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Indian Oil Enhances Panipat Refinery for Aviation Fuel
Economy, Equities, Market News - July 11, 2025

Indian Oil Enhances Panipat Refinery for Aviation Fuel

Indian Oil Enhances Panipat Refinery for Aviation Fuel

In a significant move towards achieving net-zero goals, Indian Oil Corporation plans to upgrade its diesel desulphuriser unit at the Panipat refinery. This upgrade aims to generate 30,000 metric tons of sustainable aviation fuel (SAF) each year from recycled cooking oil, alongside inviting proposals for SAF and green hydrogen initiatives.

Summary:
Indian Oil Corporation (IOC) is temporarily shutting down its Panipat refinery’s diesel desulphuriser unit to upgrade it for producing 30,000 metric tonnes of Sustainable Aviation Fuel (SAF) from used cooking oil. This move supports India’s clean energy goals and the aviation industry’s push for carbon-neutral flying. IOC will also invite tenders for a green hydrogen plant and additional SAF capacity at the site.

Indian Oil’s Green Turn: Retrofitting for the Future
Indian Oil Corporation Ltd. (IOCL), the leading energy company in the country, is making significant strides to reduce carbon emissions in India’s aviation industry. The firm has revealed that it will temporarily close its diesel desulphuriser unit at the Panipat refinery in Haryana for a comprehensive upgrade, which is intended to initiate the production of Sustainable Aviation Fuel (SAF).
The Panipat refinery, with a capacity of 300,000 bpd, is a vital asset for IOCL and will play a significant role in India’s emerging SAF landscape following its upgrade.

Why Sustainable Aviation Fuel?
Sustainable Aviation Fuel (SAF) is a biofuel that has a chemical composition resembling traditional jet fuel, but it offers a much smaller carbon footprint. The production of SAF from non-fossil sources like used cooking oil, municipal waste, or agricultural residues can reduce lifecycle greenhouse gas emissions by up to 80% compared to conventional fossil jet fuel.
According to global studies and IATA guidelines, adopting Sustainable Aviation Fuel (SAF) is key to achieving net-zero aviation emissions by 2050. India’s rapidly growing civil aviation sector is ideal for large-scale SAF integration.

The Panipat Transformation: Transitioning from Diesel to Eco-Friendly Jet Fuel
According to Indian Oil officials, the retrofitting of the diesel desulphuriser unit will allow the facility to produce 30,000 metric tonnes of SAF annually. This SAF will be derived from Used Cooking Oil (UCO), a waste material abundant in urban households and restaurants.
This aligns with the government’s broader push under the National Bio-Energy Programme and waste-to-energy initiatives. Indian Oil had earlier piloted a used cooking oil collection initiative in several cities, which now finds a downstream application in SAF production.
The temporary shutdown will enable Indian Oil to install advanced equipment for producing sustainable aviation fuel (SAF) using Hydroprocessed Esters and Fatty Acids (HEFA) technology from used cooking oil.

Green Hydrogen and SAF Bids to Be Invited
Beyond upgrading the current unit, IOCL is taking the green transition further by inviting tenders for two major projects:
A Green Hydrogen Plant – in line with India’s National Green Hydrogen Mission, this plant will produce hydrogen via electrolysis powered by renewable energy. This clean hydrogen can be integrated into various refinery processes or offered as fuel for heavy transport.
A Full-Scale SAF Production Facility – in addition to the retrofit, IOCL is eyeing a standalone SAF production unit at Panipat, which will likely be much larger in capacity and may explore feedstocks beyond UCO, such as agricultural waste or algae-based oils.
These projects are expected to attract domestic and international clean energy investors and technology providers. Indian Oil is expected to call for global bids before the end of this quarter.

Strategic and Environmental Impact
This shift by IOCL marks a critical juncture in India’s energy transition. While refining remains core to Indian Oil’s operations, the company is actively diversifying into renewable energy, biofuels, EV infrastructure, and now green hydrogen and SAF.
Key Implications:
Decarbonization of Aviation: The project will directly contribute to lowering the carbon footprint of Indian airlines, especially for international routes, seeking to meet global sustainability compliance.
Circular Economy Boost: By sourcing UCO from households and restaurants, the project encourages sustainable waste management and additional income streams for small-scale collectors.
Employment and Innovation: The SAF and green hydrogen projects are expected to generate high-skilled jobs and drive technology innovation in bio-refining.

Alignment with Government and Global Goals
This initiative is in harmony with several government missions and international agreements:
National Green Hydrogen Mission – launched with an initial outlay of ₹19,744 crore, aiming to make India a global hub for green hydrogen.
SATAT Scheme (Sustainable Alternative Towards Affordable Transportation) – supporting bio-CNG and other clean fuel alternatives.
India’s COP26 commitment is to reach net zero by 2070 with interim targets by 2030.
It also places Indian Oil in alignment with the International Civil Aviation Organisation (ICAO) and IATA recommendations for blending SAF into commercial aviation fuel supplies.

Industry Outlook: A Growing SAF Market
Globally, the SAF market is projected to grow from around $1.1 billion in 2022 to over $10 billion by 2030, fueled by tightening emissions regulations, rising jet fuel prices, and increased airline commitments to net-zero goals.
In India, the SAF sector is still in its infancy. Indian Oil’s Panipat initiative can act as a springboard, encouraging other oil majors like BPCL and HPCL to follow suit. Private sector refineries and global clean energy players may also enter the fray, either independently or through PPP models.

Conclusion
Indian Oil Corporation’s decision to repurpose and upgrade a core refinery unit for SAF production is more than just a technical enhancement—it signals a strategic realignment with India’s and the world’s clean energy future. By utilising waste like used cooking oil to power aircraft, and pairing that with green hydrogen infrastructure, IOCL is not only safeguarding its business future but is actively shaping the country’s energy narrative.
This transformation from black gold to green fuel demonstrates the evolving role of oil companies in a carbon-conscious world and marks a defining milestone for India’s energy transition journey.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Corporate Bond Issuances Set to Hit ₹11 Trillion in FY26 Amid Falling Rates and Delayed Bank Transmission

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IREDA Bonds Gain Tax Benefits to Promote Green Energy
Market News, Markets - July 10, 2025

Corporate Bond Issuances Set to Hit ₹11 Trillion in FY26 Amid Falling Rates and Delayed Bank Transmission

Corporate Bond Issuances Set to Hit ₹11 Trillion in FY26 Amid Falling Rates and Delayed Bank Transmission

India’s corporate debt market is poised for another record-breaking year in FY26, with bond issuances expected to exceed ₹11 trillion. This would mark a significant jump from ₹9.95 trillion raised in FY25 and signals a shift in preference toward market-based borrowing over traditional bank loans. With bond yields declining and banks slow to cut lending rates, companies are seizing the opportunity to raise funds at lower costs.

