DayStarter

Market snapshot

Equities and sectors

Indian equities ended Friday on a firm note, led by the large-cap indices. The Nifty opened with a 55-point gap up at 24,127. Within the first hour, it moved back into the 24,250-24,280 zone. It then stayed in a narrow 24,260-24,290 range through the late morning.

Around 2 PM, the index slipped toward 24,220-24,230. In the final hour, buying returned and the Nifty moved above 24,300. It closed at 24,334.30, near the day’s high. The week ended strongly even though oil prices were higher and global markets were weak.

The split inside the market was clear. The Nifty 50 and Sensex rose, while the broader Nifty Next 50, Midcap 150, Smallcap 250 and Microcap 250 indices closed lower.

Sectoral indices

IT, Bank, Realty and Auto were the strongest sectors. Pharma was the weakest sector, followed by Metal, Consumer Durables and Energy.

Winners and losers among F&O stocks

FEDERALBNK led the F&O gainers, up 6.55%, followed by KALYANKJIL and BHARATFORG. TORNTPHARM was the biggest F&O loser, down 4.82%.

Commodities and currency

In commodities, crude oil and natural gas rose, while industrial metals were weaker. Gold also moved up slightly, while silver fell.

For the rupee, the source material carries three different figures for the same session. One market table records USDINR at 96.37, down 0.07% from 96.43. Another section records the rupee at ₹96.28 per US dollar, its sharpest weekly decline since May, down about 1% for the week. That decline is linked to a 13% rise in Brent crude prices during escalating US-Iran tensions and strong dollar demand from importers. Mint’s front-page market strip records the dollar at ₹96.31, unchanged. These figures are reproduced as reported, without reconciliation.

Mint’s front-page market strip also records the euro at ₹110.15, unchanged, the pound at ₹129.43, unchanged, and oil at $87.59, up $3.09.

Institutional flows

Foreign institutional investors were net sellers in each of the last five sessions. Domestic institutional investors were net buyers in each of those sessions. Over the five sessions, FIIs sold a net ₹11,442 crore, while DIIs bought a net ₹9,809 crore.

Zerodha AfterMarket Report, 17 July 2026 close

The macro view

Energy and external sector

Indian fuel refiners are preparing for tighter supplies and higher crude oil prices as the US-Iran conflict escalates again, less than a month after an interim ceasefire deal. Benchmark Brent is at a five-week high. The September Brent contract on the Intercontinental Exchange ended Friday at $88.10 a barrel.

India no longer depends as heavily on West Asia for oil supplies. Still, higher crude prices can strain the import bill, widen the current account deficit and add to inflation. The current account deficit widens when payments for imports and other outflows are higher than earnings from exports, services and transfers.

Refiners are expected to rely on Russian oil in the near term. Data from maritime and commodities tracker Kpler shows imports from Russia at 2.6 million barrels per day so far in July, compared with a record 2.7 million bpd in June.

A proposed US Senate bill has also created concern. The bill would impose 100% tariffs on five countries, including India, over Russian oil imports.

Mint, Mumbai edition, 20 July 2026, Economy & Policy, page 2

Policy and regulation

Infrastructure finance

The Centre is again considering a five-year-old plan to merge the National Bank for Financing Infrastructure and Development, or NaBFID, with India Infrastructure Finance Co. Ltd, or IIFCL. If the plan goes ahead, the combined lender would have a loan book of nearly ₹1.85 trillion. The proposal is still at a preliminary stage, based on two people cited in the report.

The idea has gained fresh momentum because REC Ltd and Power Finance Corp. are already working on a merger. That transaction is expected to close by 1 April 2027 and create a lender with a combined loan book of more than ₹11 trillion.

NaBFID’s FY26 balance sheet expanded to ₹1.44 trillion. Its lending portfolio nearly doubled to ₹1.15 trillion. Profit after tax was ₹3,037 crore, and gross non-performing assets were zero.

IIFCL reported an outstanding loan portfolio of ₹69,904 crore in FY25. Annual sanctions were a record ₹51,124 crore, and disbursements were ₹28,501 crore. Cumulative sanctions crossed ₹3.06 trillion, and cumulative disbursements reached ₹1.56 trillion. Profit after tax was a record ₹2,165 crore. Net worth rose to ₹16,395 crore. Gross NPAs declined to 1.11%, and net NPAs declined to 0.35%.

