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Engineering giant Larsen & Toubro (L&T) announced on Monday that it has secured an “ultra-mega” contract from Adani Power Ltd. to build eight thermal power units, each with a capacity of 800 MW, adding up to a total of 6,400 MW of new generation capacity.

L&T categorises contracts worth over ₹15,000 crore as “ultra-mega.” The project will be handled by L&T Energy – CarbonLite Solutions (LTECLS), the group’s business arm focused on advanced power and low-carbon technologies.

The order covers the complete design, engineering, manufacturing, supply, and commissioning of boiler-turbine-generator (BTG) packages, along with auxiliaries and related mechanical, electrical, and control & instrumentation systems.

“In the evolving energy sector, where India’s need for dependable and affordable electricity keeps rising, this order from the Adani Group reaffirms our position as a trusted partner in building the country’s vital energy infrastructure,” said Subramanian Sarma, L&T’s deputy managing director and president.

The win comes on the back of a strong June quarter for L&T, which posted a 29.9% jump in net profit to ₹3,617 crore compared to ₹2,786 crore a year earlier. Revenue rose 15.5% to ₹63,678 crore from ₹55,119 crore, while EBITDA increased 12.5% to ₹6,316 crore. The EBITDA margin, however, edged down to 9.9% from 10.2% in the same quarter last year.

The company has retained its full-year outlook for revenue growth, margins, and order inflows.

At 1:10 pm on Monday, L&T shares were trading 1.53% higher at ₹3,662.50 apiece. The stock has climbed 3.2% over the past month.

Building on past partnerships

Larsen & Toubro (L&T) and the Adani Group have crossed paths on several occasions, though formal partnerships have been sporadic.

One notable instance dates back to 2015, when Adani Ports & SEZ acquired operations of the Kattupalli Port from L&T Shipbuilding, a L&T subsidiary, in what began as a memorandum of understanding and later took shape as a strategic sale. 

Another key connection involves Dhamra Port, established as a 50:50 joint venture between L&T’s subsidiary (L&T IDPL) and Tata Steel. This entity formerly co-owned and operated the port before Adani Ports took over in 2014, acquiring the port entirely. 

Beyond port infrastructure, L&T also executed large-scale projects for IndianOil Adani Ventures, signaling a collaboration in the energy sector. The hydrocarbon vertical of L&T secured an onshore EPC project involving tankages and associated facilities under IOCL’s expansion program.

Despite a sharp 63 per cent fall in consolidated net profit for the first quarter of FY26 on account of weaker sales volumes across segments and a significant decline in Jaguar Land Rover (JLR) earnings, Tata Motors’s shares climbed around 3% as of 1 pm on August 11 to ₹652.2 at the time of filing this report. 

According to a report by Business Standard, for the quarter ended June 2025, the home-grown auto major posted a consolidated net profit of ₹4,003 crore, compared to ₹10,587 crore in the same period last year. Consecutively, profit plunged over 50 per cent from ₹8,556 crore stated in Q4 FY25.

The consolidated revenue fell 2.45% year-on-year to ₹1.03 trillion and declined 12.72% quarter-on-quarter, mainly due to US trade tariffs causing volume drops and weaker demand, along with lower earnings at JLR.

JLR Performance Hit by US Tariffs

Jaguar Land Rover, the UK-based luxury arm, delivered its 11th consecutive profitable quarter despite “challenging global economic conditions.” Revenue stood at £6.6 billion, down 9.2 per cent year-on-year, impacted by US tariffs and the planned phase-out of legacy Jaguar models. EBITDA margin fell 650 basis points to 9.3 per cent, while EBIT margin stood at 4.0 per cent, within its FY26 guidance range of 5–7 per cent. JLR’s profit before tax (PBT) declined 49.4 per cent year-on-year to £351 million, also hurt by foreign exchange headwinds. The automaker reported negative free cash flow of £758 million for the quarter, ending with a cash balance of £3.3 billion.

Management Outlook

PB Balaji, Group Chief Financial Officer of Tata Motors, acknowledged the difficult quarter but maintained optimism for the rest of the year. He said, “Despite stiff macro headwinds, the business delivered a profitable quarter, supported by strong fundamentals. As tariff clarity emerges and festive demand picks up, we are aiming to accelerate performance and rebuild momentum across the portfolio. Against the backdrop of the upcoming demerger in October 2025, our focus remains firmly on delivering a strong second-half performance.”