Key Drivers Behind the Surge in Bond Issuances

The surge in corporate bond issuance is largely driven by the divergence in rate transmission between the bond market and the banking system. After the Reserve Bank of India (RBI) initiated rate cuts, yields in the bond market responded swiftly. The 10-year government bond yield fell nearly 38 basis points from 6.70% to 6.32%, making it more attractive for corporates to raise funds through bonds.

In contrast, banks were slower to pass on the benefits of rate cuts. For instance, the one-year marginal cost of lending rate (MCLR) dropped by only 10 basis points during the same period, standing at 8.90%. This lag in rate transmission has widened the cost gap, making debt markets the preferred route for corporates seeking affordable capital.

Front-Loading of Borrowings

Another notable trend is the front-loading of bond issuances. During the first quarter of FY26, companies secured ₹2.79 trillion via 506 private placements—significantly surpassing the ₹1.56 trillion raised in the same quarter of FY25.This sharp increase shows that corporates are rushing to lock in lower rates before any possible reversal in monetary policy.

Companies still favour private placements as their primary method for raising debt. Companies prefer this route due to its flexibility, quicker turnaround, and reduced compliance compared to public issues. In FY25, only ₹19,000 crore was raised through public bond issuances, highlighting the overwhelming preference for private deals.

Who’s Borrowing and at What Rates?

The bulk of recent bond issuances have come from highly rated companies, especially those with AAA credit ratings. Firms like Bajaj Housing Finance and L&T Finance successfully raised funds in June with coupon rates ranging between 7.0% and 7.5%. These rates are considerably lower than those offered by banks for similar credit quality, reinforcing the shift towards bonds.

The investor base for corporate bonds is also expanding. Mutual funds, insurance companies, and pension funds are showing growing interest in these instruments due to the attractive yield spreads over government securities. This demand further supports the momentum in the primary bond market.

Market Size and Comparison with Global Peers

Despite the robust growth, India’s corporate bond market remains underdeveloped relative to other major economies. Currently, the market accounts for about 18% of the country’s GDP. In contrast, China’s corporate debt market represents roughly 36% of its GDP, and South Korea’s stands at nearly 80%.

The lack of a deep and active secondary market is one of the main reasons behind this gap. According to RBI data, the average secondary market turnover in corporate bonds is only about 3.8% of outstanding bonds. Low liquidity discourages retail participation and limits price discovery, posing a challenge to long-term market development.

Delayed Transmission in Bank Credit

While bond issuances have grown rapidly, bank credit to industries continues to lag. As of May 2025, year-on-year credit growth to the industrial sector stood at 4.8%—a modest figure compared to the spike in debt market activity. The slow adjustment in lending rates and tight credit assessment by banks have nudged corporates toward more efficient capital-raising options like bonds.

Forecasts and Outlook

Rating agencies and market participants expect this trend to continue. ICRA estimates that corporate bond issuances may total between ₹10.7 trillion and ₹11.3 trillion by FY26-end. Others believe that if the current momentum continues, the market could even surpass ₹12 trillion this fiscal year.

However, the pace may moderate in the second half of the year if the RBI decides to pause or reverse its rate-cutting cycle due to inflationary pressures or global uncertainties. Additionally, improving secondary market liquidity and increasing public issuances could further support the market’s depth and resilience.

Structural Reforms Still Needed

Despite strong momentum, several structural issues need to be addressed. These include improving transparency, easing public issuance norms, developing the secondary market, and encouraging wider investor participation. SEBI and RBI have taken steps in this direction, but consistent reforms are essential to build a deeper and more vibrant corporate bond ecosystem.

Conclusion

India’s corporate bond market is on track for another landmark year, fueled by favorable interest rate dynamics and increased reliance on private placements. As companies take advantage of lower yields and bypass sluggish bank lending, the debt market is evolving into a major funding channel. Yet, for sustainable growth, long-standing challenges like liquidity, access, and regulatory hurdles must be tackled head-on.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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ICICI Bank Shares Slip as ICICI Prudential AMC Files for Landmark ₹10,000 Crore IPO

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ICICI Bank Shares Slip as ICICI Prudential AMC Files for Landmark ₹10,000 Crore IPO
Banking, Market News - July 10, 2025

ICICI Bank Shares Slip as ICICI Prudential AMC Files for Landmark ₹10,000 Crore IPO

ICICI Bank Shares Slip as ICICI Prudential AMC Files for Landmark ₹10,000 Crore IPO

ICICI Prudential Asset Management Company’s IPO filing triggers market reaction, as parent ICICI Bank eyes stake increase and Prudential plans a significant divestment in one of India’s largest asset management listings.

Introduction
The Indian financial sector is witnessing a major development as ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential plc, prepares for a high-profile public debut. The asset manager’s IPO, expected to be among the largest in the sector, is set against a backdrop of robust financial performance and a rapidly growing investor base. However, the announcement has also impacted ICICI Bank’s stock, which saw a decline as investors digested the implications of the listing and the associated changes in shareholding.

The IPO Filing: Structure and Details
On July 8, 2025, ICICI Prudential AMC submitted its DRHP to SEBI, BSE, and NSE, marking the formal initiation of its initial public offering process. The IPO is structured solely as an offer for sale (OFS), through which Prudential Corporation Holdings plans to offload up to 10% of its stake in the AMC. This translates to approximately 1.76 crore shares on offer, with no fresh equity issue—meaning the entire proceeds will go to the selling shareholder, Prudential.
ICICI Bank, which presently owns a 51% stake, has revealed its intention to purchase an additional 2% from Prudential ahead of the IPO, pending regulatory approvals and final agreement on terms. This inter-se agreement is likely intended to strengthen ICICI Bank’s control over the asset management company (AMC) in preparation for its market debut.