Mobility and fuels

Under the latest Corporate Average Fuel Efficiency proposals, the Centre has reduced the “super credits” incentive for flex-fuel vehicles. One electric vehicle is counted as 3, while a flex-fuel vehicle will be counted as 1.1. This is lower than 1.5 in the CAFE draft of September 2025. CAFE rules are scheduled to be enforced in April 2027.

This comes after the government’s decision to price E85 petrol, which is blended with 85% ethanol, only about 20% below E20. The automobile industry had sought a 30% discount.

The Bureau of Indian Standards, under the ministry of consumer affairs, has notified an updated Indian Standard for testing impurities in hydrogen supplied to Proton Exchange Membrane fuel-cell vehicles. The standard is voluntary unless a regulator makes it mandatory.

Production-linked incentives

A new 10 GWh grid-scale energy storage tender was floated on 15 July. It is the final part of the larger 50 GWh initiative under the ₹18,100-crore PLI scheme for advanced chemistry cells. The tender closes on 13 October, bids open on 14 October, and a pre-bid conference will be held on 29 July. The minimum and maximum bid capacity thresholds have been revised to 1 GWh and 4 GWh.

In the 2021 round, the government awarded 50 GWh to Ola Electric, 20 GWh, Reliance Industries Ltd, 5 GWh, Rajesh Exports, 5 GWh, and a company called Hyundai Global Motors, 20 GWh. The 20 GWh award was cancelled after clarifications from Hyundai Motor. Of that, 10 GWh was awarded to Reliance New Energy in September 2024.

The Union food processing ministry is reviewing lessons from the current PLI programme before finalising a successor framework. The ₹10,900-crore food processing PLI has drawn investments of ₹9,207 crore across 22 states, compared with committed investments of ₹7,722 crore. It has added around 3.4 million tonnes per annum of processing and preservation capacity and generated an estimated 329,000 jobs. As of April, sales of PLI-supported products had risen at a CAGR of 10.58%, and exports at a CAGR of 7.41%. The scheme is set to expire on 31 March 2027.

With an incentive outlay of ₹1.91 trillion, the PLI scheme covers 14 strategic sectors, including food processing.

On 15 July, New Delhi announced a ₹62,500 crore outlay under the Mobile Phone Manufacturing Scheme. The scheme offers incentives of 2.25% to 5% for local manufacturing, an additional 1.5% for sourcing key components locally, and a further 3% if the company also promotes an Indian brand. A manufacturer that creates its own device brand earns an additional 9.5% of turnover as government incentives. The scheme sits alongside the ₹1.27 trillion Semicon 2.0 scheme and a ₹40,000-crore electronics components manufacturing scheme notified on 8 April 2025. Together, these schemes amount to a ₹2.29-trillion, or $24 billion, outlay over five years.

Health insurance enforcement

The National Health Authority has taken action against 2,842 hospitals for fraudulent practices under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana. It imposed a penalty of ₹114.06 crore. Its National Anti-Fraud Unit prevented the release of ₹678.47 crore. The authority de-empanelled 2,003 hospitals and suspended 839 facilities.

Industrial infrastructure

The government has started a review of the institutional and implementation framework for industrial corridors, industrial parks and integrated manufacturing ecosystems. Niti Aayog will hold a stakeholder consultation this week under the High-Level Committee on Implementation of Viksit Bharat Goals, chaired by Niti Aayog member Rajiv Gauba.

Monsoon and agriculture

The India Meteorological Department expects monsoon activity to remain vigorous across northwest, east and northeast India over the next six to seven days. Rainfall is likely to stay subdued across west-central and south Peninsular India.

• Widespread rainfall is forecast over Jammu & Kashmir, Himachal Pradesh, Uttarakhand, Punjab, Haryana, Delhi, Uttar Pradesh and parts of Rajasthan through 25 July. This can help kharif sowing in the northwestern plains.
• Isolated heavy rainfall is likely over Arunachal Pradesh on 20 July and during 24-25 July, Assam & Meghalaya during 21-25 July, and Nagaland, Manipur, Mizoram & Tripura during 20-25 July.
• The IMD has warned of low to moderate flash flood risk over several districts of Uttarakhand and Assam-Meghalaya during the next 24 hours. Surface runoff and waterlogging are possible in low-lying areas because soil conditions are already saturated.

