20/07/26, MTAR Technologies Fall

MTAR Technologies shares hit the 5 percent lower circuit in Monday's trade, extending losses for the third straight session.

The stock has been locked in the 5 percent lower circuit for the last three trading sessions and has declined around 15 percent during the period. Over the past one month, the stock has fallen 31.41 percent.

Analysts said the recent correction has made valuations more attractive, but advised investors to wait for technical confirmation before taking fresh exposure.

Anand James, Chief Market Strategist at Geojit Investments, said, "Having made a clear topping pattern last month, there is no urgency in considering the stock just for the price advantage, unless we see a clear reversal pattern or at least a 61% retracement of the March-June move to 5440. That said, a collapse to the 4500 region or a direct rise above 6200 could interest us in checking if the reversal attempts are worth following."

Prasenjit Paul, Fund Manager at 129 Wealth & Research Analyst at Paul Asset, added, "After a sharp 30% correction, MTAR Technologies has cooled off meaningfully, with the RSI slipping close to the oversold zone. Despite the recent price weakness, the company's fundamentals remain strong, supported by a healthy order book in the defence and nuclear segments and management's FY27 revenue growth guidance of 50-80%. Long-term investors should avoid trying to catch a falling knife and instead prefer accumulating on declines, as long as the stock holds above its 200-DMA zone of around 4,750-4,800."

MTAR Technologies has been a multibagger stock, delivering returns of 128 percent over the last six months.

The sharp decline comes amid continued selling pressure in artificial intelligence (AI)-linked stocks across global equity markets. Weakness in the AI trade in markets such as the US, South Korea and Taiwan has also weighed on investor sentiment.

The stock had witnessed a sharp rally earlier as investors increasingly viewed the company as part of the AI infrastructure supply chain, raising expectations of higher valuations and stronger order inflows.

MTAR Technologies' association with Bloom Energy, which supplies fuel cell solutions for AI data centres, has strengthened its positioning in the segment. Bloom Energy's fuel cells are expected to be deployed in a proposed 1.8 GW data centre project in Cheyenne, Wyoming.

written by Prabhas Bisht 

Source: Network18 

20/07/26, DALAL STREET WEEK AHEAD

The market ended higher with more than half a percent gains amid volatility but traded within previous week's range for the week ended July 17, backed by encouraging Q1FY27 business updates and growing confidence in a healthy earnings season ahead, with focus decisively shifting from mid and smallcaps to large caps. However, the escalating tensions in West Asia, which lifted crude oil prices above $85 per barrel and pressured the rupee, capped market upside.

In the coming week starting from July 20, the market will first react to quarterly earnings by Reliance Industries, and large private banks (ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra Bank) announced after market hours on Friday and Saturday, and their commentaries, which are expected to shape sectoral performance and define the near-term market narrative.

While, overall, the market will remain volatile and consolidative with a positive bias and focus majorly on further June quarter earnings, and renewed West Asia tensions that impacts oil prices as well as rupee, according to experts.

The Nifty 50 rose 127 points (0.53 percent) to 24,334, and the BSE Sensex soared 582 points (0.75 percent) to 78,151, while the broader markets underperformed the benchmark indices, with the Nifty Midcap and Smallcap 100 indices falling 1 percent and 0.6 percent, respectively.

Indian equities are expected to witness a gradual uptrend next week, on the back of a strong Q1FY27 earnings season so far, which is likely to remain the key driver of sectoral and stock-specific performance," Siddhartha Khemka - Head of Research, Wealth Management at Motilal Oswal Financial Services said.

According to Vinod Nair, Head of Research at Geojit Investments, global investors will closely monitor Japan's inflation data for cues on the future direction of interest rates, while India's PMI releases will offer a timely assessment of economic activity and business confidence.

Furthermore, corrections in select Asian markets amid concerns over elevated AI-driven valuations could improve India's relative attractiveness within the emerging market space, he said.

Meanwhile, Vinod Nair believes India remains well placed to attract long-term capital flows, supported by robust economic fundamentals, healthy domestic demand, and a diversified growth profile.

Here are 10 key factors to watch next week:

1) Q1 Corporate Earnings 

The June quarter earnings will be in full swing next week, as more than 250 companies will release their earnings scorecard with focus on key names like Infosys, UltraTech Cement, Bajaj Auto, Dr Reddy's Laboratories, Eternal, Nestle India, Cipla, InterGlobe Aviation, NTPC, SBI Life Insurance Company, Shriram Finance, and Tata Consumer Products which have nearly 14 percent weightage in the Nifty 50.

