Category: Corporate

Mining conglomerate Vedanta Ltd has announced a second interim dividend of ₹16 per share for the financial year 2025-26, bringing its total dividend payout this fiscal to ₹8,993 crore so far.

The latest dividend, declared after market hours on Thursday, August 21, will cost the company ₹6,256 crore. This comes just two months after Vedanta paid a ₹7 per share dividend in June, which involved a ₹2,737 crore outgo.

In a regulatory filing, Vedanta confirmed that the board had approved the dividend at its meeting on August 21. “The second interim dividend of ₹16 per equity share on a face value of ₹1 per share has been approved, amounting to approximately ₹6,256 crore,” the statement read.

Who Will Receive the Dividend?

The record date to determine eligible shareholders is set for August 27, 2025. Given India’s T+1 settlement cycle, investors must purchase Vedanta shares by August 26 to qualify for the payout. The company has said the dividend will be disbursed within the legally mandated timeframe.

One of India's Top Dividend Payers

Vedanta has built a strong reputation for rewarding shareholders through dividends. Over the past 12 months, it has paid out a total dividend of ₹35.50 per share, placing it among the highest dividend-yielding stocks in India. The current yield stands at an attractive 7.94%, according to data from Trendlyne.

Stock Performance: A Mixed Bag

Ahead of the announcement, Vedanta shares ended slightly higher on Thursday. The stock closed at ₹446.80 on the BSE (up 0.30%) and at ₹447.10 on the NSE (up 0.36%).

Despite the generous payouts, Vedanta’s stock performance has remained relatively subdued this year — gaining just 0.54% year-to-date, and down 2% over the past 12 months. That said, longer-term investors have seen solid returns: the stock has climbed 91% over two years, and delivered a 241% gain over five years, making it a long-term multibagger.

Demerger Delays Cast a Shadow

While the dividends continue to flow, Vedanta’s much-anticipated corporate demerger faces delays. The company plans to split into four separate listed entities, but the move has hit a regulatory roadblock.

According to media reports, the Indian government has raised objections, citing concerns over recovering dues from the company post-demerger. Meanwhile, the National Company Law Tribunal (NCLT) has postponed the next hearing on the matter to September 17.

Despite a flat stock performance in the short term and uncertainty over its restructuring, Vedanta is staying consistent in rewarding its investors. With a ₹16 interim dividend now declared, the company reaffirms its position as one of India’s most generous dividend payers — even as it navigates regulatory turbulence ahead.

Hindustan Unilever Ltd (HUL), one of India’s leading FMCG companies, announced on Thursday that Niranjan Gupta will join as Chief Financial Officer-designate and a member of the HUL Management Committee, effective 1 September 2025.

Gupta will succeed Ritesh Tiwari, who has been appointed global head of Mergers & Acquisitions and Treasury at Unilever Plc, based in London. Gupta is set to formally join the HUL Board on 1 November and will report to CEO and Managing Director Priya Nair.

Gupta started his career with HUL and later held senior leadership roles at Vedanta Ltd and Hero MotoCorp, where he was appointed CEO in 2023. During his tenure at Hero, he was credited with driving long-term strategy, improving financial performance, and forging key strategic partnerships—including a collaboration with Harley-Davidson.

“We are delighted to welcome Niranjan back to HUL,” said Priya Nair. “His deep understanding of the business, strategic vision, and financial expertise will be instrumental as we chart our next phase of growth.”

Tiwari, who assumed the role of HUL CFO in 2021, played a vital role in reshaping the company’s financial strategy. His leadership saw portfolio transformation, major acquisitions and divestitures, and the demerger of HUL’s ice cream business into Kwality Walls (India) Ltd—setting the foundation for its independent listing.

“Ritesh has been an exceptional leader whose forward-looking approach and significant contributions have left a lasting impact on HUL,” Nair added. “His elevation to a global role underscores the strength of our leadership pipeline.”

The announcement comes amid a broader wave of leadership transitions at HUL. In August, Priya Nair took over as CEO and Managing Director following the departure of Rohit Jawa, who served just over two years in the role.

Over the past year, Hindustan Unilever Ltd (HUL) has bolstered its leadership team with a series of strategic appointments. In March, Rajneet Kohli, former CEO of Britannia Industries, joined as Executive Director, Foods. This followed the appointment of Vivek Mittal as Executive Director, Legal and Corporate Affairs in December 2024. More recently, Vipul Mathur took charge of the Personal Care division, while Arun Neelakantan joined as the head of Customer Development, both becoming part of the HUL Management Committee.