Financial Performance and Market Position
ICICI Prudential AMC has shown robust financial performance in the run-up to its IPO. For the fiscal year ending March 31, 2025, the company reported a 32.4% jump in revenue from operations, reaching ₹4,977.3 crore, and a net profit of ₹2,650.66 crore. The AMC manages assets worth over ₹9.5 lakh crore and boasts a customer base of 14.6 million, making it the largest AMC in India by active mutual fund quarterly average assets under management.

Strategic Context: ICICI Bank and Prudential’s Moves
This IPO represents the ICICI Group’s fifth significant market debut, following earlier listings of ICICI Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and the previously listed ICICI Securities. With this move, ICICI Prudential AMC will also become the fifth asset management firm to list on Indian stock exchanges, joining peers such as HDFC AMC, UTI AMC, etc,.
Prudential’s decision to divest a 10% stake is seen as a strategic move to unlock value from its long-standing joint venture. The sale could yield a substantial return for the UK-based insurer, given its original acquisition cost for the stake was just ₹10 crore. For ICICI Bank, the planned 2% stake increase signals confidence in the AMC’s future prospects and a desire to strengthen its position as the controlling partner.

Market Reaction: ICICI Bank Shares Under Pressure
The announcement of the IPO and associated stake sale has led to a decline in ICICI Bank’s share price. Investors are assessing the near-term implications of the ownership reshuffle and the lack of new capital infusion into the AMC, given that the entire IPO proceeds will be directed to Prudential. Market participants are also assessing the broader implications for ICICI Bank’s consolidated earnings and strategic direction.

Industry Impact and Outlook
The public offering of ICICI Prudential AMC is anticipated to be a landmark event for India’s asset management sector. The listing will provide investors with another avenue to participate in the country’s growing mutual fund sector, which has seen rapid expansion in both assets and investor participation. The IPO is also likely to set benchmarks for future valuations in the industry.

Conclusion
ICICI Prudential AMC’s IPO filing represents a significant milestone for both the company and the broader financial sector. While the move has introduced some short-term volatility in ICICI Bank’s share price, it underscores the growing maturity and depth of India’s capital markets. As the IPO process unfolds, all eyes will be on the pricing, investor response, and the future trajectory of both ICICI Prudential AMC and its parent, ICICI Bank.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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MRF Shares Soar Above ₹1.5 Lakh, Reaching a 52-Week Peak!

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MRF Shares Soar Above ₹1.5 Lakh, Reaching a 52-Week Peak!
Equities, Market News - July 10, 2025

MRF Shares Soar Above ₹1.5 Lakh, Reaching a 52-Week Peak!

MRF Shares Soar Above ₹1.5 Lakh, Reaching a 52-Week Peak!

MRF, India’s priciest stock, rose by 4% to reach ₹1,50,981; it has increased by 33% over the past three months and nearly 50% in the last two years.

Summary:
MRF shares jumped by 4% on Tuesday, surpassing the ₹1.5 lakh milestone once again and reaching a new 52-week high of ₹1,50,981. The surge has been driven by robust buying interest, better financial performance, and favorable technical indicators. With a 33% gain over the last three months and a 50% return over two years, MRF continues to dominate as India’s highest-priced stock.

MRF Hits ₹1.5 Lakh Once Again: A Symbol of Premium Valuation and Investor Confidence
In a stellar display of strength, MRF Ltd (Madras Rubber Factory) — India’s most expensive stock by price — crossed the coveted ₹1.5 lakh mark once again on Tuesday, marking a new 52-week high of ₹1,50,981 per share. This sharp 4% intraday surge is a reflection of renewed investor confidence in the company’s performance, robust demand in the auto and replacement tyre market, and positive technical indicators supporting the ongoing rally.
The stock’s recent momentum has left market watchers impressed as MRF has delivered over 33% returns in the past three months alone, and nearly 50% over the last two years, establishing itself as a reliable source of wealth generation in the Indian equity market.

India’s Most Expensive Stock by Price
MRF has always held a unique place in the Indian stock market for being the highest-priced share on the bourses. Despite the absence of a stock split or bonus issue, the company’s consistent performance, brand strength, and premium positioning have ensured steady price appreciation over the decades.
While price alone doesn’t determine the valuation or value of a company, MRF’s share price has become symbolic of investor loyalty and market stature. It continues to attract attention from institutional and retail investors alike, despite the high nominal price tag.

What’s Driving the Rally?
1. Strong Financial Performance:
MRF reported healthy numbers in its recent quarterly results. Despite margin pressures faced by the industry, the company showed resilience by optimising costs and capitalising on rising demand from the commercial vehicle and passenger car segments.
2. Auto Sector Recovery:
The Indian automobile sector has been witnessing a sustained recovery post-COVID, supported by strong rural demand, easing chip shortages, and rising preference for personal mobility. This has directly benefited tyre manufacturers like MRF that supply to OEMs (Original Equipment Manufacturers) and also operate in the aftermarket space.
3. Rising Replacement Demand:
With an increasing number of vehicles on Indian roads and improved road infrastructure, the replacement cycle for tyres has shortened, pushing demand higher for quality brands like MRF.
4. Technical Breakout:
From a technical standpoint, MRF broke past key resistance levels on high volumes. Technical analysts observed a strong bullish momentum, supported by positive indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).

Performance Snapshot:
Time Frame Price Gain
1 Day- +4%
1 Month- +12%
3 Months- +33%
1 Year- +41%
2 Years- +49.7%
The recent price action reflects the long-term compounding strength of the stock, despite its steep per-share price, and further reinforces the trend of investing in industry leaders with strong fundamentals.

