July 21, 2026

TOP NEWS

PNB Housing Finance Limited: The company has announced the declaration of  fraud involving one of its borrowers, M/s. Happy Home Corporation. The fraud involves an amount of Rs 421.81 crore, tied to various credit facilities sanctioned and disbursed to Happy Home Corporation during the period between 2016 to 2021. PNB Housing Finance Limited has identified these accounts as non-performing assets, which have been written off in the financial books for the fiscal year 2022-23. Consequently, the company has asserted that there is no financial impact on its overall financial status and operational activities. In alignment with regulatory mandates, PNB Housing Finance has followed due procedure regarding fraud identification, ensuring strict compliance with principles of natural justice and relevant guidelines. Furthermore, the company has reported the matter to the National Housing Bank, reflecting its commitment to industry standards and governance. While detailing the incident, PNB Housing Finance has also indicated its intention to pursue appropriate legal action to address the irregularity. This step is indicative of the company's proactive approach to safeguarding its interests and maintaining trust with stakeholders. This declaration is part of a broader compliance submission under Regulation 30 and 51 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. These regulations are pivotal in maintaining transparency and accountability within listed entities in India. The surfaced fraud underscores the challenges faced by financial institutions in managing risks associated with credit facilities. PNB Housing Finance Limited's swift and transparent response illustrates its dedication to maintaining the integrity of its financial operations amidst such complexities. Sentimentally negative

Sobha Limited: Sobha reported record Q1 FY27 pre-sales of Rs. 3,656 crore, up 76% YoY, driven by strong demand in Bengaluru (56.5% of sales) and NCR (37.9%). Revenue increased 48% YoY to Rs. 1,330 crore, while PAT nearly quadrupled to Rs. 51 crore. During the quarter, the company launched 6.9 million sq. ft. across Bengaluru and Gurugram and its board approved raising up to Rs. 1,000 crore through NCDs via private placement.

Paytm Q1 results: Fifth consecutive quarter of net profit, revenue up by 28%: One97 Communications, the parent company of Paytm, reported a 79% year-on-year increase in consolidated net profit to Rs 220 crore for Q1 FY27, helped by continued growth in its payments business, merchant subscriptions and financial services distribution. Sequentially, profit rose from Rs 183 crore in the March quarter. For the full financial year FY26, Paytm had reported its maiden annual profit of Rs 552 crore. The board also approved a proposal to seek shareholder approval to revise the utilisation of the remaining Rs 1,686 crore of unutilised IPO proceeds and extend the utilisation timeline to March 31, 2029. The company said the flexibility would allow it to allocate capital towards strengthening its payments and financial services ecosystem while pursuing growth opportunities.

Redington: Redington announced a strategic distribution partnership with Resulticks, a global leader in real-time audience engagement solutions. The five-year collaboration is designed to accelerate the adoption of advanced, real-time customer engagement technologies across the Middle East, India, and South East and South Asia (SESA).

BlueStone Jewellery Q1 Result Highlights (Cons, YoY): Net profit at Rs 7 crore versus a loss of Rs 34.5 crore.

Revenue rises 49.5% at Rs 737 crore versus Rs 493 crore.Ebitda up 93.2% at Rs 108 crore versus Rs 55.8 crore. Ebitda margin at 14.6% Vs 11.3%.

Rallis India Q1 (YoY): Profit spikes 31.6% to Rs 125 crore Vs Rs 95 crore. Revenue rises 6.8% to Rs 1,022 crore Vs Rs 957 crore.

India rakes in $17.4 billion in FCNR(B) deposits under RBI swap window: The Reserve Bank of India's (RBI) special measures to encourage overseas deposits from non-resident Indians (NRIs) have attracted $17.4 billion in foreign currency non-resident (FCNR(B)) deposits until last Friday, reflecting strong investor interest in the scheme. In a statement, the RBI said companies also raised $1.34 billion through external commercial borrowings (ECBs), while overseas foreign currency borrowings (OFCBs) brought in another $1.97 billion.  The measures, including the special FCNR(B) deposit window, are part of the central bank's broader efforts to attract foreign capital and support the rupee, which has remained close to record lows amid pressure from elevated crude oil prices. The special facility for fresh FCNR(B) deposits will remain open until September 30, while the window for ECBs and OFCBs will continue until December 31. The RBI's swap window allows eligible banks and borrowers to exchange eligible foreign currency inflows with the central bank at a concessional rate. This lowers hedging costs and makes raising funds from overseas more attractive.

Shyam Metalics: Revenue grew by 23% YoY, Operating EBITDA grew by 32% YoY in Q1 FY27 .Declared interim dividend of Rs. 1.80 per equity share. Revenue from Operations came at Rs. 5455.1 Cr (4.1% QoQ, 23.5% YoY) vs expectation of Rs. 5390.1 Cr, QoQ Rs. 5240.4 Cr, YoY Rs. 4418.8 Cr, EBIDTA came at Rs. 765.3 Cr (5.3% QoQ, 32% YoY) vs expectation of Rs. 714.7 Cr, QoQ Rs. 726.9 Cr, YoY Rs. 579.6 Cr. EBITDA Margin came at 14% vs expectation of 13.3%, QoQ 13.9%, YoY 13.1%.