The recent sell-off was sparked by a 35% year-on-year drop in Q1 EBITDA to ₹97.2 billion, driven by a sharp 46% decline in Jaguar Land Rover’s (JLR) earnings. Nuvama Institutional Equities cut its target price to ₹610 (from ₹670) and maintained a Reduce rating, citing weak volumes, US tariffs, forex losses, and a 36% drop in India passenger vehicle EBITDA due to lower sales, higher discounts, and a model transition. The brokerage now forecasts only 4% EBITDA CAGR over FY25–28E, flagging headwinds such as JLR model discontinuations, market share losses in China, tariff uncertainty, and competition in commercial vehicles.

Motilal Oswal has kept a Neutral stance with a target price of ₹631, highlighting risks from tariff-led demand pressures for JLR in the US, soft European and Chinese sales, and cost inflation from warranties and emissions compliance. It noted that Tata Motors has withheld FY26 guidance amid these uncertainties. Domestic CV growth is expected in low single digits for Q2, with the festive season key to any PV recovery.

Nomura also remains Neutral, trimming its target to ₹704 from ₹799. It lowered valuation multiples for CV, PV, and JLR businesses, citing weaker margins and cash outflows for the Iveco acquisition. While calling the stock’s 4.6x FY27F EV/EBITDA multiple “undemanding but fair,” it pointed to tariff risks and muted sentiment as downside triggers, with potential upside from a JLR demand rebound and successful PV launches like the Sierra.

With global macro headwinds weighing on JLR and domestic demand yet to pick up meaningfully, brokerages appear aligned in seeing limited near-term catalysts for a sustained Tata Motors rally.

Manappuram Finance’s shares tumbled nearly 3% on August 11, after the NBFC reported a steep 75% year-on-year decline in its Q1 FY26 net profit to ₹138 crore from ₹555 crore a year earlier. Revenue from operations dropped 9% to ₹2,262 crore, as microfinance continues to weigh heavily on its performance. 

Segmental Performance: Gold Strong, Microfinance Falters

The gold loan segment boosted revenue 10% YoY to ₹1,904 crore, benefitting from elevated bullion prices—a bright spot in an otherwise dismal quarter (Economic Times, Reuters). However, the microfinance business recorded a drastic 53–54% sales collapse to around ₹361 crore, signaling deeper stress in that portfolio.

Provisions in the microfinance unit nearly tripled to ₹483 crore—forming the bulk of total provisions of ₹559 crore—reflecting heightened loan defaults and asset-quality stress in the unsecured microfinance segment. 

Consequently, net interest income shrank sharply by 14.2% to ₹1,407 crore, and assets under management dipped 1.4% to ₹44,304 crore. This downturn disproportionately impacted the company’s bottom line.

Brokerage Commentary: Cautious Optimism, Eyes Turnaround by Q4

Brokerages maintained a cautious stance following the results.

• Jefferies held a “Hold” rating while raising its target to ₹275. The firm noted that although Q1 PAT aligned with expectations, weaker net interest income was offset by lower provisioning, particularly in microfinance. Jefferies cautioned that subdued NIMs, unwinding of non-gold loans, and elevated MFI provisions remain near-term headwinds. Clarity on the turnaround under new leadership will be essential for any re-rating.
• CLSA retained its “Outperform” stance with a target of ₹260. The broker pointed out that both pre-provision operating profit and net profit missed estimates by around 9%, due to unexpected yield and spread contraction. Management’s strategy includes lowering lending rates on high-ticket loans to around 18% over the next 4-6 quarters. Loan growth stood at 13% QoQ, driven by higher ticket sizes but offset by a sharp 23% sequential decline in the Asirvad MFI book. CLSA echoed management’s belief that the worst could now be behind the company, with profitability expected to return by Q4 FY26.

Leadership Changes & Strategic Outlook

Adding to the narrative, Manappuram announced leadership changes: Managing Director V. P. Nandakumar will assume the role of Chairman from August 28, succeeding retiring Independent Director Shailesh Jayantilal Mehta, effective August 27.

