Stock Market Highlights: Nifty Ends Little Changed, Sensex Surges 370 Points; RIL, SBI Top Gainers

• The Sensex closed 373.76 points, or 0.48%, higher at 78,954.76.
• The Nifty 50 ended 11.35 points, or 0.05%, higher at 24,636.

• Kia India’s wholesale dispatches rose 27.4% year-on-year to 28,200 units in July 2026, marking its highest July sales since inception, PTI reported.
• Sales were supported by demand for the Seltos, Sonet, Carens Clavis, Clavis EV and MY26 Syros.

• Iran and Oman have agreed on an outline for a 60-day reopening of the Strait of Hormuz, Al Arabiya English reported, citing a senior source. The proposal aims to restore maritime traffic and begin technical talks.
• The agreement still requires approval from Iran’s Supreme National Security Council and could be announced within days. Regional parties may assist with mine clearance and other technical procedures.

Afcons Infrastructure has received a letter of award worth Rs 1,918 crore for a water tunnel project in Mumbai, according to an exchange filing.

• SJS Enterprises’ consolidated net profit rose to Rs 74 crore from Rs 35 crore a year earlier, aided by a one-time gain of Rs 28 crore. Revenue increased 24.3% to Rs 261 crore.
• Ebitda grew 33% to Rs 74.5 crore, while the Ebitda margin expanded to 28.5% from 26.7%.

• The Iranian army is modernising damaged systems, adding equipment and rearranging its combat resources to raise operational readiness, Al Jazeera reported, citing army spokesperson Amir Akraminia.
• The comments keep Middle East tensions and their potential impact on crude oil supplies in focus.

• Blue Star shares fell 3.31% to Rs 1,609.90 after touching an intraday low of Rs 1,601.70.
• Q1 net profit declined 14.9% year-on-year to Rs 103 crore, despite a one-time gain of Rs 9.2 crore. Revenue rose 13.2% to Rs 3,378 crore, while Ebitda fell 12% to Rs 176 crore. Ebitda margin narrowed to 5.2% from 6.7%.

Brent crude rose 0.6% to $79.94 a barrel.

• Ardee’s IPO received bids for 49.52 crore shares against 5.84 crore shares on offer.
• The non-institutional investor portion was subscribed 17.24 times, while the retail and qualified institutional buyer portions were booked 8.82 times and 1.16 times, respectively.

• Honda Motor has outsourced the development of a new vehicle programme to Tata Technologies, Bloomberg reported, citing people familiar with the matter.
• The platform is expected to support multiple models with conventional, hybrid and electric powertrains. The arrangement marks Honda’s first end-to-end vehicle development programme with an Indian engineering services company.

• Overall vehicle retail sales rose 25.89% year-on-year to 25.91 lakh units in July but declined 0.16% from the previous month, according to FADA.
• Two-wheeler sales grew 28.25%, passenger vehicle sales rose 19.13% and commercial vehicle sales increased 24%. Tractor and three-wheeler sales advanced 28.10% and 16.16%, respectively.

• Spain’s IBEX 35 rose 1.01%, while Italy’s FTSE MIB gained 0.81%. Portugal’s PSI 20 and France’s CAC 40 advanced 0.82% and 0.71%, respectively.
• Germany’s DAX slipped 0.10%, while the Netherlands’ AEX fell 0.16%. The pan-European Stoxx 600 gained 0.30%.

• South Korea’s Kospi fell 4.58%, while Hong Kong’s Hang Seng Index declined 1.49% and Japan’s Nikkei 225 lost 0.93%.
• China’s Shanghai Composite gained 0.57%, while Australia’s ASX 200 rose 0.47%.

• Kamlesh Shroff of ANMI told NDTV Profit that many market participants are still not fully aware of the revised trading timelines under the new Closing Auction Session (CAS) framework.
• Shroff said price discovery remains the most efficient aspect of the CAS mechanism, helping establish a more robust closing price.
• The CAS segment generated around Rs 1,200 crore in turnover on its first day, indicating encouraging early participation.
• He noted that markets across the world experienced initial implementation challenges when introducing similar closing auction systems.
• Shroff added that most major global markets already operate using a closing auction mechanism, suggesting the Indian market is aligning with international best practices.

 

• Emcure Pharmaceuticals reported a consolidated net profit of Rs 294 crore in Q1, up 42% from Rs 207 crore in the year-ago period.
• Revenue increased 22.8% year-on-year to Rs 2,580 crore from Rs 2,101 crore.
• EBITDA rose 27.8% to Rs 533 crore from Rs 417 crore a year earlier.
• EBITDA margin improved to 20.7% from 19.8% in the corresponding quarter last year.
• The company delivered strong growth across revenue, operating profit and net profit, accompanied by a modest expansion in profitability margins.
• Appoints CEO Satish Mehta As Chairman


 

 

• Venkatachalam Shunmugam told NDTV Profit that higher liquidity will be essential for the Closing Auction Session (CAS) mechanism to function efficiently.
• He said market participants need a better understanding of the depth and order flow dynamics within the CAS framework.
• Shunmugam expects passive investors and institutional players to participate more actively in the closing auction over time.
• He added that the broader market is currently assessing how the new mechanism operates and how price discovery evolves under the framework.
• The comments come as market participants adapt to the new closing-price determination process for F&O stocks and evaluate its impact on liquidity and execution.

 

• Samvardhana Motherson International reported a Q1 net profit of Rs 1,032 crore, compared with Rs 512 crore in the year-ago period, marking a growth of over 100%.
• Revenue increased 17% year-on-year to Rs 35,244 crore from Rs 30,212 crore.
• EBITDA rose 26% to Rs 3,095 crore from Rs 2,459 crore a year earlier.
• EBITDA margin improved to 9% from 8% in the corresponding quarter last year.
• The company delivered strong growth across revenue, operating profit and net profit, with margins also showing improvement during the quarter.


 

 

• Trent reported a Q1 net profit of Rs 532 crore, up 25.8% from Rs 423 crore a year ago and ahead of the street estimate of Rs 501 crore.
• Revenue increased 18.5% year-on-year to Rs 5,666 crore from Rs 4,781 crore.
• EBITDA rose 32.5% to Rs 1,110 crore from Rs 838 crore, surpassing the estimate of Rs 1,010 crore.
• EBITDA margin expanded to 19.6% from 17.5% in the year-ago quarter.

Stock Reaction

• Shares of Trent rose 2.86% intraday to Rs 3,218.50 after the earnings announcement.
• The stock touched an intraday high of Rs 3,244.50 and a low of Rs 3,050.00.
• Investors cheered the earnings beat, driven by stronger-than-expected profitability and margin expansion.


 

• RateGain Travel Technologies reported a consolidated net profit of Rs 94 crore in Q1, compared with Rs 47 crore in the year-ago period.
• Revenue surged to Rs 785 crore from Rs 273 crore a year earlier.
• EBITDA rose to Rs 171 crore from Rs 53 crore in the corresponding quarter last year.
• EBITDA margin expanded to 21.8% from 19.4% YoY, indicating improved operating efficiency.
• Other income declined to Rs 3.1 crore from Rs 21 crore a year ago.

