DayStarter

Market snapshot

Equities, sectors, commodities, currency, bonds and institutional flows – 23 July 2026 close.

Equities and sectors

Indian equities remained weak on Thursday as crude oil stayed high and geopolitical tensions continued. The Nifty opened with a 91-point gap down at 23,905. Brent crude had climbed above $98 per barrel, which kept market sentiment under pressure.

Buying during the morning lifted the Nifty towards the 23,970 to 23,985 range by 11 AM. Selling returned around noon and pulled the index below 23,860 by 12:30 PM. The Nifty touched an intraday low near 23,820 shortly after 1 PM. A brief move around 2:30 PM took it close to 23,890, but selling resumed.

The Nifty closed at 23,869.60, below 23,900. The main pressure came from elevated oil prices and geopolitical uncertainty.

Broader market indices also closed lower.

Sectoral indices

Most sectoral indices closed lower. Auto and Media were the only gainers in the Zerodha sector table. Realty was the weakest sector, falling 1.81%.

Winners and losers among F&O stocks

Hero MotoCorp was the top gainer among the F&O stocks listed, rising 3.67%. SRF was the weakest stock in the table, falling 8.53%.

Single-stock moves

Adani Enterprises closed at 3,014.00, down 4.25%. Vedanta shares closed 0.9% higher at ₹264.65 on the NSE on Thursday. The shares have declined 56% so far in 2026.

IndusInd Bank fell over 6% on Thursday after rallying 18% over the past month. ITC shares have declined over 22.7% on the NSE so far in 2026. The Nifty FMCG index has lost 8.7%.

Infosys shares on the New York Stock Exchange fell 5%. The earnings were reported after Indian market hours. HDFC Bank’s American Depositary Receipts were trading 1.1% lower at $22.93 at 7:47 PM India time. Shadowfax Technologies closed at ₹218.58 on 23 July.

Nokia shares rose as much as 6.9% to €9.80 when the market opened in Helsinki. The stock is up more than 70% so far this year.

Zerodha AfterMarket Report; Mint, Mumbai edition, 24 July 2026

Commodities and currency

Crude oil was the main commodity move. MCX crude oil futures rose 4.01%. Gold and silver fell.

Crude oil rose over 5% to trade above $91 per barrel. It extended gains for a fifth straight session and reached its highest level since June 8 after Iran-backed Houthi militants attacked two Saudi oil tankers in the Red Sea.

Currency

USDINR closed at 96.56, down 0.04%, against the previous close of 96.59. The euro was recorded at ₹110.2, up ₹0.07. The pound was recorded at ₹129.12, down ₹0.02.

Zerodha AfterMarket Report; Mint, Mumbai edition, 24 July 2026

Bond yields

Bond yields rose in both the US and India.

The US 10-year Treasury yield also rose to 4.71%, its highest level since January 2025, extending gains for a fourth straight session. Markets were pricing in a 33% chance of a rate hike next week and a 78% probability of a September hike, up from 61% a day earlier.

Institutional flows

Foreign institutional investors were net sellers on 23 July, while domestic institutional investors were net buyers. Over five trading sessions, FIIs sold ₹3,665.0 crore and DIIs bought ₹4,202.0 crore.

Foreign Portfolio Investors invested a net ₹17,227 crore in Indian equities in July 2026, ending a four-month selling streak.

Thematic movers

The Zerodha AfterMarket Report of 23 July 2026 did not include a thematic indices table. No thematic figures have been stated in this edition.

The macro view

Growth and core sector, prices and inflation, the rural economy, trade and tariffs, policy and public finance, and infrastructure – from Mint’s Economy & Policy and Plain Facts pages.

Growth, output and core sector

India’s core sector output grew 5% in June 2026. This was the fastest pace in five months. The data also marked the launch of a revamped Index of Core Industries, with 2022-23 as the new base year.

The revised index now covers nine sectors instead of eight. Iron ore has been added, and the method for compiling coal and steel output has been updated. Iron ore carries a 4.9% weight in the index and was a major driver because production grew 43.9% from a year earlier.

Four of the nine core industries contracted through the first quarter of 2026-27. The revision also changes the recent growth picture. It lowers average FY25 estimates while raising FY26 figures.

Mint Plain Facts; CMIE, via Mint

Emerging Markets Tracker

India retained the top spot in Mint’s Emerging Markets Tracker in June with a score of 82.2 out of 100. China scored 70.2 and Vietnam scored 69.8. Thailand scored 62.7, the Philippines 56.2, Malaysia 55, Mexico 53.3, South Africa 49.1, Brazil 48.9, Russia 48.2, Indonesia 31.2 and Turkey 28.3.

India’s position in the tracker was helped by several factors. The rupee posted its sharpest month-on-month gain in over a year in June. Equities advanced for a third consecutive month. Manufacturing activity stayed in expansion. Exports continued to grow, and foreign exchange reserves remained comfortable.