Last quarter’s Q4 FY25 results already hinted at stress in the microfinance operations of subsidiary Asirvad Finance, which reported cumulative losses and required fresh leadership focus. The board’s decision on corporate governance and operational overhaul, especially as Bain Capital’s investment nears closure, will be a key catalyst for recovery.

Market Mood & Forward Look

As of August 11, Manappuram’s stock was under pressure amid broader market caution and weak Q1 earnings across sectors.

Looking ahead, analysts believe the company must accomplish two things to regain investor confidence: stabilize asset quality (particularly in microfinance) and deliver visible gains from its strong gold loan business. With management forecasting a return to profitability by Q4 FY26, much will depend on execution of rate cuts, provisioning discipline, and broader lending growth.

If successful, Manappuram could leverage its gold-loan leadership and restructuring momentum to stage a recovery—potentially unlocking upside in investor sentiment over the coming quarters.

State Bank of India (SBI) posted a strong set of numbers for the first quarter of the financial year 2025–26 (Q1FY26), with standalone net profit rising 12% year-on-year (YoY) to ₹19,160 crore, surpassing market estimates. The lender attributed the growth to operating efficiency and controlled expenses, despite a marginal decline in margins.

The profit figure came in well above the consensus estimate of ₹17,095 crore and last year’s ₹17,035 crore. Interest income for the quarter grew 6% YoY to ₹1,17,996 crore from ₹1,11,526 crore, while interest expenses increased at a faster pace of 9% to ₹76,923 crore. Stock Market Reaction SBI shares opened higher on Monday, gaining more than 2% in early trade after the results were announced during market hours on Friday.

The stock opened at ₹807, up from the previous close of ₹804.55, and touched an intraday high of ₹822.85 in morning deals. However, weak overall market sentiment led to some profit booking, with the stock closing over 1% lower on the NSE by the end of the day. Market participants noted that the early rally reflected investor optimism over the better-than-expected earnings, before broader market weakness weighed on sentiment.

Operational Performance

According to brokerage Motilal Oswal Financial Services (MOFSL), the net profit exceeded its estimates by 13%, aided by strong treasury gains and well-managed operating costs.

However, the bank’s net interest income (NII) declined 4% sequentially, while the net interest margin (NIM) slipped 10 basis points quarter-on-quarter and 32 basis points YoY to 2.9%. SBI’s management expects domestic NIMs to remain above 3% for FY26, with a recovery anticipated from the third quarter. Credit growth stood at 12% YoY, with the unsecured Xpress Credit book remaining flat. A strong credit pipeline, coupled with a comfortable domestic credit-deposit ratio, is expected to support incremental lending in the coming quarters. MOFSL has raised its earnings estimates by 3% for FY26 and 3.5% for FY27, reiterating a buy rating with a target price of ₹925.

Brokerage Reactions
 

Other brokerages shared similar optimism. Nuvama maintained a buy rating with a target price of ₹950, citing the bank’s strong fundamentals, expectations of improved liquidity, moderation in deposit costs, and benefits from recent capital raising. JM Financial also retained its buy call with the same target, highlighting anticipated improvement in liquidity conditions and deposit cost pressures easing in the second half of the year. Nirmal Bang Institutional Equities expressed confidence in SBI’s long-term prospects, pointing to its leadership in both corporate and retail segments, which enables selective, high-quality credit growth. The brokerage emphasised the bank’s ample liquidity position, which supports stable margins, and its “pristine” asset quality, with a standard provision buffer of 0.7% providing additional comfort against potential credit shocks. “Our target multiple is set at a 6% discount to the five-year average multiple of 1.38x,” Nirmal Bang stated, adding, “We remain positive on SBI for the long term given its strong franchise, ability to choose the best quality credit, and robust balance sheet.”

Outlook

Analysts broadly expect SBI to sustain its growth momentum through FY26, supported by steady loan demand, healthy asset quality, and operational efficiency gains. While the short-term margin compression is a concern, most brokerages believe the impact will be offset by easing funding costs in the second half of the year. The bank’s recent capital raising is also seen as a strategic positive, strengthening its balance sheet and providing headroom for growth across priority segments. In the near term, SBI’s performance will likely hinge on its ability to manage deposit costs, maintain asset quality in a higher interest rate environment, and capitalise on corporate lending opportunities. The third quarter is expected to mark a turning point for margins, with liquidity improvements and seasonal credit demand offering tailwinds.