Further, the focus will also be on results from non-Nifty names like One 97 Communications, Meesho, IndusInd Bank, Bank of Baroda, Bandhan Bank, ACC, CSB Bank, Indian Overseas Bank, Sobha, Aditya Birla Sun Life AMC, Indian Hotels Company, JSW Infrastructure, Mahindra & Mahindra Financial Services, TVS Motor Company, Adani Green Energy, Adani Power, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, JSW Energy, United Spirits, Indian Energy Exchange, Motilal Oswal Financial Services, PVR Inox, Vishal Mega Mart, Jindal Steel, Dr Lal PathLabs, SBI Cards and Payment Services, and IDFC First Bank.

2) West Asia Tensions, and Oil Prices

The oil price factor will remain on market participants' radar next week as tensions in West Asia have escalated after Iran formally suspended its MOU commitments, describing the conflict as an "existential war." Meanwhile, Washington has warned that it could directly target Iranian power infrastructure in the absence of a diplomatic breakthrough.

Brent crude oil futures, the international oil benchmark, posted their biggest weekly gains since April, rising 15.91 percent to $88.10 a barrel after a gap-up opening, in addition to the nearly 6 percent rally witnessed in the previous week.

The continued US strikes on Iranian military infrastructure, particularly after Iran broadened its retaliation by targeting US assets in Bahrain, Jordan, Kuwait, Oman, Qatar, and Syria—resulting in the deaths of two US service members, while another remains missing—weighed on market sentiment. Separately, Tehran has instructed Yemen's Houthi movement to stand ready to close the Bab el-Mandeb Strait, which now carries around 5-7 percent of global energy supplies following the rerouting of Gulf crude through Saudi Arabia's East-West Pipeline, if the US targets Iranian power infrastructure.

Meanwhile, Iran and Syria have signed an agreement to rebuild an oil pipeline that would provide an alternative to the Strait of Hormuz, which carries around 20 percent of the global oil supply. CNBC reported.

Further, Qatar and Pakistan are actively working to bring both sides back to the negotiating table, though the MOU remains suspended and tensions are at their highest level since April. "Any diplomatic signal from Washington or Tehran will move markets far more than any data point. For crude, the dual chokepoint risk keeps the upside bias intact," said Kaynat Chainwala of Kotak Securities.

3) Indian Rupee

The focus will also be on the Indian rupee which depreciated further to close at 96.27 against the US dollar, the lowest ever closing level, weakening by 0.94 percent during the week, as elevated crude oil prices and cautious foreign fund flows continue to weigh on sentiment. The weakness continued for third consecutive week, and the currency pair chart formation suggests the rounding bottom formation is in the making on the weekly charts.

"Market participants will closely monitor global developments, crude oil movement, and FII activity for the next directional move. Technically, the rupee is expected to trade in the 96.00–96.55 range, with the overall trend continuing to favour weakness," Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities said.

The US dollar index fell 0.21 percent during the week to 100.754, which has been rangebound for last three-four weeks.

4) Global Economic Data

Globally, the week ahead is light on US data, with focus on the preliminary PMI readings, new home sales, and weekly jobs data. The flash PMI readings from Europe and Japan along with Japanese inflation will also be watched.

Global investors will also focus on the European Central Bank's interest rate decision next week, and closely monitor Japan's inflation data for cues on the future direction of interest rates.

Most economists expect the European Central Bank to keep its interest rates unchanged in the policy meeting on July 23.

5) Domestic Economic Data

Back home, the focus will be on the flash PMI data for July releasing on July 24, which will offer a timely assessment of economic activity and business confidence. HSBC Manufacturing PMI dropped to 54.2 in June from 55 in May, and in the same period, Services PMI fell to 57.4 from 58.9.

On the same day, bank loan and deposit growth for fortnight ended July 10, and foreign exchange reserves for week ended July 7 will also be released, while the infrastructure output data for June will be announced on July 20.

6) FII flow:

The mood at the foreign institutional investors' (FIIs) desk will also be closely watched by market participants, as there has been inconsistency in their flows, which may be impacted by the ongoing Middle East tensions, rising oil prices, and the weakening rupee. FIIs were net sellers of more than Rs 9,110 crore worth of shares in the cash segment during the past week, compared with net buying of more than Rs 4,600 crore worth of shares in the previous week. For current month, they have sold more than Rs 4,500 crore worth shares.

