Stock market analysis and stories by Divyansh Pokharna

Articles by Divyansh Pokharna

06 Nov 2025, 03:07PM

The banking boom: Rising profits, and a wave of investor confidence

India's banking sector is buzzing with excitement. Stock prices for nearly all major banks have climbed over the past month, fueling more investor interest. This upswing is happening because several positive forces are coming together: regulatory easing, global capital inflows, and steady business growth are driving a bright future for the country's lenders.

The Reserve Bank of India (RBI) and the finance ministry are considering new rules that could allow banks to fund mergers and acquisitions (M&A), and attract more foreign investment.

Sashidhar Jagdishan, MD & CEO of HDFC Bank, commented on the proposed M&A rules, “It’s a very positive step…definitely a win-win. It lets us offer another product as part of our services. Even for customers, I believe that it should reduce the cost of the transaction.”

In parallel, recent Q2FY26 results have convinced investors that banks are on solid ground. Healthy revenue and profit growth in several lenders, improving deposit flows, and a decline in bad loans are supporting the rally.

S&P Global Market Intelligence noted that banks have benefited from recent government reforms, “The outlook for Indian banks is expected to improve in FY26 as margin declines halt and profitability gets a boost.”

Goldman Sachs also highlighted, “With several capital-easing measures taking effect in 2027, and easier offshore borrowing norms, total private-sector credit growth could accelerate over the next two years.”

In this edition of Chart of the Week, we explore what’s driving the momentum, and how these factors are shaping the next phase of India’s banking story.

Policy changes and global flows reshape banking

New rules proposed by the government could transform Indian banking, by allowing banks to finance M&A deals, relax certain lending norms, and increase the limit for foreign ownership in state-run banks. If approved, this would be one of the biggest regulatory shifts in a decade, designed to help Indian banks compete on the world stage.

Global investors are already taking notice. Over the past few months, Dubai’s Emirates NBD recently bought a 60% share of RBL Bank for about $3 billion (~Rs 2,664 crore). Japan’s Sumitomo Mitsui Banking Corp invested $1.6 billion in Yes Bank, and Blackstone took a nearly 10% stake in Federal Bank for $705 million.

"If the RBI allows state-run banks to fund high-rated M&A deals, then public sector banks will take market share away from foreign banks who’ve been benefitting from this regulatory gap,” noted Bharat Gupta, founder at Au-RRange Ventures.

On top of this, there is more money flowing within India's financial system. Ratings agency CRISIL expects deposits to grow strongly in FY26, partly because the RBI’s 100 bps cash reserve ratio (CRR) cut has freed up more cash for banks to use. Lending continues to expand at 11–12% annually, and bad loans are at an all-time low — signalling a healthier balance sheet across the system.

Another regulatory milestone in progress is the upcoming Expected Credit Loss (ECL) framework, set to be implemented from April 2027. This system will require banks to set aside funds for potential defaults in advance, rather than after they occur.

While this may cause a one-time hit of around Rs 60,000 crore to sector profits, it will boost transparency and align Indian banking practices with global standards — strengthening long-term stability.

The big banks hold their ground

Among industry giants, the latest quarterly results showed stability, though margins remain under pressure for some. HDFC Bank’s profit grew 11% YoY to Rs 18,641 crore, helped by healthy growth in both loans and deposits. Its share of bad loans also fell to 1.2% from 1.3% a year ago.

ICICI Bank reported a 5% profit increase to Rs 12,359 crore, thanks to steady demand for loans. However, its growth was held back by investment-related losses and tighter profit margins. Kotak Mahindra Bank and Axis Bank also reported modest results, feeling the pinch from higher deposit costs.

Punjab National Bank’s performance was mostly stable. While its income growth was slow, the bank expects things to improve as it adjusts its deposit rates. The story for the major banks overall, is consistent: steady profits and good loan quality, but slower earnings growth due to pressure on their lending profits.

Mid-sized banks lead the momentum

While the large banks provided a steady foundation, the real energy this quarter came from mid-sized lenders. Their skill in growing their business without taking on too much risk has caught the eye of investors.

Bank of Maharashtra, for instance, saw its profit jump 25% YoY to Rs 1,633 crore in Q2. The core income from its lending business (NII) grew by nearly 16%. Karur Vysya Bank’s profit rose 21%, and its total business crossed the Rs 2 lakh crore milestone. Its ratio of bad loans improved significantly, falling to 0.8% from 1.1% last year.

IDFC First Bank and DCB Bank also showed strong progress. IDFC First now has over four million credit card users and maintains a CASA ratio above 50%, while DCB Bank continues to grow its lending to SME businesses.

What makes these banks successful is their approach to growth. While Bank of Maharashtra faced slightly thinner profit margins, its CEO Nidhu Saxena noted that "if there is no rate cut this year, then there would be no further contraction in NIM." This kind of stable profitability, along with fewer bad loans, is making mid-sized banks a key growth engine for the sector.

Laggards face margin and provisioning pressure

Not every bank has shared in the recent success. Some are struggling with shrinking profits because they need to set aside more money for risky loans.

IndusInd Bank reported a loss of Rs 437 crore, a sharp dive from a Rs 1,331 crore profit last year. The bank explained that this was mainly due to money set aside for potential losses (higher provisions) on micro-finance loans. The lender also continues to feel the impact of accounting issues uncovered earlier this year, when irregular entries worth about Rs 2,600 crore came to light.

Likewise, Bandhan Bank's profit fell by 88% YoY to Rs 112 crore, as it faced ongoing stress in its micro-loan business and started shifting its focus to more secure loans (retail and business lending).

RBL Bank and Union Bank of India also reported weaker revenue and higher provisioning, although both are retaining retail-led strategies with a view to recovery.

Bandhan has cut its micro-finance share from 47% to 37% of advances by Q2 and aims to reduce it further to 30-32 % over the next 2-3 years. RBL’s new foreign bank tie-up and Union Bank’s retail expansion plan show that they are positioning for a turnaround.

The Baseline

30 Oct 2025

The thrill fades, but fundamentals improve: Inside India’s selective bull market

By Divyansh Pokharna

Just a year ago, investing in India felt like a frenzy. In 2023, trendy sectors like green energy and manufacturing were booming, with many stocks doubling or even tripling in value. Fast forward to 2025, and the party has quieted down. While the market is still moving up, the wild excitement is gone. Rallies are smaller and led by fewer companies, as investors now demand proof of real growth before they buy in.

So, what changed? After a two-year surge, the market has slowed down and become more cautious. The rapid earnings growth that fueled the boom has slowed in key areas, particularly for smaller manufacturers and mid-sized financial firms.

Money isn't flowing as freely either. Foreign investors have become more selective, and local investors are choosing safer bets over exciting new trends.