Despite Monday’s intraday volatility, market experts note that the stock remains a core holding for long-term investors seeking exposure to India’s banking sector. With consensus target prices in the ₹925–₹950 range, the Street is betting on SBI’s scale, resilience, and execution capabilities to deliver consistent returns in the coming quarters.

Deloitte has implemented a policy linking office attendance to performance reviews of its US employees, potentially affecting bonuses. This change requires staff of its US tax division to collaborate in-person two to three days a week, incorporating compliance into performance evaluations, as reported by the Financial Times.

"Being present at a Deloitte office or client site will now be considered in your … performance evaluations," stated Katie Zinn, the division's chief talent officer, in an internal message. The requirement for in-person collaboration is set at two to three days weekly, or 50%, according to Zinn's message. This policy applies specifically to Deloitte's US tax practice, where non-compliance could lead to reduced or no bonuses. This policy shift marks a more stringent approach to office attendance, aligning with broader industry trends in financial services where companies like JPMorgan emphasise in-office presence.

Deloitte US utilises badge swipes and timesheets to monitor employee locations, and office attendance is now a formal part of performance evaluations. This move highlights a departure from previous flexible work arrangements, focusing on a hybrid model that balances client needs and professional development. While the US arm enforces this policy, Deloitte's UK and India operations do not have a minimum office attendance requirement, illustrating regional policy differences. In India, the hybrid model remains, allowing employees to determine their office presence with their teams. The staff continue to decide their office attendance based on team requirements. Deloitte has advocated flexible working since 2014, officially adopting a hybrid work model three years ago.

The company asserts that employees "are trusted to decide how they work, in a way that works for their clients and colleagues too."

Infosys, one of India's leading IT companies, will be implementing a new attendance system that mandates employees to work from the office for at least 10 days each month, The Economic Times reported.

This change, effective from March 10, is aimed at increasing office attendance, which witnessed a significant decline post the COVID-19 pandemic. The system will be managed through a mobile application where employees are required to mark their physical presence at designated office locations. The new system will prioritise project needs over departmental requests, implying that work-from-home requests will no longer be automatically approved. Department heads have already communicated to employees, asking them to limit their work-from-home requests.

The initiative is designed to ensure compliance with hybrid work requirements while maintaining some level of flexibility. "To support this, starting March 10, 2025, system interventions will be implemented to limit the number of work-from-home days that can be applied each month. These measures are designed to ensure compliance with the new hybrid work requirements while maintaining flexibility for employees,"

ET report stated citing an email from department heads. This move follows Infosys's initial return-to-office programme launched on November 20, 2023, which designated specific weeks per quarter for full team presence. The shift towards more office-based work is driven by factors including economic slowdown, concerns about employee moonlighting, and the need to strengthen workplace culture. Infosys aims to facilitate better collaboration among its approximately 323,000 employees through this system intervention. Infosys's competitors have adopted different approaches to increase office attendance.

TCS, for example, links employee variable compensation to a five-day office attendance policy.

Meanwhile, Wipro has a hybrid work model requiring employees to work from the office three days a week, with an additional provision of 30 days of remote work annually. The "system intervention", as senior executives have termed it, is designed to ensure effective collaboration while affording flexibility to employees. Infosys employees will use the mobile app to record their attendance, which will no longer approve work-from-home requests by default, and will compulsorily require them to punch in 10 days a month.

The move to limit work-from-home options reflects a broader industry shift towards more structured attendance policies. As companies adapt to the post-pandemic landscape, balancing flexibility with collaboration and productivity remains a priority. Infosys's new policy highlights the evolving dynamics between remote and in-office work.

HR tech platform Darwinbox has raised $140 million in a funding round that brings global private equity giants Partners Group and KKR onto its cap table.

Partners Group, one of the largest firms in the global private markets industry (acting on behalf of its clients), and funds managed by KKR, a leading global investment firm, will co-lead this investment with additional participation from Gravity Holdings.