Stock Reaction

• Shares of RateGain gained 5.58% intraday to Rs 1,033, following the earnings announcement.
• The stock touched an intraday high of Rs 1,035.75 and a low of Rs 974.30 against a previous close of Rs 978.40.
• The sharp move higher suggests investors reacted positively to the strong growth in revenue, EBITDA and profit.


 

• Edelweiss Financial Services reported a consolidated net profit of Rs 122 crore in Q1, up 82% from Rs 67 crore in the year-ago period.

• Total income rose 6% year-on-year to Rs 2,419 crore from Rs 2,281 crore.

• The company's overall AUM increased 16% to Rs 1.76 lakh crore, while equity AUM grew 32% to Rs 96,000 crore.

• The SIP book surged 63% year-on-year to Rs 696 crore.

• The board also approved plans to raise up to Rs 1,000 crore through non-convertible debentures (NCDs).

Stock Reaction

• Shares of Edelweiss gained 3.4% intraday, trading at Rs 121.79.
• The stock touched an intraday high of Rs 124.44 against a low of Rs 117.78, reflecting a positive market response to the earnings and AUM growth.


 

 

• Shares of Bajaj Electricals jumped over 11% intraday to Rs 397, after the company reported a sharp improvement in Q1 earnings.
• The stock was trading around Rs 388.25, up 11.53%, after hitting an intraday high of Rs 397. The day's low was Rs 345, compared with the previous close of Rs 348.10.

Q1 Earnings Highlights

• Net Profit: Rs 48.8 crore vs Rs 0.9 crore YoY

• Revenue: Rs 1,089 crore, up 2.3% from Rs 1,065 crore YoY

• EBITDA: Rs 77.1 crore vs Rs 33.3 crore YoY

• EBITDA Margin: 7.1% vs 3.1% YoY

• The stock reaction indicates investors are focusing on the sharp improvement in profitability and operating margins, despite relatively modest revenue growth.

• Margin expansion and the turnaround in earnings helped the stock emerge as one of the notable gainers in trade.



 

• Firstsource Solutions shares fell 5.23% to Rs 321.70 after touching an intraday low of Rs 319.25.

• Q1 revenue rose 5.5% quarter-on-quarter to Rs 2,725 crore, while Ebit increased 7.1% to Rs 337 crore. Ebit margin expanded to 12.4% from 12.2%, but net profit declined 19% to Rs 166 crore.



 

 

• Suven Life Sciences reported a consolidated net loss of Rs 128 crore in Q1, compared with a loss of Rs 46 crore in the previous quarter.
• Revenue stood at Rs 3.6 crore, compared with Rs 1.5 crore in Q4.
• The company's losses widened significantly on a sequential basis despite a modest increase in revenue.
• Investors are likely to watch progress in the company's clinical pipeline and future monetisation opportunities for cues on earnings visibility.

• Garware Hi-Tech Films reported a consolidated net profit of Rs 133 crore in Q1, up 62.2% from Rs 82 crore in the year-ago period.
• Revenue increased 27.9% year-on-year to Rs 633 crore from Rs 495 crore.
• EBITDA rose 57.3% to Rs 173 crore from Rs 110 crore a year earlier.
• EBITDA margin expanded sharply to 27.3% from 22.2% in the corresponding quarter last year.
• The company delivered strong growth across revenue, operating profit and net profit, supported by significant margin expansion during the quarter.

 

• Wonderla Holidays reported a Q1 net profit of Rs 72.8 crore, up 38.5% from Rs 52.6 crore in the year-ago period.
• Revenue increased 44.2% year-on-year to Rs 243 crore from Rs 168 crore.
• EBITDA rose 46.8% to Rs 113 crore from Rs 76.7 crore, while EBITDA margin expanded to 46.4% from 45.6%.

Key Operational Highlights

• Footfalls increased 33% YoY to 12.25 lakh visitors.
• Existing parks recorded 15% revenue growth and 7% growth in visitor numbers.
• Average Revenue Per User (ARPU) rose 8%.
• The Chennai park contributed around Rs 45 crore during its first full summer season.
• The resort business delivered its best-ever quarterly performance.

Growth Pipeline

• Wonderla is evaluating new parks across Tier-I, Tier-II and Tier-III cities.
• Discussions are underway with multiple state governments for expansion opportunities.
• Management expects at least one expansion announcement in FY27.
• The company plans to pursue an asset-light model where feasible and continues to focus on expanding its resort business.

Management Outlook

• Mature parks are expected to see low single-digit footfall growth, with future growth driven by premiumisation and higher ARPU.
• Wonderla aims to increase the contribution of non-ticketing revenue to 40%-50%, compared with about 30% currently.
• Annual growth capex is expected to remain around 10% of revenue, while maintenance capex is likely to stay at 6%-7% of revenue.

Source: Company Results

• Cello World clarified that recent media reports suggesting Bain Capital is looking to acquire a stake in the company are speculative, according to an exchange filing.
• The company said it is not privy to any negotiations with Bain Capital regarding a potential stake sale or investment.
• Cello World issued the clarification in response to media reports and market speculation surrounding the stock.

Source: Exchange Filing

• Tilaknagar Industries said it recorded sales of 3 lakh cases in Karnataka during July, according to an exchange filing.
• The milestone highlights the company's strong traction in one of its key markets.
• Karnataka remains an important market for the alcoholic beverages maker, and the sales achievement reflects continued demand for its portfolio.

Source: Exchange Filing

• PTC Industries said its subsidiary has signed an agreement with Airbus for the supply of titanium castings, according to an exchange filing.
• The partnership strengthens the company's presence in the global aerospace manufacturing supply chain.
• Titanium castings are critical components used in aircraft structures and aerospace applications.

Source: Exchange Filing

• Biocon management said during its Q1 earnings call that the GLP-1 portfolio continues to be a key growth driver for the company.
• The company said generic liraglutide is contributing across multiple markets and strengthening its diabetes and obesity care portfolio.
• Biocon added that it has strengthened its regional supply network, supporting broader market reach and product availability.
• Management said contribution from new product launches is increasing and expects these launches to scale up further in the coming quarters.
• The company does not see any material increase in competition in the generics business at present.
• Biocon highlighted that the Aflibercept launch is expected to be an important growth driver going forward.

Source: Q1 Earnings Concall

• Metropolis Healthcare MD & CEO C. Surendran told NDTV Profit that the company delivered strong revenue and margin performance in Q1, with growth being broad-based across businesses.

• He said structural changes in cost management have helped improve profitability and are supporting margin expansion.

• Metropolis expects to maintain an EBITDA margin of 27%-28% going forward.

• The company has not added any laboratories in the last five quarters, with the focus instead on improving productivity at its existing network of 90 labs.