HUL continues to be a vital talent pool for Unilever Plc’s global operations. Notable Indian executives who have risen through HUL ranks to global roles include Nitin Paranjpe, who has held multiple senior positions within the Unilever Leadership Executive (ULE) and currently serves as Non-Executive Chairman of HUL, and Leena Nair, a former Unilever CHRO and ULE member who is now global CEO of Chanel.

In the fiscal year 2025, HUL reported a turnover of ₹60,680 crore, reflecting a 2% increase year-on-year. Profit after tax grew 5% to ₹10,644 crore, underscoring the company’s continued focus on profitable growth amid a dynamic market environment.

Bengaluru: In a significant move to strengthen its global digital engineering capabilities, Indian IT powerhouse Wipro has announced an agreement to acquire the Digital Transformation Solutions (DTS) business unit of Harman International, a Samsung subsidiary, for a cash consideration of up to $375 million. This strategic acquisition is a calculated step to future-proof Wipro’s offerings in AI-led engineering and digital transformation services across a wide range of industries.

This transaction is more than just a merger; it is a transformation aimed at creating a powerful global force in engineering services. The deal directly bolsters Wipro's Engineering Research & Development (ER&D) vertical, one of the fastest-growing segments in the IT services sector.

Strategic Rationale and Key Gains for Wipro

Headquartered in Connecticut, USA, DTS is a global provider of engineering R&D and IT services, specializing in embedded software, digital engineering, design thinking, device engineering, cloud and infrastructure, data analytics and AI, and enterprise automation. Its solutions serve a wide range of clients across industrial, consumer, hi-tech, and healthcare and life sciences sectors.

According to Wipro CEO Srini Pallia, integrating DTS's global talent and deep technical capabilities will blend Wipro’s consulting expertise with Harman’s agile product innovation. This acquisition will significantly enhance Wipro's ER&D portfolio, adding new depth in critical sectors such as Aerospace & Defense, Healthcare & MedTech, Consumer Electronics, Industrial Automation, and Automotive & Connected Devices.

Wipro is set to gain a number of key assets from the acquisition:

• Global Talent: Over 5,600 employees, including key leadership, across 14 countries, will transition to Wipro.
• Tech Hubs: Access to state-of-the-art R&D centers in locations including India, the U.S., South Korea, Germany, Poland, and the U.K.
• Proven Performance: DTS has demonstrated consistent annual revenues of $308–315 million over the past three years, with a strong focus on services (85% of revenue).
• Strategic Client Base: A diverse client portfolio spanning various industries, many of whom are looking to scale their AI and IoT ambitions.

For HARMAN, a company best known for audio brands like JBL and Harman Kardon, the sale allows it to sharpen its focus on its core businesses of consumer audio and automotive electronics.

Christian Sobottka, CEO of Harman International, expressed confidence in the transition and said, “DTS will now be able to expand its impact and deliver more value to clients as part of a technology powerhouse like Wipro.”

The transaction is expected to be finalized by December 31, 2025, pending regulatory and antitrust approvals. Upon completion, DTS will be integrated into Wipro's Engineering Global Business Line, and Wipro will also enter into a multi-year strategic agreement with HARMAN and Samsung.

India’s leading real money gaming (RMG) companies — including Dream11 parent Dream Sports, Gameskraft, Mobile Premier League (MPL), and Zupee — have begun suspending contests and games involving money, shortly after the Indian government’s Online Gaming Bill, 2025, was passed by both Houses of Parliament.

The new legislation prohibits online money games, defined as those where users make deposits with the expectation of winnings. The bill imposes strict penalties for violations, including fines of up to ₹1 crore and jail terms of up to three years.

Dream Sports has paused all "Pay to Play" contests on Dream Picks, its recently launched fantasy sports app, and suspended its casual RMG app, Dream Play. In a notice to users, the company assured that account balances remain safe and withdrawable. According to industry sources, Dream Sports is also preparing to suspend paid contests on its flagship Dream11 app once the law is notified following the President’s assent. Dream Sports had reported a net profit of ₹188 crore on revenues of ₹6,384 crore in FY23.