Key Investor Considerations
MRF’s consistent performance and premium pricing come with a set of unique considerations:
Pros:
Dominant Market Share: Among the top tyre manufacturers in India, with a wide OEM and replacement network.
Brand Strength: Recognised as a durable and trusted name in tyres for decades.
Strong Balance Sheet: Minimal debt and solid cash flows make MRF financially resilient.
Rising Exports: MRF’s presence in international markets is gradually growing, adding to revenue diversification.
Risks:
High Raw Material Costs: Rubber and crude derivatives can be volatile, affecting margins.
Competitive Pressure: Growing competition from domestic and international tyre brands.
No Stock Splits or Bonuses: While the price remains premium, the lack of splits may limit liquidity or discourage small investors.

Investor Sentiment Remains Positive
Brokerages remain optimistic about MRF’s long-term story. According to a recent analyst report by a leading domestic brokerage, “MRF is well-positioned to benefit from the ongoing recovery in the auto sector, while its focus on premium tyres and efficient capital management should keep it ahead of the curve.”
Additionally, long-term investors who value low volatility, brand legacy, and steady growth continue to hold MRF as a blue-chip defensive stock in their portfolios.

What Lies Ahead?
With the festive season approaching and the rural economy showing early signs of recovery, the auto and tyre demand is expected to remain buoyant. For MRF, this could translate into stronger quarterly earnings and further upside in share prices.
However, macroeconomic cues like interest rate changes, input cost inflation, and currency fluctuations should be monitored closely, especially for export-heavy segments.

Conclusion:
MRF’s remarkable journey continues to awe market participants as it touches another milestone. The stock crossing ₹1.5 lakh again is more than just a price event — it reflects investor confidence in a fundamentally strong, brand-driven business with a proven legacy. For those seeking long-term compounding stories, MRF remains a stellar example of steady and sustainable growth in Indian equities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Investor Frenzy: Chemkart, Smarten IPOs 5x Oversubscribed!

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LG Electronics’ India unit IPO: valuation, strategy and sector implications
Equities, IPO research, Market News - July 10, 2025

Investor Frenzy: Chemkart, Smarten IPOs 5x Oversubscribed!

Investor Frenzy: Chemkart, Smarten IPOs 5x Oversubscribed!

High demand in the SME sector drives the Chemkart and Smarten Power IPOs, with allotments anticipated by July 10 and listings scheduled for July 14.

Summary:
The initial public offerings (IPOs) of Chemkart India and Smarten Power Systems have seen robust investor participation, each getting subscribed over five times their offer size. Allotment for both issues will be finalised by July 10, with shares set to debut on the BSE SME and NSE Emerge platforms on July 14.

IPO Boom in SME Space: Chemkart India and Smarten Power Systems Shine
The small and medium enterprise (SME) IPO space in India continues to witness strong traction as two recent public issues—Chemkart India and Smarten Power Systems—have both recorded over 5x subscription, signalling elevated investor enthusiasm for promising growth stories in niche sectors.
The subscription window for both IPOs closed recently, and investors are now eagerly awaiting the allotment status, which will be finalised by July 10, 2025. Chemkart India Ltd’s shares are set to be listed on the BSE SME platform, while Smarten Power Systems Ltd will make its debut on the NSE Emerge platform on July 14, 2025.

Chemkart India IPO: Interest Generated by Speciality Chemicals and API Focus
Company Overview:
Chemkart India is a rapidly growing chemical distribution company catering to the Active Pharmaceutical Ingredients (API) and speciality chemicals segment. With a wide customer base and strong supplier partnerships, the company provides critical raw materials for industries ranging from pharmaceuticals to agrochemicals and paints.
IPO Details:
Issue Size: ₹27.04 crore
Price Band: ₹99–₹105 per share
Lot Size: 1,200 shares
Use of Proceeds: Working capital requirements, general corporate purposes, and expansion of warehousing infrastructure.
Investor Response:
The Chemkart IPO was subscribed more than 5.3 times, driven largely by retail investors and HNIs, who accounted for the lion’s share of the bids. The company’s scalable business model, strong financials, and projected revenue growth made it attractive for investors betting on India’s booming chemical and pharmaceutical sectors.

Smarten Power Systems IPO: Riding the Clean Energy Wave
Company Overview:
Smarten Power Systems is a manufacturer of renewable energy products such as solar inverters, batteries, and power backup solutions. The company has witnessed rapid growth amid rising demand for energy-efficient and eco-friendly power solutions, particularly in rural and semi-urban India.
IPO Details:
Issue Size: ₹38.5 crore
Price Band: ₹96–₹102 per share
Lot Size: 1,200 shares
Use of Proceeds: Capital expenditure, R&D, marketing initiatives, and working capital.
Investor Response:
Smarten Power’s IPO was subscribed over 5.7 times, with significant traction from institutional investors betting on the green energy transition. The company’s strong product portfolio, growing distribution network, and alignment with government solar initiatives contributed to the robust response.

What Happens Next: Allotment & Listing Timeline
For both Chemkart and Smarten Power IPOs, the share allotment status is scheduled to be finalised by July 10, 2025. Refunds for shares that were not allotted will be processed by July 11, and the credit for allotted shares in the demat account is anticipated by July 13.
Listing Date for Both IPOs: July 14, 2025
Chemkart India: To be listed on BSE SME
Smarten Power Systems: To be listed on NSE Emerge
Investors should verify the allotment status on the official registrar websites or stock exchange portals.

Market Outlook: Why SME IPOs Are Gaining Traction
The SME IPO sector in India has experienced a revival in investor interest over the last two years. This is fueled by:
Improved financial disclosure norms
High-growth potential of niche companies
Reduced entry barriers for retail investors
Attractive valuations compared to mainboard IPOs
Chemkart and Smarten Power’s oversubscription reaffirms the sentiment that quality SMEs with solid fundamentals and strong growth narratives are capable of delivering multibagger returns post-listing.

Analyst Take:
Market analysts are optimistic about the listing performance of both companies. Given the high demand and investor interest, a robust opening is expected.
“Both companies operate in sectors aligned with structural growth trends—pharma for Chemkart and clean energy for Smarten Power. Post-listing performance will depend on their earnings trajectory and execution capabilities,” said Radhika Seth, a senior equity strategist at an investment firm.

Risks to Watch:
While investor interest is high, experts caution that SME stocks are generally less liquid and more volatile than mainboard stocks. Hence, long-term fundamentals and governance should remain the key drivers of investment decisions.