• Management expects medium-term revenue growth of 14%-15%, driven by 9%-10% patient volume growth.

• Metropolis recently expanded its offerings by adding a genomics portfolio and enhancing its oncology testing capabilities.

• In Q1, the B2B business grew 15%, while the B2C segment expanded 18%.

• Surendran said geography remains a key consideration for future acquisitions as the company looks to strengthen its network and market presence.

• Nucleus Software said it has partnered with FPT to launch FinnOne Neo 9.0 and FinnAxia 9.0 at the inaugural Nucleus Synapse Vietnam event, according to an exchange filing.
• FinnOne Neo is the company's lending platform, while FinnAxia is its transaction banking solution for financial institutions.
• The launch is aimed at strengthening Nucleus Software's presence in Southeast Asia and supporting digital transformation initiatives among banks and financial institutions in the region.
• The company disclosed the development through a regulatory filing.

• Anup Engineering reported a consolidated net profit of Rs 0.6 crore in Q1, down 97.8% from Rs 26.7 crore in the year-ago period.
• Revenue declined 28.6% year-on-year to Rs 125 crore from Rs 175 crore.
• EBITDA fell 77.7% to Rs 9 crore from Rs 40.4 crore a year earlier.
• EBITDA margin contracted significantly to 7.2% from 23.1% in the corresponding quarter last year.
• The company reported a sharp decline in profitability amid lower revenue and operating performance during the June quarter.

 

• Maruti Suzuki CFO Arnab Roy, speaking at the SIAM Taxation Summit, said GST 2.0 has kick-started demand, with the industry enjoying the benefits of the reform since September.
• Roy said the automobile industry has grown by around 25% based on recent data, highlighting the positive impact of the GST changes on demand.
• He added that supply-side challenges have not translated into a demand problem, indicating underlying consumer demand remains strong.
• Roy called for seamless transfer of input tax credits, stating that smoother transfer of Central GST credits would improve efficiency for businesses.
• He also stressed the need for greater tax certainty, adding that customs duties should offer predictability similar to the GST framework.
• According to Roy, a more stable and predictable tax regime would support long-term planning and investment across the automotive sector.

Source: SIAM Taxation Summit

• Aegis Logistics reported a consolidated net profit of Rs 484 crore in Q1, compared with Rs 131 crore in the year-ago period.
• Revenue increased 37% year-on-year to Rs 2,357 crore from Rs 1,719 crore.
• EBITDA jumped to Rs 714 crore from Rs 240 crore a year earlier.
• EBITDA margin expanded sharply to 30.3% from 14% in the corresponding quarter last year.
• The company delivered strong growth across revenue, operating profit and net profit during the June quarter.

 

• Current weekly positioning shows the heaviest Nifty options activity concentrated between 24,600 and 25,000.
• The 24,600 strike carries the highest Put OI at about 86 lakh contracts, while 25,000 holds the largest Call OI at roughly 84 lakh contracts. Heavy positioning is also visible at 24,700, 24,800 and 24,900.

• Tata Steel's price is up 24.66% since the previous expiry, while total open interest has declined 9.80% to 1.27 lakh contracts.
• Call OI fell 38.83% and Put OI declined 18.18%, even as futures OI increased 13.37%.

• Titan and Nestle India are among the stocks shown where total open interest has fallen since the previous expiry.
• Titan's total OI declined 14.82% to 70,074 contracts, despite its price rising 36.89%. Nestle India's total OI fell 25.71% to 33,449 contracts, while its price increased 20.06%.

• Both Bank Nifty and Nifty Fin Service have recorded higher options open interest since the previous expiry.
• Bank Nifty Call OI increased 52.77% and Put OI rose 34.70%. Nifty Fin Service recorded a much sharper expansion, with Call OI up 528.74% and Put OI up 569.92%.

• A divergence is visible between Nifty futures and options positioning since the previous expiry.
• Nifty futures open interest declined 10.60% to 2.09 lakh contracts, while Call OI increased 76.85% and Put OI rose 79.12%.
• Total open interest consequently increased 73.65%.

• Cummins India's Put open interest surged 777.45% since the previous expiry to 10,740 contracts, among the largest percentage increases visible in the stock derivatives data.
• HDFC Life's Put OI rose 623.56%, PI Industries gained 498.75%, MCX increased 465.16% and Sun Pharma climbed 449.79%.

HDFC Life records the largest percentage increase in Call open interest among the stock rows shown in the OI-since-last-expiry dashboard.

Call OI surged 856.16% to 22,202 contracts.

Other sharp increases include:

• PI Industries: 608.93%
• Cummins India: 510.87%
• HDFC AMC: 494.70%
• MCX: 397.91%
• Maruti: 388.70%

• Call open interest outweighs Put OI across several Nifty strikes above 24,700.
• The difference is particularly visible at 24,800, 24,900, 25,000, 25,100 and higher strikes, where Call OI remains substantially above Put positioning.

• Put open interest dominates Call OI across the lower end of the Nifty strikes shown, particularly from 23,600 through 24,500.
• Put positioning is sizeable at 24,000, 24,200, 24,300, 24,400 and 24,500, while Call OI remains comparatively lower across much of this zone.

Fresh short positions are visible in several October futures contracts.

Among the names shown:

• Shree Cement: price down 3.87%, OI up 25%
• Hindalco: down 1.33%, OI up 25.33%
• Vedanta: down 0.27%, OI up 23.66%
• ICICI Prudential: down 1.55%, OI up 22.92%
• BHEL: down 0.92%, OI up 18.75%
• NBCC: down 1.59%, OI up 16.67%
• Jubilant FoodWorks: down 0.53%, OI up 13.27%

• HDFC AMC's Call and Put positioning has expanded sharply since the previous expiry.
• Call OI rose 494.70% to 7,737 contracts, while Put OI climbed 487.06% to 5,307 contracts. Total OI increased 52.82% to 36,395 contracts, alongside a 14.92% rise in price.

• Nifty's options positioning has expanded on both sides since the previous expiry.
• Call OI increased 76.85% to 40.60 lakh contracts, while Put OI rose 79.12% to 40.30 lakh contracts.
• Total derivatives OI increased 73.65% to 82.98 lakh contracts.

• PNB Housing features prominently in the long build-up basket across two futures series shown.
• Its October futures rose 2.38% as OI increased 19.23%, while September futures gained 2.58% alongside a 10.37% rise in OI.
• This indicates fresh long positions.

• Outside the dominant 58,000 strike, Bank Nifty's 57,000 strike carries another notable options concentration.
• Put OI at 57,000 stands near 9.5 lakh contracts, while Call OI is around 6.5 lakh contracts, according to the current weekly distribution.

• HDFC Bank has total open interest of 8.90 lakh contracts in the stock OI data since the previous expiry, the highest among the names visible in the dashboard.
• Its total OI has increased 30.70%, with Call OI rising 164.25% to 2.24 lakh contracts and Put OI increasing 140.66% to 1.09 lakh contracts.