This may not be a sign of a downturn, but a transition. Markets often cool off after periods of intense excitement, which helps separate the companies with real, lasting strength from those that were overhyped.

This year’s top-performing stocks—like Force Motors, Waaree Energies, and Ather Energy—reflect a new reality. The success is tied to real-world demand for cars, clean energy, and EVs. It’s a clear reminder that while the market’s tone has shifted, the search for genuine growth stories continues—just with a lot more caution than before.

Samir Arora, Founder of Helios Capital, noted that foreign investors started selling around September 2024, partly due to renewed optimism in the US economy following Donald Trump's political comeback. However, that sentiment soured as he launched trade wars, and unpredictable policies created uncertainty.

“Normally, FIIs are buyers, but this time there’s an understandable reason behind their selling,” Arora said. He added that as global allocations shift away from the US, India’s stable growth and policies could draw foreign investors back into its equity markets.

In this edition of Chart of the Week, we look at the best-performing Nifty 500 stocks between November 2024 and October 2025, a period that has seen the market’s pace slow from last year’s (November 2023–October 2024) surge. We also explore what’s changed in investing trends.

Built in India, rising with consumer demand

India’s biggest stock gainers of the past year tell a clear story — industrial demand, government support, and changing consumer choices are driving growth.

The Indian government's ‘Production-Linked Incentive’ (PLI) scheme has been a major boost for the country's modern manufacturers. Solar power company Waaree Energies saw its stock soar as it expanded its production and secured global orders worth nearly Rs 47,000 crore by September 2025.

Similarly, Syrma SGS Technology used the PLI for electronics to expand into automotive and industrial parts, backed by an order book of over Rs 5,000 crore as of June 2025. These companies show how Indian manufacturing is shifting from simple assembly to creating high-value products.

Upgrades to the country's infrastructure also created winners. Force Motors benefited from higher demand for its traveller and trax models used in school transport, tourism, and logistics. It also exited the low-profit tractor business to focus on commercial vehicles.

HBL Engineering also benefited, winning large contracts for railway signaling and components, especially for the new Vande Bharat trains.

Ather Energy’s success points to another big shift: how people in cities are getting around. The electric vehicle maker grabbed investors' attention with its Rizta family scooter, priced around Rs 1.3 lakh, which brought the brand into the affordable segment. By expanding its network and adding affordable models, Ather is showing that Indian EV startups can scale sustainably in a competitive market.

The quiet winners: how finance and consumers are driving gains

The comeback of the financial sector has been one of the biggest stories this year. RBL Bank’s rally came after two years of quiet restructuring — its net NPAs dropped to 0.6% as of Q2FY26 from over 2% two years ago, restoring investor faith. The lender also saw steady credit growth in retail and small-business loans while maintaining one of the industry’s highest CASA ratios at 31.9%. L&T Finance saw similar success after shifting its focus almost entirely to retail lending (over 90% of its loan book), a move that investors have rewarded.

The momentum wasn’t limited to manufacturers. Retailers and lenders saw gains, too. Manappuram Finance grew by expanding beyond gold loans into microfinance and vehicle loans. Vishal Mega Mart, a retail giant, is capturing the growing spending power of smaller towns and rural areas, reporting a rapid increase in sales at its existing stores last year.

In the pharmaceutical sector, Laurus Labs stood out by successfully pivoting to high-profit contract manufacturing. The company’s contract development and manufacturing organization (CDMO) segment grew nearly 50% in FY25, offsetting weakness in its generic API business.

Together, these stories reveal a clear trend: businesses that have improved their fundamentals or have a proven track record of steady consumer demand are outperforming those with exciting but unproven ideas. This signals a new, more mature phase for India's market, where stability and real cash flow are valued.

Last year’s high-flyers are cooling off after the rush

Let’s turn the clock back to see what happened to last year’s big market winners—stocks that dominated between November 2023 and October 2024 but have since seen their momentum shift.

Last year's stock market rally was all about clean energy and industrial transition. Companies like the Indian Renewable Energy Development Agency (IREDA) and Inox Wind were huge winners in 2023–24, as the government pushed for more renewable energy. This year, however, both stocks have cooled off. IREDA faced pressure from rising costs, while Inox Wind struggled with project delays.

Other big winners from 2024, such as Transformers & Rectifiers and Wockhardt, managed to hold their ground but without the same excitement. Transformers & Rectifiers continued to benefit from government projects to modernize the power grid, but faced high material costs. Wockhardt saw a modest recovery as its business in the UK stabilized, but it wasn't enough to repeat its stellar performance from the previous year.

The one exception was GE Vernova T&D India, which continued its rally, rising 78% this year, thanks to strong demand for power transmission equipment.

The difference between last year's winners and this year's top performers highlights a shift in the market. As money becomes tighter, investors are choosing businesses like Force Motors, L&T Finance and Waaree Energies that are delivering tangible results. This suggests that India’s bull market is becoming more selective, with investors focusing on companies showing steady results rather than just future potential.

The Baseline

15 Oct 2025

Rural India is spending more, but household incomes haven’t caught up

By Divyansh Pokharna

For nearly three years after the Covid-19 pandemic, people in small towns and villages spent cautiously. Local shops stocked only essentials, many brands saw their rural sales flatten, and even festive spending was muted. But over the past few quarters, that quiet is breaking. Shelves are moving again, and trucks carrying consumer goods are back on the highways.

At first glance, it looks like a comeback story—the kind every business loves. Rural India, which makes up nearly 60% of the country’s population, is once again driving demand. Big names like Hindustan Unilever, Godrej Consumer Products, Dabur, and Marico are upbeat in their quarterly calls, highlighting strong rural momentum. It’s the first real spark of hope after three muted years.

But the story isn’t as simple as it seems. Higher incomes or better farm earnings aren’t powering the current uptick — it’s being driven by falling prices. Disinflation, particularly in food items, has acted like a temporary income boost for rural households. When grocery bills stop rising, every rupee stretches further, and that’s translating into more purchases of soap, cooking oil, and snacks — even without a real rise in wages.

In contrast, farm incomes themselves haven’t seen a meaningful increase. Although output has improved following a decent monsoon, crop prices have largely remained flat, leaving farmers with little extra money. Rural families are spending more, but it’s not because they’re making extra money—it’s just that things have become cheaper.

Meanwhile, household finances are showing stress. Savings have fallen to 13.2% of income from over 16% in September 2024, while the consumption-to-income ratio rose to 65.6% from 60.9%.

Gold loan volumes are soaring, and one in five rural families is borrowing from informal, high-interest sources. In short, people are spending more, but they’re doing it by dipping into savings and pledging gold.

