A concise summary of key corporate, economic, and policy developments that shaped the markets this week.
Market Recap – Big Gains for Heavyweights
For the week ending 10-October 2025, the combined market capitalization of eight of the ten most valuable NSE-listed companies surged by ₹1,94,149 crore. Gains were led by TCS after its Q2 results, adding ₹45,678 crore in market value. Other major contributors included Infosys (+₹28,125 crore), HDFC Bank (+₹25,136 crore), Bharti Airtel (+₹25,089 crore), Reliance Industries (+₹25,035 crore), Bajaj Finance (+₹21,188 crore), SBI (+₹12,646 crore), and ICICI Bank (+₹11,252 crore). HUL and LIC were laggards for the week.
Integris Medtech Files for ₹3,500 Crore IPO
Everstone-backed Integris Medtech has filed its DRHP with SEBI for a proposed public issue comprising a ₹925 crore fresh issue and an OFS of 216.75 lakh shares. The total issue size is expected to be around ₹3,500 crore. Everstone will be among the early investors exiting partially through the OFS. The company also plans a ₹185 crore pre-IPO placement. Proceeds from the IPO will primarily be used to prepay subsidiary loans. FY25 sales grew 23.85% yoy.
China Tightens Rare Earth Export Controls
China has expanded export controls on rare earth minerals—critical for EVs, defence, and electronics—to include processing technologies, equipment, and intellectual property. This move strengthens China’s dominance, as it already controls nearly 60% of global mining and 90% of processing capacity. For India, the curbs could complicate sourcing and delay domestic manufacturing plans, though a Plan B ecosystem is in progress.
D-Mart Q2FY26 Results Reflect Slower SSG Growth
Avenue Supermarts Ltd (D-Mart) reported a 4% yoy rise in Q2FY26 net profit to ₹685 crore, with revenues up 15.5% to ₹16,676 crore. Same Store Sales Growth (SSG) fell 30 bps sequentially to 6.8%. D-Mart added 8 new stores, taking the total to 432. EBITDA rose 11%, while margins slipped 30 bps to 7.3%. The company trimmed its online footprint from 24 cities to 19.
BPCL–Reliance BP Mobility Strategic Alliance
Bharat Petroleum Corporation Ltd (BPCL) formed a strategic tie-up with Reliance BP Mobility to strengthen City Gas Distribution (CGD) and expand CNG sales. The collaboration aligns with India’s vision of raising the share of natural gas from 6% to 15% by 2030. Wider CGD infrastructure and cleaner fuel accessibility remain key enablers of this transition.
Private Equity Flow into Realty Slows Down
Private equity investments in Indian real estate fell 15% yoy in Q2FY26 to $819 million, compared to $967 million in Q2FY25. For the first half of FY26, total inflows stood at $2.2 billion, again 15% lower. Improved developer cash flows and better bank liquidity have reduced reliance on private equity funding this year.
Tractor Sales on the Rise Post GST Cut
September 2025 proved strong not just for passenger cars but also for tractors. As per Tractor and Mechanization Association (TMA) data, 146,000 tractors were sold in the month, up 0.92% yoy. The GST rate cut from 12% to 5% for regular tractors and from 28% to 18% for >1800 CC models spurred demand. With the upcoming Diwali season, annual tractor sales are expected to surpass 1 million units for the first time.
Life Insurers Seek Relief on GST Impact
Life insurance companies have urged the government and IRDAI to allow amortization of distribution costs to cushion the impact of the GST rate cut on life policies. The abolition of GST has removed input tax credit (ITC) benefits, prompting insurers to seek flexibility in expense recognition. Such amortization could help smoothen profitability volatility for the sector.
