Category: Cryptocurrency

Vodafone Idea (Vi) announced yesterday the deployment of 5G services in Delhi NCR using Ericsson’s radio solutions. The telecom operator has implemented Ericsson’s Massive MIMO radios as part of its network modernization efforts in the capital region.

The deployment features Ericsson Radio System products, including mid-band Massive MIMO antenna-integrated radios AIR 3268 and AIR 3255, designed to deliver improved spectrum efficiency and reduced energy consumption.

This launch follows Vi’s October 2024 contract with Ericsson to upgrade its 4G infrastructure and deploy 5G in several telecom circles. The agreement expanded Ericsson’s role with Vi to include Delhi, Kerala, Chhattisgarh, and Rajasthan circles.

“The launch of our 5G services in Delhi marks a pivotal step in Vi’s journey to deliver next-generation connectivity to our customers,” said Jagbir Singh, Chief Technology Officer at Vodafone Idea.

As part of the collaboration, Ericsson has completed modernizing Vi’s network in Delhi by replacing legacy 2G and 4G equipment without service interruption.

Ericsson, recognized as a global leader in 5G technology with a presence across 183 live 5G networks in 77 countries, will continue supporting Vi’s network expansion to meet India’s growing connectivity demands.

The shares of Vodafone Idea (Vi) closed flat at ₹6.99 on the NSE today.

Published on May 14, 2025

• 06:47 | May 14, 2025
  

  Stock market live today: SEBI working on FPI cash-out delays case-by-case
  

  

  SEBI working on FPI cash-out delays case by case

  SEBI working to resolve FPI fund repatriation delays, aiming for same-day settlement amid system glitches and regulatory issues.

• 06:47 | May 14, 2025
  

  Stock market live today: SEBI plans compliance easing for FPIs investing through VRR, FAR
  

  

  SEBI plans compliance easing for FPIs investing through VRR, FAR

  SEBI proposes relaxed regulations for foreign investors in Indian government bonds to boost investments and ease compliance burdens.

• 06:46 | May 14, 2025
  

  Stock Recommendations: Britannia Industries (Outperform)
  

  

  Broker’s Call: Britannia Industries (Outperform)

  Britannia Industries reports strong Q4FY25 results, positive outlook for FY26 with price hikes and margin improvement.

• 06:46 | May 14, 2025
  

  Stock recommendations: Fine Organic Industries (Buy)
  

  

  Broker’s Call: Fine Organic Industries (Buy)

  Fine Organic’s Q4FY25 performance meets expectations, poised for growth with upcoming expansions and strong financial position.

• 06:40 | May 14, 2025
  

  Crude oil prices: Oil prices hold near two-week highs on trade war reprieve, weaker dollar
  

  Oil prices held near two-week highs in early trading on Wednesday, supported by an agreement between the U.S. and China to temporarily lower their reciprocal tariffs and a falling U.S. dollar.

  Brent crude futures inched down 10 cents, or 0.15%, by 0008 GMT to $66.53 a barrel. U.S. West Texas Intermediate (WTI) crude slipped 7 cents, or 0.11%, to $63.60. Both benchmarks climbed more than 2.5% in the previous session.

  The dollar index, which measures the greenback against a basket of currencies, fell 0.67% on Tuesday after data showed U.S. inflation was lower than expected. A weaker dollar makes oil less expensive for holders of other currencies, increasing demand. – Reuters

• 06:39 | May 14, 2025
  

  Gold prices: Gold falls as easing Sino-US trade woes dulls safe-haven appeal
  

  Gold prices edged lower on Wednesday as softening trade tension between the U.S. and China weakened safe-haven demand, while markets eyed another set of inflation data to assess the Federal Reserve’s policy path.

  FUNDAMENTALS

  * Spot gold fell 0.1% to $3,246.21 an ounce as of 0029 GMT. U.S. gold futures rose 0.1% to $3,250.50. – Reuters

• 06:38 | May 14, 2025
  

  Technicals: Trading guide for May 14, 2025: Intraday supports, resistances for Nifty50 stocks
  

  

  Day trading guide for May 14, 2025: Intraday supports, resistances for Nifty50 stocks

  Get intraday trade recommendations with entry and stop-loss levels based on Technical Analysis, with exit levels provided. Risk involved.

• 06:37 | May 14, 2025
  

  Stock to buy today: ICICI Lombard GIC (₹1,867.80)
  

  

  Stock to buy today: ICICI Lombard GIC (₹1,867.80)

  Trade ICICI Lombard GIC stock with technical analysis, aiming for a rally towards ₹2,100, with clear stop-loss and profit targets.

Published on May 14, 2025

Equity benchmarks tumbled on Tuesday as investors booked profits following Monday’s sharp rally, with IT stocks leading the decline.

The BSE Sensex plunged 1,281.68 points or 1.55 per cent to close at 81,148.22, while the Nifty 50 fell 346.35 points or 1.39 per cent to end at 24,578.35.

The selloff came despite easing geopolitical tensions between India and Pakistan and relatively stable global cues. Markets opened marginally lower, with the Sensex at 82,249.60 and Nifty at 24,864.05, before witnessing aggressive selling pressure throughout the session.