On the contrary, domestic institutional investors (DIIs) maintained their buying spree, purchasing shares worth Rs 9,800 crore during the week gone by, taking their net buying for the current month to Rs 21,074 crore.

7) IPO Action

The primary market will have a busy schedule in the coming week with a total of seven new IPOs hitting Dalal Street. In the mainboard segment, Cube Highways and Infrastructure-sponsored Cube Highways Trust InvIT will open its Rs 5,000-crore public issue, which comprises of solely offer-for-sale, on July 22, with price band of Rs 151-152 per unit. Indo-MIM, Lohia Corp, and Xtranet Technologies will launch their IPOs for public subscription on July 23.

In the SME segment, Gulf Lloyds India will open its fixed-price public issue on July 20, while the maiden public issue of Metalic Technoforge, and Shree Balaji Mala Textiles will be opened on July 21 and 22, respectively.

Further, Caliber Mining & Logistics, from the mainboard segment, will close its Rs 450-crore IPO on July 21, while Sotefin Bharat's SME public issue will remain open until July 20.

Additionally, five new companies are scheduled to list on the bourses next week. SBI Funds Management will make its much-awaited market debut on July 21, while Alpine Texworld, and Millworks Technologies shares will also be available for trading on the same day. This will be followed by listing of Sotefin Bharat from the SME segment on July 23 and Caliber Mining & Logistics from the mainboard segment on July 24.

8) Technical View

Technically, the benchmark Nifty 50 bounced back with a bullish candlestick formation and remained above its short-term and long-term moving averages. However, it could not surpass the 50-week EMA (24,380) and the previous week's high (24,530), which are crucial resistance levels. A sustained move above these levels could increase the possibility of a further upward journey toward the 24,800-25,000 zone.

The momentum indicators also remained supportive on a weekly basis. The RSI, at 51.55, maintained a bullish crossover, while the MACD stayed above its signal line, with the green histogram bar continuing to rise. On the downside, support is placed in the 24,000-23,950 zone. A break below this zone could bring the 23,800 level into focus.

9) F&O Cues, India VIX

The weekly options data indicated that, in the near term, the 24,200-24,000 strikes, which have the maximum Put open interest, could act as a support zone for the Nifty 50. However, the 24,300-24,600 strikes, where the maximum Call open interest is concentrated, could act as resistance.

Meanwhile, the India VIX, the fear gauge, extended its uptrend for another week, rising 7.33 percent to 13.15. However, it is not at alarming levels yet and continues to trade below all its key moving averages. Any sustained sharp spike above the 15 zone could cause discomfort for bulls.

10) Corporate Action

Here are key corporate actions taking place in the coming week:

Report by Sunil Sankar Matkar

Source: Network18 

19/07/26, Three PSU Indian Banking Stocks trading below Book Value

Banking is becoming more important as the global economy turns faster, more digital and more interconnected. Businesses need funding to expand, consumers depend on credit for major purchases, and digital payments now support everyday transactions. Banks also help move savings into productive investments. As economic activity grows, the need for banking services becomes difficult to avoid.

India’s banking sector is expanding with the country’s digital and economic growth. UPI has changed how people make payments. Formal credit is reaching more individuals and small businesses. Rising incomes, urbanisation and infrastructure spending are also increasing the demand for loans. At the same time, technology is helping banks serve customers beyond traditional branches.

Banking stocks are important for stock market investors because banks sit at the centre of the economy. Their loan growth can reflect business and consumer demand. Their asset quality can indicate financial stress. Their profitability can also offer clues about the broader economic cycle. This makes banking stocks an important part of many investment portfolios.

In this article, we look at three of India’s cheapest banking stocks using the price-to-book value, or P/BV, ratio. The ratio compares a bank’s market price with its book value per share. It is widely used for banks because their main assets and liabilities are financial and appear on the balance sheet. A lower P/BV ratio can signal a cheaper valuation. However, investors must also examine asset quality, profitability and growth prospects.

👉1 Bank of India: Can Growth and a 3.2% Dividend Yield Support a Re-rating?

Bank of India is a public sector bank with operations in India and overseas markets. Its business spans retail, agriculture, MSME, corporate and international banking.

Bank of India Financial Performance

Metric FY26

P/BV 0.7x

Dividend yield 3.2%

NII growth 3.0%

Net profit growth 14.0%

Net NPA 0.56%

RoE 12.4%

Source: Screener.in and Q4 Earnings call transcript

Bank of India trades at a price-to-book value of 0.7x. This is below the peer median of 1.0x. The stock also offers a dividend yield of 3.2% as on July 17, 2026. This combination places it among the cheaper banking stocks. However, improvement in margins will be important for a sustained re-rating.