Chaitanya Peddi, Co-founder of Darwinbox, said that the investment is largely secondary, with early-stage investors partially liquidating their stakes while retaining meaningful equity in the company. The fresh capital injection will be used to bolster Darwinbox’s research and development (R&D) efforts and accelerate its global expansion, according to Peddi. “We have always been a product and R&D-first company. Our success against legacy HR tech players has been driven by product merit, and we want to maintain that edge,” he added.

Founded in 2015 in Hyderabad, Darwinbox is one of the leading HR tech firms which caters globally to 1,000 enterprises. In around a decade, Darwinbox has expanded internationally across multiple markets, including Asia Pacific, the Middle East, the United Kingdom, and the United States. Since its entry into North America two years ago, the company has seen significant traction and is doubling down on its regional presence. “By placing the employee experience front and center — and ensuring our platform is deeply configurable to diverse local needs — we have helped transform HR for enterprises globally. With top- tier investors backing us, we’re poised to amplify our global momentum and deliver innovative AI-powered solutions for thousands of enterprises worldwide,” Jayant Paleti, Co-founder of Darwinbox said in a statement. Despite its growing global footprint, India remains Darwinbox’s largest market.

However, by the end of the year, the company expects revenue contributions from India and the rest of the world to be on par. While profitability remains a long-term goal, the company is currently prioritising growth. “We are seeing rapid expansion in Southeast Asia and the US, and while we aim to grow efficiently, profitability timelines are difficult to predict,” Peddi noted. Darwinbox is doubling down on artificial intelligence (AI) as part of its innovation strategy. The company recently launched an AI-powered product suite spanning multiple HR functions and is actively developing AI-driven agents to assist HR professionals in talent acquisition, digital transformation, and other areas.

Additionally, Darwinbox has significantly expanded its payroll offerings. Having initially provided payroll services only in India, the company has now built a global payroll platform and rolled out services in nine countries, including the GCC region, the Philippines, Indonesia, and Thailand, with plans to extend to the US.

An initial public offering (IPO) remains a long-term milestone for Darwinbox, though there are no immediate plans to go public. The company’s near-term focus is on achieving $100 million in annual recurring revenue (ARR) this year, a milestone that few Indian SaaS firms have crossed, particularly with a strong India-market presence. Positioning itself against global HR tech giants such as SAP, Oracle, and Workday, Darwinbox aims to consolidate its position as a leading end-to-end HR platform.

In a case that is seen to have a significant impact on restaurant chains and bakery businesses as well as several industries that rely on the classification of food services under the goods and services tax, the Bombay High Court has said that for now no coercive action will be initiated against Mad Over Donuts by the tax authorities on the disputed classification.

The Bombay High Court has also granted the petitioner, Mad Over Donuts (Himesh Foods), the liberty to approach the bench in case any recovery actions are taken by the GST department. In its recent hearing, the Court has also directed the tax department to file its response by March 17.

The matter is scheduled for further hearing on March 24. The case pertains to notices for GST sent to Himesh Foods as well as several other donut and bakery chains seeking 18% GST on sale of donuts and bakery items. The challenge arose as these chains contend that GST is to be paid at 5 per cent as the sale of these products fall under restaurant services. The case is being heard by a bench comprising Justice BP Colabawalla and Justice FP Pooniwalla on whether the supply of donuts falls within the ambit of restaurant services under Service Accounting Code (SAC) 9963 or should be categorised as a bakery product subject to separate tax treatment under the Goods and Services Tax (GST) framework.

Representing the petitioner, Mad Over Donuts (Himesh Foods), Abhishek A Rastogi contended that the supply of food or other edible articles qualifies as a composite supply of services under the Central GST Act. He also pointed out that the relevant GST rate notifications explicitly define restaurant services to include food supplied at restaurants, eating joints, messes, and canteens, whether for consumption on the premises or as takeaway. He also argued that official circular supports this interpretation by confirming that takeaway services should be classified as services and taxed at 5 per cent.

The Bombay High Court is also looking into another crucial aspect as part of the case on the issue of multiplicity of proceedings across different territorial jurisdictions. The bench examined whether a centralized show-cause notice (SCN) issued by the Directorate General of GST Intelligence (DGGI) suffices or whether separate notices need to be issued for each GST registration.