“Today, the benchmark indices witnessed profit booking at higher levels,” said Shrikant Chouhan, Head-Equity Research, Kotak Securities. “On daily charts, it has formed a bearish candle, which supports temporary weakness. However, the short term texture of the market is still in to the positive side.”

Information technology stocks were the worst hit, with the sector index plummeting nearly 2.5 per cent. Major IT companies featured prominently among the top losers, with Infosys dropping 3.63 per cent to ₹1,567.90, HCL Technologies falling 3.02 per cent to ₹1,619.90, and TCS declining 2.83 per cent to ₹3,518.00.

FMCG and auto sectors also faced significant selling pressure, while PSU banks, pharmaceutical, and defense stocks showed resilience. In particular, the defense index rallied 4.10 per cent, with Bharat Electronics Limited (BEL) emerging as the top Nifty gainer, surging 4.06 per cent to ₹335.90.

Other top gainers included Jio Financial Services (up 1.83 per cent to ₹267.70), Hero MotoCorp (up 1.77 per cent to ₹4,055.50), Dr. Reddy’s Laboratories (up 1.04 per cent to ₹1,208.00), and Sun Pharmaceutical Industries (up 0.95 per cent to ₹1,702.20).

Besides IT stocks, other major losers included Eternal E-Commerce (down 3.34 per cent to ₹231.50) and Power Grid Corporation (down 3.19 per cent to ₹299.20).

“The dip in the index reflects caution among participants despite easing geopolitical tensions and stable global cues,” noted Ajit Mishra, SVP, Research, Religare Broking Ltd. “However, we expect the overall tone to remain positive, given the noticeable support in the 24,400–24,600 zone.”

Broader markets outperformed frontline indices, with the Nifty Midcap 100 index rising 0.19 per cent to 55,520.70, while the Nifty Bank index declined 0.80 per cent to 54,940.85. Market breadth remained positive with 2,559 stocks advancing against 1,402 declines on the BSE. Seventy-six stocks hit 52-week highs, while 30 touched 52-week lows.

In currency markets, the Indian rupee appreciated, trading higher by 13 paise at 85.25 against the US dollar. “Rupee traded higher by 13 paise at 85.25 against the US dollar, supported by a softer dollar index, which slipped to 101.564, down 0.205 points,” said Jateen Trivedi, VP Research Analyst at LKP Securities.

However, Dilip Parmar, Senior Research Analyst at HDFC Securities, noted that the currency “relinquished intraday gains as domestic equities weakened and traders unwound their long positions.” He added, “Looking ahead, the USDINR spot rate is expected to encounter resistance around 86.30 and find support near 84.70.”

In commodities, gold prices rebounded with gains of ₹1,100 to ₹94,000 on the MCX, while crude oil traded firm at ₹5,335 with 0.75 per cent gains.

Looking ahead, market participants await the US CPI data due later in the evening, which could influence the Federal Reserve’s rate outlook and provide direction to global markets.

“The index slipped lower as traders booked short-term profits. However, sentiment is likely to remain positive in the near term, despite some profit-taking following the recent sharp rise,” said Rupak De, Senior Technical Analyst at LKP Securities. “In the short term, the index may continue its upward movement with the potential to reach 25,350. On the downside, support is placed at 24,400.”

Technical analysts suggest the Nifty could face immediate resistance in the 24,800-25,000 zone, while 24,500 would act as immediate support. Bajaj Broking Research expects the index to “maintain positive bias and gradually head higher towards 25,200–25,300 levels in the near term,” provided it sustains above the crucial 24,450-24,550 support range.

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Published on May 13, 2025

• 06:37 | May 13, 2025
  

  Insights: Warren Buffett: The Archimedes of the investing world
  

  

  Warren Buffett: The Archimedes of the investing world

  With the lever of long-term investing placed on the fulcrum of sound and logical investment principles, Warren Buffett moved the world for shareholders of Berkshire Hathaway

• 06:36 | May 13, 2025
  

  Stock recommendations: Voltas: What should investors do
  

  

  Voltas: Accumulate at Tempered Valuations

  Voltas, a leading RAC player in India, shows strong growth potential in consumer durables, with a focus on market share.

• 06:36 | May 13, 2025
  

  Commodities technicals: Zinc futures: Bulls banking on a base
  

  

  Zinc futures: Bulls banking on a base

  Zinc futures price analysis: Range-bound at ₹244-256, bullish trend expected towards ₹270, support at ₹242, resistance at ₹256.

• 06:34 | May 13, 2025
  

  Technicals: Trading guide for May 13, 2025: Intraday supports, resistances for Nifty50 stocks
  

  

  Day trading guide for May 13, 2025: Intraday supports, resistances for Nifty50 stocks

  Intraday trade recommendations with entry and stop-loss levels based on Technical Analysis, with exit levels as resistances and supports.

• 06:34 | May 13, 2025
  

  Stock market live today: Stock to buy today: Kajaria Ceramics (₹844.15)
  

  

  Stock to buy today: Kajaria Ceramics (₹844.15)

  Trade Kajaria Ceramics stock for potential gains, with clear entry, exit, and stop-loss levels based on technical analysis.