The bank reported steady earnings growth in FY26. Net interest income rose 3% year-on-year (YoY) to Rs 25,172 crore. Net profit increased 14% to Rs 10,527 crore. Non-interest income also grew 10% to Rs 9,874 crore. However, global net interest margin fell to 2.52% from 2.82% in FY25.

Business growth was stronger than income growth. Global advances increased 15.8% to Rs 7.7 lakh crore. Global deposits rose 13.6% to Rs 9.3 lakh crore. Retail, agriculture and medium, small and micro enterprises (MSME) advances grew 19.1%. These segments accounted for 58.7% of advances.

FY27 Credit Pipeline and Corporate Lending Projections

For FY27, the bank expects global advances to grow by 15-16%. Global deposit growth is expected at 13-14%. It has a credit pipeline of Rs 65,000-70,000 crore. Around Rs 50,000 crore relates to the corporate segment. The pipeline includes roads, power, data centres, electric vehicles, solar panels, biogas and gas transmission projects.

Bank of India is also expanding its branch network. It opened 200 branches in FY25 and another 200 in FY26. More than 200 new branches are planned in FY27. These branches will focus on deposits, retail loans and wealth-management products.

Deposit mobilisation remains central to the expansion. Under Project UDAAN, the bank is tracking branch-level targets for current accounts, savings accounts and retail term deposits. It has also started Zonal Deposit Centers. The bank aims to increase current account savings account (CASA) deposits to around Rs 3.3 lakh crore in FY27 from Rs 3 lakh crore in FY26.

International operations account for about 14% of the bank’s loan book. Margins in this portfolio remain low at around 1.10-1.30%. The bank is therefore focusing on domestic retail, MSME and mid-corporate loans, where yields are better. It is also seeking a domestic or international partner for its mutual fund business.

Asset Quality Gains vs Core Margin Compression

Asset quality continued to improve. Gross non-performing asset (NPA) declined to 1.98%, while net NPA fell to 0.56%. The slippage ratio improved to 0.83%. Bank of India earns a return on equity (RoE) of 12.4% and a return of capital employed (RoCE) of 5.9%.

The 0.7x P/BV and 3.2% dividend yield strengthen the stock’s value proposition. Loan growth and improving asset quality offer further support. However, falling margins remain a concern. A recovery in net interest income growth and margins will be central to narrowing the valuation discount.

In the past year, the share price of Bank of India is up 23.2%.

Bank of India 1 Year Share Price Chart

Source: Screener.in

👉2 Central Bank of India: Credit Growth Outpaces Competitors as Slippages Soften

Central Bank of India has a strong retail-focused lending model. Retail, agriculture and MSME loans account for a major share of its advances.

Central Bank of India Financial Performance

Metric FY26

P/BV 0.8x

Dividend yield 3.7%

NII growth 2.0%

Net profit growth 15.4%

Net NPA 0.49%

RoE 11.9%

Source: Screener.in and Q4 Earnings call transcript

Central Bank of India trades at a price-to-book value of 0.8x. This is below the peer median of 1.0x. The stock also offers a dividend yield of 3.7% as of 17 July 2026. The discount places it among the cheaper banking stocks. However, further improvement in earnings will be important for a re-rating.

The bank reported steady profit growth in FY26. Net interest income rose 2% YoY to Rs 14,171 crore. Net profit increased 15.4% to Rs 4,369 crore. The annual profit growth came despite a one-time deferred tax impact of Rs 632 crore.

Credit growth remained the main driver. Gross advances increased 18.8% to Rs 3.4 lakh crore. Retail, agriculture and MSME loans together grew 21%. Retail loans rose 25.7% and crossed Rs 1 lakh crore. Agriculture and MSME advances grew 17.6% and 17.1%, respectively.

Operational Outreach and Targeted Credit Growth for FY27

The bank expects advances to grow by 14-16% in FY27. Deposit growth is projected at 10-12%. It has conducted outreach programmes at more than 100 locations to generate retail, agriculture and MSME business. The bank has also identified 225 branches with MSME potential and more than 300 branches for agriculture lending.

Expansion is also planned in corporate banking. The bank intends to open more corporate finance branches and mid-corporate branches. More than 900 officers are expected to join in October 2026. They will be deployed at branches with higher credit potential. A separate sales and marketing team is also being set up.