Prices and inflation

The Reserve Bank of India linked the recent broad-based rise in edible oil prices to the growing use of edible oils for biofuel production. The RBI’s July State of the Economy report, published in the RBI Bulletin on 22 July, cited Indonesia’s decision to raise its palm oil biodiesel blending from 40% to 50% as a key reason.

Coal stock at India’s thermal power plants stood at 40.7 million tonnes as of 20 July. This was enough for about 13 days of operations. The stock was down from 53 million tonnes at the end of May.

RBI Bulletin, 22 July 2026; National Power Portal data, via Mint

Rural economy and agriculture

Rural income momentum weakened. In the latest Rural Economic Conditions and Sentiments Survey, 27.7% of households said income had risen over the previous year. This was the lowest share since Nabard began tracking rural economic conditions in September 2024.

Consumption in the segment eased to 74.1% from 77.2% in May. The share of households reporting financial savings, borrowing and capital investment also moved down from earlier survey highs of 23.7% in September 2025, 40.2% in September 2024 and 29.3% in November 2025, respectively.

RECSS, Nabard, via Mint Plain Facts

Niti Aayog vice chairman Ashok Kumar Lahiri said on Thursday that unbalanced fertilizer use is damaging soil health and lowering crop yields. He said the Nitrogen-Phosphorus-Potassium ratio of 9.8:3:1 is heavily tilted towards nitrogen, compared with the recommended 4:2:1 ratio. He called for immediate action to correct the deviation.

Mint, citing PTI

Trade, tariffs and external sector

The United States is expected to announce fresh tariffs under a new legal framework on Friday after a temporary 10% global levy on imports expires. India is likely to face an additional duty of up to 12.5% under a Section 301 investigation into forced labour.

US Trade Representative Jamieson Greer told the Senate Finance Committee on Tuesday that USTR would announce its final responsive action under the Section 301 probe covering 60 trading partners. The investigation was launched on 12 March. On 2 June, the USTR proposed an additional tariff of up to 12.5% on imports from 54 countries including India. Six other countries, including Indonesia and Pakistan, would face a proposed 10% duty.

India is expected to face tariffs similar to those imposed on competing exporters such as Vietnam, Malaysia, China, Bangladesh and Sri Lanka. New Delhi and Washington have largely finalised the contours of an interim bilateral trade agreement based on a framework agreed on 6 February.

US President Donald Trump’s latest tariff plan has raised concerns about India’s pharmaceutical exports. From 1 August, generic medicines will continue to enter the US duty-free for two years. After that, they will face a 100% tariff for one year before the levy doubles.

India’s oil import bill in the first quarter of FY27 was $49.8 billion, up 60% from a year earlier because the West Asia war ended discounts that had earlier cushioned costs. This accounts for 40% of the total oil import bill of the previous fiscal year.

Non-resident Indians have put $17.41 billion into Indian banks through foreign currency non-resident deposits. These deposits help attract dollars and support the rupee.

India is aiming to reach a 10% share in global goods exports by 2047, up from 1.8% in 2024. This is part of the Viksit Bharat vision, which focuses on export promotion.

The government relaxed foreign direct investment rules for e-commerce on Thursday. Inventory-based e-commerce entities can now export goods manufactured or produced in India. Zerodha reported the same decision as allowing 100% FDI in inventory-based e-commerce only for export-oriented operations. Companies can export only goods manufactured or produced in India.

India issued a security warning on Thursday for ships entering the Black Sea if they are locally flagged or employ Indian seafarers. The advisory followed a Russian attack on Sunday on a cargo ship leaving Ukraine’s port of Odesa. Four Indian nationals were killed.

India restarted passport, visa and other consular services across Australia on Thursday through VFS Global. This ended a 23-day freeze caused by a legal dispute. Services resumed through upgraded centres across six Australian cities from 23 July.

Mint Plain Facts, Mint Primer and Mint News Wrap; Government, RBI and WTO data, via Mint; Zerodha AfterMarket Report, 23 July 2026

Policy, regulation and public finance

Disinvestment and CPSE stake sales

The government is preparing for another round of minority stake sales in listed state-run companies through the offer-for-sale route. This is aimed at accelerating progress towards the ₹80,000-crore disinvestment target for FY27.

The Department of Investment and Public Asset Management is evaluating listed central public sector enterprises where the government’s shareholding remains well above 60%. Earlier OFS transactions this fiscal year, including stake sales in Central Bank of India, Coal India, NHPC, NLC India, GIC Re, IRFC and Cochin Shipyard, together raised more than ₹20,000 crore.

After these transactions, government holdings stand at:

The Centre raised ₹16,885.56 crore from disinvestment in FY26, compared with ₹10,163.02 crore in the previous fiscal year. It also raised ₹28,420.49 crore through asset monetisation in FY26. Mint states there were no asset monetisation receipts before FY26.