Conclusion:
The enthusiastic response to Chemkart India and Smarten Power Systems’ IPOs marks yet another successful chapter in India’s growing SME capital market story. With strong fundamentals, favourable sector outlooks, and investor optimism, these companies are poised to attract attention post-listing. However, investors should temper short-term listing expectations with long-term business performance and scalability.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Rupee Plummets Amid FII Outflows, Trade Concerns

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BRICS-backed bank plans first Indian rupee-denominated bond by end-March
Currency, Economy, Market News - July 9, 2025

Rupee Plummets Amid FII Outflows, Trade Concerns

Rupee Plummets Amid FII Outflows, Trade Concerns

Foreign fund withdrawal and global trade uncertainty have dragged the Indian rupee to a record low, stoking inflationary fears and complicating the monetary policy outlook.

Summary:
The Indian rupee fell sharply on Tuesday, decreasing by 47 paise to end the day at 85.87 compared to the U.S. dollar. This decline was driven by significant outflows from foreign institutional investors (FIIs) and rising global concerns over trade tariffs. This marked one of the steepest single-day declines in recent months and raised alarms across India’s financial and policy-making circles as the currency approached uncharted territory.

Rupee Cracks Under Pressure, Hits Record Low of 85.87/USD
On Tuesday, the Indian currency experienced a significant drop, falling by 47 paise to finish at ₹85.87 per U.S. dollar, which stands as one of its lowest closing values on record. The sudden fall in the rupee was attributed to a combination of foreign fund outflows, global risk-off sentiment, and uncertainties surrounding trade tariffs, particularly those being imposed and revised by major economies such as the U.S. and China.
According to dealers in the foreign exchange market, the rupee opened weak at ₹85.42 and continued to lose ground throughout the trading session amid persistent dollar demand from oil importers and corporates. The Reserve Bank of India (RBI) was reported to have intervened during the day to stabilise the fall but refrained from significant dollar selling.

Global Trade War Fears and Tariff Uncertainty Weigh Heavy
The rupee’s depreciation comes at a time when global trade tensions are rising once again. With the U.S. mulling increased tariffs on Chinese electric vehicles, steel, and semiconductor components, global investors are growing wary of a full-blown trade war resurgence. These concerns have prompted many investors to exit emerging markets, including India, and shift capital into safer assets like the U.S. dollar and treasury bonds.
Moreover, the recent strengthening of the U.S. dollar index (DXY) to levels above 106 has created added pressure on currencies across Asia. The rupee is not alone in its struggle; most Asian currencies, including the Thai baht, Indonesian rupiah, and Malaysian ringgit, also saw steep declines during the week.

FIIs Pulling Out Capital: Key Reason Behind the Slide
One of the core drivers behind the rupee’s fall has been sustained foreign institutional investor (FII) outflows. As per information from the National Securities Depository Ltd (NSDL), foreign institutional investors (FIIs) have offloaded more than ₹9,200 crore in Indian equities during the past five sessions. The outflows are primarily being driven by:
Concerns over elevated U.S. interest rates, making American assets more attractive
Weakening global growth outlook
Profit booking ahead of quarterly earnings and geopolitical tensions
The resultant capital flight has pressured the domestic currency, especially in the absence of meaningful FDI (foreign direct investment) inflows during this period.

Oil Prices and Importer Demand Add to the Burden
Crude oil prices have remained elevated, hovering around $84–86 per barrel, largely due to supply restrictions from OPEC+ and geopolitical unrest in the Middle East. India, being a net importer of oil, experiences added fiscal pressure when global oil prices rise.
The increase in oil import bills leads to greater demand for dollars by Indian oil companies, which further weakens the rupee. Dealers mentioned that oil-related dollar demand intensified in the latter half of the day, pushing the rupee down even further toward the close.

Inflation and Monetary Policy Concerns Resurface
A weaker rupee also raises the spectre of imported inflation, especially in food, fuel, and electronics. This puts the RBI in a challenging position, as it tries to strike a balance between controlling inflation and supporting growth.
While the RBI has maintained a pause on interest rate hikes over the past quarters, the current currency depreciation could compel the central bank to adopt a more hawkish tone or intervene more aggressively in the forex markets to maintain macroeconomic stability.

Market Reactions and Expert Commentary
Traders and economists alike expressed concern over the sharp fall.
“The rupee’s fall below 85.80 is a psychological breach. Continued pressure from global cues and lack of inflows could see the rupee touch 86.10 in the near term unless the RBI steps in decisively,” said a forex strategist from a private bank.
Market players are keenly observing the forthcoming statements from the U.S. Federal Reserve, as they may provide insights into potential future interest rate decisions. Any hint of prolonged high interest rates in the U.S. could trigger more FII selling and further pressure the rupee.

Outlook: Can the Rupee Rebound?
Whether the rupee stabilises or weakens further will depend on a mix of domestic and global factors:
RBI’s intervention strategy
Direction of U.S. bond yields
FII behaviour ahead of earnings season
Clarity on global trade tariffs
A stable monsoon and cooling domestic inflation could offer some comfort. However, if geopolitical risks escalate or oil prices rise sharply, the rupee could see further downside in the short term.

Conclusion
The rupee’s plunge to ₹85.87 against the U.S. dollar signals brewing tension in India’s macroeconomic landscape. As foreign investors pull back, oil importers seek more dollars, and global uncertainties mount, the pressure on the currency is likely to persist in the near term. Policymakers and investors will now watch closely for signs of stabilisation or further volatility as India navigates a turbulent global environment.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Kalyan Jewellers’ Q1 Revenue Shines, but Share Price Dips

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Kalyan Jewellers’ Q1 Revenue Shines, but Share Price Dips
Equities, Market News, Result Updates - July 9, 2025

Kalyan Jewellers’ Q1 Revenue Shines, but Share Price Dips

Kalyan Jewellers’ Q1 Revenue Shines, but Share Price Dips

Strong Revenue Growth Fails to Lift Sentiment as Gold Price Volatility and Market Caution Weigh on Kalyan Jewellers’ Stock

Introduction
Kalyan Jewellers, one of India’s leading jewellery retailers, delivered an impressive financial performance in the first quarter of FY26. The company’s consolidated revenue surged by 31% year-on-year, reflecting strong consumer demand and continued expansion across India and international markets. However, this positive momentum in business was not mirrored by the stock market, as the share price fell by 2.5% following the Q1 business update. This article explores the key drivers behind the company’s growth, the reasons for the market’s cautious reaction, and what lies ahead for Kalyan Jewellers.