Technology remains another area of investment. Overall, Central Bank of India has budgeted Rs 1,442 crore for capital spending and Rs 1,276 crore for revenue expenditure in FY27. It is also setting up a wealth-management division. The bank is also strengthening its centralised forex operations and digital account-opening facilities.

Improving Asset Ratios and Capital Spending Roadmaps

Asset quality improved during FY26. Gross NPA declined by 51 basis points to 2.67%. Net NPA stood at 0.49%. The slippage ratio fell to 1.16% from 1.45%. Management aims to bring it below 1% in FY27. The bank earned a RoE of 11.9%.

At 0.8x book value, the stock continues to trade below the peer median. Its 3.7% dividend yield adds to the value proposition. Strong credit growth and improving asset quality offer support. However, net interest income grew at a slower pace than advances. Maintaining margins above 3% will therefore be important for narrowing the valuation discount.

In the past year, the share price of Central Bank of India is down 15.4%.

Central Bank of India 1 Year Share Price Chart

Source: Screener.in

👉3 Bank of Baroda: Re-Rating Outlook Anchored to 3.4% Yield and Margin Recovery

Bank of Baroda is one of India’s larger public sector banks, with a sizeable domestic and international presence. It serves retail, corporate, MSME and rural customers across markets.

Bank of Baroda Financial Performance

Metric FY26

P/BV 0.8x

Dividend yield 3.4%

NII growth 2.5%

Net profit growth 2.2%

Net NPA 0.45%

RoE 12.7%

Source: Screener.in and Q4 Earnings call transcript

Bank of Baroda trades at a price-to-book value of 0.8x. This is below the peer median of 1.0x. The stock also had a dividend yield of 3.4% as of 17 July 2026. The discounted valuation places it among the cheaper banking stocks. However, margins and deposit growth will shape any re-rating.

As on 31st March2026 the bank’s global business stood at Rs 30.8 lakh crore. This was an increase of 13.9% YoY. Global advances rose 16.2%. Domestic advances grew 14.5%, while international advances increased 24.4%.

Retail, agriculture and MSME lending remained the main growth drivers. The organic retail book grew 17.9% and crossed Rs 3 lakh crore. Agriculture loans increased 20.7%, while organic MSME loans rose 15.6%. Corporate lending grew at a slower 11%

For FY26, net interest income rose 2.5% YoY to Rs 47,682 crore. Net profit increased 2.2% to a record Rs 20,021 crore. However, operating profit declined 0.5% to Rs 32,259 crore. Global net interest margin stood at 2.89% for the year.

CASA Deposit Mobilisation Challenges and Yield Pressures

Bank of Baroda expects loan growth of 12-14% in FY27. Deposit growth is projected at 10-12%. Total deposits grew 12% in FY26. However, term deposits increased faster than low-cost deposits. Domestic CASA grew 9.8%, while term deposits rose 14.8%. This mix could keep the cost of funds under pressure.

The bank is also expanding beyond traditional lending. It raised nearly Rs 10,000 crore through green infrastructure bonds. Its primary dealer subsidiary began operations on 1 April 2026. The bank has committed Rs 2,000 crore to this business. It also plans to establish a pension fund. Management expects this process to take six to nine months, subject to regulatory approvals.

International operations remain an important part of the business. Advances outside India grew 24.4% during FY26. The portfolio includes operations in the US and the Middle East. Management said the international book remains diversified. However, geopolitical risks will require monitoring.

Loan Growth Balancing International Book Risks

Asset quality continued to improve. Gross NPA declined to 1.89%, while net NPA fell to 0.45%. The FY26 slippage ratio improved to 0.72%. The bank reported a RoE of 12.7% and a RoCE of 5.6%.

The 0.8x P/BV and 3.4% dividend yield support the valuation case. Credit growth and asset quality are also favourable. However, the bank must protect margins as loans grew faster than deposits in FY26. This will be central to narrowing the discount to peers.

Conclusion

For now, the valuation discount across these banks comes with different trade-offs. Credit growth remains strong, while asset quality has improved. Dividend yields also offer some support. However, growth in net interest income has not always kept pace with the expansion in advances.

The next test will be funding this growth without putting further pressure on margins. Deposit mobilisation, particularly through low-cost CASA deposits, will be important. Investors must also track fresh slippages, credit costs and returns on equity.

