, despite profit contracting sharply (~90%)
o Financials: ICICI and HDFC Bank continued to show strength; ICICI remained favored by investors

• SEBI Action:
o lifted trading ban on global proprietary trading firm Jane Street, after the firm placed ₹4,844 cr in escrow. Exchanges will monitor Jane Street pending further investigations introduced Samuhik Prativedan Manch, a unified compliance platform with NSE, enabling brokers to submit compliance reports via a single interface—aimed at reducing redundancy and improving transparency
• Pls Note: FPI selling momentum in IT stocks continues but is offset by inflows into financials and metals

Global & Currency Markets
• Forex: Indian rupee recovered slightly (₹86.26/$), as RBI intervened alongside global uncertainty around U.S.-EU trade talks
Commodities:
o Oil prices edged down amid fears trade disputes could hurt demand
o Gold rose to a one-month high driven by softer dollar and falling U.S. yields

Key Equity Recommendations
• Vaishali Parekh (Prabhudas Lilladher) recommends SJVN, Lloyds Enterprises, and Siemens ahead of potential market bounce
• Mint analysts note Aptus Value showing technical upside with momentum trends

BFSI (Banking & Financial Services)
• PNB Housing Finance (Q1FY26, Standalone, YoY):
o Net interest income up 16% at ₹734 Cr
o Total income up 13.6% to ₹2,071 Cr
o Net profit down 6.2% at ₹532 Cr
o ➤ NIM expansion but some cost/provisioning drag on profits
• State Bank of India:
o Closed a QIP issue, raising capital by allotting 30.6 Cr shares at ₹817/share
o LIC increased its stake to 9.49% by buying 6.12 Cr shares
• 360 One WAM (IIFL Wealth):
o Bain Capital to offload 3.7% stake (~15 million shares) via block deal worth ~$202 million
o Priced at ₹1,160/share, ~5% discount. Lock-up for 120 days
• Bajaj Finance:
o MD Anup Saha resigned for personal reasons
o Rajeev Jain will continue as Vice Chairman & MD till March 2028

Cement & Infrastructure
• Sagar Cements (Q1FY26, YoY):
o Revenue up 19.6% to ₹671 Cr (vs ₹561 Cr)
o EBITDA surged to ₹121 Cr (from ₹46.8 Cr); margin 18.1% (vs 8.3%)
o Net profit at ₹1.2 Cr (vs loss of ₹28.3 Cr)
o ➤ Strong recovery driven by cost efficiencies and improved volumes
• Afcons Infra:
o Secured a €677 million (₹6,800 Cr) railway project in Croatia
o Covers track construction, electrification, and signalling—major overseas win
• Simplex Infrastructures:
o Approved conversion of 8.65 lakh convertible warrants at ₹289/share
o Positive equity restructuring move

Auto & Engineering
• CIE Automotive India (Q1FY26, YoY):
o Revenue up 3.3% at ₹2,369 Cr
o EBITDA down 6.4% at ₹337 Cr; margin fell to 14.2% (vs 15.7%)
o PAT declined 6.1% to ₹204 Cr
o ➤ Pressure on margins despite modest topline growth

Real Estate
• Oberoi Realty (Q1FY26, YoY):
o Revenue down 29.7% to ₹988 Cr
o EBITDA down 36.2% to ₹520 Cr; margin dipped to 52.7% (vs 58%)
o Net profit down 27.9% at ₹421 Cr
o ➤ Weak quarter due to lower project handovers

Specialty Chemicals & Packaging
• DCM Shriram (Q1FY26, YoY):
o Revenue up 13.4% to ₹3,262 Cr
o EBITDA up 22.9% to ₹305 Cr; margin improved to 9.3% (vs 8.6%)
o PAT up 13% at ₹113 Cr
o ➤ Strong cost control and volume-led growth
• AGI Greenpac (Q1FY26, QoQ):
o Revenue down 2.4% at ₹688 Cr
o EBITDA fell 7.9% to ₹142 Cr; margin 20.7% (vs 21.9%)
o PAT down 7.1% at ₹88.9 Cr
o ➤ Seasonal dip, but margins remain healthy

Consumer Durables & FMCG
• Havells India (Q1FY26, YoY):
o Revenue declined 6% to ₹5,455 Cr
o EBITDA down 9.9% to ₹516 Cr; margin at 9.5%
o PAT fell 14.8% to ₹348 Cr
o ➤ Weak consumer demand and channel inventory impact
• Parag Milk Foods (Q1FY26, YoY):
o Revenue up 12.26% to ₹851 Cr
o EBITDA up 2.32% to ₹57.3 Cr; margin 6.73% (down 65 bps)
o PAT marginally higher at ₹27.5 Cr
o ➤ Input cost pressures affecting margins

Pharma & Healthcare
• Dr. Reddy’s Labs:
o USFDA concluded inspection at New York facility
o Issued EIR with “Voluntary Action Indicated” – a relatively clean outcome
• Zota Healthcare:
o Allotted 2.1 lakh shares upon warrant conversion at ₹509/share
o Allottees include Ramesh Damani (1 lakh shares) and Akshat Greentech

Industrial Equipment & Power
• Quality Power:
o Received ₹10 Cr order for dry-type shunt reactors for a hyperscale data centre in Finland
o Positive development for export orders and data infra-related demand

Luxury & Retail
• Titan Co:
o To acquire 67% stake in Damas LLC (Middle East luxury retail chain)
o Valuation pegged at AED 103.8 billion (~₹2.3 lakh crore)
o ➤ Strategic expansion in global jewellery/luxury retail space

Outlook & Summary

Sector Outlook

Banking & Financials Remain robust—earnings-driven rally, margin trends favorable.

Commodities & Metals Limited upside; metal gains modest, oil subdued amid trade talk jitters.

Pharma Cooling off after earlier gains amid patchy earnings.
IT & Global Flows Experiencing FPI outflows—monitor closely.
Markets have rebounded after breaching support around Nifty 25,000, with domestic inflows maintaining resilience against macro uncertainties.

SEBI’s oversight steps—such as that on Jane Street and broker compliance—aim to reinforce market integrity.