Mint, Mumbai edition, 20 July 2026, front page, Economy & Policy, page 2, Corporate, page 6, and News Wrap, page 9

Corporate action and earnings

Results

Reliance Industries Ltd reported a 16% year-on-year rise in net profit attributable to owners for the June quarter, to ₹20,946 crore. This is after adjusting for the gain from the sale of Asian Paints Ltd shares in the year-ago quarter. Refining margins for petrol, diesel and jet fuel rose 2.6-4.4 times year-on-year because global refining output fell amid feedstock shortages linked to the West Asia war. O2C Ebitda per tonne rose 30% both year-on-year and sequentially to ₹10,904, the highest in at least the past 13 quarters. A planned refinery turnaround led to a 10% annual and sequential decline in production volume meant for sale, to 15.6 million tonnes.

Jio Platforms’ Ebitda rose 4% sequentially to ₹20,865 crore. Average revenue per user rose just 1% sequentially to ₹215.6. Reliance’s Q1FY27 retail operating Ebitda fell 2% year-on-year to ₹5,935 crore, and Ebitda margin fell 75 basis points year-on-year to 7.4%. Net revenue growth remained at 8% year-on-year. Motilal Oswal Financial Services has a sum-of-the-parts-based target price of ₹1,550 for RIL, based on September 2028 estimates.

• JSW Steel: Q1FY27 consolidated net profit rose more than twofold to ₹4,696 crore from ₹2,209 crore a year ago. Total income increased to ₹48,088 crore from ₹43,497 crore. During the quarter, the company began construction of a 2 million tonne per annum steel plant in Andhra Pradesh with an investment of more than ₹16,350 crore.
• Federal Bank: Q1FY27 net profit rose 37% year-on-year to ₹1,177 crore. Net interest income rose 26% year-on-year to ₹2,946 crore. Other income fell 6% year-on-year to ₹1,048 crore.
• Havells India: Q1FY27 consolidated net profit fell 16.6% year-on-year to ₹289.7 crore. Revenue from operations rose 19.5% year-on-year to ₹6,518.2 crore.
• IDBI Bank: First-quarter FY27 net profit was ₹2,115 crore, up 5% from ₹2,007 crore in the same quarter last year. Total income rose to ₹8,573 crore.
• CEAT: Consolidated revenue rose 22% year-on-year to ₹4,318 crore in the first quarter of the current fiscal year. The company announced a ₹1,205 crore investment for capacity expansion.
• Piramal Finance: Assets under management rose 25% year-on-year and 6% sequentially to ₹1.1 trillion at the end of June. Operating expenditure as a percentage of AUM fell to 3.3% in Q1FY27 from 3.9% a year earlier. The cost-to-income ratio declined to 53% from 66%. Retail opex-to-AUM declined 10 basis points sequentially and 66 basis points year-on-year to 3.5%. Artificial intelligence now writes 57% of the company’s overall code, according to its investor presentation. Gen-AI token volumes rose to 320 billion in Q1FY27 from 63 billion a year earlier.

Corporate and strategy

JSW Steel eyes post-war steel demand and dumping risk

JSW Steel expects reconstruction across West Asia after the ongoing war to create fresh steel demand. It also warned that surplus exports from China, Japan and Russia could increasingly be diverted to India. The Directorate General of Trade Remedies has started an anti-dumping investigation into steel imports from the three countries. JSW Steel has already supplied API-grade steel for pipes used in Saudi Arabia’s NEOM project.

NTPC weighs a ₹12,000 crore debenture raise

NTPC will consider raising up to ₹12,000 crore through non-convertible debentures at its board meeting on 24 July.

Tata Technologies holds to its $1 billion FY28 target

Tata Technologies chief executive Warren Harris said the company remains committed to a $1 billion revenue target by FY28. The Pune-based engineering services firm ended last year with $619.8 million, up 1.5% from the previous year. To reach the target, it would need to grow at a compounded annual rate of 27% over the next two years, six times its 4.3% CAGR over the last three years. The company gets about four-fifths of its business from car companies and a fourth of its revenue from Jaguar Land Rover. Last month, it sought shareholder approval to raise business from Jaguar Land Rover to about ₹1,750 crore, or $180 million, this fiscal year.