A lower P/BV can indicate value, but it can also reflect weaker profitability or slower earnings growth. A sustained re-rating will depend on whether these banks can convert loan growth into stronger interest income and returns, while keeping asset quality under control.

👉india’s Cheapest Banking Stocks

Metric Bank of India Central Bank of India Bank of Baroda

P/BV 0.7x 0.8x 0.8x

Dividend yield 3.2% 3.7% 3.4%

FY26 NII growth 3.0% 2.0% 2.5%

FY26 net profit growth 14.0% 15.4% 2.2%

Net NPA 0.56% 0.49% 0.45%

RoE 12.4% 11.9% 12.7%

Peer median P/BV: 1.0x. Dividend yields are as of 17 July 2026.

Source: Screener.in and FY26 company

Article written by Ekta Sonecha

Source: Financial Express

19/07/26, SENSEX on positive note

19/07/26, I am in long on Nifty Bank

 

18/07/26, PostMarket REPORT

The Nifty 50 decisively broke above the six-session consolidation range of 23,800-24,300 and closed with gains of 1 percent on July 17, supported by above-average trading volumes. This came despite oil prices remaining elevated around $83 a barrel in a range-bound manner.

Along with improving momentum indicators, which had been signalling sideways movement in recent sessions, the benchmark index moved back above its 100-day EMA—a level it had failed to decisively surpass over the previous three sessions—and the midline of the Bollinger Bands. It also continued to hold firmly above the 20-day and 50-day EMAs throughout the recent consolidation phase.

The index now requires sustained follow-through buying above the 24,350-24,400 zone, which coincides with the 200-day EMA and serves as the immediate resistance area, to move towards the previous swing highs of 24,530-24,600. These levels are crucial for triggering a fresh leg of the rally towards 24,800-25,000. Until then, the index may remain in a consolidation phase, with immediate support placed in the 24,200-24,000 zone, according to experts.

The Nifty 50 opened higher and remained in positive territory throughout the session. The index gained strength as the day progressed, climbing to an intraday high of 24,367 before settling at 24,334, up 262 points, or 1.09 percent.

On the daily charts, the index formed a long bullish candle and climbed above the 61.8 percent Fibonacci retracement of the recent correction from 24,530 to 23,800, indicating a positive technical setup.

The RSI jumped to 58.48 with a positive crossover, while the MACD is on the verge of a bullish crossover, with its histogram showing fading weakness. Additionally, the DI+ crossed above the DI- on the ADX indicator, suggesting that bulls are gradually gaining the upper hand over bears.

"The overall trend remains positive as the index continues to trade above its critical moving averages. Additionally, the RSI has entered a bullish crossover, reinforcing the positive momentum," said Rupak De, Senior Technical Analyst at LKP Securities.

According to him, the index is likely to remain strong in the near term, with the potential to advance towards the 24,800 level. On the downside, immediate support is placed at 24,200, and a decisive fall below this level could trigger a phase of consolidation.

The weekly options data suggests that the 24,500-24,600 zone, where the maximum Call open interest is concentrated, is likely to act as the next resistance area for the Nifty 50. On the downside, 24,200, which has the maximum Put open interest, is expected to provide immediate support, followed by 24,000 as a next support, which has the second-highest Put open interest.

Meanwhile, the India VIX, the market's fear gauge, rose 2.08 percent to 13.15 after declining over the previous two sessions. However, it remains below alarming levels. A sustained decline below the 13-12 zone would provide greater comfort for the bulls.

Bank Nifty

The Bank Nifty also staged a strong breakout above its five-day consolidation range and moved above the midline of the Bollinger Bands (57,800), while consistently holding above all key moving averages during the recent consolidation. It outperformed the benchmark Nifty 50, surging 939 points, or 1.63 percent, to close at 58,521, led by strong buying in banking heavyweights.

The RSI climbed above the 60 mark with a bullish crossover, while the MACD moved up, although it remained below the signal line. The weakness in the MACD histogram also faded, indicating that bullish momentum is gradually strengthening.

According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the immediate resistance for the Bank Nifty is placed in the 58,700-58,800 zone, which coincides with its previous swing-high area. A sustained move above this zone could extend the pullback towards 59,200, followed by 59,600 in the short term.

On the downside, the immediate support for the Bank Nifty is placed in the 58,100-58,000 zone, he said.