IT counters feature among the stocks seeing fresh short positions.

October futures data show:

• Mphasis: price down 1.12%, OI up 37.50%
• TCS: price down 0.54%, OI up 33.37%

The combination of falling futures prices and rising open interest suggests fresh short positions.

The 25,000 strike carries the highest visible Nifty Call open interest at roughly 84 lakh contracts.

Other large Call OI concentrations include:

• 24,700: about 83 lakh contracts
• 24,600: about 75 lakh contracts
• 24,800: about 72 lakh contracts
• 24,900: about 66 lakh contracts
• 25,100: about 64 lakh contracts

This places the largest Call OI concentration at 25,000.

Among the stocks shown, MCX records the largest percentage increase in total open interest since the previous expiry at 327.23%.

Other notable increases include:

• HDFC Life: 122.44%
• Persistent Systems: 103.99%
• Cummins India: 101.97%
• PI Industries: 95.48%
• Naukri: 71.37%
• Colgate-Palmolive: 66.89%
• Maruti: 64.89%

Put writers have added positions across several Nifty strikes around the current setup.

Fresh Put OI additions are visible at:

• 24,300: about 10 lakh contracts
• 24,400: about 27 lakh contracts
• 24,500: about 10 lakh contracts
• 24,600: about 36 lakh contracts
• 24,700: about 26 lakh contracts
• 24,800: about 6 lakh contracts

The largest addition is at 24,600.

• Maruti's total open interest has increased 64.89% since the previous expiry to 1.17 lakh contracts, while its price is down 13.44%.
• Call OI surged 388.70% to 48,934 contracts, while Put OI climbed 201.21% to 24,326 contracts. Futures OI declined 16.84%.

• Bank Nifty's total open interest has increased 41.53% since the previous expiry to 9.80 lakh contracts, while the index price is down 0.78%.
• Call OI rose 52.77% to 4.72 lakh contracts, Put OI climbed 34.70% to 4.31 lakh contracts and futures OI increased 21.47% to 77,541 contracts.

Several futures contracts are trading lower alongside a decline in open interest.

The contracts shown include:

• REC: price down 0.41%, OI down 0.02%
• Axis Bank: down 0.12%, OI down 0.02%
• Paytm: down 0.30%, OI down 0.04%
• IndiGo: down 0.19%, OI down 0.04%
• SBI Life: down 0.27%, OI down 0.07%
• M&M: down 0.65%, OI down 0.08%
• NTPC: down 0.79%, OI down 0.09%
• Persistent Systems: down 0.56%, OI down 0.12%

• Persistent Systems' total open interest rose 103.99% to 52,124 contracts since the previous expiry, while its price declined 5.55%.
• Call OI surged 333.54%, Put OI increased 299.49% and futures OI climbed 43.24%.

• The 24,600 strike has the largest Put OI in the Nifty weekly setup at roughly 86 lakh contracts, while Call OI at the strike stands at about 75 lakh contracts.
• Heavy positioning on both sides makes 24,600 one of the key strikes in today's derivatives setup.

• Reliance Industries has seen total open interest increase 47.63% since the previous expiry to 4.71 lakh contracts, while its price is down 12.45%.
• Call OI climbed 153.56% to 1.21 lakh contracts and Put OI rose 134.54% to 92,080 contracts. Futures OI increased 11.16%.

• Nifty's total open interest has increased 73.65% since the previous expiry to 82.98 lakh contracts, while the index price is down 5.09%.
• Call OI increased 76.85% to 40.60 lakh contracts and Put OI rose 79.12% to 40.30 lakh contracts. Futures OI, however, declined 10.60% to 2.09 lakh contracts.

• The 58,500 strike has recorded the biggest fresh Call addition in the Bank Nifty strikes shown, with Call OI rising by about 1 lakh contracts.
• The strike carries total Call OI of roughly 7.5 lakh contracts, compared with Put OI of around 2.5 lakh contracts.

• Cummins India's total open interest has risen 101.97% since the previous expiry to 45,727 contracts, alongside a 3.12% rise in price.
• Call OI surged 510.87% to 10,006 contracts, while Put OI jumped 777.45% to 10,740 contracts. Futures OI increased 26.31%.

• Nifty Mid Select has gained 11.39% since the previous expiry while total open interest increased 83.92% to 97,292 contracts.
• Call OI rose 117.94% to 40,848 contracts, while Put OI increased 117.62% to 39,926 contracts. Futures OI was up 4.49%.

Several stock futures are rising while open interest declines, pointing to short covering.

Among the contracts shown:

• IndusInd Bank: price up 0.94%, OI marginally lower
• Tech Mahindra: price up 0.32%, OI down 0.03%
• Indian Bank: price up 1.04%, OI down 0.03%
• Sun Pharma: price up 0.78%, OI down 0.04%
• KPIT Tech: price up 1.02%, OI down 0.05%
• AU Bank: price up 1.47%, OI down 0.09%

• The 24,700 strike is seeing the largest visible fresh Call addition around the immediate Nifty strikes, with Call OI rising by roughly 9 lakh contracts.
• Fresh Call additions are also visible from 24,800 through 25,700, while unwinding is seen at some lower strikes including 24,500 and 24,600.

• HDFC Life's total open interest has increased 122.44% since the previous expiry to 87,428 contracts as its price declined 8.40%.
• Call OI surged 856.16%, while Put OI climbed 623.56%. Futures OI increased 45.95% over the period.

• Nifty Fin Service has seen total open interest rise 400.98% since the previous expiry to 11,272 contracts, even as the index price is down 2.23%.
• Call OI increased 528.74% to 5,929 contracts, while Put OI surged 569.92% to 4,810 contracts. Futures OI declined 9.51%.

Call writers remain concentrated across the 24,600-25,100 region in the current Nifty weekly series.

Among the strikes shown, Call OI is particularly elevated at 24,700 and 25,000, at more than 80 lakh contracts each, while substantial positioning is also visible at 24,600, 24,800 and 25,100.

Power Grid's October futures declined 3.23% to 276, accompanied by a 72.13% increase in open interest.

Other October contracts showing fresh short build-up include:

• GVT&D: price down 3.43%, OI up 48%
• Oberoi Realty: down 2.87%, OI up 38.46%
• Mphasis: down 1.12%, OI up 37.50%
• TCS: down 0.54%, OI up 33.37%

Fresh Put additions are concentrated around Bank Nifty's 57,800-58,100 zone.

Put OI additions stand at roughly:

• 57,800: 60,000 contracts
• 58,000: 50,000 contracts
• 57,700: 45,000 contracts
• 57,900: 45,000 contracts
• 58,100: 80,000 contracts

The 58,100 strike records the largest fresh Put addition among the strikes shown.

• MCX has recorded one of the biggest increases in derivatives positioning among the stocks shown since the previous expiry.
• Total open interest surged 327.23% to 92,542 contracts, while the stock price rose 44.32%.
• Futures OI increased 249.32%, Call OI 397.91% and Put OI 465.16%.