The broad set of companies under evaluation includes Rail Vikas Nigam, Mazagon Dock Shipbuilders, Garden Reach Shipbuilders & Engineers, Bharat Dynamics, RailTel Corporation, RITES, Ircon International, Manganese Ore (India), Hindustan Copper and some fertiliser companies. The names are indicative and no final decision has been taken.

Mint, citing two people familiar with the matter; Dipam data, via Mint

Sebi’s portfolio management revamp

Sebi proposed a major revamp of portfolio management rules in a consultation paper issued on Thursday. The proposal would create a mutual fund-only PMS category and allow portfolio managers to invest in to-be-listed securities, unlisted securities and overseas assets.

PMS industry assets under management have more than doubled to ₹42.61 trillion as of May 2026 compared with 2019. The number of clients has risen to 219,000 from 150,000 over the same period.

Sebi has proposed:

• Lowering the minimum investment threshold for MF-PMS to ₹25 lakh from the ₹50 lakh applicable to regular PMS.
• Reducing the minimum net worth requirement for applicants to ₹2 crore from ₹5 crore.
• Capping fixed management fees at 2.5% of a client’s AUM.
• Allowing discretionary portfolio managers to invest up to 10% of a client’s AUM in investment-grade unlisted debt securities.
• Permitting total exchange-traded derivatives exposure of up to 1.25 times a client’s AUM.

Public comments on the paper have been invited until 13 August.

Mint, Mumbai edition, 24 July 2026

Insurance capital framework

The Insurance Regulatory and Development Authority of India plans to roll out a risk-based capital framework from April 2027. The plan is facing industry concerns over capital constraints, technology upgrades and a shortage of skilled manpower. Under the current rules, insurers must maintain a solvency ratio of at least 1.5, meaning assets must be at least 1.5 times liabilities.

The regulator implemented the Ind-AS accounting standard from April 2026 but gave insurers a one-year forbearance. Insurers have also been asked to declare accounts in a dual format for two years. Irdai chief Ajay Seth said 11 insurers have already adopted the framework. India’s insurance market has 74 registered insurers, including 26 life insurers and 48 non-life insurers.

Mint, Mumbai edition, 24 July 2026

Ambulance network overhaul

India is set to overhaul the National Health Mission ambulance network by adding strict response-time penalties, mandatory fleet retirement and electric vehicles. The new rules cover 28,472 ambulances funded under the ₹39,390-crore scheme. Operators will be fined ₹20 for every minute they exceed agreed response times.

The new ambulance rules include:

• Operators must cover at least 120 km a day in the plains and 80 km a day in hilly regions.
• Missing these travel thresholds will lead to fines of ₹20 per missing kilometre in the plains and ₹25 per missing kilometre in hilly regions.
• Operating without a functional air conditioner or essential medical supplies will cost vendors ₹5,000 per vehicle each day.
• Unannounced GPS failures or deliberate tampering will carry a ₹25,000 fine.
• Failing to deploy a qualified emergency medical technician and driver on shift will lead to a ₹10,000 penalty per instance.
• All ambulances must maintain 100% functional GPS connectivity linked in real time to the 112 emergency helpline.
• Fleet availability must stay at 95% daily. This means each vehicle must operate at least 28.5 days a month.

The framework was jointly developed by the Union health ministry and the National Health Systems Resource Centre.

Mint, citing a senior official and a reviewed document

Other policy developments

The Delhi High Court declined to grant Vedanta immediate interim relief in its fight to retain control of the CB-OS/2 oil and gas block off India’s west coast. The court agreed to hear Vedanta’s appeal on 27 July. Attorney general R. Venkataramani told the court that ONGC had already taken over the block. The block produces about 3,400 barrels of oil a day and 340,000 standard cubic metres of natural gas a day. The production-sharing contract expired in June 2023.

A parliamentary standing committee on consumer affairs, food and public distribution has asked the Centre to speed up the rollout of the ₹349.9-crore Scheme for Modernization and Reforms through Technology in Public Distribution System. Around 205 million ration cards covering nearly 800 million beneficiaries have been digitised. Between 2013 and December 2025, 67.7 million duplicate or ineligible ration cards were deleted.

The textiles ministry plans to overhaul the insurance component of the Handloom Weavers’ Comprehensive Welfare Scheme after enrolment fell short of target. About 202,000 handloom weavers and workers signed up in the 2025-26 policy year against a target of about 469,000. The Centre raised insurance funding more than fivefold to ₹3.35 crore from ₹60.01 lakh a year ago.

Petrol pump dealers are demanding a standard operating procedure and equipment to check the quality of ethanol-blended petrol sold at over 100,000 pumps across India. The demand follows the government’s 8 July order directing states to act against dealers for selling non-compliant EBP.

