PRE-MARKET INDIAN STOCKS NEWS: Larsen & Toubro (LT IS) plans to manufacture rare-earth magnets in India as it looks to benefit from government efforts to reduce import dependence and loosen China's grip on the critical industrial component

Apollo Hospitals Enterprise (APHS IS) - Co. Q1 (INR) net rose 38.4% Y/Y to 6.10bln. (Economic Times)

Axis Bank (AXSB IS) - Co. raised USD 300mln, or around INR 28.5bln, through bonds issued to overseas investors to fund business growth. (Economic Times)

GMR Airports (GMRI IS) - Co. Q1 (INR) net 910mln (prev. loss 2.12bln Y/Y), revenue rose 23.7% Y/Y to 39.64bln. (Moneycontrol)

Grasim Industries (GRASIM IS) - Co. Q1 (INR) net 2.47bln (prev. loss 1.18bln Y/Y). (Economic Times)

Jio Financial Services (JIOFIN IS) - Co. and Bank of America signed a definitive agreement under which BofA will invest up to INR 182.68bln for as much as a 49.9% stake in Jio Credit through a preferential allotment of equity shares and warrants. (Moneycontrol)

Larsen & Toubro (LT IS) - Co. plans to manufacture rare-earth magnets in India as it looks to benefit from government efforts to reduce import dependence and loosen China's grip on the critical industrial component. (Economic Times)

Petronet LNG (PLNG IS) - Co. Q1 (INR) net rose 35.1% Y/Y to 11.37bln, revenue fell 53.2% Y/Y to 55.58bln. (Moneycontrol)

Sun TV Network (SUNTV IS) - Co. Q1 (INR) net rose 16.95% Y/Y to 6.19bln, revenue rose 13% Y/Y to 14.58bln. (Moneycontrol)

Tata Motors (TMCV IS) - Co. Q1 (INR) net rose 83.2% Y/Y to 25.60bln, revenue rose 19.3% Y/Y to 206.67bln. (Moneycontrol)

UltraTech Cement (UTCEM IS) - Pilani Investment and Industries Corporation is set to sell around 1.7mln Co. shares through a block deal on August 13. (Economic Times)

• Indian CPI (Jul) Y/Y 4.45% vs. Exp. 4.5% (Prev. 4.38%)

Corporate announcements of entry into rare-earth magnet manufacturing follow a well-worn pattern in which industrial conglomerates position ahead of state incentives, since government schemes to localise supply chains in strategic inputs have historically been the trigger for capex commitments rather than the other way around. The precedent set by comparable localisation drives is that early announcements carry little near-term earnings weight: magnet production requires separation and processing capability that has historically been concentrated in one dominant supplier, and building it out is a multi-year exercise with heavy dependence on feedstock access, which in most prior episodes has still run through the incumbent supplier's refining capacity. The distinction worth drawing is between intent and execution risk: headline plans of this kind have tended to re-rate the equity on theme exposure first and face scrutiny on sourcing, technology licensing, and offtake only later. For L&T specifically, defence and capital goods adjacency gives it more credible form here than a pure diversification story, consistent with how engineering groups have entered adjacent strategic sectors in past incentive cycles. The follow-ons are the specifics of the government production-linked scheme, any rare-earth feedstock agreements, and whether peers make parallel announcements, which in previous episodes marked the transition from single-stock story to sector theme. The broader roundup is otherwise routine earnings and deal flow, with the CPI print landing close to consensus and unlikely to dominate the open.