Revenue Growth Defies Market Headwinds
Impressive Top-Line Performance
Kalyan Jewellers reported a consolidated net revenue of ₹5,557.63 crore for Q1 FY26, up 31% from the same period last year. This growth was achieved despite facing intermittent demand disruptions caused by gold price fluctuations and persistent geopolitical tensions, both of which have been influencing consumer sentiment in the jewellery sector.
India and International Operations
• India: The domestic market remained a key growth engine, with revenues rising 31% year-on-year. Festive occasions such as Akshaya Tritiya and the ongoing wedding season played a pivotal role in boosting sales.
• International: Overseas operations mirrored the domestic trend, also posting 31% revenue growth. Notably, the Middle East market saw a 26% increase, primarily driven by strong same-store sales.
Digital Platform Acceleration
Kalyan’s digital-first brand, Candere, stood out with a remarkable 67% revenue growth in Q1 FY26. The success was attributed to a new brand campaign launched in May 2025, which significantly increased both physical showroom footfalls and online engagement.

Aggressive Expansion Strategy
Showroom Network Growth
During the quarter, Kalyan Jewellers expanded its footprint by opening 10 new showrooms under its flagship brand and eight Candere showrooms in India, along with one new outlet in the United States. As of June 30, 2025, the company operated 406 showrooms across its various brands.
Ambitious Plans for FY26
Looking ahead, Kalyan Jewellers has outlined plans to launch 170 new showrooms under both the Kalyan and Candere formats in India and abroad during the current fiscal year. This includes a focus on expanding in non-south Indian markets and strengthening its international presence.

Share Price Reaction: Market Caution Prevails
Stock Movement Post-Q1 Update
Despite the stellar revenue growth, Kalyan Jewellers’ share price fell by 2.5% immediately after the Q1 business update, with the stock hitting an intraday low of ₹563.05 on the BSE. The decline extended to nearly 4% at one point as investors appeared to book profits and react to broader market volatility.
Factors Behind the Decline
• Gold Price Volatility: Persistent fluctuations in gold prices have created uncertainty for both consumers and investors, impacting demand patterns and sentiment.
• Geopolitical Uncertainties: Ongoing global tensions have added another layer of unpredictability to the luxury retail sector.
• Profit Booking: After a period of strong performance, some investors may have chosen to lock in gains, leading to short-term selling pressure.
Digital and Brand Investments Paying Off
Candere’s robust performance highlights the growing importance of digital channels in the jewellery business. The brand’s 67% revenue jump, following a targeted campaign, signals that Kalyan Jewellers’ investments in omnichannel retail and digital marketing are resonating with younger, tech-savvy consumers.

Conclusion
Kalyan Jewellers’ Q1 FY26 results underscore the company’s resilience and adaptability in a challenging market environment. While the 31% revenue growth across both domestic and international operations demonstrates strong underlying demand, the recent share price dip reflects broader market caution and the impact of external uncertainties. As the company continues its aggressive expansion and digital transformation, its ability to navigate volatility and sustain growth will be closely watched by both investors and industry peers.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Z47 Launches $400M Fund for India’s Tech Boom

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Mangalam Cement Skyrockets: Promoter Buys 4.7 Lakh Shares!
Equities, Market News - July 9, 2025

Mangalam Cement Skyrockets: Promoter Buys 4.7 Lakh Shares!

Mangalam Cement Skyrockets: Promoter Buys 4.7 Lakh Shares!

With a new mining lease in hand, promoter activity on the rise, and decades-long wealth creation, Mangalam Cement Ltd is solidifying its growth trajectory.

Summary:
Shares of Mangalam Cement Ltd rose nearly 2% on July 8, 2025, after the company was declared the Preferred Bidder for a limestone mining lease in Kota, Rajasthan. The forward e-auction, conducted by the Rajasthan Government, boosts the company’s raw material security. In parallel, the promoter purchased 470,200 shares recently, showcasing strong confidence in the company’s future. With a history of delivering over 20,000% return in two decades, Mangalam Cement continues to attract investor interest.

Mining Lease Boosts Stock Performance
Mangalam Cement Ltd., a respected name in India’s cement manufacturing sector, saw its stock price jump on Tuesday, July 8, 2025, after it was declared the Preferred Bidder for a key mining lease in Rajasthan. This lease pertains to the Nimana-Duniya Extension Block in Kota district, which is a significant source of limestone, a critical raw material in cement production.
The forward e-auction for the block was conducted on July 4, 2025, via MSTC’s digital auction portal, under the auspices of the Government of Rajasthan. Following the news, the company’s shares climbed by 1.91% to trade at ₹762.20 by 10:54 a.m. IST. The stock opened the day at ₹747.10 and touched an intraday high of ₹772.75, while the low hovered around ₹745.30. The Volume-Weighted Average Price (VWAP) stood at ₹762.15.

What This Means for Mangalam Cement
Being awarded the status of Preferred Bidder gives Mangalam Cement a significant edge in terms of long-term raw material security and production cost optimisation. Access to a dedicated limestone source like the Nimana-Duniya Extension Block not only ensures steady input supply but also enhances the company’s production scalability.
This is especially important at a time when cement demand in India is witnessing steady growth, driven by infrastructure projects, housing, and rural development under various government initiatives like PM Awas Yojana and National Infrastructure Pipeline (NIP).

Promoter Activity Signals Confidence
Interestingly, alongside this strategic win, Mangalam Cement has also seen significant promoter activity. A key promoter entity purchased 470,200 shares of the company, signalling confidence in the company’s future trajectory. Promoter buying is often interpreted as a strong signal that the insiders believe the stock is undervalued or poised for upward movement.
This aligns with the long-term bullish sentiment around the company, which has shown consistent efforts to expand operational capacity, increase efficiency, and enhance shareholder value.