Fresh Put writing is concentrated around Nifty's 24,600 strike, where Put OI addition stands at roughly 36 lakh contracts, the highest among the strikes shown.

Put additions are also elevated at 24,400 and 24,700, at around 27 lakh and 26 lakh contracts, respectively.

Fresh long positions are visible across a set of stock futures as both prices and open interest rise.

Among the notable contracts:

• Shriram Finance: price up 2.05%, OI up 19.48%
• PNB Housing: price up 2.38%, OI up 19.23%
• Cummins India: price up 0.49%, OI up 18.60%
• Manappuram Finance: price up 1.60%, OI up 12.50%
• Cochin Shipyard: price up 2.48%, OI up 9.68%
• DMart: price up 0.68%, OI up 7.44%
• Bandhan Bank: price up 2.41%, OI up 6.90%

This indicates fresh long positions.

• The 58,000 strike has the highest Call open interest in Bank Nifty's current weekly series at about 23 lakh contracts.
• The same strike carries Put OI of roughly 16 lakh contracts, making 58,000 the most heavily positioned strike in the current setup.

Jindal Steel's September futures fell 0.87% to 1,118.5, while open interest jumped 1,934.49% to 22,949 contracts.

The combination of a lower futures price and higher open interest suggests fresh short positions.

The 24,600 strike holds the highest Put open interest in the current Nifty weekly series at about 86 lakh contracts.

Put OI is also concentrated at:

• 24,000: about 77 lakh contracts
• 24,400: about 68 lakh contracts
• 24,500: about 61 lakh contracts
• 24,200: about 54 lakh contracts

The positioning places 24,600 at the centre of the current Put OI build-up.

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• eClerx Services fell 4.16%, followed by Inventurus Knowledge Solutions at 3.65% and Saregama at 3.53%. Firstsource Solutions, Great Eastern Shipping, GE T&D India and Power Grid also declined.
• Vodafone Idea and Yes Bank were among the most active stocks by volume, trading 0.16% and 0.09% higher, respectively.

• Goldman Sachs upgraded Hindustan Aeronautics to ‘Buy’ from ‘Neutral’ and raised its target price to Rs 5,870 from Rs 5,545.
• The brokerage expects execution challenges to ease, with Tejas Mk1A deliveries likely to begin in September 2026 and engine supplies from GE Aerospace expected to improve in FY27.

SpiceJet rose 1.11%, while IndiGo-parent InterGlobe Aviation gained 0.11%..

• TBO Tek fell 1.90%, while Yatra Online declined 1.68%.
• Easy Trip Planners rose 0.30%, while Thomas Cook India and IRCTC gained 0.18% and 0.11%, respectively.


 

• Godrej Agrovet shares fell 3.35% to Rs 547.45 after consolidated net profit declined 16.2% year-on-year to Rs 135 crore. Revenue rose 9.2% to Rs 2,855 crore.
• Ebitda fell 10.9% to Rs 240.2 crore, while the Ebitda margin narrowed to 8.4% from 10.3%. Ravishankar A will take over as chief financial officer from Oct. 1 after S Varadaraj steps down on Sept. 30.

• Indian Oil Corporation fell 0.68%, while Bharat Petroleum declined 0.40%.
• Hindustan Petroleum traded 0.06% higher.

• Sky Gold rose 2.19%, while Goldiam International gained 1.89%. Titan, Thangamayil Jewellery, Renaissance Global, Senco Gold and Kalyan Jewellers advanced between 0.63% and 1.53%.
• PC Jeweller fell 1.84%, followed by Vaibhav Global at 1.62%, Tribhovandas Bhimji Zaveri at 1.23% and KDDL at 0.96%.


 

• eClerx Services shares fell 3.06% to Rs 1,859.10 despite consolidated net profit rising 16% quarter-on-quarter to Rs 164 crore. Revenue increased 23.3% to Rs 1,152 crore.
• Ebit grew 15.1% to Rs 216 crore, while the Ebit margin narrowed to 18.7% from 20%.

• Birlasoft and KPIT Technologies rose 1.28% each, while Happiest Minds Technologies gained 0.79%. Sonata Software and Newgen Software advanced 0.55% and 0.33%, respectively.
• Hexaware Technologies fell 0.90%, followed by Fractal Analytics at 0.83% and HCLTech at 0.79%. Wipro, Persistent Systems and TCS also traded lower.


 

• Cummins India shares fell 2.92% to Rs 5,281 after Q1 net profit declined 7.8% year-on-year to Rs 543 crore. Revenue rose 17.5% to Rs 3,426 crore, while Ebitda fell 2.5% to Rs 617 crore. Ebitda margin narrowed to 18% from 21.7%.
• JPMorgan retained ‘Neutral’ with a target of Rs 5,882. Citi and HSBC maintained ‘Buy’ with targets of Rs 6,700 and Rs 6,500, respectively. Brokerages cited margin pressure, while JPMorgan also flagged Managing Director Shveta Arya’s resignation.

• MTAR Technologies rose 4.99%, while HAL gained 3.93% to Rs 4,827.40. Mishra Dhatu Nigam advanced 3.53%.
• Zen Technologies and Cyient DLM gained 1.92% and 1.89%, respectively. Data Patterns fell 2.33%, while Bharat Forge, Astra Microwave Products and Garden Reach Shipbuilders also traded lower.


 

• Navin Fluorine, Biocon and Cummins India are among companies scheduled to hold annual general meetings today, adding management commentary and shareholder resolutions to the day's corporate calendar.
• The AGM roster also includes Blue Star, Dabur India, Marico, Granules India, UPL, MRF, JK Tyre Industries, Firstsource Solutions and TCI Express.

• Aster DM Healthcare shares fell 3.05% to Rs 816.45 after consolidated net profit declined 81.2% year-on-year to Rs 16.1 crore. The quarter included a one-time loss of Rs 114 crore.
• Revenue rose 21.6% to Rs 1,311 crore, while Ebitda increased 27.4% to Rs 264 crore. Ebitda margin expanded to 20.2% from 19.2%.

• Navin Fluorine shares rose 5.29% to Rs 8,012 after Q1 net profit increased to Rs 243 crore from Rs 117.1 crore a year earlier. Revenue grew 44% to Rs 1,045 crore, while Ebitda rose 72.6% to Rs 357 crore.
• Jefferies retained ‘Buy’ and raised its target to Rs 9,045, while Citi maintained ‘Sell’ and increased its target to Rs 7,200. The board also approved capital expenditure of Rs 90 crore for advanced material products.

Neuland Laboratories shares rose 6.85% to Rs 21,322 after Q1 consolidated net profit increased to Rs 147.7 crore from Rs 14 crore a year earlier. Revenue more than doubled to Rs 642 crore from Rs 293 crore.

Ebitda rose to Rs 222.9 crore from Rs 34.5 crore, while the Ebitda margin expanded to 34.7% from 11.8%.