Published on May 13, 2025

Target: ₹1,360

CMP: ₹1,206

Aurobindo Pharma (ARBP) is actively investing across multiple high-potential segments to drive sustained growth over the next 3-5 years. The company’s Penicillin G (PEN-G) project is scaling up meaningfully, effectively curbing operational losses, and is expected to contribute materially to profitability in FY26 and FY27.

In the US generics market, ARBP continues to strengthen its position by consistently adding limited competition products to its portfolio. Beyond generics, the company is expanding into peptides and biosimilars, while simultaneously building the necessary manufacturing capacities to support long-term growth.

We raise our earnings estimate by 4/3 per cent to factor in a faster scale-up in PEN-G, niche launches and improved operating leverage. We value ARBP at 16x 12M forward earnings to arrive at a TP of ₹1,360.

ARBP stands out for having the most diversified US generics portfolio, demonstrating resilience against pricing pressure despite a robust $2.1b revenue base. Additionally, its investments in differentiated capabilities and facilities for regulated markets position the company well for continued momentum.

With the stock correcting 12-13 per cent over the past six months, current valuations appear attractive.

Published on May 12, 2025

I have shares of Coal India bought at ₹406. What is the long-term outlook?

Vashista Chilkuri

Coal India (₹388): The stock has been consolidating between ₹350 and ₹410 since the beginning of this year within its broader downtrend. Resistance is at ₹420. The stock has to breach this resistance to indicate a trend reversal and turn bullish again. As long as the stock stays below ₹420, the downtrend will remain intact.

A fall to ₹330 looks likely in the coming months. Thereafter a fresh leg of upmove will have the potential to take Coal India share price up to ₹650-680 over the next couple of years. Since you are a long-term investor, accumulate at ₹350. Keep the stop-loss at ₹280. Revise the stop-loss up to ₹390 when the price goes up to ₹460. Move the stop-loss further up to ₹480 when the price touches ₹560. Exit the stock at ₹650.

What is the outlook for NTPC? Can I accumulate now?

Gopalakrishnan

NTPC (₹331): The stock has been in a strong downtrend since October last year. The bounce from the low of ₹292.70 made in February this year has failed to sustain. The stock is coming down again after touching a high of ₹371. That keeps the downtrend intact. Support is at ₹300-290. A break below ₹290 can drag NTPC share price down to ₹270-250 – an important support zone. We expect the downtrend to halt in this ₹270-250 support zone.

A bounce from this support region may have the potential to take NTPC share price up to ₹400-450 again. Since you have not mentioned your purchase price, it is difficult to give a precise advise. The ideal strategy to follow now will be to exit the stock now at current levels. Buy again when the price fall to ₹270-250.

I would like to buy LTIMindtree. What is the outlook? Is it a good time to enter the stock?

Pooja, Patna

LTIMindtree (₹4,616): The fall below ₹4,800 in March this year has turned the outlook negative. Although the stock has bounced back well from the low of ₹3,841, there is a key resistance at ₹4,940 and then in the ₹5,300-5,500 region. A strong rise above ₹5,500 is needed now to turn the outlook bullish for a rise to ₹7,000 again.

A reversal either from ₹4,940 itself or from the ₹5,300-5,500 resistance zone can drag the LTIMindtree share price down to ₹3,650-3,500 in the coming months. From a big picture, there is a big danger of the stock price tumbling towards ₹3,000-2,800 as long as it stays below ₹5,500. So, considering the danger of more downside risk, it is better to stay out of this stock now.

What is the outlook for Syngene International? Can I buy this stock now?

Liza Barik, Bengaluru

Syngene International (₹605): The stock is in a strong downtrend since December last year. There is room to fall more. Significant support is in the ₹560-530 region which can halt the current fall. A bounce from this support zone and a subsequent rise past ₹700 will confirm the trend reversal. From a long-term perspective, that will have the potential to take Syngene International share price up to ₹1,000-1,200 in a year or two. Wait for more fall.

Buy the stock at ₹570 and ₹540. Keep the stop-loss at ₹480. Trail the stop-loss up to ₹660 when the price goes up to ₹740. Move the stop-loss further up to ₹790 and ₹930 when the price touches ₹880 and ₹1,020 respectively. Exit the stock at ₹1,100. If the stock declines below ₹530, adhere to the stop-loss and exit.

Send your questions to [email protected]

Published on May 10, 2025

Nifty 50 (24,008) and Nifty Bank (53,595) depreciated over the last week and posted a loss of 1.4 per cent and 2.8 per cent respectively. Below is an analysis of the derivatives data of both indices and trade recommendations based on them.

Nifty 50

The May Nifty futures (24,066) lost 1.4 per cent last week. In this period, the Open Interest (OI) dropped by a slight 2 per cent and it stood at 126.2 lakh contracts on Friday. This denotes that some longs made an exit. 

The Put Call Ratio (PCR) of the weekly expiry was at 0.7 whereas the same for the May monthly series stood at 1.2 on Friday.  This shows short-term weakness whereas the broader bias is bullish.

In line with this, the chart shows that although Nifty futures (May) dropped last week, it remains above key support level at 24,000, where the 20-day moving average coincides.

A recovery on the back of this base can lift the contract to 24,800 and 25,000, which are the notable resistance levels. However, a breach of 24,000 can drag the contract to 23,700. As it stands, a fall below this is unlikely.