Mobile Premier League (MPL) followed suit, suspending all money-based gaming services on its platform. A company spokesperson said while deposits have been disabled, withdrawals remain seamless. MPL, which offers over 60 games across categories including fantasy sports, quizzing, puzzles, and casual games, said it will continue focusing on free-to-play competitive gaming. MPL was last valued at about $2.3 billion and has aggressively expanded into the U.S. market in recent years.

Gameskraft, the Bengaluru-based company best known for its rummy apps such as RummyCulture, also paused its ‘Add Cash’ and ‘Gameplay services’. It reassured users that their funds remain safe and withdrawals continue to be available. The company, which reported a profit of ₹947 crore on revenues of ₹3,475 crore in FY24, described the move as precautionary to ensure compliance with the evolving legal framework.

Zupee, which focuses on skill-based board games, suspended all paid games on its platform but said its popular free titles such as Ludo Supreme and Snakes & Ladders will remain available. The platform, which claims over 150 million users, emphasized its commitment to responsible gaming.

Probo, an opinion trading platform, also announced an immediate halt to its RMG operations, citing compliance with the government’s decision.

The suspension marks a pivotal moment for India’s $2.4 billion RMG industry, which made up the majority of the $3.8 billion gaming market in FY24. Industry experts warn of significant revenue losses and job cuts in the short term, though some analysts believe companies may pivot towards free-to-play models, international markets, or other monetization avenues such as advertising.

Critics of the legislation argue that it fails to distinguish between games of skill and chance — a key legal debate in India for over a decade. Supporters, however, highlight the law as a necessary step to curb gambling addiction, financial losses among young users, and concerns over money laundering.

The industry, once among the fastest-growing segments of India’s digital economy, now faces an uncertain future as firms recalibrate strategies and explore global expansion to mitigate domestic regulatory risks.

Hindalco Industries, the metals flagship of the Aditya Birla Group, has unveiled a bold $10 billion investment plan aimed at expanding its global footprint and consolidating its leadership in the aluminium and copper sectors. The plan, which will be rolled out from FY25 to FY30, was announced by Chairman Kumar Mangalam Birla at the company’s 66th annual general meeting.

The expansion will span key markets, with major investments across India and through its U.S.-based subsidiary, Novelis. A significant ₹18,000 crore is already committed within India, marking Hindalco’s largest capital expenditure in nearly a decade.

Domestically, Hindalco is doubling down on its upstream aluminium operations. Expansion of the Aditya smelter and the addition of new capacity at the Mahan smelter will add over 500,000 tonnes annually. A large-scale alumina refinery is also in the pipeline.

To support this growth, the company has secured the Meenakshi coal mine, a move expected to enhance energy self-sufficiency and reinforce its position as one of the world’s most cost-efficient producers. In copper, Hindalco is undertaking a 300,000-tonne capacity expansion at its Dahej complex in Gujarat. Once complete, it will become the largest copper smelting facility outside China.

Hindalco is also betting big on value-added products. With a focus on downstream growth, it aims to quadruple earnings from this segment by FY30, with projects including a copper tubes plant and India’s first e-waste and copper recycling facility.

Novelis, Hindalco’s U.S. arm, plays a critical role in the global expansion. Its flagship $4.1 billion Bay Minette project in Alabama is progressing on schedule and is expected to be operational by 2026. Upon completion of ongoing expansions, Novelis's production capacity will hit 5 million tonnes annually.

The subsidiary is also leading the company’s sustainability charge with its “3×30 Vision,” targeting increased recycled content, lower carbon emissions, and sustained profitability. A new automotive recycling center in Kentucky further supports this push.

Reflecting confidence in its financial trajectory, Hindalco’s board has recommended a ₹5 per share dividend for FY25. Birla said the company’s strategic investments are not only growth-focused but also aligned with sustainability and innovation goals.

“Our focus is on building long-term partnerships, driving sustainability, and becoming a catalyst for change in the industry,” he noted, highlighting ongoing projects like the hybrid renewable energy plant at Aditya Aluminium in Odisha. With this ambitious expansion strategy, Hindalco is positioning itself as a global powerhouse across the metals value chain, poised for both economic and environmental impact.

Hindalco is also positioning itself for the future of mobility. It is developing aluminium battery enclosures and components for electric cycles, with a new battery foil plant scheduled to start operations this year. These initiatives are aimed at tapping into the fast-growing electric vehicle ecosystem globally.

