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Government Security Market:

* The Inter-bank call money rate traded in the range of 4.60%- 5.48% on Friday ended at 5.35%.

* The 10 year benchmark (6.94% GS 2036) closed at 6.7799% on Friday Vs at 6.7478% on Thursday .

 Global Debt Market:

* US Treasury yields fell Friday as investors digested a raft of data releases indicating the U.S. economy continues to withstand inflationary pressures caused by the Iran war, as hostilities in the Middle East intensified overnight. Yields on the key 10-year Treasury note the main benchmark for mortgages, auto loans and credit card debt dropped more than 4 basis points to 4.525%. Shorter- and longer-dated yields also retreated as government bonds rallied. The yield on the 2-year Treasury note, which typically moves in line with short-term Federal Reserve interest rate decisions, shed 3 basis points to reach 4.122%. The 30-year Treasury yield, which tends to track broader geopolitical events, was more than 3 basis points lower at 5.063%.The slide in borrowing costs follows cooler-thanexpected producer and consumer price data this week, while U.S. jobless claims for the week ending July 11 came in lower than forecasted, at a seasonallyadjusted 208,000. Traders continue to monitor escalating tensions between the U.S. and Iran, which pushed energy prices higher on Friday, and the potential impact on the Federal Reserve’s interest rate path. U.S. West Texas Intermediate futures for August delivery were last seen 1.9% higher at $80.44, while Brent crude the international price benchmark was up 1.6% at $85.59. Bond yields surged during Thursday’s session after Washington and Tehran earlier exchanged fresh strikes and threatened each other’s infrastructure assets in the region.

* The 10 year benchmark (6.94% GS 2036) closed at 6.7799% on Friday Vs at 6.7478% on Thursday .

Stocks in News

* TATA POWER: Received a Letter of Award (LoA) from SECI for a 324 MW/2,592 MWh pumped storage project, expected to generate annual revenue of Rs 351.3 crore.

* NATCO PHARMA: Received tentative USFDA approval for Olaparib tablets, while the related patent litigation remains ongoing.

* AXIS BANK: Net interest income (NII) rose 8% YoY to Rs 14,646 crore (up 1% QoQ), pre-provision operating profit (PPOP) increased 1% YoY to Rs 11,659 crore (up 16% QoQ), while provisions declined 44% YoY to Rs 2,223 crore (down 37% QoQ).

* RELIANCE INDUSTRIES: Revenue increased 5.2% YoY to Rs 3.09 lakh crore (vs. Bloomberg estimate of Rs 3.01 lakh crore), while EBITDA rose 6.2% YoY to Rs 47,517 crore (ahead of the Rs 46,367 crore estimate), with the EBITDA margin improving to 15.4% from 15.2%.

* HDFC BANK: Net interest income (NII) increased 7% YoY to Rs 33,534 crore, while other income declined 41% YoY to Rs 12,822 crore, operating profit fell 21% YoY to Rs 28,168 crore, and provisions rose 17% YoY to Rs 3,060 crore.

* PINE LABS: Anand Raisinghani resigned as President & Chief Business Officer of Setu, with effect from July 17, 2026.

* INDIA GLYCOLS: The NCLT approved the demerger of the Bio Pharma business into Ennature Bio Pharma and the Spirits & Biofuel business into IGL Spirits.

* POWERGRID CORPORATION OF INDIA: Declared the successful bidder for the installation of two synchronous condenser units at the Fatehgarh-II substation.

Economic News

* India Inc Delivers Strongest Revenue Growth in 14 Quarters, but Margin Pressures Persist: India Inc. kicked off the June quarter earnings season on a strong note, with 115 early-reporting non-BFSI and non-oil & gas companies posting 15.6% YoY revenue growth, the fastest pace in 14 quarters and the second straight quarter of double-digit growth. Net profit rose 10.9% YoY, supported by healthy business momentum, but operating margins slipped to an 11-quarter low of 21.1% as raw material, power, and employee costs surged. While companies managed to pass on part of the higher input costs, profitability remained under pressure in sectors such as electrical equipment and metals, whereas FMCG, hotels, and capital market intermediaries reported margin expansion. In IT, earnings were broadly in line with expectations, supported by robust AI-related deal momentum, with management commentary on AI monetisation and a recovery in discretionary spending remaining key factors to watch.

Global News

* Kuwait Explores Defence Pact with Pakistan Amid Rising Gulf Tensions: Kuwait is reportedly in talks with Pakistan to establish a comprehensive defence partnership amid escalating regional tensions following the US-Iran conflict. The proposed agreement could include the deployment of Pakistani troops, fighter jets, drones, and air defence systems, while Pakistan seeks greater energy cooperation and investment from Kuwait. Saudi Arabia has reportedly encouraged Kuwait to strengthen defence ties with Islamabad after recent attacks on Gulf infrastructure. However, analysts caution that Pakistan's dual role of supporting Gulf states while attempting to mediate the US-Iran conflict may prove difficult to sustain, suggesting its current approach could be driven by short-term strategic considerations.

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