Equity Markets & Sector News Update -July 23 , 2025

MARKET SUMMARY & GLOBAL CUES

• Indian markets poised for a positive start, following gains in Asian peers after the U.S.–Japan trade deal and expectations of U.S.–China discussions in Stockholm

• GIFT Nifty futures are trading ~75 points higher, indicating optimism around earnings and trade momentum.

• FPIs sold ₹3,548 crore on July 22, while DIIs bought ₹5,239 crore—the highest since mid-June

MACRO & TRADE POLICY

• India–UK FTA: Union Cabinet approved tariff cuts covering ~90% of UK goods and duty-free access for ~99% of Indian exports; formal signing scheduled during PM Modi’s UK visit

• Corporate Bond Market: Over ₹10 trillion raised in corporate bonds in 2025, marking a historic milestone.

• IPO Pipeline: ₹2.58 lakh crore worth of IPOs remain under review—includes Tata Capital, LG Electronics, JSW Cement, and more

• Manufacturing Push: Private capital focusing on manufacturing segments like semiconductors, defence, and industrial components

TECHNICAL VIEW & BROKER PICKS

• Nifty Outlook: Technical analysis finds support near 25,000–25,100, with key resistance around 25,250.

• Top Picks: Barcap’s Vaishali Parekh recommends ABFRL, Exide, and Nykaa. Broader analyst recommendations include Delhivery, Tata Chemicals, and Indigo

• Overall, today’s session reflects a positive market tone driven by global trade developments, solid corporate results in fintech and rails, and fundamental support from banking stocks. Keep an eye on earnings updates, the India–UK FTA ratification, and ongoing IPO activity.

CORPORATE UPDATES

• ONGC: Board approved ₹5,082 crore true-up payout for its Mozambique LNG project via ONGC Videsh

• Paytm (One97 Communications): Reported its first-ever quarterly profit—₹122.5 crore vs. a ₹839 crore loss YoY, on a 27.7% YoY rise in revenue

• Dixon Technologies: Continued strong performance in Q1; remains a stock to watch

SECTOR HIGHLIGHTS

• Renewables & Manufacturing: Rising investor interest in niche sectors, including renewables and defence, reflected in mid-cap FII purchases

• Manufacturing funds: New sector-focused funds are raising capital to tap India’s industrial potential

• Coca-Cola (India): Early monsoon and regional tensions dampened Q2 beverage demand

Titan: Acquired 67% stake in Damas Jewellery, reinforcing international expansion

FINANCIALS & BANKING

• ICICI Bank: Q1 saw strong NII and CASA growth; margins held up despite rate cuts; multiple brokerages raised ratings and price targets—Jefferies (Buy, TP ₹1,760), CLSA (O-P, TP ₹1,700), Nomura (Buy, TP ₹1,740) .

• HDFC Bank: Q1 profit growth hit by provisions, but core business robust; ratings reaffirmed—CLSA (Outperform, TP ₹2,300), Jefferies (Buy, TP ₹2,400) .

• IRFC (Railways financing): Q1 PAT rose 10.7% to ₹1,746 crore—its strongest ever

Jana Small Finance Bank
• Net Interest Income: ₹595 Cr (↓2.4% QoQ)
• Net Profit: ₹101.9 Cr (↓40.2% QoQ)
• Gross NPA: 2.91% (vs 2.71% QoQ); Net NPA stable at 0.94%

CreditAccess Grameen
• Total Income: ₹1,464 Cr (↓3.2% YoY)
• Net Profit: ₹60.2 Cr (↓84.9% YoY)
• NII: ₹906 Cr (↓2.3%)
• Impairments: ₹571 Cr vs ₹174 Cr YoY
• GNPA: 4.7%, NNPA: 1.78%

FINTECH & DIGITAL PLATFORMS

One 97 Communications (Paytm)
• Revenue: ₹1,917 Cr (↑0.31% QoQ)
• EBITDA: ₹71 Cr vs loss of ₹89.5 Cr
• EBITDA Margin: 3.7%
• Net Profit: ₹122.5 Cr vs loss of ₹544.6 Cr
• Drivers: Turnaround supported by AI-led operational efficiency, lower ESOP cost (↓88% YoY), and 65% YoY drop in marketing expenses.
• Financial Services Revenue: Doubled to ₹561 Cr, driven by merchant loans, trail revenue, and improved collections.

FMCG & BEVERAGES

United Breweries
• Revenue: ₹2,862 Cr (↑15.7% YoY)
• EBITDA: ₹310.5 Cr (↑9% YoY)
• Margin: 10.8% (vs 11.5%)
• Net Profit: ₹183.7 Cr (↑6% YoY)

INDUSTRIALS & INFRASTRUCTURE

Welspun Specialty Solutions
• Revenue: ₹201 Cr (↑24.2% YoY)
• EBITDA: ₹4.3 Cr (↓60.4%)
• Margin: 2.1% vs 6.7%
• Net Loss: ₹8 lakh vs profit of ₹2 Cr YoY

JSW Infrastructure
• Revenue: ₹1,223.9 Cr (↑21.2%)
• EBITDA: ₹581.2 Cr (↑32%)
• Net Profit: ₹384.7 Cr (↑32%)
• Margin: 47.5% vs 43.6%

Cyient DLM
• Revenue: ₹278.4 Cr (↑8%)
• EBITDA: ₹25.1 Cr (↑25%)
• Net Profit: ₹7.5 Cr (↓30%)
• Margin: 9% vs 7.8%

ELECTRICALS & AUTO COMPONENTS

KEI Industries
• Revenue: ₹2,590.3 Cr (↑25.4% YoY)
• EBITDA: ₹258 Cr (↑18%)
• Net Profit: ₹195.8 Cr (↑30%)
• Margin: 10% vs 10.6%

Exide Industries
• Invested additional ₹100 Cr in Exide Energy Solutions via rights issue
• Total investment to date: ₹3,702.2 Cr

AUTOMOBILES

Hero MotoCorp
• Launched HF Deluxe Pro motorcycle at ₹73,550

Uno Minda
• Via Minda Industries Vietnam, completed acquisition of Friwo Vietnam’s e-Drives business assets

CHEMICALS & MATERIALS

DCW Ltd
• Commissioned first phase of CPVC capacity expansion ahead of schedule
• Adds 20,000 MT, total capacity now 40,000 MT
RETAIL & CONSUMER

Shoppers Stop
• Commenced operations at new warehouse in Lakkenahalli,
Bengaluru

EDTECH

Veranda Learning
• Closed QIP; raised funds via allocation of 1.58 Cr shares at ₹225.2/share

PACKAGING

Huhtamaki India
• Revenue: ₹612 Cr (↓4.3% YoY)
• EBITDA: ₹42.6 Cr (↑33.3%)
• Net Profit: ₹24.9 Cr (↓35.3%)
• Margin: 7% vs 5%

IT
• Infosys: Extended strategic collaboration with AGCO Corporation for IT & HR transformation.