Long-Term Wealth Creator: 20,000%+ Return in 2 Decades
One of the most remarkable aspects of Mangalam Cement’s journey is its long-term performance. Over the past two decades, the company has delivered a staggering 20,000%+ return, making it one of the silent wealth creators in the Indian equity market.
For example, a ₹1 lakh investment made in the company 20 years ago would now be worth more than ₹2 crore. This stellar growth has been supported by the company’s disciplined capital allocation, consistent operational expansion, and a strategic focus on integrating its supply chain.

Stock Snapshot: As of July 8, 2025
Metric Value
Current Price- ₹762.20
Opening Price- ₹747.10
Intraday High- ₹772.75
Intraday Low- ₹745.30
52-Week High- ₹1,095.65
52-Week Low- ₹640.00
VWAP- ₹762.15
Despite a volatile 52-week range, the recent lease acquisition may help the stock build renewed investor momentum in the coming quarters.

Company Overview: Mangalam Cement Ltd
Mangalam Cement Ltd is a part of the B.K. Birla Group is one of India’s oldest and most trusted business conglomerates. The company operates an integrated cement manufacturing plant in Rajasthan, with state-of-the-art production technology. Its product range includes OPC and PPC cement under the Birla Uttam brand, catering to both individual home builders and institutional buyers.
Over the years, Mangalam Cement has focused on sustainable operations, cost efficiencies, and reducing environmental impact. The company has also invested in alternative fuels, waste heat recovery systems, and the digitisation of its manufacturing processes.

What Lies Ahead
The latest mining lease win could act as a catalyst for future production expansion and operating margin improvement. With increasing infrastructure activity and housing demand, Mangalam Cement is strategically positioned to capitalise on India’s cement consumption growth story.
Moreover, as input costs stabilise and demand from both rural and urban areas increases, companies with secure raw material access and efficient cost structures—like Mangalam Cement—could outperform peers.
The recent promoter share acquisition reinforces investor confidence, and the company’s long-term stock performance suggests it is no stranger to wealth creation.

Conclusion
Mangalam Cement’s emergence as the Preferred Bidder for the Nimana-Duniya Extension Block mining lease is a key milestone in its growth story. With increased promoter interest and a robust history of returns, the company is clearly positioning itself for long-term success. Investors would do well to keep a close watch on its developments as it looks to strengthen its footprint in the Indian cement sector.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Silver Retreats from 13-Year High as Dollar Strength, Fed Outlook Pressure Prices

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BEL to Reveal Q1 FY26 Results on July 28 Amid Market Fluctuations
business update, Market News - July 9, 2025

BEL to Reveal Q1 FY26 Results on July 28 Amid Market Fluctuations

BEL to Reveal Q1 FY26 Results on July 28 Amid Market Fluctuations

BEL’s board to review April–June quarter earnings later this month; stock declines ahead of the announcement despite long-term investor gains.

Bharat Electronics Schedules Q1 FY26 Board Meeting for July 28

Navratna Public Sector Undertaking (PSU) Bharat Electronics Ltd (BEL) has confirmed the date for its board meeting to consider the financial performance for the first quarter of the 2025–26 fiscal year. According to a regulatory filing on July 7, 2025, the board of directors will convene on Monday, July 28, 2025. On the docket is the review and endorsement of preliminary financial statements—covering both individual and group performance—for the quarter concluding on June 30, 2025.

The notification was shared after market hours with the Bombay Stock Exchange (BSE), giving investors and stakeholders an official date to look forward to in BEL’s corporate calendar.

Market Reaction: BEL Stock Sees Dip Ahead of Results Update

Prior to the disclosure, Bharat Electronics witnessed a downturn in its stock valuation. On Monday, July 7, 2025, BEL stock closed at ₹417.05, registering a drop of 2.46% from its previous close of ₹427.55. This dip came just hours before the company confirmed the date for its Q1 results.

Despite this temporary fall, the company’s overall market performance remains robust. Investors have witnessed notable returns, with the stock delivering a staggering 1,154% gain over the past five years. Over the last twelve months, BEL’s stock has climbed by a notable 24.63%. Furthermore, the stock has appreciated 41.88% in the year-to-date (YTD) period, indicating strong market confidence and long-term growth momentum.

BEL Q4 FY25: Profitability on the Rise

Looking back at the company’s performance in the final quarter of FY25 (January to March), BEL showcased a healthy uptick in both profits and revenues. The company posted a standalone net profit of ₹2,105 crore, reflecting an 18% year-on-year increase compared to ₹1,784 crore in the corresponding quarter of the previous fiscal year.

Revenue from core operations also edged upward, registering a 1.6% rise to ₹6,466.6 crore from ₹6,363.4 crore in Q4 of FY24. These results underline BEL’s consistent financial growth, driven by strong order execution and operational efficiency.

Additionally, BEL announced a dividend of ₹0.90 per equity share (face value of ₹1 each), rewarding shareholders for the company’s steady performance and profitability.

Long-Term Growth: BEL’s Stock Performance Overview

Bharat Electronics has steadily earned investor confidence over the years, becoming one of the standout performers in the PSU segment. As of July 7, 2025, the company’s market capitalization crossed ₹3.04 lakh crore, a testament to its robust fundamentals and strategic execution.

Over the last five trading sessions, however, BEL’s stock has dipped by around 2.22%. This mild correction follows its climb to a 52-week high of ₹435.95 on July 1, 2025. The stock’s 52-week low, on the other hand, was ₹240.15, recorded on February 19, 2025. Despite recent volatility, long-term trends suggest sustained investor interest and confidence in BEL’s trajectory.

About Bharat Electronics Ltd (BEL)

Based in Bengaluru, Bharat Electronics functions as a prominent government-owned entity operating under the Ministry of Defence. With expertise in cutting-edge communication technologies and military-grade electronics, the company plays a vital role in advancing India’s self-reliant defense production framework. Its diversified portfolio includes radar systems, avionics, communication equipment, and electronic warfare systems, among others.

The company is often considered a bellwether for India’s defense PSUs and enjoys the prestigious “Navratna” status, allowing it greater autonomy in decision-making.

