Author: Eqwires

India’s benchmark indices closed modestly higher on July 30, 2025, after a largely rangebound session marked by cautious sentiment ahead of the U.S. Federal Reserve’s policy decision and lingering uncertainty over India-U.S. trade talks. Despite the subdued tone, the Sensex gained 143.91 points to settle at 81,481.86, while the Nifty 50 rose 33.95 points to close at 24,855.05, reclaiming the 24,850 mark.

Key Market Highlights

• Sensex: +143.91 pts (0.18%) → 81,481.86
• Nifty 50: +33.95 pts (0.14%) → 24,855.05
• Bank Nifty: -71.30 pts (0.13%) → 56,150.70
• Nifty Midcap 100: -0.07%
• Nifty Smallcap 100: -0.52%
• Market Breadth: 2,029 stocks advanced, 1,966 declined on BSE

Sectoral Performance

• Gainers: IT, FMCG, Capital Goods, Consumer Durables
• Losers: Auto, PSU Bank, Realty, Media
• Notable Moves:
  • L&T surged nearly 5% on strong Q1 earnings
  • Sun Pharma, NTPC, Maruti, and Axis Bank posted gains
  • Tata Motors and Hyundai fell up to 4% amid deal speculation and tariff concerns

Stock-Specific Action

• New India Assurance: +18% after strong Q1 results
• Sumitomo Chemical: +8.8%
• Star Health: +5% on premium growth
• Triveni Engineering: -6% after profit slump
• Nilkamal: -7% on weak earnings
• Greaves Cotton: +6% on 56% profit jump

Macro & Technical Insights

• Rupee: Fell 61 paise to 87.43/USD, lowest since Feb 28
• Global Cues: Mixed sentiment ahead of Fed decision; Asian markets subdued
• Technical View:
  • Nifty formed a bullish reversal pattern, suggesting potential upside toward 25,000–25,200
  • Support seen at 24,750; breach may trigger weakness
  • Bank Nifty formed a bullish engulfing pattern, support at 55,843

Outlook

The market remains cautious but resilient, with investors closely watching the Fed’s commentary and India-U.S. trade developments. Analysts expect continued stock-specific action driven by Q1 earnings, while broader indices may face resistance near 25,000.

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Engineering and infrastructure powerhouse Larsen & Toubro (L&T) kicked off FY26 with an impressive first-quarter performance, pushing its stock price up 4.4% intraday to ₹3,650.90 on July 30, 2025. The rally followed upbeat earnings and bullish analyst sentiment, placing L&T among the day’s top gainers on the Nifty 50 index.

Key Financial Highlights – Q1 FY26

• Net Profit: ₹3,617 crore, a 30% year-on-year jump
• Revenue: ₹63,679 crore, up 15.5% YoY
• Order Inflow: ₹94,453 crore, up 33% YoY
  • International Orders: ₹48,675 crore (52% of total)
  • Domestic Orders: ₹45,778 crore (up 22%)
• Order Book: ₹6.13 lakh crore, a 6% increase since March 2025
• Return on Equity: 17%, approaching the company’s FY26 target of 18%
• Net Working Capital Ratio: 10%, lowest in a decade

Revised Analyst Targets

Brokerages have responded with upgraded price targets:

Brokerage	Rating	Revised Price Target	Commentary
Motilal Oswal	Buy	₹4,200	Strong order book, earnings beat
Jefferies	Buy	₹4,230	Margin expansion via hydrocarbon business
CLSA	Outperform	₹4,176	Execution & working capital surprises
JM Financial	Buy	₹4,313	Confidence in Middle East projects
ICICI Securities	Buy	₹4,450	Re-rating potential in core businesses
Emkay Global	Buy	₹4,000	Attractive valuation, steady growth outlook

Strategic Takeaways

L&T’s Hydrocarbon division is showing strength, boosting margins and profitability. Its execution of large-scale infrastructure contracts, especially overseas, has impressed analysts. The firm’s five-year strategy, ‘Lakshya,’ is nearing completion with key milestones achieved in efficiency and returns.

Experts believe L&T can exceed its full-year targets for order inflow and revenue growth, signaling potential upside ahead.

Investor Outlook

With strong fundamentals, an expansive order book, and disciplined capital management, L&T is being viewed as a standout performer in India’s industrial sector for FY26. Analysts widely agree: it’s a stock to watch as infrastructure demand and global project momentum build.

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Mukesh Ambani-led Reliance Industries Ltd (RIL) is reportedly preparing to launch India’s largest-ever Initial Public Offering (IPO) by listing its telecom arm, Jio Infocomm, aiming to raise a staggering ₹52,200 crore (approximately $6 billion). If successful, this IPO will eclipse previous records, including Hyundai Motor India’s ₹28,000 crore offering, and could rank among the largest global IPOs of the year.

Key Highlights

• IPO Size: ₹52,200 crore
• Stake Offered: 5% of Jio Infocomm
• Valuation Target: Over $100 billion
• Expected Launch: Early 2026 (tentative, subject to market conditions)
• Regulatory Status: Informal talks underway with SEBI for approval

Strategic Rationale

Reliance is seeking a SEBI exemption from the mandatory 25% public float rule, citing concerns over market depth and liquidity. The company argues that the Indian market may not be able to absorb such a large offering at once, hence the proposal to list just 5% of Jio.

This IPO would also provide an exit opportunity for global investors like Meta Platforms and Alphabet Inc. (Google), who collectively invested over $20 billion in Jio Platforms back in 2020.

