Star Cement received a BUY rating with a target price of ₹226, driven by its new Silchar grinding unit. Meanwhile, major banks showed mixed NIM performance, and Tata Power secured a new pumped storage project.

Market Snapshot

Indian stock markets showed strong gains on July 17, 2026, with the Sensex rising 1.25% to 78,151 and the Nifty closing 1.09% higher at 24,334.

Foreign Institutional Investors (FIIs) were net buyers with ₹1,018 crore, while Domestic Institutional Investors (DIIs) were net sellers of ₹376 crore on July 17, 2026.

Pick of the Week: Star Cement Ltd

Star Cement Ltd has been recommended for a BUY with a target price of ₹226. The current market price (CMP) is ₹205.

The key driver for this positive outlook is the commissioning of the company's Silchar grinding unit. This expansion has boosted Star Cement's total capacity to 9.7 MTPA and is anticipated to fuel future volume growth.

Earnings Updates

Banking Sector:

• HDFC Bank: Experienced a 12 basis points (bps) contraction in Net Interest Margins (NIMs) quarter-on-quarter (QoQ) to 3.26%. Future improvement is expected to be gradual. The target price is set at ₹975.
• ICICI Bank: Saw a 23% year-on-year (YoY) growth in fee income. NIMs remained stable despite seasonal slippages. The target price is ₹1,800.
• Kotak Mahindra Bank: Maintained core NIMs at 4.53%. The transition of its Managing Director (MD) and Chief Executive Officer (CEO) is proceeding as per schedule. The target price is ₹500.
• Federal Bank: Reaffirmed its expectation of NIM improvement by 5-6 bps per quarter for the next 3-4 quarters. The target price is ₹400.

Can Fin Homes: Reported robust disbursement growth of 29% YoY, with Assets Under Management (AUM) growing 11% YoY. Asset quality remains stable, with Gross Non-Performing Assets (GNPA) at 0.87%.

Business and Operational Updates

• Tata Power: Awarded a contract for a 324 MW/2,592 MWh pumped storage project. The estimated annual revenue from this project is ₹351 crore.
• NTPC: Commissioned an 11 MWac floating solar power plant at its Khurja Super Thermal Power Project (STPP) effective July 17, 2026.
• Alembic Pharmaceuticals: Received tentative approval from the US Food and Drug Administration (USFDA) for its Olaparib tablets.
• India Glycols: The National Company Law Tribunal (NCLT) has approved the demerger of its Bio Pharma and Spirits & Biofuel businesses.
• HCLTech: Inaugurated a new Global Technology Centre in GIFT City.

Risks and Watch Points

• UltraTech Cement: Analysts anticipate near-term pressure on gross and EBITDA margins due to higher operational costs.
• Cipla: The USFDA issued one Form 483 observation for the company's InvaGen facility in Central Islip.
• Global Sentiment: Mixed trading was observed in Asian markets, influenced by concerns over escalating geopolitical tensions in the Middle East.

Reader Takeaway: Star Cement's capacity boost is a positive; rising costs pose a risk for UltraTech Cement.