Naveen Jindal Group explores 18 GW of nuclear power

Naveen Jindal Group has started discussions with global nuclear technology providers, including France-based EDF and Westinghouse of the US. The group plans to develop around 18 GW of nuclear power capacity across multiple states, with an estimated investment of ₹2 trillion. The government’s target is 100 GW of nuclear capacity by 2047.

Reliance Retail maps a three-year growth road map

Reliance Retail Ventures Ltd chief financial officer Dinesh Taluja outlined a three-year road map on the company’s earnings call. The retailer plans to scale its online business, expand dark stores and strengthen omni-channel capabilities.

TRAI objects to Truecaller’s “frequently blocked” badge

The Telecom Regulatory Authority of India has objections to Truecaller displaying a “frequently blocked” badge within the dedicated number series. A senior regulatory official said such tagging is not advisable.

Startups, deals and tech

Skyroot’s Vikram-1 reaches orbit

Skyroot Aerospace’s Vikram-1 rocket launched just past noon on Saturday. Over the next 20 minutes, it reached upper low-earth orbit at around 450 km. Mint reports five satellite payloads were deployed, while The Economic Times reports six payloads were placed into orbit. Both figures are reproduced as reported. Skyroot has raised nearly $160 million since inception.

ePlane unveils a two-tonne electric aircraft

Chennai-based ePlane Company, operated by Ubifly Technologies Pvt. Ltd, unveiled a 2,000-kg electric aircraft last week. It takes off like a helicopter, carries one pilot and two passengers, and flies 100 km on a single charge. The venture is backed by $20 million in funding. It plans to close a $17 million investment tranche this month, followed by another roughly $13 million. That would bring new funding to $30 million, which the government will match through its Research, Development and Innovation Fund. Operations are expected to begin in 2028.

Plazza raises $15 million for quick medicine delivery

Quick medicine delivery platform Plazza raised $15 million in a Series A round co-led by Accel, Elevation Capital and Nexus Venture Partners. All In Capital and Better Capital also participated. The company plans about 10 stores within eight weeks and around 20 in Bengaluru by year-end. It is targeting more than 3,000 stores over the next three to four years. Gross merchandise value grew about 27 times between June 2025 and March 2026.

Cleartrip targets operational break-even

Walmart-backed and Flipkart Group-owned Cleartrip is targeting operational break-even by the end of the current fiscal year. In FY25, it spent ₹608 crore on discounts and cashback against net revenue of ₹169 crore, ₹102 crore on advertising and promotions, and ₹129 crore on commissions and brokerage. It reported a net loss of ₹651 crore. Non-air categories now account for roughly 22% of bookings, up from single digits a year earlier. Motilal Oswal expects India’s overall OTA market to nearly double from ₹2.08 trillion to ₹3.84 trillion by FY28.

iD Fresh Food eyes an October 2027 IPO

Packaged foods maker iD Fresh Food is targeting an IPO around October 2027. International markets now account for nearly a third of its business. According to Tracxn, the company posted revenue of ₹688 crore in FY25 and profit after tax of ₹50.8 crore. It has raised about $126 million from Apax Partners, TPG Partners and Premji Invest, and was last valued at $491 million in February 2021.

Turtlemint posts its first profitable quarter

Turtlemint Fintech Solutions Ltd reported adjusted Ebitda of ₹2.9 crore and profit after tax of ₹3 crore for the March quarter. This was its first profitable quarter. The company reported a consolidated loss of approximately ₹184 crore last fiscal year and is targeting full-year FY27 profitability. Revenue from operations for the quarter rose 42% year-on-year to ₹357 crore. Shares listed on 29 June at a discount of more than 10% to the issue price.

Suven Life Sciences completes a ₹248.8 crore tranche

Suven Life Sciences completed a ₹248.8 crore tranche of its 2025 preferential fundraising on 8 July. It issued 18.6 million equity shares and raised about ₹858 crore in total through the issue. The firm has invested about ₹4,000 crore into its innovation pipeline. FY26 revenue was ₹210.45 crore against a net loss of ₹2,763.44 crore, with research and development and operational costs of ₹2,916 crore. The stock has risen 116.99% over the last six months to ₹326 on the NSE.