As a report from Zerodha points out, “The surge in rural FMCG sales is more a reflection of disinflationary pressures and rising gold loan volumes than a genuine rise in income levels.”

So, what’s really happening beneath the surface? In this edition of Chart of the Week, we’ll explore both sides — the reasons rural shelves are moving again, and the deeper cracks that suggest that this might not be the durable recovery it appears to be.

Why is rural demand moving again?

The biggest reason for the current rural momentum is disinflation — a sharp drop in price pressures that has eased household budgets. In September 2025, food prices fell 2.3% year-on-year, with vegetable prices plunging over 21%. For families that spend nearly half their income on food, that kind of price relief feels like a pay raise.

The effect is visible in corporate numbers. During the Q1FY26 results, Hindustan Unilever reported that its rural sales have outpaced urban growth. CEO Ritesh Tiwari summed it up during an earnings call: “Our rural business, about one-third of our sales, is seeing stronger growth than urban markets. Rural disposable incomes were low, but easing food inflation, government support, and good harvests boosted consumption and recovery.”

Dabur also highlighted that rural sales growth was driven by volume increases, not just price hikes. This is an important distinction because it signals that people are genuinely consuming more.

The pattern is clear: the recovery is concentrated in smaller, budget-friendly items, not premium products. Rural households haven’t suddenly become wealthier; they are just finding it easier to make every rupee go a little further. Together, cheaper food and stable commodity prices have created a short-term window of relief — at least for now.

The fragile reality beneath the surface

The core issue here is that higher farm output hasn’t translated into higher income. While better weather led to bigger harvests, the prices for those crops have remained flat. Mandi prices for staples like wheat have stagnated for months, and wholesale food inflation has contracted since April. Farmers sold more but earned roughly the same, which means there was no significant income boost to fuel a lasting recovery.

Even the “good monsoon” wasn’t universal; while some regions benefited, others faced trouble. Andhra Pradesh and Telangana, for example, have been hit by floods, damaging cotton and maize production. In these areas, a favourable weather forecast turned into a disaster, highlighting agriculture's vulnerability to unpredictable climate events.

The temporary spike in spending is therefore largely a result of disinflation (falling inflation). While this offered short-term relief, analysts warn it may not last. Around 45% of rural households report that their income has not grown, marking the highest level of income stagnation in over a decade.

Household finances reveal further signs of fragility. Savings have fallen, borrowing has risen, and more families are turning to gold loans or informal lenders. Gold loans, in particular, are a red flag — they’re quick fixes, not long-term investments. Most people use them to meet short-term expenses, not to build assets.

Looking ahead, the next few quarters could hold up due to healthy acreage, easier credit, the festive season, and GST cuts on essentials. Staples and entry-level discretionary items may continue moving, but the momentum is highly sensitive. A spike in commodity prices or adverse weather could quickly undo the gains. For businesses counting on a rural boom, a dose of caution is essential

The Baseline

09 Oct 2025

Diamonds in the dust: Who's thriving in a tough Q2 earnings season?

By Divyansh Pokharna

The early signals for the Q2FY26 earnings are here. The previous quarter was tough, with company revenues in Q1 growing at their slowest pace in over two years. Sectors like banking and FMCG felt the squeeze from weak margins and sluggish urban consumption.

Expectations are modest for the second quarter, with profit growth for the Nifty 50 likely to be in the single digits. Motilal Oswal points out that the quarter’s growth will be "anchored by oil & gas, metals, telecom, cement, and technology," with most consumer and banking segments seeing headwinds.

Some analysts have kept the IT services sector in the spotlight, but for the wrong reasons. Growth is likely to stay muted as global clients remain cautious due to economic pressures and the early deflationary effects of AI. While the big IT firms are expected to see slower growth, some mid-tier companies, such as Coforge, might buck the trend. Banks are also preparing for a weaker quarter as the profit margins on loans get thinner due to the RBI’s 100 bps rate cuts this year.

Despite the muted mood, there are still some bright spots. In this edition of Chart of the Week, we look at Nifty 500 companies with the highest projected revenue and EPS growth in Q2FY26. All of these companies also have consensus ‘Buy’ or ‘Strong Buy’ ratings. The screener includes names like Max Healthcare and Syrma SGS Technology, which signal where analysts see sustained momentum despite the broader slowdown.

Exciting growth stories with ‘Strong Buy’ rating

Even in a quarter with modest expectations, some companies stand out for their strong projected performance. The Forecaster expects them to lead in revenue and EPS growth in Q2FY26, while analysts remain bullish on their prospects this quarter.

Neuland Laboratories is set for a major comeback. After a sharp 33.4% drop in Q1 revenue, Trenldyne Forecaster now predicts its revenue will jump by 45.6% and EPS by 111.8%. This turnaround is tied to its new production facility in Telangana, which will boost its peptide capacity (chemical production) by over 12 times. CEO Sucheth Davuluri noted the first quarter was “below par” due to weak customer orders, but it “doesn’t change our outlook on the healthy growth” expected over the year.

Meanwhile, GE Vernova T&D and Schneider Electric Infrastructure are benefiting from India's infrastructure spending and the shift toward green energy. GE T&D has secured large orders, including a Rs 500 crore deal to support the grid integration of renewables. Schneider is seeing strong demand from the expansion of data centres and the broader move towards digitisation. Revenue is projected to rise 42.8%, with EPS estimated at 83.3%, supported by its involvement in AI and networking.

In the consumer market, Radico Khaitan is banking on the strategy of premiumization. Trendlyne Forecaster expects its revenue to grow by 26.8%, driven by its high-end brands, which already make up nearly half of its sales. As more people turn to premium products, the company expects its profit margins to expand significantly.

Big bets on expansion, new frontiers

UltraTech Cement, Max Healthcare, and CG Power are fueling their growth through ambitious expansion plans and investments in high-potential areas. UltraTech, already the world's largest cement producer outside of China, has a production capacity of around 172 million tonnes per annum (MTPA). It is on track to increase its capacity to 200 MTPA by 2026, a year ahead of schedule. Recent acquisitions of other cement businesses will further solidify its top position. Revenue is projected to grow 27.4%, with EPS expected to rise 119.2%.

In the healthcare sector, Max Healthcare is nearly doubling its bed capacity to 10,000 by 2029. A majority of this expansion will come from upgrading existing facilities, which is a faster way than building new ones. The Forecaster projects its revenue to rise 55.1% in Q2 as the company also aims to increase its revenue per patient by focusing on complex and high-value medical treatments.

CG Power is venturing into the high-tech world of semiconductors. The company is setting up India's first complete chip assembly and testing facility in Gujarat with a massive Rs 7,600 crore investment, supported by government incentives. At the same time, its main businesses in power systems and railway parts remain strong, with a record order book of nearly Rs 13,000 crore.