But if 23,700 gives up, the outlook for Nifty futures (May) can turn bearish and can see a fall to 22,900 and 22,000. Nevertheless, as the prevailing price action indicates, the contract retains the positive bias.

Strategy: Last week, we suggested going long at 24,000. Retain this trade and add longs on a dip to 23,700. Maintain initial stop-loss at 23,500. When the contract rallies to 24,400, revise the stop-loss to 24,150. Lift the stop-loss further up to 24,250 when the contract hits 24,600. Exit at 24,800.

As an alternative, we suggested buying 24500-call (May) (₹201.80) at ₹205. Hold on to this and can buy more if the premium moderates to ₹150. Stop-loss can be at ₹100. When the premium rises to ₹350, revise the stop-loss to ₹250. Book profits at ₹430.

Nifty Bank

The May Nifty Bank futures (53,732) was down 2.7 per cent last week. The OI, too, dropped along with the contract; it decreased by 20 per cent over the past week and stood at 18 lakh contracts on Friday. This indicates long unwinding, like in Nifty futures.

The PCR of May month Nifty Bank options dropped from 0.9 on May 2 to 0.7 on May 9 because of relatively more call option selling during this period. This is a bearish sign as traders sell calls when they hold a negative outlook.

While the futures and options numbers suggest a weak outlook, the chart of Nifty Bank futures (May) shows that it is not all that negative as there is a support ahead at 53,600. Below this, there is a support zone between 52,000 and 52,500. 

If the contract rebounds from the current level it can rally to 57,000 and 58,000. Note that 56,000 can resist the bulls but might not be able to hold them for longer. 

Strategy: We recommended buying Nifty Bank futures (May) at 53,700. Retain this trade with target and stop-loss at 57,000 and 53,150 respectively.

Instead of going long on futures, traders who had bought 55500-call (May) (₹298.90) can also retain the position. The recommended purchase price was ₹400 and the order would have triggered on May 7. Stop-loss can be ₹150. When the price of the option goes up to ₹750, raise the stop-loss to ₹500. Exit at ₹1,000.

Published on May 10, 2025

The stock of DLF (₹631.70)  finds immediate support at ₹612 and ₹557. A close below the latter will change the outlook negative and trigger a sharp fall in the stock.

On the other hand, resistance levels are ₹686 and ₹760. A recovery above ₹686 will negate the current negative outlook for DLF. Broadly, we expect the stock to move in a narrow range with downward bias.

F&O pointers: On Friday, DLF May futures closed at ₹633.20 against the spot price of ₹631.70. This contract witnessed a drop in open interest in the last ten days as the stock turned volatile. This indicates traders’ nervousness to carry over the positions.

Option trading indicates that the stock could move in the ₹600-700 range.

Strategy: Consider buying a 630-put that closed with a premium of ₹24.40 on Friday. As the market lot is 825 shares, this would cost traders ₹20,130 per lot. This would be the maximum loss which will happen if the stock of DLF rises sharply.

Aim for a target of ₹32 while keeping initial stop-loss at ₹18. Stop-loss can be shifted to ₹24 if the premium moves past ₹26. Traders can use stop-loss deftly to protect profit from thereon as DLF, being one of the highly volatile counters, can change direction quickly, possibly leading to a loss. 

If the stock opens sharply lower or higher on Monday one can avoid this trade.

Follow-up: Recommendation on Angel One would have provided profits.

Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.

Published on May 10, 2025

For investors who are looking for a passive income with low risk, dividend yield funds are suitable ideally

Stock markets have been volatile in recent times due to India-Pakistan geopolitical tension and global economic uncertainty fuelled by US tariff war. Operation Sindoor further escalated the nervousness in the markets. On Friday – the third day since the launch of the operation – as many as 1,738 stocks declined on the NSE against 1,065 gainers. If Operation Sindoor is extended, the negative trend will gain further strength.

When geopolitical tensions rise, the financial markets tend to react negatively due to increased uncertainty, risk aversion and the potential for economic disruptions. Though the headline benchmarks such as Nifty50 and the BSE Sensex till now have been uncharacteristically calm and seem resilient, the broader markets have been in deeper pain.

Since their peak in September 2024, Nifty50 and Sensex have fallen 8.5 per cent and 7.5 per cent, respectively. As against this, Nifty SmallCap 100 crashed 18.5 per cent and Nifty MidCap 100 nearly fell 13 per cent; BSE Midcap index tumbled 15 per cent and BSE SmallCap index plunged 19.2 per cent.

Low risk schemes

For investors who are looking for a passive income with low risk, dividend yield funds are suitable ideally. During these kinds of uncertainty and volatile situation, investments in dividend yield mutual funds may protect investors from heavy downfall. Typically, dividend yield funds, due to their safe-haven appeal, gain relevance during such uncertain times.

Dividend yield is nothing but how much a company pays out in dividends each year relative to its stock price.

Currently, there are 10 funds catering to this space with a total AUM of about ₹30,000 crore, most of them tracking the Nifty Dividend Opportunities 50 TR Index. The benchmark is designed to provide exposure to high yielding companies listed on the NSE while meeting stability and tradability requirements, said the exchange’s fact sheet. “The methodology employs a yield driven selection criteria that aims to maximise yield while providing stability and tradability,” it further said.