• Nifty Defence rose 0.66%, while Nifty IT gained 0.46%. Nifty Pharma, PSU Bank and Media also closed higher.
• Nifty Energy fell 0.61%, followed by Nifty Auto at 0.60% and Nifty Realty at 0.52%.


 

Indian benchmark indices fluctuated between gains and losses as gains in Reliance Industries and HDFC Bank were offset by the losses in Bharti Airtel, Bajaj Finance and Power Grid. The NSE Nifty 50 24,638. Meanwhile, the BSE Sensex traded 0.2% or 170 points higher at 78,747.

Linde India and InfoBeans Technologies have corporate actions linked to special dividends.

• Linde India: Special dividend of Rs 8 per share.
• InfoBeans Technologies: Special dividend of Re 0.50 per share.

• Nazara Technologies and Edelweiss Financial Services are among companies whose boards are scheduled to consider fund-raising proposals.
• Interarch Building Solutions is also scheduled to consider fund raising as well as a stock split.

Hero MotoCorp, LIC, Trent, Britannia Industries, Lupin and Premier Energies are among the companies scheduled to report quarterly earnings today, setting up a broad stock-specific results calendar.

Other companies due to report include Blue Star, Apollo Tyres, Fortis Healthcare, Firstsource Solutions, NCC, PG Electroplast, Sonata Software, Samvardhana Motherson International and Shipping Corporation of India.

• MV Electrosystems will make its stock market debut today after its Rs 290 crore initial public offering received bids for 200.66 times the shares on offer.
• The IPO was priced at Rs 400–425 per share. The NII portion was subscribed 397.99 times, while retail investors subscribed 218.25 times the shares reserved for them.

• Juniper Green Energy will list on the stock exchanges today after its Rs 1,800 crore initial public offering was subscribed 8.38 times.
• The IPO was priced at Rs 214–225 per share. The QIB portion was subscribed 26.22 times, while the retail portion was subscribed 0.98 times.

JK Lakshmi Cement reported revenue growth for the June quarter, while Ebitda and profit declined and operating margin narrowed.

JK Lakshmi Cement (Q1, Consolidated YoY)

• Net profit down 28% at Rs 108 crore versus Rs 150 crore.
• Revenue up 9.4% at Rs 1,905 crore versus Rs 1,741 crore.
• Ebitda down 16.9% at Rs 259 crore versus Rs 312 crore.
• Margin at 13.6% versus 17.9%.

The rupee appreciated by as much as 2 paise to 95.11 against the US dollar.

• Morgan Stanley maintained its Equal-weight rating on Metropolis and raised its target price to Rs 614 from Rs 588 after healthy volume growth in Q1.
• Management guided for 14–15% revenue growth in FY27 and a 150-basis-point improvement in Ebitda margin. Morgan Stanley said visibility is improving but continues to prefer Dr Lal PathLabs.

EClerx Services reported higher revenue, Ebit and profit from the preceding quarter, while operating margin narrowed.

EClerx Services (Q1, Consolidated QoQ)

• Net profit up 16% at Rs 164 crore versus Rs 142 crore.
• Revenue up 23.3% at Rs 1,152 crore versus Rs 935 crore.
• Ebit up 15.1% at Rs 216 crore versus Rs 187 crore.
• Ebit margin at 18.7% versus 20%.

Chalet Hotels added 381 ATHIVA-branded keys to its development pipeline through projects in Hyderabad and Pune under a lease model with Mindspace REIT.

Morgan Stanley maintained its Underweight rating on Berger Paints with a target price of Rs 429 after an in-line June quarter.

Management retained its Ebitda margin guidance of 15–17%. The brokerage said dealer stocking ahead of price increases continued during Q1 and could lead to some moderation in volume growth during Q2.

Godrej Agrovet reported revenue growth for the June quarter, while Ebitda and net profit declined and operating margin narrowed.

Godrej Agrovet (Q1, Consolidated YoY)

• Net profit down 16.2% at Rs 135 crore versus Rs 161 crore.
• Revenue up 9.2% at Rs 2,855 crore versus Rs 2,614 crore.
• Ebitda down 10.9% at Rs 240.2 crore versus Rs 269.6 crore.
• Margin at 8.4% versus 10.3%.

Other Key Announcmeents

• Ravishankar A will take over as CFO from Oct. 1.
• S Varadaraj will step down as CFO on Sept. 30.

A set of companies reported sharp changes in quarterly earnings ahead of Thursday's trade, creating multiple stock-specific triggers.

Neuland Laboratories reported profit of Rs 147.7 crore versus Rs 14 crore, while Navin Fluorine's Ebitda rose 72.6% to Rs 357 crore. Cohance Lifesciences, in contrast, reported a Rs 24.1 crore loss and a 99% drop in Ebitda.

Sapphire Foods saw sizeable institutional transactions in the previous session, with purchases and sales clustered around Rs 200 per share.

• Rams Equities Portfolio Fund bought 17.70 lakh shares at Rs 200.06 apiece.
• Pioneer Investment Fund Scheme II sold 17 lakh shares at Rs 200 apiece.
• PI Opportunities AIF V LLP sold 16.57 lakh shares at Rs 200.10 apiece.

The Nifty 24,000 strike has the maximum Put open interest ahead of trade, marking it as the key lower derivatives level for the session.

Traders will track changes in Put positions around the strike as the session progresses.

• The Nifty 25,000 strike holds the maximum Call open interest, making it the key overhead derivatives level to track during the session.
• Changes in Call positions at the strike will provide cues on how derivatives traders are positioned as the index moves through the day.

• Nifty August futures rose 0.33% to 24,637 ahead of the session, indicating a 13-point premium.
• The futures positioning provides an early derivatives cue ahead of cash-market trade.

Life Insurance Corporation of India is under the F&O ban for the session, restricting the creation of fresh derivative positions while the stock remains in the market-wide position limit framework.

LIC is also scheduled to report earnings today, adding a separate fundamental trigger for the stock.

Pearl Global's board recommended a bonus equity share issue in the ratio of 1:1.

The company also appointed Major General Sandeep Vohra (Retd.) as an additional director in the capacity of whole-time director.

Ion Exchange reported higher revenue for the June quarter, but Ebitda and profit declined as operating margin contracted.

Ion Exchange (Q1, Consolidated YoY)

• Net profit down 91.6% at Rs 4.1 crore versus Rs 48.7 crore.
• Revenue up 20.1% at Rs 700 crore versus Rs 583 crore.
• Ebitda down 49.4% at Rs 31.8 crore versus Rs 62.9 crore.
• Margin at 4.5% versus 10.8%.

United Spirits received an FSSAI order restricting the sale of certain whisky products manufactured at a third-party unit in Madhya Pradesh.

The order relates to alleged non-compliance with labelling requirements.

Citi maintained its Buy rating on Tenneco Clean Air with a target price of Rs 650 after results came marginally ahead of estimates.