5paisa partners with OpenAI inside ChatGPT

5paisa Capital Ltd has partnered with OpenAI to integrate artificial intelligence across the investing and trading journey. It is the first broking platform to make its services accessible within ChatGPT.

Uber to acquire Delivery Hero for $14.8 billion

Uber has agreed to acquire Delivery Hero in a deal valuing the company at $14.8 billion.

India’s smartphone shipments fell 10%

India’s smartphone shipments fell 10% year-on-year in the April-June 2026 quarter, the steepest June-quarter fall in six years. Counterpoint Research data cited in the source links the fall mainly to record-high memory chip prices.

Banking and deposits

Forty-five days after the rollout of the new foreign currency non-resident bank, or FCNR (B), deposit scheme, India’s largest private sector banks have not disclosed how much they have collected. The scheme was announced on 5 June and is valid until 30 September. It allows banks to raise FCNR (B) deposits of three to five years and swap the dollars with the Reserve Bank of India at a concessional rate.

A Barclays report dated 16 July said FCNR-B inflows have reportedly been around $5-6 billion. Around $2 billion of deposits may have been drawn by State Bank of India alone.

• Union Bank of India is aiming to collect around $1.5-2 billion by end-September and has raised $106 million from NRIs without leverage.
• Punjab National Bank has received $419 million. It is targeting total deposits of $2.5 billion plus a $500 million overseas bond issue, taking its expected total overseas flows to $3 billion.
• Indian Bank has received around $150 million and expects $1.5-2 billion.
• Central Bank of India has collected $8.4 million and is targeting $400 million.
• RBL Bank has mobilised FCNR deposits worth $150 million.

India’s foreign exchange reserves rose by $964 million to $675.16 billion for the week ended 10 July 2026. The increase was mainly driven by a $930 million rise in foreign currency assets, which climbed to $546.51 billion.

Mint Money

• A Sebi study found that 91% of individual derivatives traders lost money. Aggregate losses were ₹1.05 trillion in FY25, up from ₹74,812 crore in FY24. The average net loss was more than ₹1.1 lakh per trader.
• Association of Mutual Funds in India chief executive Venkat Nageswar Chalasani said mutual funds are receiving around ₹30,000 crore every month through SIPs. Approximately 95 million SIP accounts contribute an average of ₹3,000 per account. The industry serves approximately 63 million investors. Around 55% of SIP accounts come from B30 locations. These locations contribute less than one-fifth of the industry’s assets under management and nearly 40% of monthly SIP contributions.
• The Association of Mutual Funds in India has simplified the mutual fund transmission process for nominees of deceased investors by easing rules around address, name and signature mismatches.
• On non-resident taxation, the Ask Mint column says a gift from a parent to a child, or to any relative as defined in the law, does not create income-tax consequences. Interest earned in an NRE account by an individual resident outside India under FEMA is exempt from tax. The exemption applies to NRE and FCNR accounts. Interest on NRO account balances remains taxable.

Mint, Mumbai edition, 20 July 2026; Zerodha AfterMarket Report, 17 July 2026

Upcoming events

Scheduled releases, not confirmed outcomes.

Upcoming corporate actions

Upcoming economic events

Earnings calendar

The earnings calendar dated 18 July 2026 lists HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank, IDBI Bank, Yes Bank, J. K. Cement, Punjab and Sind Bank, India Cements, Can Fin Homes, Sangam (India), Rossari Biotech, Bhansali Engineering Polymers, Premier Polyfilm, GSM Foils and Ashima.

Zerodha Markets, AfterMarket Report, 17 July 2026

The week ahead

• 20-24 Jul: Q1 earnings, with Infosys, Bajaj Auto, Nestle and IndusInd Bank to report results.
• 20 Jul: Parliament’s monsoon session to begin in New Delhi.
• 22 Jul: The US’s 25% tariffs on Brazilian imports kick in.
• 23 Jul: Mercedes-AMG will launch the E 53 Hybrid 4MATIC+ in India.
• 24 Jul: India will release its manufacturing PMI data for July.
• 24 Jul: US President Donald Trump’s 10% global Section 122 tariffs expire.
• 22-24 Jul: Cube Highways Trust will open its ₹5,000-crore InvIT public issue on 22 July and close it on 24 July. The price band is ₹151-152 per unit, and anchor investor bidding is on 21 July. The IPOs of Indo MIM, Lohia Corp and Xtranet Technologies will open on 23 July and close on 27 July, with anchor investor bidding on 22 July.