From IT to exchanges: Stocks gaining traction this quarter

Coforge had a good start to the year, with its revenue growing by 52.8% YoY in Q1. CEO Sudhir Singh noted that a strong order book and the largest-ever addition of new employees have positioned the company for growth. For Q2, revenue is projected to grow 33.4%, with EPS expected to rise 87.3%. Analysts at Sharekhan pointed to Coforge’s executable order book of $1.5 billion (~Rs 13,300 crore) over the next 12 months as a key driver of confidence in its FY26 growth trajectory.

Syrma SGS Technology saw its revenue dip in the first quarter, but its net profit soared, highlighting better operational management. The company is now moving into manufacturing printed circuit boards (backward integration), which will give it more control over its supply chain and improve profit margins. The company’s management is focusing on high-growth and high-margin areas like industrial automation, electric vehicles, healthcare, and smart meters.

Meanwhile, BSE is drawing attention ahead of Q2 results, with focus shifting to regulatory changes in derivatives trading. Following a directive from SEBI to streamline trading schedules, from September 1, BSE's weekly contracts now expire on Thursdays, while the NSE has moved its expiry day to Tuesdays. Trendlyne Forecaster expects its revenue to surge 34.8% and EPS by 51% in Q2.

CEO Sundararaman Ramamurthy highlighted that these efforts are aimed at deepening the derivatives market, and he expects a 3–5% growth in trading volumes for monthly and other non-weekly contracts. He added that despite global challenges, strong participation from domestic investors and ongoing reforms provide confidence in the market's long-term growth.

The Baseline

01 Oct 2025

The high price of protection: A new fee that is holding America's tech future hostage

By Divyansh Pokharna

"Like other Trump schemes, this H-1B caper will backfire," wrote billionaire Silicon Valley investor Michael Moritz in the Financial Times. He argued that the new $100K fee for H1B visas shows a poor understanding of what makes US tech successful. Moritz warned that the high fee will simply push companies to move work to other global cities like Istanbul, Poland, or Bengaluru.

A single, dramatic policy change has challenged the long-held idea that the best talent must go to the US. For years, the H-1B visa has been the golden ticket for foreign workers, especially those from India, and kept the US tech industry at the forefront. Top US CEOs (including Trump supporter Elon Musk) first arrived in the US on the H1B visa and built some of the biggest tech companies in the world. Nearly one in five computer programmers and one in four scientists in the US are foreign-born. This pipeline of talent, crucial to the American economy, is now at serious risk.

But the H1B program has also been controversial. Companies claim they need it to hire people with specialised skills, but critics argue that it’s often used to bring in cheaper, mid-level workers earning modest salaries. Trump’s new executive order imposes a $100,000 fee on each H-1B worker, with the policy taking full effect in February 2026. For most firms, that price is impossible – only the richest tech giants could afford to bring in foreign talent at such high prices.

The proposal has split Silicon Valley. NVIDIA CEO Jensen Huang criticized it, saying, "We want all the brightest minds to come to the US – remember immigration is the foundation of the American Dream." In contrast, Netflix Co-founder Reed Hastings surprisingly supported the fee, calling it a "great solution" that makes sure the H-1B is "used just for very high value jobs" and gets rid of the uncertain lottery system. Interestingly, Netflix has only about 112 H-1B employees, indicating a lower dependence on the program.

In this edition of Chart of the Week, we will look at the possible fallout from the new $100,000 H-1B visa fee: how it prices out most talent, forces companies to offshore high-value jobs to India, and threatens to trigger a "reverse brain drain" away from the US.

New visa costs put most H-1B jobs out of reach

The new $100K H-1B fee makes the visa impractical for most jobs. Economists say a company would need to pay a salary of about $225,000 over three years to justify the expense. Yet, only about 5% of all H-1B job postings meet that salary level, meaning most applicants simply won’t qualify for the visa.

The impact is sharpest on big employers. Amazon, one of the largest users of H-1B visas, had just 4% of its 21,600 recent job postings above the $225,000 mark. IT staffing firms are hit even harder. TCS, India’s largest IT company, had no H-1B applications above the break-even point, with an average salary of $89,461. This shows how much they have relied on the mid-level roles that are now unaffordable.

Before this change, the typical H-1B cost about $10,000. The 10X jump, combined with the uncertainty of the lottery, is expected to cause applications to plummet. Experts believe companies will turn to offshoring or automation instead—signalling that the US is no longer the top destination for much of the world’s skilled talent.

Adapt and offshore: How Indian IT is navigating the fee hike

The new H-1B fee affects Indian IT companies in different ways. Many have already adapted to past US visa shocks, cutting H-1B filings by more than 50% in recent years to build a locally integrated workforce.

Indian companies have increased local hiring in the US—which now makes up over half of their US workforce—and shifted more work offshore. Together, they have invested over $1 billion in hiring and training staff in the US.

Still, the fee hike will hurt. The industry's traditional business model relied on a small team of skilled workers in the US to manage massive projects run by teams in India. The H-1B visa was the route for these on-site workers. Although these visa holders comprise a small fraction of the total workforce (around 3-5%), they are needed for winning and managing projects that generate substantial revenue.

The financial pain won't be immediate, but it is coming. Since the new fee applies only to fresh applications and not renewals, the real burden will be felt from 2027 onward. Analysts expect the hit to be modest for larger firms—about 0.3–1% on earnings per share. Shweta Rajani, head of mutual funds at Anand Rathi Wealth, noted, “Mid-cap IT stocks like Birlasoft and Persistent may see larger effects, but most large-cap companies can offset some costs through offshoring, local hires, or sharing costs with clients.”

Reverse brain drain: Skilled work moves to India

The proposed $100,000 H-1B visa fee could accelerate the relocation of high-value jobs to India. Faced with such a high cost of bringing top talent from their Indian offices to the US, major tech companies and global banks are realising it's much cheaper to expand their operations and hire directly in India. For them, it's a straightforward business decision.

This trend is already in motion. Citigroup, for example, recently moved nearly 1,000 tech jobs to its business centres in India, where it already has about 33,000 employees. Similarly, JPMorgan Chase has over 55,000 employees in India, and Goldman Sachs is also expected to rely more heavily on its Indian operations.

Ironically, a policy meant to protect American jobs may push even more skilled work out of the US. Analysts warn this could discourage global talent from coming to America, weaken its edge in innovation, and fuel a “reverse brain drain” that strengthens India’s tech ecosystem.

As former Tech Mahindra CEO CP Gurnani put it: “This (H1-B fee hike) hurts the US more than it hurts Indian companies, which have reduced their H-1B dependence by 60% in the last five years. In contrast, the dependence on H-1Bs has been going up for American counterparts. He also noted that they will do more offshoring, expand global capability centres (GCCs), and increase automation.