Indian benchmark indices snapped their six-day winning streak, heading lower by mid-morning amid widespread profit-taking. At around 10:27 a.m., the Sensex was down approximately 400 points, while the Nifty hovered just under the 24,950 mark. Pressure from auto, banking, metal, and IT sectors dragged the benchmarks lower, while the broader market also mirrored weak trends.

At the opening bell, the Nifty 50 dipped about 0.3 percent to around 25,015, while the Sensex declined by a similar margin to 81,794. The cautious start reflected investor hesitation after a strong week-long rally, with participants choosing to book profits at elevated levels. Analysts suggested that the rally had run into resistance on the back of global trade concerns. Rising risks of a 25 percent U.S. tariff, which now appears increasingly likely, have heightened investor anxiety. Experts noted that if implemented, such a levy could impact India’s growth outlook more severely than earlier projected. While reciprocal tariffs were previously expected to shave 20–30 basis points off growth, the broader implications may be more significant. However, the relative resilience of large-cap stocks is being viewed as a positive trend, one that provides stability in a volatile environment.

Sectoral performance remained mixed. Defensive segments such as pharmaceuticals, media, energy, and consumer durables posted modest gains, while FMCG and real estate stocks were largely flat. In contrast, metals, banking, IT, oil and gas, and auto shares came under selling pressure, pulling the broader indices down. The India VIX rose by nearly 2 percent, reflecting a pick-up in volatility. Midcap and smallcap indices also traded in the red, showing that the weakness extended beyond large-cap counters.

Among individual stocks, Apollo Hospitals Enterprises slipped about 1 percent after promoter and managing director Suneeta Reddy sold 1.32 percent of her stake through a block transaction. The deal, involving close to 19 lakh shares worth nearly ₹1,489 crore, was executed at a floor price of ₹7,850 per share, according to exchange data. Hindustan Unilever also edged lower after announcing a major leadership change. The company said Niranjan Gupta will take over as Chief Financial Officer and Executive Director (Finance) from November 1, succeeding Ritesh Tiwari, who has been elevated as Global Head of M&A and Treasury at Unilever Plc.

Despite the weakness, the technical outlook for Nifty remains constructive. Analysts pointed out that the index continues to form higher lows, suggesting steady buying support. They added that while the market may enter a consolidation phase, a sustained move above 25,150 could trigger another leg higher toward 25,250, potentially leading to short-covering by call writers. The support zone has shifted upward, with the 24,850 to 25,000 band now acting as a key demand area. Unless the index decisively breaches these levels, market participants expect the bulls to retain control. Traders continue to prefer a buy-on-dips strategy while waiting for a breakout above 25,150 to confirm fresh upward momentum.

In terms of stock movers, L&T, Bajaj Finance, M&M, Jio Financial Services, and Cipla were among the top gainers on the Nifty. On the losing side, SBI Life Insurance, Grasim, Hero MotoCorp, Asian Paints, and HCL Technologies were the major drags, reflecting the mixed sentiment across sectors.

The Telangana Housing Board (TGHB) has successfully auctioned a prime 7.8-acre residential land parcel in Hyderabad’s Kukatpally Housing Board (KPHB) Colony, generating ₹547 crore in revenue. Godrej Properties secured the plot with a winning bid of ₹70 crore per acre, significantly surpassing the base price of ₹40 crore per acre.

A High-Stakes Bidding War

The auction saw intense participation from leading developers including Aurobindo Realty, Prestige Estates, and Ashoka Builders. However, it was Godrej Properties that emerged victorious, reinforcing its growing footprint in the Hyderabad real estate market.

The land parcel is strategically located next to a 60-foot-wide road, which is set to be expanded to 120 feet as part of upcoming infrastructure improvements. Its proximity to HITEC City and key IT corridors made it one of the most sought-after real estate offerings in recent times.

Godrej Properties' Vision for the Site

Godrej Properties is expected to launch a premium residential project on the site, with an estimated revenue potential of ₹3,800 crore. The company will receive the official allotment following completion of formal procedures. The project's upscale development plans aim to leverage the area's excellent connectivity and rising housing demand.

A Windfall for Public Housing

For the Telangana Housing Board, the ₹547 crore windfall represents one of its highest-ever earnings from a single land auction. Officials confirmed that the proceeds will be channelled into affordable housing programs, including the Indiramma Housing Scheme—targeted at providing quality homes for economically weaker sections and middle-income families across the state.