Dividend yield funds provide medium to long term capital gains and/or dividend distribution by predominantly investing in a well-diversified portfolio of equity and equity-related instruments of dividend yielding companies.

Portfolio stocks

Some of the top holdings of these funds included NTPC, HDFC Bank, ICICI Bank, Infosys, Tech Mahindra, Maruti Suzuki, ONGC, Sun Pharma, REC, Bharti Airtel, Kotak Mahindra Bank. Dividend companies are sector agnostic and reflect optimum cashflow management; Dividend companies with stable cashflows also have the potential for long-term growth compounding,

The Nifty Dividend Opportunities 50 Index has produced an annualised return of 13.35 per cent (as on April 30, 2025) since its inception (March 22, 2011). Over a 5-year period, these schemes have produced a CAGR between 24.2 and 35.5 per cent. There are five schemes that were launched a little over 10 years. They have produced a return between 12.5 and 16.8 per cent for a 10-year period. These returns compare well with active funds and large-cap schemes. Some even beat them by handsome margins.

So, investors who wish to wade through tough time like this, can bet on dividend yield schemes , as correction in stocks provide them an ideal opportunity to enhance the fund’s return.

However, the expense ratio for regular plans ranged from 1.78 per cent to 2.38 per cent and for direct plans, it varied between 0.47 per cent and 1.44 per cent. These are on the higher side and if the fund houses manage to reduce the expense ratio, that would better the return even more.

Published on May 9, 2025

As per SEBI regulations, investment advisors and research analysts are required to maintain a deposit of a sum as specified by SEBI from time to time by June-end
| Photo Credit:
FRANCIS MASCARENHAS

Capital market regulator SEBI plans to allow investment advisors and research analysts to fulfill their mandatory monetary deposit through liquid funds.

As per SEBI regulations, investment advisors (IA) and research analysts (RA) are required to maintain a deposit of a sum as specified by SEBI from time to time by June-end.

Market participants and investors can share their comments on the proposal by May 29.

In a consultation paper, SEBI has proposed to allow IAs and RAs to provide units of liquid mutual fund marked as lien in favour of their Administration and Supervisory body. Lien on such units of mutual fund shall be marked for at least one year. These units of liquid mutual can be in the form of Statement of Account (SOA) or in the demat at an option of IA/RA, said SEBI.

The mutual funds units are valued based on the Net Asset Value of the mutual fund unit. It is proposed that the eligible amount of deposit for lien marking shall be the value of units of liquid mutual fund reduced by such haircut as may be decided by ASB and applicable exit load, it proposed.

The value of the mutual fund units for calculating the eligible amount of deposit can be reviewed every year as per the guidelines for deposit requirement. In case of any decrease of value of mutual fund below the threshold deposit requirement or the deposit requirement increases due to increase in the number of clients, IAs/RAs have to replenish the deposit amount within a specified period of such a review by marking the lien on the additional units of the liquid mutual funds proportionate to the additional deposit requirement in favour of ASB, it said.

Published on May 9, 2025

Shares of ICICI Bank Ltd, Power Grid Corporation of India Ltd, UltraTech Cement Ltd, Bajaj Finance Ltd, and HDFC Bank Ltd were among the top losers on Friday.

Meanwhile, Titan Company Ltd, Tata Motors Ltd, Larsen & Toubro Ltd (L&T), State Bank of India (SBI), and Asian Paints Ltd emerged as the top gainers.

The BSE Sensex declined 1.10 per cent or 880.34 points to close at 79,454.47, while the NSE Nifty slipped 1.10 per cent or 265.80 points to finish at 24,008. The market registered its second straight session of losses as escalating India-Pakistan border tensions overshadowed positive global cues.

Top gainers

Titan led the gainers’ list, jumping 4.38 per cent to ₹3,510.80 on the back of strong quarterly results and robust demand guidance.

Tata Motors surged 3.90 per cent to ₹708.50, supported by a rise in EV segment outlook.

L&T added 3.77 per cent to ₹3,445.70, while SBI rose 1.39 per cent to ₹779.40.

Asian Paints ended marginally higher by 0.02 per cent at ₹2,303.00.

Top losers

ICICI Bank was the biggest drag on the index, falling 3.16 per cent to ₹1,388.70 amid heavy institutional selling.

Power Grid declined 2.70 per cent to ₹299.55, while UltraTech Cement lost 2.15 per cent to ₹11,379.05.

Bajaj Finance dropped 2.02 per cent to ₹8,640.20, and HDFC Bank slipped 1.93 per cent to ₹1,889.20.

Both Sensex and Nifty snapped their three-week winning streaks, with weekly losses of over 1.39 per cent. The India VIX remained elevated, underscoring continued nervousness among investors.

Published on May 9, 2025

On NSE the scrip rose 6.57 per cent to end the day at ₹86.35 apiece. 
| Photo Credit:
KSL

Shares of standalone health insurer Niva Bupa Health Insurance ended Thursday at ₹ 87.38 apiece on BSE, which was up 7.78 per cent from the Wednesday close, after the insurer reported over 30 per cent year-on-year rise in its net profit for the fourth quarter last fiscal.

On NSE the scrip rose 6.57 per cent to end the day at ₹86.35 apiece.