Why It Matters

• Market Impact: A successful listing could significantly boost investor sentiment and attract foreign capital.
• Digital Expansion: Funds raised may fuel Jio’s next wave of growth in 5G, AI, and digital services.
• Investor Opportunity: Retail and institutional investors could gain exposure to one of India’s most dominant telecom players.

What’s Next?

While Reliance has not made an official announcement, all eyes are on its upcoming Annual General Meeting (AGM), expected in August 2025. Analysts anticipate key updates on the IPO timeline, valuation, and regulatory progress.

Conclusion

The proposed Jio IPO isn’t just a financial milestone—it’s a bold statement about India’s evolving digital economy. If approved, it will redefine capital markets and set a new benchmark for corporate listings in the country.

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Lenskart Solutions Ltd, India’s leading omnichannel eyewear brand, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), initiating the process for its public listing. The IPO is expected to be one of the largest by a consumer tech company this year.

IPO Structure and Size

The proposed IPO includes:

• Fresh Issue: ₹2,150 crore
• Offer for Sale (OFS): Up to 13.22 crore equity shares by existing shareholders

The total issue size is estimated between ₹7,500 crore and ₹8,500 crore, depending on market conditions and investor response.

Key Shareholders Offloading Stake

The OFS will involve partial stake sale by:

• Founders: Peyush Bansal, Neha Bansal, Amit Chaudhary, Sumeet Kapahi
• Institutional Investors: SoftBank, Kedaara Capital, Alpha Wave Ventures, MacRitchie Investments, Schroders Capital, PI Opportunities Fund

This move aligns with broader investor exit strategies and regulatory norms.

Pre-IPO Placement Option

Lenskart may consider a pre-IPO placement of ₹430 crore. If executed, the fresh issue size will be reduced accordingly.

Use of Proceeds

The company plans to deploy the net proceeds toward:

• Setting up new Company-Owned Company-Operated (CoCo) stores across India
• Lease, rent, and license payments for retail expansion
• Investment in technology and cloud infrastructure
• Brand marketing and business promotion
• Potential inorganic acquisitions
• General corporate purposes

Financial Performance (FY25)

• Revenue: ₹6,625 crore (↑22% YoY)
• Net Profit: ₹297 crore (vs. ₹10 crore loss in FY24)
• EBITDA: ₹1,115 crore (92% CAGR over 3 years)
• EBITDA Margin: 17%
• International Revenue: ₹2,638 crore (↑17% YoY)

The company sold over 27 million eyewear units to 12.4 million customers in FY25, with manufacturing capacity expanding significantly.

Business Overview

Founded in 2008, Lenskart operates a hybrid retail model with:

• 2,723 stores globally, including 2,067 in India
• Manufacturing facilities in Bhiwadi (Rajasthan) and Gurugram (Haryana)
• A portfolio of brands including John Jacobs, Owndays, Vincent Chase, Lenskart Air, and Hooper Kids

The company targets India’s growing refractive error population, projected to reach 943 million by FY30.

Strategic Positioning

Lenskart’s omnichannel strategy, tech-driven operations, and international footprint position it as a dominant player in the eyewear segment. Its acquisition of Japanese brand Owndays in 2022 has further strengthened its presence in Asia-Pacific markets.

Lead Managers

The IPO is being managed by:

Intensive Fiscal Services

Kotak Mahindra Capital

Morgan Stanley India

Avendus Capital

Citigroup Global Markets India

Axis Capital

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India’s largest depository, National Securities Depository Ltd (NSDL), is set to launch its much-anticipated initial public offering (IPO) on July 30, 2025. The issue has garnered strong interest in the grey market, signaling robust investor sentiment.

1. IPO Dates

• Opening Date: July 30, 2025
• Closing Date: August 1, 2025
• Allotment Finalization: August 4, 2025
• Listing Date: August 6, 2025

2. Price Band

• ₹760 to ₹800 per equity share
• Face value: ₹2 per share
• Employee Discount: ₹76 per share

3. Issue Size

• ₹4,011.60 crore
• Entirely an Offer for Sale (OFS) of 5.01 crore shares
• No fresh issue; proceeds go to selling shareholders

4. Grey Market Premium (GMP)

• GMP as of July 29: ₹135–₹137
• Indicates potential 17% listing gain over upper price band
• GMP is speculative and may fluctuate

5. Lot Size & Investment

• Minimum lot: 18 shares
• Minimum investment: ₹13,680 at lower band; ₹14,400 at upper band
• Bids in multiples of 18 shares

6. Shareholder Divestment

Major selling shareholders include:

• IDBI Bank (26.01%)
• National Stock Exchange (24%)
• SBI, HDFC Bank, Union Bank of India
• SUUTI (Specified Undertaking of the Unit Trust of India)

This divestment aligns with SEBI’s ownership norms for market infrastructure institutions.

7. Registrar & Lead Managers

• Registrar: MUFG Intime India Pvt Ltd (Link Intime)
• Lead Managers: ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, SBI Capital

8. Financial Snapshot

• Market Cap: ₹16,000 crore
• FY25 ROE: ~17.1%
• ROCE: ~22.7%
• EBITDA Margin: ~24%
• Price-to-Book: ~8

9. Business Strengths

• Largest depository by demat value and active instruments
• 86.8% market share in demat value as of March 2025
• Strong tech infrastructure and diversified fintech subsidiaries (NDML, NPBL)
• Services include e-voting, KYC, insurance repositories, and blockchain-based platforms

10. Analyst Review

Brokerages recommend a ‘Subscribe’ rating, citing:

Long-term growth potential from India’s capital market expansion

Dominant market position

High entry barriers

Strong institutional backing

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