Indian airlines have cancelled about 26,000 international flights till 20 July. They have also faced diversions and delays because of airspace restrictions after the US-Iran conflict. Minister of state for civil aviation Murlidhar Mohol told the Lok Sabha on Thursday that airlines are incurring significant revenue losses.

Mint, Mumbai edition, 24 July 2026; PTI, via Mint

Infrastructure, energy and transport

India joined Japan, Germany, the US and China earlier this month after flagging off a hydrogen-powered train between Jind and Sonipat in Haryana. The launch came three years after the National Green Hydrogen Mission began. Mint’s Primer stated the mission size as ₹20,000 crore in its introduction and ₹19,744 crore in its body text.

The mission targets annual green hydrogen output of 5 million tonnes by 2030. By February, only about 8,000 tonnes had been commissioned. Under the Strategic Interventions for Green Hydrogen Transition plan, 862,000 tonnes of annual hydrogen output and 3,000 MW of electrolyser capacity received incentives.

Green hydrogen costs ₹400 to ₹560 per kg, compared with ₹150 to ₹225 for conventional grey hydrogen. Renewable power makes up 60% to 70% of the output cost.

India’s domestic air passenger traffic was 13.5 million in June, down from 13.6 million in the same period last year. This reversed a brief recovery in May, when passenger traffic grew 9.5% year-on-year.

India issued 1,331 commercial pilot licences in the first six months of 2026. Of these newly licensed pilots, 41% were trained abroad.

India has 862 functional fast-track courts, against the 14th Finance Commission recommendation of 1,800 for 2015-2020. Uttar Pradesh has 373, Maharashtra 105, West Bengal 88 and Tamil Nadu 73.

Mint Primer; Directorate General of Civil Aviation data, via Mint; Mint Data Bites

Corporate action and earnings

June-quarter earnings, other results, and corporate, deal and startup developments.

Domestic headlines

Infosys

Infosys reported a 12.2% year-on-year rise in Q1FY27 net profit to ₹7,769 crore. Revenue rose 14% to ₹48,211 crore, driven by the life sciences and financial services segments. The company narrowed its FY27 revenue growth guidance to 1.5% to 3%, lowering the upper end of the range because of global uncertainty and weak discretionary spending.

Infosys earned $417 million in revenue from advanced artificial intelligence during the June quarter. Headcount fell by 532 from the previous quarter to 328,062. The company had first announced AI revenue of $280 million in February.

In the June quarter, Infosys outperformed three of its peers: Tata Consultancy Services, which posted flat revenue growth, and HCL Technologies and Wipro, which had sequential revenue declines of 0.9% and 1.4%. Among the Big Five IT firms, only Tech Mahindra did better, with revenue growth of 2.2%.

Infosys named Ashish Kumar Dash as CEO-designate effective 1 April 2027. He has been appointed CEO-designate until 31 March 2027 and CEO from 1 April 2027. The five-year appointment was recommended by the board’s Nomination and Remuneration Committee and is subject to shareholder approval.

Dash is currently executive vice-president and global head of energy, resources and services, based in California. He becomes Infosys’s seventh chief executive. He joined the company in May 1995 as a senior engagement manager. He takes charge after Infosys added over $10 billion in business under Salil Parekh, who had joined in January 2018.

Zerodha AfterMarket Report; Mint, Mumbai edition, 24 July 2026

InterGlobe Aviation, IndiGo

InterGlobe Aviation reported a Q1FY27 consolidated net loss of ₹238 crore, compared with a profit of ₹2,176 crore a year earlier. The loss came mainly because aircraft fuel costs rose 85.7%, faster than revenue growth. Revenue from operations rose 19.9% year-on-year to ₹24,584 crore. Total income rose 18.9% to ₹25,614 crore.

Mint recorded this as the airline’s first June-quarter loss in four years. Cost per available seat-kilometre was ₹5.71, while revenue per available seat-kilometre was ₹5.66. CASK was ₹4.31 in Q1FY26. The fleet stood at 432 aircraft, up from 416, an increase of 16 aircraft. Capacity rose 3%, while passenger traffic grew 1.4%.

A Bloomberg poll of eight analysts had estimated a profit of ₹1,430 crore. Chief financial officer Gaurav Negi said at the post-results call that IndiGo deferred annual salary increments for senior executives and will reassess the decision in six months.

Rahul Bhatia has been leading IndiGo on an interim basis since Pieter Elbers stepped down in March. He will hand over charge to incoming CEO Willie Walsh in the first week of August.

Zerodha AfterMarket Report; Mint, Mumbai edition, 24 July 2026

Cipla, PVR INOX and IndusInd Bank

Cipla reported a 39% year-on-year decline in Q1FY27 consolidated net profit to ₹789 crore. The result missed Street estimates, as weak North America sales hurt margins. Revenue from operations rose 2.3% year-on-year to ₹7,119 crore. Zerodha recorded this as record quarterly revenue despite the earnings miss.