Niva Bupa on Wednesday reported a 31.21 per cent year-on-year jump in its net profit to ₹206.08 crore, buoyed by an 18.14 per cent y-o-y increase in its gross premiums written during the period.

The insurer’s net profit stood at ₹157.06 crore for Q4FY24. For Q4FY25, gross premiums written rose to ₹2,078.65 crore from ₹1759.44 crore for Q4FY24.

On BSE, the scrip opened at ₹86.5 against Wednesday’s close of ₹81.07 apiece. Later, it climbed as much as to ₹93.33 apiece before settling at ₹87.38. The shares opened at ₹87.03 on NSE and touched the day’s high of ₹92.90 a piece.

“We believe Niva is well-positioned to harness growth opportunities with a strategic global partner, a growing customer base, and innovative product offerings. The diversified channel mix will ensure improved scalability as the company moves toward geographic expansion. Measures taken to mitigate claim inflation will continue to aid loss ratios, while operational efficiency will lead to an improved expense ratio going forward,” Motilal Oswal Financial Services said in its note on the quarterly results of Niva Bupa Health Insurance.

“Backed by a strong performance in 4QFY25, we have upgraded our estimates under IGAAP, mainly on expense ratio and slightly higher growth,” Motilal Oswal added.

During the fourth quarter last fiscal expenses of management (EoM) ratio stood at 36.33 per cent as against 38.67 per cent in Q4FY24.

During the post-earnings conference call, the company management said it launched a new product in 4QFY25 for the middle-class and lower-middle-class segment, which is one of the largest unserved populations. The claim inflation of 5 per cent was in line with the 5-7 per cent trend. This was supported by ongoing discussions with the provider network to ensure quality treatment and specific negotiation agreements based on data analytics. Billing review, case management, and other measures had also been deployed to ensure fair billing practices.

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Published on May 8, 2025

ct22_Polycab
| Photo Credit:
MAIL PIC DCV

Target: ₹7,320

CMP: ₹5,735

Polycab India’s consolidated sales rose 25 per cent y-o-y to the highest ever level of ₹6,990 crore, above our/consensus estimate by 5 per cent each. Wires & Cables segment grew 22 per cent y-o-y, led by healthy demand momentum across key sectors, while FMEG sales grew 33 per cent y-o-y due to growth across all product categories. Gross margin rose 20bps YoY to 25.5 per cent. EBITDA margin rose 110bps y-o-y to 14.7 per cent (above CentE of 12.3 per cent) due to operating leverage, turnaround in FMEG and higher EPC margin (on a low base).

PAT grew 33 per cent y-o-y to ₹730 crore and was much above our/consensus estimate of ₹550 crore/₹620 crore due to a beat on topline and operating margin.

By FY30, Polycab targets: W&C growth at 1.5x of industry (implying 15-20 per cent CAGR) with 11-13 per cent EBIT margin and >10% exports share; FMEG growth at 1.5-2x of industry with 8-10 per cent EBIT margin and ₹6,000-8,000 crore capex infusion having 4x-5x asset turns potential. Ramp-up in exports and turnaround in FMEG profitability will aid in overall margin expansion.

We increase our earnings estimates for FY26E/FY27E by a 4-6 per cent range. Retain Buy rating with a revised target of ₹7,320 based on 40x FY27E EPS.

Published on May 8, 2025

Tata Motors led the gainers, rallying 5.18%, followed by gains in Jio Financial, Bajaj Finance, and Shriram Finance. In contrast, Asian Paints, Sun Pharma, and ITC saw losses. Sector-wise, auto and capital market indices led, while FMCG, pharma, and defence lagged. 
| Photo Credit:
iStockphoto

Benchmark indices closed with marginal gains on Wednesday after a volatile session marked by early pressure from geopolitical tensions. The BSE Sensex finished at 80,746.78, up 105.71 points or 0.13 per cent, while the Nifty50 settled at 24,414.40, gaining 34.80 points or 0.14 per cent.

Markets opened sharply lower following escalating regional tensions but recovered throughout the day as investors appeared to take comfort from statements suggesting a measured approach to the situation. The broader markets outperformed the benchmarks significantly, with the Nifty Midcap 100 surging 1.59 per cent to 54,287.75 and Nifty Smallcap 100 advancing 1.38 per cent.

Tata Motors emerged as the top gainer among Nifty companies, soaring 5.18 per cent to close at ₹681.80. Other prominent gainers included Jio Financial Services, which climbed 2.11 per cent to ₹256.50, Bajaj Finance advancing 2.04 per cent to ₹8,977, Shriram Finance rising 1.85 per cent to ₹635, and Eternal gaining 1.65 per cent to ₹236.48.

“Markets remained volatile but managed to close slightly in the green amid mixed signals. Geopolitical tensions, following India’s military response to a terrorist attack, triggered a gap-down opening. However, a swift recovery helped the indices edge higher by the close,” said Ajit Mishra, SVP, Research at Religare Broking Ltd.

On the losing side, Asian Paints led decliners with a 3.97 per cent drop to ₹2,322, followed by Sun Pharma falling 2.10 per cent to ₹1,780.90. Bajaj Auto decreased by 1.26 per cent to ₹7,845, ITC declined 1.24 per cent to ₹430.15, and Grasim Industries shed 1.14 per cent to close at ₹2,697.70.