US big tech will also feel the pain. In FY24 ending September, Amazon, Microsoft, Meta, and Apple together received more approvals than the top seven Indian IT firms combined. That makes them especially vulnerable to the new fee, forcing them to lean more on their Indian GCCs, which are increasingly handling advanced R&D and product development.

Commenting on how financial giants are reacting, Abizer Diwanji of NeoStart Advisors noted that banks would be "calibrating a new strategy for the global capability centres." He added, “It appears there will be onshoring of jobs to India, adding new functions. However, none will rush decisions while the situation evolves. They will wait for more clarity.”

The Baseline

25 Sep 2025

Indices at a glance: Biggest winners and losers over the past year

By Divyansh Pokharna

India’s equity market has been a tale of contrasts. The Nifty 500 slipped 2.9% over the year as foreign investors pulled back funds, rattled by global tariffs, moving capital to less expensive markets like China.

However, the last six months painted a different picture. The market bounced back, with the Nifty 500 climbing 11.5%. This turnaround was largely thanks to Indian investors who poured money into the market through regular investment plans and institutional funds. Government spending on big projects in infrastructure and defense also gave a significant boost to companies in those sectors. This recovery points to strong local investment and government policies balancing out global economic challenges.

Digging deeper, we see a divided market. Sectors like defence and electric vehicles (EVs) delivered impressive returns, while media and IT stocks struggled. According to Kotak Institutional Equities, this proves that simply having a steady flow of money into the market doesn't guarantee that it will rise. The firm advises investors to go back to basics and focus on a company's earnings and true value, rather than just relying on investment trends.

In this edition of Chart of the Week, we track the performance of sectoral and group indices over the past year. The analysis shows gains in defense, EV, and quality-focused indices, with steep declines in IT, media, utilities, and Tata Group indices.

Defence and EVs lead the charge

Two of the year's biggest success stories were the Nifty India Defence and the Nifty EV & New Age Automotive indices, which shot up by 33.1% and 25.7% respectively. The government's "Make in India" push has increased demand for locally made defense gear, benefiting companies like Hindustan Aeronautics, Bharat Electronics, and Mazagon Dock..

Similarly, the production-linked incentive (PLI) scheme has helped car manufacturers like Mahindra & Mahindra and Eicher Motors expand their electric vehicle lines. Mahindra has launched new EV models, while Eicher has rolled out electric trucks. Over the past year, Mahindra & Mahindra's stock has risen by 22.5%, and Eicher has seen a 40.8% jump, with government support and shifting consumer tastes powering India’s EV market.

Smart picks: How quality and strategy boosted gains

Aside from investing in specific themes, three other market indices delivered solid returns by focusing on smart diversification and strong company fundamentals. The Nifty500 Equal Weight, the Nifty Smallcap250 Quality 50, and the Nifty India New Age Consumption indices saw gains of 25.5%, 23.5%, and 24.4%, respectively.

The Nifty500 Equal Weight index has a simple but effective strategy: it treats all 500 companies it tracks equally, no matter their size. This approach lessens the impact of a few giant corporations, giving smaller, faster-growing companies a chance to shine.

Another standout was the Nifty Smallcap250 Quality 50 index. This index is made up of smaller companies that are profitable, have steady earnings, and low debt. This focus on quality benefited companies like eClerx Services and Manappuram Finance, which rose by 62.7% and 38.6% over the last year. The index's success is even more impressive when compared to the broader Nifty Smallcap 250 index, which actually fell 4.2% during the same period.

Finally, the Nifty India New Age Consumption index tracks how people's spending habits are changing. It includes companies in areas like real estate, digital services, and travel—the kinds of things people spend on as their incomes grow. The success of companies such as Vishal Mega Mart and Paytm shows this shift toward online shopping and premium experiences.

Together, these three indices show that there are many paths to strong returns. Instead of just chasing high-growth sectors, they suggest that spreading investments widely, picking financially healthy companies, and paying attention to consumer trends can also lead to big gains while managing risk.

The laggards: IT and media face disruption

On the flip side, the BSE IT Sector fell by 17.9%. A slowdown in the global economy led clients in the US and Europe to cut back on technology spending, which hurt major players like TCS and Infosys. The rapid rise of artificial intelligence has also created new challenges, forcing these companies to rethink their business strategies.

The Nifty Media index fared even worse, dropping 23% as it struggled to adapt to the digital age. Traditional advertising revenue from TV and newspapers is drying up as audiences move to streaming services, and movie theaters are facing tough competition from on-demand platforms. The failed merger between Zee and Sony added to the sector's problems, impacting companies like Zee Entertainment, PVR INOX, and Sun TV Network.

For both IT and media, the main problem is relying too heavily on old business models. The IT industry's outsourcing services are being challenged by AI, while traditional media is losing out to digital content. Without major changes, a quick recovery for these sectors looks unlikely.

Heavyweights underwater: Utilities, power, and Tata Group lag behind

The S&P BSE Utilities index fell 18.3% over the past year, largely due to heavy losses in Adani Group companies.

Although the Securities and Exchange Board of India (SEBI) recently dismissed the Hindenburg allegations, which caused a recent rally in Adani stocks, Adani Group shares are still down for the year. Companies like Adani Green Energy and Adani Energy Solutions have dragged down the entire utilities sector.

Similarly, the BSE Power index dropped 19% as the sector's growth slowed. Beyond the issues with Adani, other major companies also stumbled. Thermax, for example, faced problems with project execution and shrinking profits. These issues made the power sector less appealing to investors, who turned their attention to booming areas like defense and infrastructure.

The Nifty Tata Group 25% Cap index also saw a significant drop, falling 17.1%. Some of the group's biggest names, including Tata Motors, Trent and TCS, pulled the index down. Tata Motors was hit by a slowdown in its Jaguar Land Rover unit due to weaker demand and trade pressures, while TCS felt the effects of the global cutback in IT spending.

The Baseline

17 Sep 2025

From gems to gadgets: India’s $24 billion leap into global smartphone manufacturing

By Divyansh Pokharna

The next iPhone 17 you unbox might not say "Made in China," but "Made in India," assembled at the Tata group’s facility in Tamil Nadu or Foxconn’s plant in Karnataka. As India becomes the world’s new smartphone manufacturing hub, these names are now part of the global supply chain that was once dominated by a single country – China – signalling a big shift in manufacturing.

For decades, India's exports were defined by traditional products like refined petroleum and precious gems. Now however, India’s mobile phone exports have skyrocketed from a mere Rs 1,500 crore in FY15 to Rs 2 lakh crore in FY25. This meteoric rise has, for the first time, placed smartphones among India's top exported goods. As these exports grow, the US has exempted Indian electronics from tariffs.