Written by Sunil Shankar Matkar 

Source: Network18 

17/07/26, RELIANCE GROUP OF INDUSTRIES

 Reliance Industries Ltd (RIL) reported a stronger-than-expected performance for the June quarter, with double-digit growth across its key businesses--oil-to-chemicals (O2C), digital services and retail--helping the conglomerate weather one of the biggest energy-market shocks in recent years.

The company posted record recurring operating profit and its highest-ever recurring quarterly net profit, even as reported earnings were affected by a one-off gain in the year-ago period.

Consolidated revenue rose 25 percent from a year earlier to Rs 3.40 lakh crore, driven by robust momentum across O2C, digital services and retail, all of which delivered double-digit revenue growth.

Recurring consolidated EBITDA rose 10.1 percent from a year earlier to a record Rs 54,067 crore, while profit before tax increased 8.5 percent to Rs 30,630 crore.

Recurring profit after tax (before minority interest) climbed 6.1 percent to an all-time high of Rs 23,196 crore.

Reported profit, however, declined by 24.6 percent because the corresponding quarter last year included a one-time gain of Rs 8,924 crore from the sale of its stake in Asian Paints Ltd.

The company invested Rs 38,682 crore during the quarter, with operating cash flows comfortably funding capital expenditure. Net debt remained largely stable at Rs 1.23 lakh crore at the end of June.

"Reliance has made a steady start to FY27, with all businesses delivering strong operating performance. Our diverse business portfolio has once again demonstrated its resilience in a quarter which witnessed continuing geopolitical tensions and volatile commodity markets," said Chairman and Managing Director Mukesh Ambani.

Jio Platforms

Jio Platforms continued to be one of the biggest growth engines. Digital services revenue grew 20 percent from a year earlier, outpacing the core connectivity business as cloud computing, content, Internet of Things and managed services gained traction. EBITDA at Jio Platforms rose 15 percent to Rs 20,865 crore, with margins expanding to 53.3 percent. The telecom business ended the quarter with 533.3 million subscribers, including 285 million 5G users, while fixed broadband subscribers rose to 28.6 million. Average revenue per user (ARPU) increased 3.3 percent from a year earlier to Rs 215.6.

Reliance said data consumption remained strong, with total traffic rising 27 percent from a year earlier to 69 exabytes. JioAirFiber retained its global leadership with more than 14 million subscribers, while the company added more than 73 million 5G users and 8.6 million fixed broadband customers over the past year.

"Jio's performance across mobility, home broadband and enterprise services remained strong, driving healthy earnings growth of 15% Y-o-Y. During the quarter, Jio Platforms Limited filed its DRHP with SEBI, a significant step towards its public listing," said Ambani in a statement.

Anshuman Thakur, Senior Vice President of Jio Platforms, said that digital services growth outpaced connectivity growth, a trend seen over the last several quarters. “It's of a smaller base, but nonetheless, it's growing and growing well,” he said.

He further added that 5G data traffic is now one and a half times the 4G data traffic on the network, growing much more rapidly.

“Another key focus for us has been migrating more customers from 2G to 4G and 5G. We are continuing to drive this transition by expanding digital offerings through JioBharat devices, offering affordable plans, and working closely with OEM partners. This remains a strategic priority for us,” said Thakur.

Commenting on the Jio Platforms results, Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Jio has established itself as a deep tech company and demonstrated the velocity of innovation across multiple advanced technologies. This is underlined by our strong patent portfolio which has been recognised globally. We intend to use these technologies to offer an ever-expanding bouquet of services to every citizen of India and drive industry-leading growth for many years to come.”

Retail & FMCG

Reliance Retail Ventures Ltd also delivered healthy underlying growth, with grocery, consumer electronics and fashion all expanding at a double-digit pace. Revenue from the retail business rose 7.4 percent to Rs 90,408 crore, while adjusted for the demerger of Reliance Consumer Products, gross revenue increased 11.6 percent.

EBITDA of Reliance Retail fell 1.1 percent to Rs 6,309 crore, with margins narrowing by 80 basis points to 7.9 percent due to scale-up of digital commerce.

The retail network added 252 stores during the quarter, taking the total to 20,169, while customer transactions jumped 46 percent from a year earlier to 568 million. Registered customers increased to 396 million.

"Reliance Retail delivered resilient growth this quarter, with steady performance across all consumption formats and channels. The consumer products business is growing rapidly with the portfolio of FMCG brands gaining real traction with Indian consumers," said Ambani.