Sector-wise performance was mixed, with auto stocks leading gains, up 1.66 per cent, while FMCG and pharmaceuticals closed in negative territory. The Nifty Defence Index was the biggest sectoral loser, down 1 per cent, while the Nifty Capital Market index surged 3.22 per cent.

Market breadth remained positive with 2,099 stocks advancing against 1,800 declines on the BSE. Sixty-one stocks hit 52-week highs, while 138 touched 52-week lows. Three stocks hit the lower circuit, while none hit the upper circuit.

The Indian rupee weakened significantly against the US dollar. “Amidst lingering geopolitical concerns and a stronger dollar index, the Indian rupee experienced its most significant single-day drop in a month, continuing its decline for the second day,” noted Dilip Parmar, Senior Research Analyst at HDFC Securities. He added, “Spot USDINR is anticipated to trend upward, potentially reaching 85.70 if it holds above 85.”

Technical analysts remain cautious about the immediate market outlook. “The index continues to consolidate within a narrow range, having failed to move past the 61.80 per cent retracement level of the previous decline from the all-time high of 26,277 to the recent low of 21,743,” said Rupak De, Senior Technical Analyst at LKP Securities.

Hrishikesh Yedve of Asit C. Mehta Investment Intermediates observed, “Nifty formed a big bullish candle on the daily chart, indicating buying interest at lower levels. However, the index is still struggling to cross the crucial resistance zone of 24,590.”

Foreign institutional investors have maintained their bullish stance, injecting over ₹43,900 crore into Indian equities over the past 14 consecutive sessions, providing underlying support to the market despite the volatility.

Looking ahead, market participants are closely watching the outcome of the US Federal Reserve’s monetary policy meeting. “All eyes are now on the US Fed, and markets are likely to react to the FOMC meeting outcome and commentary in early trades,” said Ajit Mishra.

Analysts expect the consolidation to continue in the near term. “We expect it to extend the consolidation in the range of 53,500-56,000 for Bank Nifty, while Nifty is expected to trade within the 24,100–24,600 range,” according to Bajaj Broking Research. “Volatility is likely to stay elevated due to ongoing geopolitical tensions, tariff-related developments, and Q4 earnings progress.”

Published on May 7, 2025

 EBITDA before ESOP costs stood at ₹81 crore, marking an improvement of ₹121 crore from the previous quarter
| Photo Credit:
FRANCIS MASCARENHAS

One 97 Communications Ltd (Paytm) reported its financial results for Q4FY25, achieving EBITDA before ESOP profitability as guided previously. The company posted operating revenue of ₹1,911 crore for the quarter ending March 2025, up 5 per cent quarter-on-quarter.

Paytm recorded a contribution profit of ₹1,071 crore with a contribution margin of 56 per cent. Its EBITDA before ESOP costs stood at ₹81 crore, marking an improvement of ₹121 crore from the previous quarter.

Loss narrows

Excluding exceptional items, the company narrowed its losses to ₹23 crore, showing significant improvement from a loss of ₹208 crore in Q3FY25. The exceptional items included a one-time acceleration of ESOP expense amounting to ₹492 crore after Founder and CEO Vijay Shekhar Sharma voluntarily forfeited 2.1 crore ESOPs.

The financial services segment showed robust growth with revenue increasing 9 per cent q-o-q to ₹545 crore, while merchant subscriptions for payment devices reached 1.24 crore, with an addition of 8 lakh devices during the quarter.

The company maintained a strong cash position with a balance of ₹12,809 crore as of March 31, 2025. Paytm’s GMV (gross merchandise value) grew to ₹5.1 lakh crore, and its monthly transacting users (MTU) increased to 7.2 crore, up from 7.0 crore in the previous quarter.

The shares of One 97 Communications Limited (Paytm) were closed today at ₹816.50 down by ₹49.50 or 5.72 per cent on the NSE.

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Published on May 6, 2025

SEBI has launched an Investor Charter specifically for KYC Registration Agencies (KRAs) to promote greater transparency and investor awareness. 
| Photo Credit:
REUTERS/Hemanshi Kamani

Markets regulator SEBI on Tuesday said it has developed an ‘investor charter’ for KRAs detailing the services provided to investors along with their rights and grievance redressal mechanism.

Additionally, the investor charter would provide details about activities of KRAs as well as dos and don’ts for investors.

This charter is aimed at facilitating investor awareness about various activities where an investor/client has to deal with KYC (Know Your Client) Registration Agencies (KRAs) for availing investor service requests.

In its circular, Sebi asked registered KRAs to bring the investor charter to the notice of existing and new investors by putting it on their websites and displaying it at prominent places in offices.

With regard to services provided by KRAs to investors, SEBI said a KRA facilitates registration and modification of KYC records of investors in the securities market through registered-intermediaries, ensuring verification and validation of the investor’s identity.

KRA provides ease of access to investors or registered intermediaries to track status of KYC registration and modification, online.

