July 24, 2026

TOP NEWS

War update: The US has launched a 13th consecutive night of strikes against Iran also president Trump mentions that he is considering a “massive attack” on Iran, “bigger than ever before”, and that he is close to decide. Jordan, Bahrain and Kuwait have reported missile and drone attacks from Iran including an attack on Kuwait’s Abdali border crossing with Iraq. Brent crossed $ 100/ barrel and all the Asian markets flaring negative with Gift nifty indicating almost a cut of 1% on the bourses. Also, US markets were down by almost 2% overnight.

Tariffs: The United States on Thursday imposed a 10% tariff on imports from India lower than 12.5% earlier. The tariff announcement comes even as India and the United States continue negotiations on a broader trade agreement.

Fineotex Chemicals posted a strong Q127 results. Sales were up 175% YoY at 377cr on account of inorganic growth. EBITDA too increased 135% YoY and reach 59 cr and reported an EBITDA margin of 15.71% vs 18.39% 1Q26. PAT increased 93% YOY to 48.21 cr in 1Q27. The company has an aspiration to reach 18% EBITDA margin in medium term.

InterGlobe Aviation Q1 (Consolidated YoY): Loss stands at Rs 238 crore Vs profit of Rs 2,176.3 crore. Revenue grows 19.9% to Rs 24,584.1 crore Vs Rs 20,496.3 cror. EBITDAR falls 33.2% to Rs 3,832.5 crore Vs Rs 5,738.6 crore. EBITDAR margin declines to 15.6% Vs 28%. ASK rises 2.9% to 43.5 billion Vs 42.3 billion. Aircraft fuel expenses zoom 85.7% to Rs 10,832.9 crore Vs Rs 5,832.6 crore. Negative

Meesho: Revenue grew by 48% to Rs 3712 crore . 54% YoY decline in net loss to Rs 132.8 Cr in Q1 FY27. Consolidated EBITDA loss narrowed to Rs 225 cr vs. Rs 255 cr in 4QFY26 and Rs 264 cr in 1QFY26. Meesho aims to continue reducing logistics costs, viewing fuel price hikes and minimum wage increases as small blips rather than long-term obstacles. Despite these headwinds in 1Q, the company improved efficiency, reducing the cost per delivered order by approximately one rupee quarter-on-quarter.

Sona BLW precision: Revenue growth of 54% yoy to Rs 1310 crore, EBITDA grew by 49% YoY to 300 cr, but EBITDA margins fell by 0.7% YoY. A whole new Robotics & Physical AI product segment has been added in Q1 which contributes 1% to total revenue. Under this segment, they manufacture mission-critical hardware such as gearboxes, sensors, etc.

Suryoday Small Finance Bank Q1 (YoY): Profit soars 113.1% to Rs 75.2 crore Vs Rs 35.3 crore. Net interest income grows 27.8% to Rs 315.7 crore Vs Rs 247.1 crore. Provisions and contingencies fall 41% to Rs 36.7 crore Vs Rs 62.1 crore. Gross NPA increases to 6.6% Vs 6.55% (QoQ). Net NPA drops sharply to 1.27% Vs 4.21% (QoQ). Strong quarter, Positive

PREVIEW:

MACRO WRAP

• Geopolitical tensions intensified further. The US has carried out a large-scale attack on Ahvaz in Iran's main oil region, with more than 35 strikes so far in the past hour. With disruptions already affecting traffic through the Strait of Hormuz, markets are increasingly focused on the risk of a prolonged energy supply shock. Brent crude jumped above USD100 for the first time in almost two months. The surge in oil prices reignited inflation concerns and pushed US Treasury yields to fresh highs for the year. The USD was firmer and gold fell.
• The Fed funds futures raised the probability of a 25bp hike next week to 36% and fully pricing in a 25bp hike by September, The European Central Bank (ECB) left the Deposit Facility Rate unchanged at 2.25% as expected. President Christine Lagarde laid the groundwork for a possible September hike. She revealed that some Governing Council members had questioned whether rates should have been raised at this meeting before policymakers voted unanimously to remain on hold, market is pricing in 90% chance of a 25bp hike in September and a total hike of 46bp by year-end.
• The DJIA, the S&P500, and the Nasdaq Composite Index fell 1%, 1.2%, and 2.2% respectively overnight. The Eurostoxx 50 fell 1.7%. Brent crude oil prices jumped 7% to USD100.69. Gold fell 2% to USD4,049.
• The Dollar Index rose 0.3% to 101.44 while EUR-USD fell around 30 pips to 1.1380. The US 2Y yield rose 5bp to 4.35% and is already up 17bp so far this week. The US 10Y yield gained 4bp to 4.69% and is up 15bp so far this week. The US 30Y yield ticked up 1bp to 5.16%, towards the high in May of 5.18%, which was the highest level since 2007.
• The US will impose fresh tariffs of between 10% and 12.5% on imports from 60 economies, including China, the EU, UK, and most ASEAN countries, citing failures to enforce bans on forced-labour goods by Fri (24 Jul) 12:01am NY time. The timing of the new charges is seen as a move to ensure his tariff regime remains intact even after the stopgap 10% global duties (imposed under section 122 of the Trade Act) expire on Fri. Those duties would be applied under Section 301 of the 1974 Trade Act, which allows the president to unilaterally impose tariffs to combat foreign trade practices deemed to burden US commerce. The new tariffs faced by most of the impacted economies (including China, Japan, South Korea, Switzerland, Singapore, Thailand and Vietnam) are 12.5%, while a smaller group (including Canada, EU, Taiwan, UK, Indonesia and Malaysia) faces 10%. India secured a 10% tariff instead of the originally threatened 12.5% rate.
• Japan’s annual inflation rose to 1.7% in June 2026 from 1.5% in May, the highest since December, mainly as reduced energy subsidies slowed the decline in electricity and gas prices. Inflation picked up in several categories, while food inflation eased to 3.2% amid falling rice prices. Core inflation climbed to 1.6%, its highest since March but below the Bank of Japan’s 2% target for the fifth month in a row.
• The ECB left rates unchanged in July after a 25 bp hike in June, shifting to a wait-and-see stance amid softer inflation, wage growth, activity, and expectations. It said energy prices remain volatile but broadly in line with forecasts, warning that prolonged high energy costs could still fuel broader inflation through indirect and second-round effects.
• The US trade deficit widened to $77.6 billion in May 2026 from $54.6 billion in April, the largest since March 2025, as imports rose and exports declined, pointing to a bigger drag from net exports on Q2 GDP amid ongoing US trade-policy uncertainty.
• Data watch: the Jul PMI, US data docket will include Jun new home sales (Bloomberg est. 4.7% m/m, 606,000 units from -7.3%, 580,000 units in May).

INVESTMENT CALL

First Cut: Infosys: Weak guidance and even weaker organic growth

• Infosys posted revenue of $ 5,082 million, up 0.8% q-o-q (up 2.9% y-o-y), in line with our estimates. In CC, the company posted a growth of 1.0% q-o-q (up 2.4% y-o-y), including 1.1% sequential contribution from acquisition resulting in flat to negative organic growth for a seasonal strong quarter, mainly due to a 50bps impact on account of program termination by a EURS client along with weaker volumes compared to historical levels.
• Infosys lowered its FY27 revenue growth guidance to 1.5%-3.0% CC primarily due to a combination of a one-time program termination by a client in the EURS segment, softer-than-expected volumes, weaker pricing realization amid increased competitive intensity, and continued macroeconomic uncertainty that has delayed discretionary spending and elongated client decision-making cycles.
• Management also highlighted additional headwinds from reduced spending by a large European manufacturing client (impacting 100bps growth), ongoing offshoring-led revenue dilution (75-100bps impact), and its decision not to pursue certain deals that did not meet return thresholds.
• On the inorganic front, acquisition particularly Optimum Healthcare IT and Stratus, are expected to contribute around 1.7% to FY27 revenue growth. The acquisitions are strengthening Infosys' presence in healthcare, life sciences, insurance, and related digital transformation areas, with management specifically expecting the Life Sciences and Healthcare segments to benefit from these acquisitions and partially offset the softness in the broader demand environment.
• Q1 Numbers: Revenue came in at Rs. 48,211 crores, up 3.9% q-o-q (14.0% y-o-y), largely in-line with our estimates. Adj. EBIT stood at Rs. 10,163 Cr, up 4.3% q-o-q (15.4% y-o-y). Adj. EBIT Margin came in at 21.1%. Adjusted PAT came in at Rs. 7,769 crores, down 8.6% q-o-q and 12.3% y-o-y.