A study by the Centre for Development Studies (CDS) notes that while China increasingly focuses on high-end components and design, “India has an opportunity to become the next major global hub for electronics manufacturing, particularly in assembly.”

A key driver of this success is the government's Production-Linked Incentive (PLI) scheme. Its principle is simple: the more a company produces and exports, the more it earns in incentives. The policy has been effective, attracting cumulative investments of Rs 12,390 crore and creating over 1.3 lakh jobs as of mid-2025.

Despite this progress, challenges remain. India is still heavily dependent on components like display panels and batteries imported from China. And while India became the world’s third-largest mobile phone exporter in 2024, its $20.5 billion in shipments is a fraction of China's $135 billion. To close this gap, India must move beyond assembly and build a complete ecosystem encompassing design, R&D, and component manufacturing.

In this edition of Chart of the Week, we explore how government policy and a global supply chain shift are boosting India’s mobile phone exports and local champions like Dixon and Tata. The other part is to look at the hurdles like high costs and competition from Vietnam that will shape India's smartphone manufacturing future.

'Make in India' opens the door to electronics wins

The ‘Make in India’ push, backed by the PLI scheme, has made the country an attractive destination for global electronics giants. The strategy has also benefited the government financially: between FY21 and FY24, it generated Rs 1.1 lakh crore in revenue while paying out about Rs 5,800 crore in incentives. Global players like Foxconn and Pegatron have ramped up production, while Tata Electronics has become a major force by acquiring parts of Wistron and Pegatron’s Indian operations.

It's not just global players setting up shop; local champions are rising to the occasion. Dixon Technologies has emerged as a star performer. Once known for assembling TVs and basic phones, the company now manufactures smartphones for heavyweights like Samsung, Motorola, and most recently, Google (Pixel). Now, this consumer electronics firm is taking the next logical step: making components. It is investing around Rs 1,000 crore to produce camera modules, fingerprint sensors, and other key parts with global partners, reducing India's reliance on imports.

Atul Lall, Vice Chairman and MD, said, “We expect a strong order book ahead of the festive season to drive 40-45% revenue growth this year. A large part of the contribution will still be coming for mobiles.” He added that margins this year should be similar to those of last year, but will start to expand as the new components business is integrated into the system.

Ultimately, global tech giants are flocking to India for four simple reasons: rising domestic demand, government incentives, competitive manufacturing costs, and the push to diversify supply chains beyond China.

The hidden challenges of India's global rise

Despite its rapid growth, India's manufacturing ambitions face roadblocks. A primary hurdle is high logistics costs, which eat up 13–14% of the country's GDP—nearly double the rate in developed economies. While this is better than rival Vietnam's 18%, it's comparable to China's, which stands around 14.1%. Delays at ports, poor last-mile connectivity, and inefficient warehousing continue to hamper efficiency. India aims to reduce these costs to 8-9% by 2030.

An unexpected brain drain presents another complex challenge. Foxconn recently pulled hundreds of Chinese engineers and technicians from its Indian facilities, a move prompted by Beijing's pressure to restrict technology and talent exports to India. While this won't hurt the quality of the phones, it could slow down production. As Bloomberg noted, "Extraction won't impact the quality of production, but it’s likely to affect efficiency on the assembly line.”

Finally, India faces stiff competition and internal challenges. Rivals like Vietnam have a head start due to their mature electronics ecosystems and free trade agreements, which make their exports more competitive. Domestically, India struggles with a shortage of highly skilled workers, a heavy reliance on imported key components such as displays and chips, and a maze of complex regulations that can create friction for businesses.

India's iPhone boom defies global trade wars

Global trade tensions are rewriting the manufacturing map. While the US has imposed steep tariffs on many Indian goods, the iPhone remains a notable exception. To maintain this, Apple CEO Tim Cook made a strategic move, pledging $600 billion in US investments to safeguard the company's rapidly expanding manufacturing base in India.

However, this commitment isn’t about shifting iPhone assembly back to the US. Most of that investment is reportedly for data centres, not factories. Cook has openly admitted that the US lacks the skilled workforce for intricate assembly. A fully American-made iPhone could cost anywhere between $1,500 to $3,500. In India, that same phone rolls off the line for around $1,200, keeping it affordable for the world.

This India-centric strategy is paying off. Despite global trade uncertainty, India shipped $7.5 billion worth of iPhones in just the first four months of FY26—nearly a third of the total for the entire previous year.

However, the ultimate challenge for India is to move beyond just being an assembly line. The long-term game is about building a complete ecosystem for components, semiconductors, and design. Without this crucial step, India remains vulnerable to global political shifts, while its rivals, such as Vietnam, continue to strengthen their own electronics supply chains

The Baseline

11 Sep 2025

India’s IPO story in 2025: Investors go selective, backing quality over hype

By Divyansh Pokharna

India's IPO market remains a hotbed of activity in 2025. Indian investors have been enthusiastic and actively participating in new issues. But they are also becoming far more selective, picking companies with strong fundamentals while staying away from ones with aggressive valuations.

An analyst noted at the ET Soonicorns Summit 2025, “IPOs are making a comeback, but the rules have changed. The old ‘growth at any cost’ approach is fading, and investors now want companies to show profitability, good governance, and transparency before putting in their money”.

Interestingly, while the total number of IPOs has dipped slightly from 217 in 2024 to 197 in 2025 in the January to August period, the amount of money raised has surged by nearly Rs 10,000 crore. This signals a trend of fewer but much larger companies going public. Much of this fundraising has been led by big-ticket issues such as HDB Financial Services (Rs 12,500 crore), Hexaware Technologies (Rs 8,750 crore), Knowledge Realty Trust (Rs 4,800 crore), NSDL (Rs 4,011 crore), and JSW Cement (Rs 3,600 crore), etc.

The pipeline of upcoming offerings is fueling further excitement. Audio and wearable brand boAt is targeting an IPO of Rs 2,000 - Rs 2,500 crore by late 2025. Digital payments leader PhonePe, which handles nearly half of all UPI transactions in India, is expected to file its papers by September 2025. Meanwhile, after a long wait, hospitality startup Oyo is making another attempt at going public, planning to file papers in November 2025. This is Oyo’s third DRHP filing - it withdrew the first, and SEBI sent the papers back on its second attempt. Maybe it will be lucky this time.

The immediate calendar is also packed, with home-services leader Urban Company's Rs 1,900 crore issue that opened on September 10 with an expected listing on September 17. Dev Accelerator and Shringar House of Mangalsutra are also opening on the same dates.