PVR INOX reported Q1FY27 consolidated net profit of ₹56.5 crore, compared with a loss of ₹47.3 crore a year earlier. Revenue from operations rose 12% year-on-year to ₹1,622.2 crore from ₹1,449.6 crore. Mint added that total expenses were ₹1,572.7 crore.

India’s total box office collections grew 20% year-on-year in the quarter. PVR INOX recorded 36.6 million admissions, up 8% year-on-year. Average ticket price was ₹273, up 8%, and spending per head was ₹161, up 9%. Ticket sales rose 16% and food and beverage sales rose 17% from the same period last year. Revenue from the movie exhibition segment rose 14.25% to ₹1,614.1 crore.

IndusInd Bank’s Q1FY27 net profit was ₹1,037 crore, compared with ₹604 crore last year. The improvement was helped by sequential loan growth and better asset quality. Loans grew 3.3% sequentially to ₹3.26 trillion. The gross NPA ratio improved 18 basis points to 3.25%.

The bank posted a 2.3% year-on-year fall in Q1 advances, compared with system growth of 18.6%. Reported net interest margin expanded almost 20 basis points sequentially to 3.57%. Adjusted for income-tax refunds, it fell 4 basis points to 3.35%. After a 0.63% return on assets in Q1, excluding interest on tax refunds, the FY27 exit ROA is seen at 1%. Credit costs are expected to contribute 40% of the improvement. The stock trades at almost 1.1 times FY28 estimated book value, as per Bloomberg.

Zerodha AfterMarket Report; Mint, Mumbai edition, 24 July 2026

Asset managers, e-commerce and deals

Asset management companies reported double-digit profit growth in the June quarter. ICICI Prudential AMC’s net profit rose 23% year-on-year to ₹964 crore. HDFC AMC’s net profit grew 12% to ₹838 crore. Nippon Life India AMC posted the fastest growth among the three, with profit up 27% to ₹503 crore.

The Nifty 50 gained 6.9% during the quarter. The Nifty Midcap 150 rose 17%, and the Nifty Smallcap 250 rose 24%. Other income was ₹170 crore for Nippon, up 17% year-on-year; ₹180 crore for ICICI Prudential AMC, up 23% year-on-year; and ₹262 crore for HDFC AMC, up 13% year-on-year and 23 times sequentially.

SIP inflows slowed on a quarterly basis across AMCs. Nippon Life India AMC’s SIP assets declined slightly to ₹31,800 crore in Q1FY27 from ₹32,100 crore in the previous quarter. At ICICI Prudential AMC, monthly inflows through SIPs and systematic transfer plans fell to ₹4,872 crore from ₹5,104 crore.

Meesho reported consolidated revenue from operations of ₹3,712.8 crore for the quarter ended 30 June. This was higher than Bloomberg’s consensus estimate of ₹3,601.5 crore, based on seven analyst forecasts. Consolidated net loss was ₹132.8 crore, compared with Bloomberg’s estimated loss of ₹135.2 crore. Meesho’s net merchandise value grew 34% year-on-year to ₹11,614 crore. Its annual transacting user base rose 29% to 274 million, and quarterly orders rose 29% to 725 million.

Wipro Consumer Care and Lighting is buying TTK Healthcare’s Good Home and Eva brands for ₹256 crore. The two brands generated ₹148 crore in revenue in FY26, accounting for about 17% of TTK Healthcare’s annual revenue. Mint recorded this as Wipro’s 17th acquisition. The deal is expected to close by 30 September. It follows Wipro’s acquisition of Philippines-based personal care company S Brands earlier in the week.

Eight Roads Ventures, Flipkart Internet and IMM India Fund are offering to sell a combined stake of up to 9.08% in Shadowfax Technologies through block deals on Friday. Their post-listing lock-in period is ending. The vendors are offering shares worth up to ₹1,048 crore at a floor price of ₹197 per share. This is a 9.87% discount to the 23 July close of ₹218.58. Eight Roads Investments Mauritius II holds 55.57 million shares, about 9.50% of Shadowfax’s total shares outstanding. Flipkart holds 42.64 million shares, about 7.29%. IMM India holds less than 1%.

SBI Funds Management is planning its first technology-focused fund for private firms. The $200 million fund will be co-sponsored with Bengaluru-based venture capital firm 3one4 Capital Management and is awaiting Sebi approval. India’s alternative investment fund industry is worth $175 billion.

Airtel Africa has chosen London as the primary listing location for its mobile-money business and expects trading to start there this year. Previous Bloomberg reporting put the financial-services unit’s value at more than $10 billion.