Stock Update: SRF All-round beat in Q1; H2 outlook better

Reco: BUY                CMP: Rs. 2,626             Target: 3,100

• Q1FY27 numbers beat estimates, led by robust growth in PFB and better-than-seasonal performance in the chemical segment.
• 2Q27 to be a lower q-o-q, owing to seasonality on account of slightly softer Chemical sector but should grow y-o-y. 2H has always been stronger and H2FY27 should be better compared with H1.
• PFB segment’s margins are expected to be supported by some stabilisation in realizations on the subsidiary side, while moving up the VAP mix should further aid margin expansion.
• Despite a slightly soft Q227, we expect 2H27 to be strong driven by fluorochemicals, richer product mix in PFB. We retain a BUY on SRF with a SOTP price of Rs 3,100.

Viewpoint- Sunteck Realty – On a robust growth path

View: Positive                CMP: Rs. 304             Target: 444

• Pre-sales rose 19.8% y-o-y to Rs. 787 crore in Q1FY27, led by strong traction in the premium and uber-luxury segments, while collections grew 16.5% y-o-y to Rs. 409 crore.
• Management reiterated its FY27 pre-sales growth guidance of 25–30% y-o-y, backed by ~Rs. 7,000–7,100 crore of planned domestic launches (excluding the Rs. 9,000 crore Dubai project).
• The fully-approved, launch-ready Downtown Dubai project remains a meaningful optional upside trigger, with the launch awaiting a more conducive external environment.
• We remain positive on Sunteck Realty, with a revised PT of Rs. 444, supported by a strong launch pipeline, robust cash flows and attractive valuation.

First Cut: Mahindra Lifespace Developers Ltd Q1FY27 Consolidated Results – Strong bounce-back performance

• Pre-sales increased by 106% YoY to Rs. 925 crore, while collections rose by 2% YoY to Rs. 527 crore. Sustenance sales contributed around 42% of total sales, led by projects such as Blossom, Vista, Marina 64, and IvyLush.
• MLDL reported consolidated net revenues of Rs. 962 crore in Q1FY27, marking a sharp bounce back from Rs. 32 crore in Q1FY26. EBITDA turned positive at Rs. 94.5 crore, compared with a loss of Rs. 55 crore in the corresponding quarter last year, supported by new launches and strong execution.
• Net profit stood at Rs. 86 crore, up 66.9% YoY, driven by higher revenue recognition and improved operating performance.
• The company continues to maintain a robust balance sheet with a net debt-to-equity ratio of -0.20x. Total GDV stands at approximately Rs. 50 K crore

OTHERS

Motilal Oswal Financial Services Q1 (Consolidated YoY): Profit rises 9.6% to Rs 1,273.1 crore Vs Rs 1,162.1 crore. Revenue surges 25.1% to Rs 3,425.8 crore Vs Rs 2,737.8 crore.

Shadowfax Technologies: Eight Roads, Flipkart, and Korea's IMM India Fund are likely to sell shares worth more than Rs 1,000 crore in Shadowfax through block deals, with a floor price of Rs 197 per share, according to broker details reviewed by Moneycontrol.