In the edition of Chart of the Week, we take a closer look at India’s IPO market in 2025, highlighting strong investor interest, sector-wise trends, and how selective participation is shaping post-listing performance.

High-flyers and hard landings in 2025

The 2025 IPO market has split into two clear tracks. On one side are the standout performers, where strong fundamentals and heavy bidding translated into healthy gains. Highway Infrastructure leads the pack with a 64.3% listing gain, followed by Aditya Infotech (50.4%) and GNG Electronics (49.8%).

What these companies had in common was high subscription—Highway Infrastructure saw a subscription of over 300X, while Aditya Infotech and GNG Electronics drew bids of 100X and 148X, respectively. All three IPOs saw strong demand from institutional investors, even though the qualified institutional buyers’ (QIBs) average subscription was far behind the HNIs and retail investors.

On the other side are companies that have struggled since their listing day. Laxmi Finance and Indiqube Spaces listed at discounts, losing 13% and 8.9% respectively, while Arisinfra Solutions is currently trading at a 35% discount. The reasons are clear: investors were turned off by factors such as the company not yet being profitable (Indiqube), high debt and a negative PE ratio (Arisinfra), or an issue that simply failed to generate demand, with subscriptions at just 1.9X (Laxmi Finance).

While the overall IPO activity is high, mainline offerings drove the market. In 2024, more mainboard IPOs led to higher funds raised, unlike previous years when SME IPOs surged but raised less due to fewer mainline listings.

Where are investors betting big?

Diving down into specific sectors reveals where investor capital is flowing and why. The cement and construction companies saw one of the strongest listing gains, supported by the government’s infrastructure push through initiatives like the National Infrastructure Pipeline (NIP) and PM Gati Shakti. This policy-driven tailwind fueled the confidence behind Highway Infrastructure’s successful listing.

The hardware technology & equipment sector also delivered healthy listing gains, with Aditya Infotech and GNG Electronics gaining from rising digital adoption and demand for smart-home solutions.

Conversely, the hotels & tourism sector struggled, with Brigade Hotel Ventures and Schloss Bangalore (Leela Hotels) both debuting below their issue prices—at discounts of 9.9% and 6.7%, respectively. Investor caution was evident, as both IPOs were only moderately subscribed at 4.5X. The performance reflects underlying financial uncertainties: Leela Hotels returned to profitability in FY25 after a Rs 2 crore loss in FY24, while Brigade’s net profit declined in FY25.

The general industrials sector saw the highest mainline listings, including Ellenbarrie Industrial Gases, Standard Glass Lining, and Vikran Engineering. Overall, the sector saw generally positive performance, though listing trends were mixed. Ellenbarrie and Standard Glass Lining recorded strong listing gains of over 21%, while Vikran Engineering posted a modest gain of 2%.

The trend in 2025 so far is clear: investor appetite is selective. Companies tied to policy support or structural demand shifts are being rewarded, while those relying on market buzz or stretched valuations face immediate pushback.

Decoding the push behind IPO oversubscriptions

A look at subscription data reveals three distinct investor mindsets. Leading the charge are high-net-worth individuals (HNIs), who oversubscribed their portion by an average of 215X. This aggressive demand is driven by a strategy focused on short-term listing gains.

HNIs often use leverage or borrow funds to place large bids, aiming to profit from the initial "listing pop." Their high-risk, high-reward approach is often a key factor in the massive oversubscription of a public issue, but it can also be a sign of a speculative bubble forming around a company.

Retail investors also showed considerable enthusiasm, with their category being oversubscribed by an average of 91.6X. However, the most insightful trend is seen in the QIBs, which include mutual funds and foreign institutional investors. Their average subscription stood at 45.5X – relatively lower, as the portion allotted to them is much higher than that of HNIs and retail investors, which naturally brings down their subscription multiples.

QIBs are long-term, fundamental-driven investors who are less influenced by market hype. Their participation is often seen as a mark of a company's genuine long-term value, as they are not chasing a quick exit.

Harshal Dasani, Business Head, INVAsset PMS, said, “This divergence—weak secondary trade but robust primary activity—is common in maturing markets. Domestic capital is able to support new issues even when global sentiment is weak. It shows investors prefer fresh growth stories over crowded secondary valuations.”

The Baseline

04 Sep 2025

Retail investor wave powers mutual funds to record momentum

By Divyansh Pokharna

The old kings of India’s stock markets are being challenged. The centre of gravity is shifting to retail investors, and the engine driving this change is the humble SIP.

Month after month, we have seen SIP inflows breaking records, hitting an all-time high of Rs 28,464 crore in July 2025, as households across the country move their wealth into equities and long-term investment products.

This domestic firepower has helped steady Indian markets in a time of global volatility. When ‘hot’ foreign money has pulled out, retail investors have held the line, keeping the markets resilient and more independent. DIIs have now surpassed FIIs in shareholding of Indian equities, with their stake now at a record high.

Investors are also getting bolder. While large-cap stocks still get attention, more money is flowing into high-risk, high-reward small-caps and specialised theme-based funds.

This trend is worrying insiders watching the market, such as S. Naren, CIO of ICICI Prudential Mutual Fund, who has warned against this all-in bet on equities. “Despite repeated advice from fund houses to diversify into debt or REITs, Indian households remain overwhelmingly focused on equities,” he said.

So is this a story of empowerment or overconfidence? In this edition of COTW, we dig into where retail money is moving, and how the top funds are doing.

Beyond the blue chips: small, flexi, and thematic funds take center stage

The shift in mutual fund preferences is the story of an Indian investor who is growing bolder, and more sophisticated. The appetite for stocks is strong – equity mutual funds saw record inflows of Rs 42,673 crore in July 2025, up 81% from June.

But the real story here is where the money is going. Between Q1 2021 and Q2 2025, asset allocation has shifted away from the large caps, with their share declining from 28% to 17% as investors moved away from stability in search of high growth. Multi-cap funds tripled their share from 3% to 9%; thematic and small cap funds are also gaining fast.

A mood-shift post-Covid

There has been a break in how investors behaved, before Covid and after Covid. When investors returned to equities post pandemic, sector and theme based funds were the new favourites, as industries like technology, consumer discretionary, and renewable energy zoomed.Gold funds have also become a go-to safe haven amid global uncertainty.

Fueled by eye-popping returns (the Nifty Smallcap 250 index is up 248% in five years), a wave of FOMO—fear of missing out—has gripped Indian investors. As one expert notes, "A lot of retail investors continue to chase past performance" – and the performance of small- and mid-cap funds has been hard to ignore.

Flexi-cap funds that can invest across company sizes and choose international stocks, like the popular Parag Parikh Flexi Cap Fund, have seen massive inflows. These funds offer diversification and allow fund managers to hunt for opportunities anywhere in the market. Small-cap and flexi-cap funds together attracted over Rs 26,000 crore in the June 2025 quarter.