The brokerage said commodity cost increases linked to the geopolitical environment affected the quarter. It highlighted an ART division order from a European ATV manufacturer and a CAPT division order from Tenneco America.

Tenneco Clean Air reported revenue and Ebitda growth in the June quarter, while profit declined and operating margin narrowed.

Tenneco Clean Air (Q1, Consolidated YoY)

• Net profit down 1.8% at Rs 165 crore versus Rs 168 crore.
• Revenue up 20.2% at Rs 1,545 crore versus Rs 1,286 crore.
• Ebitda up 7.7% at Rs 247 crore versus Rs 229 crore.
• Margin at 16% versus 17.8%

Macquarie maintained its Outperform rating on Power Grid with a target price of Rs 400 following its June-quarter performance.

The brokerage expects the company's capital expenditure and capitalisation to pick up and highlighted about Rs 1.7 trillion of work in hand. Capex guidance remains a key monitorable.

• Aster DM Quality Care will acquire equity shares worth Rs 40 crore in subsidiary United CIIGMA Institute of Medical Sciences.
• The investment follows the healthcare company's June-quarter earnings.

Aster DM Quality Care reported higher revenue and Ebitda for the June quarter, but net profit declined following a one-time loss.

Aster DM Quality Care (Q1, Consolidated YoY)

• Net profit down 81.2% at Rs 16.1 crore versus Rs 85.5 crore.
• Revenue up 21.6% at Rs 1,311 crore versus Rs 1,078 crore.
• Ebitda up 27.4% at Rs 264 crore versus Rs 207 crore.
• Margin at 20.2% versus 19.2%.
• One-time loss at Rs 114 crore versus loss of Rs 4 crore.

Brokerages highlighted improving operating conditions and the ramp-up of new capacity at Hindalco's Novelis business following its quarterly performance.

Morgan Stanley

• Maintain Overweight with target price of Rs 1,140.
• Core Ebitda was better than expected.
• Oswego recovery, Bay Minette commissioning and cost savings support the outlook.
• Bay Minette ramp-up remains a key medium-term catalyst.

Kotak

• Maintain Buy with target price of Rs 1,120.
• Quarter was in line and operational headwinds are easing.
• Oswego ramp-up remains on track for H2FY27E.
• Bay Minette is expected to contribute from FY28E.

Macquarie

• Maintain Neutral with target price of Rs 1,080.
• Ebitda recorded a modest beat and expansion remains on track.
• Sees upside risk to FY27 and FY28 consolidated Ebitda from higher aluminium prices.
• Slower Novelis ramp-up and weaker aluminium prices remain downside risks.

Biocon reported higher revenue, Ebitda and net profit for the June quarter, while operating margin remained broadly stable.

Biocon (Q1, Consolidated YoY)

• Net profit at Rs 141 crore versus Rs 31.4 crore.
• Revenue up 10% at Rs 4,336 crore versus Rs 3,942 crore.
• Ebitda up 10.6% at Rs 847 crore versus Rs 766 crore.
• Margin at 19.53% versus 19.43%.

GNFC reported higher revenue, Ebitda and net profit for the June quarter, accompanied by a rise in operating margin.

GNFC (Q1, Consolidated YoY)

• Net profit at Rs 312 crore versus Rs 83 crore.
• Revenue up 39.8% at Rs 2,238 crore versus Rs 1,601 crore.
• Ebitda at Rs 393 crore versus Rs 31 crore.
• Margin at 17.6% versus 1.9%.

• RMC Switchgears secured orders worth Rs 344.10 crore, providing a new executable order trigger for the small-cap company.
• The total includes a Rs 333.80 crore mandate from PGVCL for underground cabling.

• Waaree Renewable Technologies secured a 210 MWp, or 150 MWac, engineering, procurement and construction order.
• The contract includes two years of operations and maintenance and is scheduled for execution by FY28.

Brokerages remained divided on Navin Fluorine after its June-quarter earnings and announcement of new capital expenditure.

Jefferies

• Maintain Buy; raise target price to Rs 9,045 from Rs 8,700.
• Strong CDMO and cooling products pipeline and new specialty chemical molecules support medium-term growth.
• Advanced materials capex could provide another growth driver.
• Raised FY27 and FY28 profit estimates by 8% and 4%, respectively.

Citi

• Maintain Sell; raise target price to Rs 7,200 from Rs 6,500.
• Management continues to guide for sustainable Ebitda margin of 31–34%.
• Sees downside risk to R32 pricing over the next year.
• Flags unfavourable risk-reward after the stock's rise over the past year.

• JK Lakshmi Cement plans to invest Rs 3,325 crore to expand its Durg operations, adding clinker and cement grinding capacity.
• The project includes a 2.3 MTPA clinker line, 4.6 MTPA cement grinding capacity and a Rs 325 crore railway siding. Commissioning is targeted by March 2028.

• Arvind closed its qualified institutional placement and allotted 99.01 lakh equity shares to qualified institutional buyers at Rs 505 apiece.
• The issue price represents a 2.62% discount to the floor price of Rs 518.58, with the company raising about Rs 500 crore.

• SIS approved a buyback of up to 22.15 lakh shares, representing 1.57% of its equity, through the open market route.
• The maximum buyback price is Rs 478.5 per share, with an aggregate size of up to Rs 106 crore. The minimum buyback size is Rs 79.5 crore.

• Sterlite Technologies secured a $210 million long-term supply agreement for high-density optical fibre cables.
• The agreement covers supplies during calendar years 2027 to 2029.

• Aurobindo Pharma approved the merger of step-down subsidiaries Eugia Steriles and Eugia SEZ with wholly owned subsidiary Eugia Pharma Specialities.
• The company said the restructuring will simplify the group structure, reduce overheads and capture operational synergies.

Macquarie maintained its Underperform rating on Aurobindo Pharma with a target price of Rs 1,300 after the drugmaker's June-quarter results.

• Lower research and development costs helped deliver a marginal Ebitda beat.
• Geographic performance remained mixed.
• US revenue increased 8% in local-currency terms, supported by volumes and new products.

Aurobindo Pharma reported growth across revenue, Ebitda and profit during the June quarter, while operating margin remained broadly stable.

Aurobindo Pharma (Q1, Consolidated YoY)

• Net profit up 25.2% at Rs 1,033 crore versus Rs 825 crore.
• Revenue up 16.3% at Rs 9,150 crore versus Rs 7,868 crore.
• Ebitda up 17.3% at Rs 1,881 crore versus Rs 1,603 crore.
• Margin at 20.6% versus 20.4%.
• Other income at Rs 264 crore versus Rs 105 crore.

• Gland Pharma entered a long-term strategic partnership with Neuland Laboratories to establish a sterile API manufacturing suite at Visakhapatnam with annual capacity of about 1,400 kg.
• Neuland separately approved Rs 39.8 crore capex to expand manufacturing capacity at its Bonthapally Unit 1 by 18 KL over the next six to seven months and a Rs 40 crore corporate guarantee in favour of Gland Pharma.