KPHB: Hyderabad's New Real Estate Hotspot

This latest auction surpasses recent high-value sales in the area. In earlier rounds:

• A commercial plot in KPHB Phase 4 sold for ₹65.3 crore per acre just a few weeks ago.
• In June 2025, smaller plots in Phase 7 fetched up to ₹2.98 lakh per square yard—equivalent to about ₹660 crore per acre in smaller units.

While those sales were remarkable in per-square-yard terms, the current deal stands out for its sheer scale and total transaction value.

Market Implications

This high-value land sale highlights the extraordinary growth and investor confidence in Hyderabad’s real estate market, particularly in well-connected urban pockets like KPHB. For developers, the transaction signifies both opportunity and competition, while for the state, it offers a valuable infusion of funds to address housing needs.

Mumbai: Shares of Ola Electric Mobility slipped more than 8 percent by early afternoon, erasing gains from a sharp two-day rally, as fresh VAHAN registration data showed rival Ather Energy outpacing Ola in August. At 1:35 PM IST, the stock was trading sharply lower, reflecting profit booking and concerns about market share erosion.

According to VAHAN data, Ola Electric recorded 9,681 registrations in August so far, trailing behind Ather Energy’s 10,283—a gap that marks a significant shift in the competitive dynamic. For the year to date, Ola leads with 142,858 registrations, compared to Ather’s 108,424.

Earlier in the week, Ola’s stock had surged over 23 percent, driven by founder Bhavish Aggarwal’s upbeat projections at the annual Sankalp event. He reiterated the company’s goal of capturing a 25–30 percent share of the two-wheeler EV market, built on vertical integration and upcoming product launches. “Our target market share for two-wheeler EVs is about 25 to 30 percent with very high margins… Ola's 'mojo is still there,'” he said.

Aggarwal also highlighted that profitability in electric vehicles requires more than just scale. “No one is making money. To make money with EVs, you need vertical integration, technology development, the DNA of technology,” he emphasized.

The quarterly performance painted a mixed picture. In Q1 FY26, Ola reported a consolidated net loss of ₹428 crore, better than both the ₹870 crore loss in Q4 FY25 and the ₹347 crore loss in Q1 FY25. However, revenue dropped nearly 50 percent year-on-year to ₹828 crore.

Market watchers noted that despite the stock’s recent momentum, the registration data served as a reality check—casting uncertainty over Ola’s short-term trajectory and dampening enthusiasm. With Ather now leading in monthly registrations, investor focus may shift toward execution and how Ola counters increasing competition.

India's only listed online gaming firm, Nazara Technologies Ltd, saw fresh selling pressure on Thursday, August 21, after the Lok Sabha passed the Promotion and Regulation of Online Gaming Bill, 2025.

The legislation, which now moves to the Rajya Sabha, proposes to ban all pay-to-play online games, including those categorised as games of skill or chance. If enacted, it would effectively suspend the operations of all regulated real-money gaming (RMG) platforms in India, sending shockwaves across the sector.

At 12:16 p.m., Nazara’s stock traded at ₹1,106 on the NSE, down 9.3 percent and marking a 15-week low. The decline followed a 13 percent drop in the previous session. Delta Corp, another listed company with gaming exposure, erased intraday losses on Wednesday to settle with minor gains.

What the Bill Proposes

The Bill is aimed at addressing concerns over the addictive and immersive design of online money gaming platforms, which policymakers argue can cause severe financial and mental health risks, particularly for young users.

Key provisions include:

• Complete ban on all forms of pay-to-play RMG, including poker, rummy, and fantasy sports.
• A regulatory authority under the Ministry of Electronics and Information Technology to monitor compliance.
• Penalties for operators and intermediaries offering banned games, ranging from hefty fines to criminal liability.
• Measures to promote non-monetised, skill-based gaming and eSports as legitimate forms of digital entertainment.

Government representatives argued during the debate that while gaming technology and eSports have potential as industries, real-money gaming has crossed into predatory territory, often trapping minors and vulnerable players in cycles of debt. The bill also cited research linking excessive RMG participation to issues such as stress, insomnia, and social isolation.

Industry bodies, however, criticised the sweeping nature of the legislation, warning it could wipe out billions in investments and jeopardise thousands of jobs. They argued for a regulatory approach instead of an outright ban.