Growth was particularly strong in digital commerce, where grocery orders more than doubled, while Ajio Rush continued to scale rapidly and the Shein platform maintained its growth momentum. JioMart continued to expand, servicing about 5,500 PIN codes across more than 1,200 cities. Consumer electronics also posted healthy gains, led by air conditioners, laptops, mobile phones and small appliances.

Dinesh Taluja, Chief Financial Officer, Reliance Retail said that overall user transactions have grown 46 percent, while revenue growth was about 12 percent indicating that the number of transactions is growing much faster than revenue. “That's a function of the growing contribution of digital commerce in overall revenues,” he said.

Taluja added that Reliance Retail is looking to grow its online businesses pretty rapidly this year. “We will scale this online business aggressively, but with the right unit economics,” said Taluja.

On the FMCG side, Ketan Mody, Chief Operating Officer and Executive Director of Reliance Consumer Products Ltd (RCPL), said that all FMCG categories showed significant momentum in the June quarter. “Home care, personal care, processed food, confectionery, chocolates-everything had started kind of giving us good growth,” he said.

RCPL now has more than 5,000 distributors and reaches more than 3 million retail outlets, he added.

Commenting on the retail and FMCG unit earnings, Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited said, “Reliance Retail delivered resilient performance in Q1 FY27, with growth across the key consumption baskets. Our continued investment in digital commerce underscores the transformative power of our digital platforms. Our expanding customer base, widest store network, and growing omni-channel capabilities position us well to continue fulfilling every need, every dream, for every Indian, every day."

0ils to Chemicals

The O2C business benefited from a sharp recovery in transportation fuel cracks and stronger downstream chemical margins, lifting EBITDA by 17.2 percent to a four-year high of Rs 17,010 crore. The business was aided by significantly higher gasoline, diesel and aviation turbine fuel margins, although gains were partly offset by the windfall tax on fuels, under-recoveries in domestic fuel retailing and lower production due to planned maintenance shutdowns. The Jio-bp fuel retail network expanded to 2,221 outlets.

Anant M. Ambani, Executive Director, Reliance Industries Limited, said "Our Energy business delivered a stellar performance in a backdrop of macro challenges arising out of the largest energy market dislocation. The results reflect the inherent strength of deeply integrated O2C operations and our agile response to changes in the market environment. Along with delivering a superior financial performance, I am particularly proud of the efforts our business undertook to protect Indian consumers with uninterrupted supply of essential fuels."

Commenting on the performance of the Oils-to-Chemicals (O2C) business, Srinivasan T, Chief Operating Officer, O2C (Refining) at RIL, said, "Fuel cracks have been good. Crude prices have risen, but because of production in the US, ethane has been good. Refining capacity in both Russia and the Middle East was affected, which resulted in good numbers, but there were also challenges. There were under recoveries on our retail sales,” said

“We saw freight rates rising by 10X (due to war). EBITDA margin is a bit lower because of an increase in insurance and freight rates,” he said.

Amit Chaturvedi, President, Petrochemicals at RIL, added that last quarter was an absolute roller coaster and volatility in raw materials prices was phenomenal.

“Cost of making ethylene from naphtha shot up like anything due to increased prices and freight rates. Availability of natural gas was also affected severely due to disruption in supplies from Qatar,” he said.

Oil & Gas

The oil and gas business remained largely stable, with EBITDA of Rs 4,973 crore, supported by higher condensate output from KG-D6 and increased coal-bed methane (CBM) production. However, natural declines in KG-D6 gas output, lower gas price realisation and higher government levies weighed on earnings. KG-D6 gas price realisation was lower by 10.8 percent and CBM price realisation was up 21.2 percent from a year earlier.

Sanjay Barman Roy, President – E&P, commented that in KGD6, while there is natural decline, it is lower than anticipated. “We are trying to offset natural decline in KGD6,” he said.

“We've seen gas prices being much higher because of stranded volumes in the Strait of Hormuz. We saw prices come down after the ceasefire, but it is still higher than pre-war levels. We can get better price realisations,” he added.

Media

JioHotstar also reported its highest-ever quarterly engagement, averaging 530 million monthly active users, while IPL 2026 became the biggest-ever T20 event across digital and television platforms. EBITDA rose 3.1 percent to Rs 1,049 crore from a year earlier.

Ishan Chatterjee, CEO - Digital and Sports, JioStar, said this was a good quarter for JioStar. “We launched Tadka, our own in-house micro content platform. We saw 100 mn+ active users within two months of launch. We now have our own in-house AI media studio. We launched our first ever fully AI-generated micro drama,” he commented.

Source: Money control