What to Expect from the Q1 FY26 Results

Investors and analysts will be watching closely on July 28 when BEL unveils its first-quarter performance for FY26. Given the strong end to FY25 and the company’s impressive YTD stock performance, expectations are likely to be optimistic.

However, with the recent market dip suggesting some investor caution, the actual Q1 numbers will be key in determining the next leg of BEL’s stock trajectory. Metrics like order book strength, profit margins, and revenue growth will be under close scrutiny.

Final Thoughts

Bharat Electronics Ltd has officially set July 28, 2025, as the date to release its Q1 FY26 results. Despite a short-term dip in share price, the company continues to show strength across financial metrics and long-term investor returns. As BEL gears up for its board meeting later this month, all eyes will be on whether the PSU can maintain its upward momentum and deliver yet another quarter of resilient performance.

With a track record of consistent growth and a pivotal role in India’s defense manufacturing sector, BEL remains a strong contender in the PSU landscape. The upcoming results will not only shed light on its Q1 financials but also set the tone for its trajectory in the remainder of FY26.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Low-Priced Stock Below ₹20 Soars 59% in a Week, Sets New 52-Week Record

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Low-Priced Stock Below ₹20 Soars 59% in a Week, Sets New 52-Week Record
business update, Equities, Market News - July 9, 2025

Low-Priced Stock Below ₹20 Soars 59% in a Week, Sets New 52-Week Record

Low-Priced Stock Below ₹20 Soars 59% in a Week, Sets New 52-Week Record

PC Jeweller shares soar amid robust quarterly results, debt reduction, and bullish investor sentiment, turning ₹1 lakh into ₹1.59 lakh in just 7 days.

PC Jeweller Stock Skyrockets: Impressive Gains Within a Week

PC Jeweller Ltd has taken the spotlight on Dalal Street after witnessing a massive rally over the past week. The stock, trading below ₹20, delivered a remarkable return of nearly 59.3% in just seven days, transforming an investment of ₹1,00,000 into ₹1,59,256. This surge has pushed the share price to a fresh 52-week high of ₹19.62, marking a significant leap from its recent low of ₹5.10.

The company’s shares experienced a notable volume spike—rising more than sevenfold on the Bombay Stock Exchange (BSE)—indicating strong investor interest and renewed market confidence. On July 8, 2025, the stock jumped 16.75%, closing at ₹17.41, up from ₹16.71 in the previous session.

From Lows to Multibagger: A 1,100% Return in Five Years

Over the long term, PC Jeweller has rewarded patient investors handsomely. From its 52-week low of ₹5.10, the stock has surged over 280%. Even more impressively, those who invested five years ago have seen a meteoric rise of around 1,100%. This sharp appreciation underlines the company’s transformation journey—from struggling to thriving.

Such multibagger returns from a penny stock reaffirm that strategic turnarounds and strong fundamentals can drive exponential gains, especially in sectors tied to consumer sentiment like jewellery.

Stellar Q1 Performance Boosts Market Sentiment

PC Jeweller’s sharp rally comes on the back of a strong performance in the quarter ending June 30, 2025. Despite persistent swings in gold prices, the company recorded an extraordinary standalone revenue jump of 80% over the corresponding quarter of the previous year. This impressive growth was primarily driven by higher demand, especially during wedding and festive seasons, when jewellery purchases tend to spike.

The quarterly results have been interpreted as a signal of the company’s operational resurgence, underpinned by growing customer trust and strategic product offerings across segments.

Aggressive Debt Reduction on Track to Achieve Zero Debt

In addition to revenue growth, the company has also made significant headway in reducing its debt burden—a key factor behind the renewed investor optimism. In the latest quarterly period, the firm managed to bring down its remaining debt load by nearly 7.5%, continuing its financial restructuring efforts.

With this momentum, the company has outlined an ambitious target to become completely debt-free by the end of FY2026. Reducing financial leverage not only strengthens the balance sheet but also improves profitability, cash flow, and long-term sustainability.

Turnaround Reflected in Quarterly and Annual Financials

The transformation in the company’s financial performance has been remarkably swift and substantial. In Q4FY25, net sales soared by 1,356% year-on-year to ₹699 crore, compared to the same period in FY24. More notably, it recorded a net profit of ₹95 crore—marking a sharp reversal from a net loss of ₹122 crore a year earlier.

On an annual basis, FY25 saw net sales rise by 272% to ₹2,245 crore, up from the previous year. Furthermore, the company posted a turnaround annual net profit of ₹578 crore versus a net loss of ₹629 crore in FY24, a striking 192% improvement year-on-year.

Stock Split and Institutional Confidence

PC Jeweller undertook a share division on December 16, 2024, converting each ₹10 face value equity unit into ten separate shares valued at ₹1 apiece—an initiative designed to broaden investor reach and enhance market activity. By lowering the entry barrier for individual investors, this step widened retail engagement and fueled higher activity in the stock market.

Institutional investors have also shown confidence in PCJ. By March 2025, prominent institutional investors like State Bank of India and Life Insurance Corporation of India had acquired ownership interests amounting to 2.70% and 1.03%, respectively. The company’s current market capitalization has crossed ₹12,000 crore, reflecting strong valuation growth in recent months.

About PC Jeweller Ltd

PC Jeweller Ltd is a prominent Indian jewellery brand engaged in designing, manufacturing, and retailing gold, diamond, silver, and platinum ornaments. The company operates under multiple sub-brands such as Azva, Swarn Dharohar, and LoveGold, catering to a diverse customer base. Known for crafting commemorative medallions—including for major events like the Cricket World Cup—PC Jeweller continues to reinforce its presence in the organized jewellery retail market.

Final Thoughts

PC Jeweller Ltd’s stunning stock rally in just a week showcases how rapid investor gains can materialize when backed by strong fundamentals and strategic business execution. The company’s turnaround in financial performance, aggressive debt reduction, and high-volume trading reflect renewed market confidence.

From achieving substantial revenue growth and net profit turnaround to institutional backing and a stock split enhancing retail participation, PCJ appears poised for further growth. While past performance doesn’t guarantee future returns, its trajectory signals continued momentum and investor interest in the near term.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Euro-Zone Bond Yields Rise as Markets Await US Tariff Decision

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