Nazara’s Position

In a stock exchange filing, Nazara clarified that it has no direct exposure to RMG. Its only link is via its 46.07 percent stake in Moonshine, which owns and operates PokerBaazi. The company reiterated that as per its latest reported financials, the contribution of RMG to its consolidated revenue and EBITDA was nil.

Speaking to CNBC-TV18, Nitish Mittersain, founder and CEO of Nazara Technologies, admitted that a ban would put its ₹805 crore investment into PokerBaazi at risk, but stressed that the firm’s core businesses remain resilient. “Our fundamental platform is strong, and we are exploring other opportunities beyond real-money gaming,” he said.

Market Reaction

Domestic brokerage ICICI Securities downgraded Nazara, cutting its target price from ₹1,500 to ₹1,100 per share. The brokerage assigned a zero valuation to Moonshine, down from ₹400 earlier. However, it maintained that Nazara’s other verticals — gamified early learning, publishing, gaming arcades, and eSports via Nodwin Gaming — remain unaffected.

Analysts also noted that the formal recognition of eSports as a sport in India could be a structural positive for companies like Nazara, even though short-term earnings will likely take a hit from the uncertainty around RMG.

The Indian equity benchmarks continued their upward trajectory on Thursday, buoyed by strength in Reliance Industries and key banking stocks, as well as encouraging Asian market trends and evolving global cues.

By around 11:40 a.m. IST, the BSE Sensex was trading approximately 300 points higher, settling near 82,146, while the NSE Nifty hovered slightly above 25,120. This extended the ongoing market rally into its sixth consecutive day, underlining sustained resilience in Indian equities despite mixed signals from global markets.

Among the prominent gainers were Dr. Reddy’s Laboratories, Cipla, Reliance Industries, ICICI Bank, and Larsen & Toubro, each climbing up to 2% intraday. Banking stocks, in particular, saw broad-based support, with nine of the dozen Bank Nifty constituents trading in positive territory.

Key Drivers Behind the Market Momentum

Reliance and financials lead the charge: Reliance Industries rose by over 1%, propelling gains in the broader oil & gas index. Financials also outperformed, gaining around 0.5%, driven by optimism over a proposal to exempt health and life insurance premiums from taxes—a move that boosted sentiment in insurance stocks. Banking names like ICICI Bank and HDFC Bank added weight to the rally, giving the sector an edge over others.

Firm regional cues: Markets in Asia put in a mixed-to-positive performance, with South Korea’s Kospi and the Shanghai Composite in the green. These gains helped cushion investor appetite in domestic markets, counterbalancing concerns over slower growth signals from the U.S.

Anticipation ahead of Fed: Investors are closely monitoring the U.S. Federal Reserve Chair’s remarks at the Jackson Hole symposium for signals on interest rate direction. The commentary is expected to shape expectations for the next phase of monetary policy, potentially impacting foreign fund inflows into emerging markets, including India.

Market dynamics and policy tailwinds: The rally has been underpinned by earlier momentum from proposed GST reforms and S&P’s recent sovereign credit upgrade for India. Small-cap and mid-cap indices also performed well, with select stocks like Jupiter Wagons surging on strong order wins and mid-tier banks gaining on expectations of robust quarterly earnings.

Rupee and volatility cues: The rupee appreciated 14 paise to 86.93 against the U.S. dollar, aided by strong domestic equities and improved risk appetite. Meanwhile, India’s volatility index slipped 1.3 percent to 11.63, reflecting lower near-term market uncertainty and encouraging steady institutional participation.

Market Outlook

On the technical front, the Nifty is trading close to its upper Bollinger band, suggesting the possibility of near-term consolidation. Analysts suggest that while a sharp decline is unlikely, a mild pullback toward the 25,000–24,980 levels could occur before the index attempts another upswing. On the upside, resistance is seen around 25,150–25,200, where profit-booking may cap immediate gains.

For the Sensex, immediate support lies near 81,850, while resistance is pegged around 82,400. If the index breaches the upper range decisively, further upside toward 82,700 cannot be ruled out. However, given the overbought conditions in several large-cap stocks, intermittent corrections may surface.

Market participants remain cautiously optimistic, with strong domestic liquidity and policy support seen as key buffers against global headwinds. Investors are expected to track upcoming global central bank signals, crude oil price movements, and foreign portfolio investment trends to gauge sustainability of the rally.