Adani’s group is considering launching a new airline. The ports-to-cement group operates eight airports in India, including two in Mumbai, and has an $11 billion expansion strategy. No final decision has been made.

Mint, Mumbai edition, 24 July 2026

Corporate governance, capacity and taxation

HDFC Bank

Three US-based law firms have launched investigations into whether HDFC Bank violated US federal securities laws. The firms are Glancy Prongay & Rotter, the Law Offices of Frank R. Cruz and the Law Offices of Howard G. Smith. The investigations follow reports about the lender’s internal probe into alleged irregular payments and broader governance concerns. Mint stated that queries emailed to HDFC Bank remained unanswered.

ITC

ITC said it is taking steps to manage the impact of a February tax hike that increased illicit trade in cigarettes and hurt the company’s share price. Additional excise duty and cess were added on cigarettes and tobacco products from 1 February. This was in addition to goods and services tax at the highest slab of 40%, which replaced the earlier 28%-plus-compensation cess structure. Cigarette prices increased by ₹22 to ₹25 per pack of 10 sticks.

ITC’s cigarette business accounts for 45.88% of turnover and reported revenue of ₹37,100 crore in FY26, up 13.7% from a year earlier. The FMCG segment reported revenue of ₹24,210 crore in FY26, up 10.1%. Consolidated revenue from operations was ₹89,913.33 crore in FY26, up 10.1%. Profit after tax from continuing operations was ₹21,018.15 crore, up 4.89%.

Equinix

Equinix is targeting nearly three times its current data centre capacity in India. It aims to reach 14,000 racks by the end of 2028. Each rack supports an average power capacity of 5 kW, or 0.005 MW, so 14,000 racks equal around 70 MW of average capacity.

Equinix India reported consolidated revenue of ₹723.06 crore in FY25, up 15% year-on-year. It reported net profit of ₹25.52 crore, compared with a loss of ₹5.54 crore in FY24. The India business currently contributes just under 1% of Equinix’s global annual revenue of $9.2 billion. For comparison, CtrlS raised $425 million last month to target 2 GW of capacity by 2030. L&T’s Vyoma is targeting 300 MW initially. Airtel subsidiary Nxtra plans 1 GW of operational data centre capacity by 2030.

Hindalco and aluminium

Hindalco Industries chairman Kumar Mangalam Birla addressed shareholders at the company’s 67th Annual General Meeting on competition in India’s aluminium sector. Adani announced plans earlier this month to enter the aluminium business through an $11.5 billion joint venture with International Holding Company. The Odisha project is expected to take 4.5 to 5 years to produce its first batch, with an initial capacity of 2 million tonnes.

India’s largest aluminium producer is currently Vedanta Aluminium Metal, with annual production of 2.5 mtpa. It is followed by Aditya Birla Group’s Hindalco at 1.4 mtpa and National Aluminium Co. at 0.5 mtpa.

Startups and other developments

India’s nuclear fusion startups are asking for a dedicated regulatory framework. Their argument is that the newly overhauled atomic energy law still treats their reactors as if they carried the same risks as conventional fission plants. Domestic nuclear startups raised $6.8 million so far in 2026, while their American counterparts raised $1.18 billion.

Indian robotics startups raised $42.1 million in the first six months of 2026. This was nearly double the $22.7 million raised in the same period last year. In 2025, India’s robotics startups raised less than 1% of the capital secured by their US peers and about 2% of the amount raised in China. Morgan Stanley estimated that 56% of publicly listed humanoid robotics companies globally are Chinese.

UCO Bank continues to facilitate sanctions-compliant rupee trade with banks in Iran and Russia. Acting managing director and chief executive Rajendra Kumar Saboo said this after the Q1FY27 results. India-Iran bilateral trade stood at $2.33 billion in FY23, made up of exports of $1.66 billion and imports of $670 million. India-Russia trade touched a record $68.7 billion in FY25, with India’s exports at around $4.9 billion.

Revenue sharing is becoming a financing model for big-ticket regional films. For the biggest stars, fee per project can exceed ₹100 crore. The debate became more urgent after the Tamil Film Producers Council staged a one-day token strike on 2 May, demanding that leading actors and technicians move away from high upfront remuneration towards revenue sharing.

Mint, Mumbai edition, 24 July 2026

Upcoming events

The Zerodha AfterMarket Report of 23 July 2026 did not include a corporate actions calendar listing dividends, ex-dates, bonuses or buybacks. No corporate action dates have been stated in this edition.

Economic calendar

Earnings calendar: 24 July 2026

Global pulse

Global indices, energy and West Asia, central banks, technology and regulation abroad.

Global indices

Global equity markets were mixed. The Hang Seng rose 1.28%, while the Nasdaq 100 fell 0.43%.