A GST boost might be next

Mutual fund inflows have slowed relatively in 2025, but the AUM remains at an all-time high. But another new catalyst is on the horizon: the newly announced GST reforms.

These reforms slash GST rates into two simplified slabs of 5% and 18%, and cut taxes on essentials so that industries like FMCG, autos, healthcare, and cement are set to benefit. This will lift consumption and corporate earnings, while putting more disposable income in the hands of ordinary Indians. The shift could fuel even more money into SIPs, accelerating the trends we are seeing today.

Kranthi Bathini, Equity Strategist at WealthMills Securities, says, “We've already seen consumption-oriented stocks moving up after the GST reduction announcement. Mutual funds focused on this space could also benefit in the medium to long term.”

IPO

TREND | 02 Sep 2025

IPO activity stays steady with Amanta and seven SME issues opening this week

By Divyansh Pokharna

Bears hit the market last week as Nifty 50 fell 1.8% on worries of tariffs weighing on India exports. Heavy FII selling outweighed strong domestic buying, dragging down stocks across large, mid, and small caps.

India’s gross domestic product (GDP) grew a surprising 7.8% in the April–June quarter. This was higher than expected in real GDP terms - adjusted for inflation, but nominal GDP growth (expansion at current market prices) slowed to 8.8% from 10.8% in the previous quarter, showing that inflation has cooled.

CLSA has raised its GDP growth forecast for FY26 from 6.1% to 6.3%, supported by steady performance in industry and services sector. Nikhil Gupta of CLSA said, “The outlook has a downward bias because the recent growth was driven by early government spending, which may not last in the coming quarters.” He also expects the RBI to cut interest rates by 25 to 50 bps by the end of 2025.

But the action in the primary market seems to be unstoppable, as there will be eight new public issues hitting this week, including one from the mainboard segment. In addition, ten companies will make their stock market debut, following ten listings last week.

Ten new companies listed in the past week

Patel Retail and Shreeji Shipping Global listed at premiums of 17.6% and 7.1% over their issue prices. Patel Retail’s IPO was subscribed 95.7X, while Shreeji Shipping saw 58.1X. Both stocks fell after listing but continue to trade above their issue prices.

Gem Aromatics and Vikram Solar debuted with moderate gains, with subscriptions of 30.3X and 54.6X respectively. Gem Aromatics has since slipped to a 15% discount, while Vikram Solar is trading 1.4% above its issue price.

IPO gains fade post listing amid weak market

Mangal Electrical Industries was the only mainline IPO to list at a discount, opening 0.9% lower after being subscribed 9.5X. The stock is now down 6% from its issue price.

Among SMEs, Anondita Medicare stood out with a strong debut, listing 90% higher after a massive 277.5X subscription. ARC Insulation Insulators also listed on August 14 with a 16% premium, after a 17.5X subscription.

Classic Electrodes and Shivashrit Foods listed on September 1 with gains of 14.9% and 4.6% respectively. Their IPOs were subscribed 165.4X and 2.8X. LGT Business Connextions had a weak debut, listing at a 20% discount after a modest 1.2X subscription. The stock has dropped further and is now down 31.4% from its issue price.

Amanta Healthcare opens for subscription; seven SMEs to hit the market

Amanta Healthcare is a pharmaceutical company that makes sterile liquid medicines, mainly injections. The company also makes medical devices. Its IPO opened for subscription on September 1, will close on September 3, and is set to list on September 9. The company aims to raise Rs 126 crore through a fresh issue, with a price band of Rs 120–126 per share.

Amanta’s revenue falls slightly but net profit nearly triples in FY25

The company plans to use the IPO funds for capital expenditure, including civil construction, equipment, plant, and machinery to set up two new manufacturing lines—SteriPort and SVP—at Kheda, Gujarat. A portion will also go towards general corporate purposes.

In FY25, the company’s revenue declined 2%, but net profit rose 189%, helped by inventory destocking and lower finance and depreciation costs.

Along with Amanta Healthcare, seven SME IPOs are also lined up this week.

Rachit Prints opened its IPO on September 1, will close on September 3, and list on September 8. It aims to raise Rs 19.5 crore in a price band of Rs 140–149 per share.
Optivalue Tek Consulting and Goel Construction will open on September 2, close on September 4, and list on September 10. Optivalue Tek aims to raise Rs 51.8 crore with a price band of Rs 80–84, while Goel Construction plans to raise Rs 99.8 crore with a price band of Rs 250–263.
Austere Systems will open for subscription on September 3, close on September 8, and list on September 11, planning to raise Rs 15.6 crore in a price range of Rs 52–55 per share.
Vigor Plast Indiaand Sharvaya Metals are scheduled to open on September 4, close on September 9, and debut on September 12. Sharvaya Metals plans to raise Rs 58.8 crore with a price band of Rs 192–196, and Vigor Plast aims to raise Rs 25.1 crore at Rs 77–81 per share.
Vashishtha Luxury Fashion will open on September 5, close on September 10, and list on September 15. It plans to raise Rs 8.9 crore, with a price band of Rs 109-111 per share.

Ten fresh IPO listings are scheduled this week

Vikran Engineering received bids for 23.6X the shares on offer. The HNI category showed the strongest demand at 58.6X, while QIBs subscribed 19.4X. The company will list on September 3. This heavy electrical equipment maker focuses on energy and water infrastructure and provides end-to-end services including design, installation, and commissioning for the power, water, and railway sectors.

HNIs drive Vikran’s IPO subscription; retailers favor Anlon

Anlon Healthcare was subscribed 7.1X overall, held back by a weak QIB response at 1.1X. Retail investors, however, bid strongly at 47.3X. The pharma company makes intermediates and active pharmaceutical ingredients (APIs) used in medicines, nutraceuticals, personal care, and veterinary products. It will also list on September 3.

Eight SMEs are lined up for listing this week:

Globtier Infotech and NIS Management will list on September 2. Globtier was subscribed 1.3X, with the QIB portion undersubscribed, while NIS Management was subscribed 3X.
Sattva Engineering Construction and Current Infraprojects will list on September 3, after strong demand with subscriptions of 132.3X and 308.4X respectively.
Oval Projects Engineering will close its IPO on September 1 and list on September 4. It remains undersubscribed at 0.7X by the end of day 2.
Sugs Lloyd, Snehaa Organics, and Abril Paper Tech will close on September 2 and list on September 5. Subscriptions so far stand at 0.9X, 1.8X, and 1.3X as of day 1.

ICICI Direct released a IPO Note report for IPO on 03 Nov, 2025.