Mint, Mumbai edition, 20 July 2026, The Week Ahead, front page, and News Wrap, page 9

Global pulse

Global indices

Global equities were weaker across the major indices covered in the briefing. The sharpest falls were in Japan and China. Technology pressure also weighed on US futures and semiconductor-linked stocks.

International headlines

Markets and corporates

The Nikkei 225 fell 4.03% to close at 64,140. The broader TOPIX fell 2.72% to 3,919. Both indices ended at their lowest levels in more than a month. The fall was led by semiconductor stocks, as concerns grew around high AI-related spending and stretched valuations.

US stock index futures also declined on Friday, adding to the previous session’s losses. Concerns about high AI-led valuations continued to weigh on technology stocks. S&P 500 futures fell 0.9%, Nasdaq 100 futures dropped 1.9%, and Dow futures slipped 0.6%. Chip stocks stayed under pressure despite strong earnings from TSMC.

Netflix forecast Q3 revenue of $12.86 billion and diluted earnings per share of $0.82. Both were below Wall Street expectations. Netflix also said it will reduce how often it reports viewing-hours data. The outlook sent Netflix shares down nearly 8.6% in after-hours trading.

Energy and commodities

Crude oil traded near $81 per barrel, around one-month highs, as investors weighed the escalating US-Iran conflict. Prices were helped by continued US strikes on Iranian military targets and concerns that the conflict could disrupt shipping through the Red Sea.

The source material gives different crude figures for the session. One figure has crude near $81 per barrel. Mint’s front-page market strip records oil at $87.59, up $3.09. Mint’s Economy & Policy page records the September Brent contract on the Intercontinental Exchange ending Friday at $88.10 a barrel. These figures are reproduced as reported.

Iran used the roughly one-month period between mid-June and mid-July, when the US lifted its blockade on Iranian oil, to ship out roughly 70 million barrels of oil worth $5 billion to $6 billion. Independent estimates by United Against Nuclear Iran and oil analysts in a Wall Street Journal report said Iran exported about 50 million barrels of oil in the second half of June, bound for eventual sale in China.

Geopolitics and conflict

The US and Iran exchanged another wave of attacks after Iranian strikes killed two American service members in Jordan on Friday. US forces hit Qeshm Island in the Persian Gulf overnight, as well as southern cities including Shadegan, Sirik and Hajiabad, according to Iranian media.

State-run IRIB News said Iran’s army retaliated early Sunday with drone strikes targeting US forces in Kuwait at Camp Buehring and the Ali Al Salem Air Base. The Jordan attack brought the total US death toll to 16 since the US-Israeli war on Iran began on 28 February. Iranian officials say 50 people have been killed and more than 500 injured by US attacks since 27 June.

Tehran announced on Saturday that it would no longer follow the terms of the interim peace deal. Kuwait Petroleum Corp. said an unspecified oil site suffered significant material losses, leading to evacuation and several injuries.

Iran’s Atomic Energy Organization said US forces attacked the under-construction Darkhovin nuclear power plant, citing AFP. The International Atomic Energy Agency said it was looking into the reports. The agency said the plant is in the very early stages of construction and had no nuclear material when it was last visited. IAEA director Rafael Grossi again called for military restraint near all nuclear-related sites.

Russia launched 41 missiles and 125 drones across Ukraine overnight, according to the Ukrainian air force. At least six people were killed and dozens were wounded. A later Russian attack on a postal facility near Kharkiv killed three people and wounded at least 20. A strike on two oil tankers at the Caspian Pipeline Consortium terminal off Russia’s Black Sea halted oil loadings at the site.

Global economy

The United Nations says infrastructure damage in Venezuela is about $37 billion, equal to roughly one-third of the country’s annual economic output. Researchers from Oregon State University estimate that 69,000 buildings were damaged or destroyed. The 24 June earthquakes killed more than 5,000 people. The US State Department says it has provided $386 million in post-quake assistance in less than a month.