Neuland Laboratories reported higher revenue, Ebitda and profit for the June quarter, accompanied by an expansion in operating margin.

Neuland Laboratories (Q1, Consolidated YoY)

• Profit at Rs 147.7 crore versus Rs 14 crore.
• Revenue at Rs 642 crore versus Rs 293 crore.
• Ebitda at Rs 222.9 crore versus Rs 34.5 crore.
• Margin at 34.7% versus 11.8%.

• Cohance Lifesciences' Pashamylaram facility received five Form 483 observations following an inspection by the US Food and Drug Administration.
• The regulatory development comes alongside the company's June-quarter earnings and could keep the pharmaceutical services company on traders' radar.

Cohance Lifesciences drew sharply different brokerage calls after a weak June quarter, even as management expects performance to recover.

Macquarie

• Maintain Outperform with target price of Rs 1,150.
• Q1 performance was materially weaker than expected.
• Revenue declined mainly because of contraction in the Pharma CDMO segment.
• Management expects sequential recovery in Q2 and a return to year-on-year growth in H2.

Jefferies

• Maintain Underperform; raise target price to Rs 350 from Rs 300.
• Results were below estimates as sales declined across all three business divisions.
• Low sales pushed Ebitda close to break-even.
• Sees challenges across divisions and lacks confidence in sustainable near-term growth.

Cohance Lifesciences reported a loss for the June quarter as revenue declined and Ebitda fell to near break-even levels.

Cohance Lifesciences (Q1, Consolidated YoY)

• Net loss at Rs 24.1 crore versus profit of Rs 48.9 crore.
• Revenue down 23.1% at Rs 422 crore versus Rs 549 crore.
• Ebitda down 99% at Rs 1.2 crore versus Rs 112 crore.
• Margin at 0.3% versus 20.4%.

Brokerages differed on PB Fintech's valuation after its June-quarter performance, with target prices ranging from Rs 1,215 to Rs 1,950.

Macquarie

• Maintain Outperform with target price of Rs 1,950.
• Revenue growth remained strong and profitability was in line.
• Renewal business and new initiatives remain on track.

Nomura

• Maintain Neutral with target price of Rs 1,590.
• Q1 beat estimates by 10%.
• Policybazaar and other insurance platforms saw improvement in take rates and contribution margins.
• Paisabazaar's core disbursals picked up, with new product launches planned for August 2026.
• Regulation remains a risk.

Morgan Stanley

• Maintain Underweight with target price of Rs 1,215.
• Adjusted Ebitda margin was in line, while higher revenue drove an adjusted Ebitda beat.
• Flagged valuation and potential regulation on commissions.

PB Fintech reported higher revenue, Ebitda and net profit for the June quarter, with operating margin expanding from the year-ago period.

PB Fintech (Q1, Consolidated YoY)

• Net profit up 91.7% at Rs 163 crore versus Rs 85 crore.
• Revenue up 40% at Rs 1,888 crore versus Rs 1,348 crore.
• Ebitda at Rs 139 crore versus Rs 34 crore.
• Margin at 7.4% versus 2.5%.

Oil India received relief in a long-running Assam land tax dispute after the Supreme Court disposed of the case following the state's decision to withdraw the levy on mineral oil. The disputed demand stood at about Rs 2,484.81 crore for 2005–2024.

The Supreme Court separately directed Oil India to deposit GST on royalty within six weeks.

Cummins India's margin performance has emerged as the key issue for analysts after its June-quarter earnings, while JPMorgan also flagged the managing director's resignation.

JPMorgan

• Maintain Neutral with target price of Rs 5,882.
• Q1FY27 margins were the lowest in the past 10 quarters.
• The brokerage said weak margins and the MD's resignation could weigh on the stock.

Citi

• Maintain Buy with target price of Rs 6,700.
• Margins were below expectations.
• Commodity headwinds and delays in passing through costs had a larger impact.
• Awaits clarity on possible one-off expenditure.

HSBC

• Maintain Buy with target price of Rs 6,500.
• Margin pressure led to an earnings miss.
• Lower margins offset strong execution.
• Management commentary indicated steady momentum across key markets.

Cummins India reported revenue growth in the June quarter, but Ebitda and profit declined as operating margin contracted. Managing Director Shveta Arya has also resigned.

Cummins India (Q1, YoY)

• Net profit down 7.8% at Rs 543 crore versus Rs 589 crore.
• Revenue up 17.5% at Rs 3,426 crore versus Rs 2,916 crore.
• Ebitda down 2.5% at Rs 617 crore versus Rs 633 crore.
• Margin at 18% versus 21.7%

Navin Fluorine International reported higher revenue, Ebitda and profit for the June quarter, while the board also approved fresh capital expenditure for advanced materials.

Navin Fluorine (Q1, Consolidated YoY)

• Revenue up 44% at Rs 1,045 crore versus Rs 725 crore.
• Ebitda up 72.6% at Rs 357 crore versus Rs 207 crore.
• Margin at 34.2% versus 28.5%.
• Net profit at Rs 243 crore versus Rs 117.1 crore.

Separately, the board approved Rs 90 crore capex for advanced material products.

• US President Donald Trump has spoken with Federal Reserve Chair Kevin Warsh several times since Warsh took charge, The Wall Street Journal reported, citing people familiar with the matter.
• Trump has sought Warsh’s views on the economic impact of the Iran war and the growth of artificial intelligence, according to the report.

• The Trump administration plans to impose a 15% tariff on polysilicon derivatives and set minimum import prices for polysilicon, wafers, solar cells and modules, Reuters reported quoting sources familiar with the matter.
• The measures, expected to be announced as early as Thursday, are aimed at countering China’s role in the solar panel and semiconductor supply chains.

• Iran said it had reached an agreement with Oman on a proposed route for vessels using the Strait of Hormuz. The arrangement could allow more energy shipments through the waterway.
• Investors are assessing whether the plan will lead to a sustained increase in vessel traffic and support progress towards a wider agreement between Iran and the US.

• The Dow Jones Industrial Average rose 263.24 points, or 0.49%, to a record close, extending gains for a fifth consecutive session.
• The S&P 500 fell 0.17%, ending a four-session winning streak, while the Nasdaq Composite declined 0.83%.

Dow futures rose 92 points, or 0.2%, while S&P 500 futures gained 0.2%. Nasdaq-100 futures edged lower as investors awaited the next round of corporate earnings.

Brent crude traded near $79 per barrel, while West Texas Intermediate held around $75. Oil prices have fallen about 11% over the first three sessions of the week as prospects of increased shipping through the Strait of Hormuz eased supply concerns.

• South Korea’s Kospi fell 2.05%, while Japan’s Nikkei 225 declined 1.46%. Australia’s ASX 200 gained 0.64%.
• Investors monitored efforts to restore shipping through the Strait of Hormuz and assessed an uneven session on Wall Street.

GIFT Nifty traded at 24,643, about 18 points above the Nifty 50’s Wednesday close of 24,624.65.