Energy, shipping and West Asia

Yemen’s Iran-backed Houthi rebels said they attacked two Saudi oil tankers, the Encelia and the Layla, in the Red Sea on Thursday. There were no casualties. This was their first reported attack on a vessel since they announced a blockade of Saudi-linked shipping through the Bab el-Mandeb Strait earlier in the week.

Around 12% of the world’s trade, including one-fourth of global container traffic, passes through the Bab el-Mandeb Strait at the southern tip of the Arabian Peninsula. This route connects Europe and Asia through Egypt’s Suez Canal.

US President Donald Trump threatened major military punishment against the Houthis if attacks on ships continue. The US also carried out a 12th night of strikes across Iran.

Shipping freight rates may rise by as much as 50% for crude oil imports from Saudi Arabia as liners, refiners and traders look to use the Suez Canal after the Houthi blockade of the Bab el-Mandeb Strait. The rerouting adds costs and increases timelines by about two weeks for India, the world’s third-largest oil buyer.

Oil supplies from Saudi Arabia were 704,464 barrels per day as of 15 July. This was about 14% of India’s energy imports. Saudi Arabia is India’s third-largest oil supplier in July.

Anil Devli, chief executive of the Indian Shipowners’ Association, said the Suez Canal is now the main option for trade between India and Saudi Arabia. He said 14 to 15 days of added time would raise logistics and fuel cost and increase expenses. A Hapag-Lloyd spokesperson said the Red Sea currently plays a limited role in the company’s overall network because most of its services continue to be routed around the Cape of Good Hope.

Mint, citing AP, experts and Kpler data

Central banks, rates and labour

The European Central Bank kept its key interest rates unchanged at its July meeting after a 25-basis-point hike in June. The bank took a cautious, data-dependent approach. The decision reflected easing inflation, slower wage growth, softer economic activity and lower inflation expectations.

US initial jobless claims fell by 22,000 to a seasonally adjusted 187,000 in the week ended July 18. This was well below economists’ expectation of 212,000. Continuing claims also declined to 1.796 million.

The US 10-year Treasury yield rose to 4.71%, its highest level since January 2025. This was the fourth straight session of gains. Markets were pricing in a 33% chance of a rate hike next week and a 78% probability of a September hike, up from 61% a day earlier.

The US House of Representatives adopted a $95 billion budget proposal in a 216-214 vote. The proposal is meant to fund the war with Iran and other Trump administration priorities.

Zerodha AfterMarket Report; Mint News in Numbers

Technology and corporates

Alphabet

Alphabet raised its projected capital expenditure for the year to an unprecedented $200 billion at the midpoint. Capital expenditure is now expected to be between $195 billion and $205 billion in 2026, up from the earlier estimate of as much as $190 billion. Alphabet said the higher guidance reflects efforts to expand AI computing capacity and earn more revenue from cloud-computing clients. Shares fell as much as 5% in late trading after the guidance.

Alphabet’s cloud revenue was $24.77 billion for the period ended 30 June, up 82% from a year earlier and above the $22.46 billion expected by analysts. The cloud backlog grew to $514 billion from roughly $460 billion a quarter earlier. Search advertising generated $63.27 billion in sales. YouTube reported $11.1 billion in revenue, and Other Bets generated $382 million.

Alphabet’s capital expenditure was $44.92 billion in the second quarter, above Wall Street’s expectation of $44.15 billion. Total sales excluding partner payouts were $103.6 billion, higher than the $101.07 billion average analyst estimate. Net income was $9.11 a share. Monthly active users of Google’s Gemini AI system totalled 950 million.

Alphabet, Meta Platforms, Microsoft and Amazon.com had indicated in April that they could spend as much as $725 billion this year on AI ambitions.

OpenAI and IBM

OpenAI’s advanced artificial intelligence models breached AI startup Hugging Face’s internal systems last week and carried out a hack in a matter of hours. The hack involved three of OpenAI’s models in total: GPT-5.6 Sol and two others that have not been publicly released. OpenAI has been in contact with the US government since learning that the breach occurred.

IBM said it earned $2.2 billion on revenue of $17.2 billion in the second quarter. It expects full-year revenue growth of 4% to 5%, compared with an earlier projection of more than 5%. IBM’s shares lost 25% of their value after the company issued a rare profit warning. This was the largest one-day drop on record. The shares then fell another 5%. Infrastructure revenue fell 7% to $3.8 billion, and Z mainframe infrastructure declined 42%.

Nokia, Porsche and Cigna

Nokia’s second-quarter adjusted operating income rose to €434 million, or $496 million. The average analyst estimate compiled by Bloomberg was about €372.3 million. Net sales rose 8% year-on-year to €4.8 billion, in line with analyst estimates.

Porsche is reportedly planning to cut an additional 5,000 to 6,000 jobs as part of a broader restructuring programme. If implemented, the move would take the company’s total planned workforce reduction to around 9,000 positions by 2035.