Mint, Mumbai edition, 20 July 2026, Global, page 8, front page and Economy & Policy, page 2; Zerodha AfterMarket Report, 17 July 2026

Management chatter

Verbatim commentary from named executives, as carried by the source publications.

Zerodha AfterMarket Report, 17 July 2026, Management Chatter; Mint, Mumbai edition, 20 July 2026

Feature: Weekend recap

The Sunday edition carried bank quarterly results under a “Q1 Report Card” banner, Skyroot Aerospace’s Vikram-1 launch, and finance minister Nirmala Sitharaman’s address to entrepreneurs at a CII event in Madurai. The items in this section cover developments from Saturday, 18 July.

Q1 report card: Bank earnings

The June-quarter results covered HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank and IDBI Bank. All were reported on Saturday, 18 July.

HDFC Bank

HDFC Bank reported a 5% rise in profit, even though margins were under pressure. Net interest income increased, but the lender missed market estimates. The managing director said the macro outlook remains healthy.

The term of HDFC Bank managing director and chief executive Sashidhar Jagdishan is set to end in October.

ICICI Bank

ICICI Bank’s net profit rose 16%. The numbers were helped by strong net interest income, fee income growth and lower provisions.

Axis Bank, Kotak Mahindra Bank, Yes Bank and IDBI Bank

• Axis Bank reported a 23% year-on-year increase in standalone quarterly net profit. Lower provisions helped profit, even as pre-provision operating profit grew only 1.3%. Net interest margin was 3.46%, compared with 3.8% a year ago.
• Kotak Mahindra Bank reported a 26% year-on-year rise in standalone net profit for the June quarter. The rise was helped by a sharp decline in provisions and steady loan growth, while net interest margin remained under pressure.
• Yes Bank’s first-quarter profit rose 34% on strong loan growth.
• IDBI Bank posted first-quarter net profit of ₹2,115 crore on high net interest income. Mint’s News in Numbers page separately records the same figure, up 5% from ₹2,007 crore in the year-ago quarter, with total income rising to ₹8,573 crore.

The Economic Times, Mumbai edition, 19 July 2026, front page and Bottom Line, page 3; Mint, Mumbai edition, 20 July 2026, News Wrap, page 9

Skyroot marks India Inc’s space race Aagaman

Hyderabad-based Skyroot Aerospace became the first private organisation in India to place payloads into orbit with a locally developed rocket. This marked an important milestone for India’s commercial space industry.

The Economic Times reports that six payloads were placed into orbit after lift-off from the Satish Dhawan Space Centre. Mint’s Monday edition reports that five satellite payloads were deployed. Both figures are reproduced as reported.

Vikram-1 lifted off from the Satish Dhawan Space Centre in Sriharikota at 12:05 hours and placed the payloads around 16 minutes later into a 450-km circular low Earth orbit at a 60-degree inclination. The company said all four stages were completed as planned and all primary objectives were met. The mission follows Skyroot’s sub-orbital Vikram-S launch in 2022.

Prime Minister Narendra Modi described the launch as truly heartening.

Finance minister to entrepreneurs: Build boldly

At a CII event in Madurai, finance minister Nirmala Sitharaman urged a group of mostly young entrepreneurs to shed “hesitation to take risks” and “build boldly”. She said they should not wait for everything, especially the difficult global environment, to fall in place.

Her message was that India is the place to do business, at a time when the government is trying to do everything it can to boost private investment.

Policy and tax over the weekend

India has tightened its tax pact with Sri Lanka by adding anti-abuse rules. The provision allows tax authorities to deny treaty benefits when cross-border arrangements are mainly designed to secure tax advantages.

The government has extended local sourcing rules for solar cells. It has extended the exemption for certain projects from mandatory sourcing of domestically approved solar cells, while also saying there will be no blanket relaxation of the localisation policy.

The Economic Times, Mumbai edition, Sunday 19 July 2026, front page and Bottom Line, page 3; Mint, Mumbai edition, 20 July 2026

The day at a glance

Closing thought

Compiled from the Zerodha AfterMarket Report (17 July 2026 close), Mint (20 July 2026), and The Economic Times (19 July 2026). Market data reflects the Friday, 17 July close. Not investment advice.