PREVIEW:

MACRO WRAP

• US strikes on Iran entered a tenth day as Tehran continued retaliatory attacks and traffic through the Strait of Hormuz slumped after ship attacks. Trump warned Iran it would be held responsible for three US service members’ deaths. Iran-backed Houthis declared a maritime embargo on Saudi Arabia, threatening Red Sea energy flows, while mediators floated de-escalation plans, including a possible 10-day ceasefire.  Compounding the supply risk, Iran-backed Houthis in Yemen declared an immediate maritime blockade on Saudi Arabia, threatening oil shipments through the Red Sea. The Saudi-led coalition in Yemen said it had taken steps to protect vessels, but the threat puts at risk a critical alternative export route that had helped limit the war’s disruption to global oil supply.
• The Trump administration has proposed a program that would reduce U.S. aluminium import tariffs from 50% to 25% for companies that commit to building, expanding, or refurbishing domestic aluminium production facilities, with construction required to begin by January 20, 2029. Approved companies would receive tariff relief on import volumes equivalent to their projected domestic production, reinforcing the administration’s strategy of incentivizing onshoring and strengthening U.S. aluminium manufacturing capacity.
• Eurozone construction output rose 1.2% YoY in May 2026, a seven‑month high, driven by a 2.9% jump in specialized construction. Civil engineering growth eased to 3.5%, while building construction fell 6.6%. Output grew notably in Austria, Germany, and Poland. Month‑on‑month, construction rose 0.4%.
• New UK Prime Minister Andy Burnham said he would use any flexibility in the UK’s fiscal rules, unnerving gilt investors and triggering a broad sovereign bond selloff that spread to Treasuries and JGBs.
• The DJIA, the S&P500, and Nasdaq Composite dipped 0.6%, 0.2%, and 0.1% respectively. The Eurostoxx 50 slipped 0.1%. The Dollar Index was firmer by 0.2% to 100.95. EUR-USD fell 30 pips to 1.1410. The US 2Y yield rose 3bp to 4.21% and the 10Y edged up 4bp to 4.59%. The German 10Y yield rose 2bp to 3.15%. The UK 10Y yield rose 8bp to 5.03%, with gilts under pressure following new UK Prime Minister Andy Burnham’s fiscal remarks. Brent crude oil prices touched USD91 intraday before paring gains, settling at USD89.22 as the Houthi maritime blockade threat on Saudi Arabia added a new layer of supply risk on top of the ongoing Strait of Hormuz disruption. Gold fell 0.2% to USD4,008.
• Data watch: For today, we get ADP weekly employment change and Philadelphia Fed Non-manufacturing Activity for July

OTHER NEWS

Mastek: HDFC AMC acquired an additional 86,746 equity shares of Mastek Ltd. through the open market. This raised its total holding from 14,82,164 shares (4.78%) to 15,68,910 shares (5.06%) of Mastek's paid-up equity capital.

InterGlobe Aviation Limited: IndiGo announced that it has signed a Memorandum of Understanding (MoU) with CFM International for the purchase of more than 1,000 LEAP-1A engines to power 510 Airbus A320neo Family aircraft. This marks the largest single LEAP engine order in CFM International’s history. The agreement also includes CFM’s support in establishing IndiGo’s upcoming engine Maintenance, Repair and Overhaul (MRO) facility, along with long-term spare parts and maintenance support to enhance fleet reliability and operational efficiency. The partnership strengthens the long-standing relationship between IndiGo and CFM, supporting IndiGo’s expansion plans as it continues its growth into a leading global airline. Both GE Aerospace and Safran, CFM’s parent companies, reaffirmed their commitment to supporting India’s rapidly growing aviation sector through continued investments, manufacturing, and MRO capabilities.

Canara HSBC Life Insurance Company Q1 (YoY): Profit zooms 20.2% to Rs 28.1 crore Vs Rs 23.4 crore. Net premium income soars 23.8% to Rs 2,047.5 crore Vs Rs 1,653.4 crore. Net commission surges 21.8% to Rs 117.2 crore Vs Rs 96.2 crore.

SML Mahindra Q1 (YoY): Profit falls 5% to Rs 63.6 crore Vs Rs 67 crore. Revenue increases 13.2% to Rs 957.5 crore Vs Rs 845.9 crore

Advait Jewels Q4 Result Highlights (Standalone, YoY): Revenue down 27.9% at Rs 43.2 crore versus Rs 59.9 crore. Net profit down 45.9% at Rs 8.7 crore versus Rs 16.2 crore.Ebitda down 41.8% at Rs 13 crore versus Rs 22 crore. Ebitda margin at 29% Vs 35.9%.

Jaiprakash Power Q1 Result Highlights (Cons, YoY): Net profit up 68.6% at Rs 469 crore versus Rs 278 crore.Revenue rises 12.2% at Rs 1,776 crore versus Rs 1,583 crore.Ebitda up 26.2% at Rs 759 crore versus Rs 601 crore.Ebitda margin at 42.7% Vs 38%. Saw one-time loss of Rs 194 crore in Q1