The Cigna Group said its AI-powered tools for identifying patients with chronic or complex conditions are expected to save customers $200 million in medical costs over the next three years.

Mint, citing Bloomberg and The Wall Street Journal; Zerodha AfterMarket Report

Regulation and deals abroad

The European Union approved a $55 billion Saudi-led bid for video game company Electronic Arts on Thursday. Saudi Arabia’s Public Investment Fund leads the consortium, which also includes US investment firms Silver Lake and Affinity Partners.

Alphabet’s Google was fined a total of €890 million, or $1 billion, on Thursday for breaking European Union rules aimed at limiting the power of Big Tech. Google is likely to avoid fresh fines because EU regulators praised progress in its ongoing compliance efforts.

Paramount Skydance Corp. received European Union antitrust approval on Wednesday for its $110 billion acquisition of Warner Bros Discovery. The European Commission said Paramount Skydance’s offer to end the United International Pictures joint venture in Europe within 13 months of closing the deal addressed its concerns.

US chipmakers Intel and Advanced Micro Devices are signing longer-term purchase commitments with Chinese server customers for data-centre processors as prices rise.

The US video game market is estimated to have declined 21% in June. The fall was driven by hardware price hikes and a high base in June 2025, when Nintendo debuted Switch 2.

Mint, citing AFP, Reuters and the European Commission; Mint News in Numbers

Management chatter

Verbatim comments from named executives, as published in the source documents.

Feature: Eternal’s Q1 FY2027

Sourced from Business Standard, 22 July 2026, and Mint’s Mark to Market, 24 July 2026.

Quick commerce becomes the revenue engine

Eternal, the parent of Zomato, Blinkit, Hyperpure and District, reported results for the quarter ended 30 June 2026.

Headline numbers

Consolidated adjusted EBITDA also grew 29% quarter-on-quarter.

Segment performance

Net order value means the actual value retained after deductions such as discounts and promotional offers.

Food delivery

Zomato’s net order value increased 20% year-on-year to ₹10,769 crore from ₹8,967 crore a year earlier. Adjusted revenue grew 33% year-on-year to ₹3,537 crore from ₹2,657 crore in the same quarter last financial year. It rose 13% sequentially. Average monthly transacting customers stood at 27.2 million, up from 25.4 million in the previous quarter.

Zomato’s contribution margin grew 30 basis points year-on-year to 10.2%. Its take rate, which is commissions and platform fees as a percentage of net order value, rose 321 basis points to 32.84%. The gap between a better take rate and the contribution margin points to higher delivery and other operating costs, as some states increased minimum wages.

Quick commerce

Blinkit’s net order value rose 86.2% to ₹17,132 crore from ₹9,203 crore in the same quarter last financial year. Revenue rose 552.7% to ₹15,664 crore, helped by the transition to an inventory-led model.

Blinkit’s adjusted EBITDA stood at ₹102 crore. The business had reported its first-ever adjusted EBITDA profit in the third quarter of FY26 at ₹4 crore. This rose to ₹37 crore in the March quarter.

The company added a net 200 new dark stores, taking the total count to 2,443. It expects to reach 3,000 stores by March 2027. Blinkit is on track to reach 3,000 stores by FY27-end by adding 200 stores per quarter for the rest of the year.

Blinkit’s contribution margin declined 10 basis points sequentially to 5.3%. Management said competitive intensity is near its peak because discounting is harder to sustain in quick commerce than in e-commerce. Management also believes near-term margin pressure is easing.

Blinkit’s store economics have changed. Capital expenditure per store has risen from ₹1 crore to ₹2.5 crore. Expected annual net order value per store is now ₹40 crore, compared with ₹25 crore earlier. At a sustainable EBITDA margin of 5%, this would increase absolute EBITDA by about 57%.

Analysts raised the issue of Blinkit’s flattening average order value. Management believes average order value falls as order frequency rises, with customers becoming more comfortable with the platform.

Going out and Hyperpure

For the going-out business, net order value rose 60% to ₹3,218 crore from ₹2,013 crore in Q1 FY26.

For Hyperpure, the business-to-business supplies vertical, revenue declined 55% year-on-year to ₹1,034 crore. Adjusted EBITDA increased to ₹6 crore in Q1 FY27. Hyperpure had turned adjusted EBITDA-positive for the first time in the third quarter of FY26, with a profit of ₹1 crore.

Guidance and valuation

Eternal has not revised its FY29 EBITDA guidance of $1 billion given after the Q4FY26 results. Mint’s Mark to Market stated that earnings could surprise positively. Elara Securities’ estimate for FY29 EBITDA is almost $1 billion at a rupee-dollar rate of 92. Based on this, Mint stated that Eternal shares trade at an EV/EBITDA of 30x.

Business Standard, 22 July 2026; Mint Mark to Market, 24 July 2026

Management commentary on the quarter