Published on May 6, 2025

Equity AUM crossed ₹25 lakh crore, maintaining strong inflows despite market volatility

Computer Age Management Services Ltd (CAMS) on Monday reported a 10 per cent increase in its consolidated net profit at ₹114.02 crore for the fourth quarter ended March 2025 against ₹103.50 crore reported in the year-ago same period. Consolidated revenue jumped 14.7 per cent at ₹356.17 crore (₹310.46 crore).

The board has recommended a final dividend of ₹19 a share.

CAMS’ mutual fund revenue grew 14.5 per cent y-o-y and non-MF 15.8 per cent.

Equity AUM crossed ₹25 lakh crore, maintaining strong inflows despite market volatility. Quarterly net equity inflows were nearly flat y-o-y at ₹72,624 crore, while the full year FY25 saw an 86 per cent growth in equity net inflows over FY24.

market leadership

CAMS has maintained its market leadership in the MF space, with an AUM share of approximately 68 per cent. During the quarter, it commenced business with two newly launched AMCs – Angel One Mutual Fund and Unifi Mutual Fund – bringing the total live AMCs serviced by CAMS to 21. The MF distributor said plans to added five more AMCs in next 6 months.

CAMSPay, the company’s payments arm, posted a sharp 85 per cent y-o-y revenue growth in Q4 while CAMS Alternatives had a strong quarter with over 56 new mandate wins, taking the total count of new mandates to over 200 for FY25. “WealthServ360 continues its leadership as the preferred digital platform for the alternatives industry, supporting over 200 clients,” the company said.

“Despite sustained market correction CAMS’s growth trajectory has remained undeterred. Fueled by a ₹25 lakh crore equity asset base, we witnessed AUM growth of 24 per cent y-o-y, matching that of the mutual fund industry. Moreover, new SIP registrations soared by 51 per cent compared to FY’24, and CAMS’ unique investor base crossed 4 crore this quarter, reflecting a growth of 26 per cent y-o-y, ahead of the industry which grew by 22 per cent. In FY25, CAMS accounted for 68 per cent of industry-wide NFO collections,” said Anuj Kumar, Managing Director.

Published on May 5, 2025

Benchmark indices traded firm due to sustained foreign fund inflows. Sensex soared 203.31 pts or 0.25 per cent to 80,705.30 as at 12.21 pm, and Nifty 50 was up 87.35 pts or 0.36 per cent at 24,434.05. Midcap index outperformed. Nifty midcap 100 rose 1.45 per cent to 54,482.40 and Nifty smallcap 100 inched up 0.61 per cent to 16,541.85.

Banking stocks continued to dip, private bank index was down 1 per cent. Meanwhile, oil & gas, metal, auto and FMCG stocks drove the market in a favourable direction.

Top gainers & losers

Shares of Adani Enterprises, Adani Ports, Trent, Shriram Finance and Bajaj Finserv lead the gainers, while Kotak Mahindra, ONGC, Dr Reddy’s Laboratories, SBI and Axis Bank depreciated among Nifty 50 components.

Nearly 1,934 stocks advanced and 820 declined of all the 2,852 stocks that were traded on the National Stock Exchange at the time of writing.

Adani Enterprises and Adani Ports rallied over 8 per cent, leading the gainers of Nifty 50 constituents.

Trent and Shriram Finance followed with 3-4 per cent surge.

Mahindra & Mahindra shares gained 2 per cent following increase in Q4 net profit. 

On the flip side, Kotak Mahindra Bank shares traded 5 per cent lower due to concerns over higher credit costs and softer loan growth. SBI also depreciated 2 per cent following Q4 results.

In addition, shares of Coforge, Indian Hotels, J&K Bank and few more companies will be in focus today due to Q4 results. Track live updates here

On the BSE, shares of R R Kabel, Netweb, ATGL, Adani Power and Adani Green jumped 10-15 per cent. V Mart, Jindal Saw, Kfin Tech fell 4-7 per cent.

About 72 stocks, including Naga Dhunseri, Shakti Pumps, Pokarna, hit the upper circuit, while 52 hit the lower cirucit.

Gensol Engineering shares tumbled further to another lower circuit of ₹69.74 on the NSE.

Hindustan Petroleum, Waaree Energies, KEI and IGL shares rallied 5-7 per cent among midcap stocks.

Among smallcap, Gravita, CGCL, JBM Auto soared 5-6 per cent.

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Published on May 5, 2025

The audit fee paid out by companies, listed on NSE on a standalone basis, was ₹1,903 crore in FY24, an increase of 9.24 per cent from the previous financial year. 

Two out of every three audits of Nifty 500 companies were done by the Big 6 audit firms — BDO, Deloitte, EY, Grant Thornton, KPMG and PwC — in FY25.

These firms handled 326 assignments of 483 Nifty 500 companies, data from primeinfobase.com showed. Overall, these firms handled 694 assignments of 2,069 companies, or 34 per cent of the total companies listed on the NSE, a slight increase from 32 per cent in 2023-24.

The top 10 audit firms audited 803 companies or 39 per cent of the total. Leading the league table was EY with 176 companies, followed by KPMG (137) and Deloitte (128). There were 22 audit firms which audited 10 or more listed companies. In terms of market capitalisation of companies audited, Deloitte (16.2 per cent), EY (15.8 per cent) and KPMG (15.4 per cent) emerged as leaders.

In total, 862 audit firms audited these 2,069 companies. This implies that, on an average, an audit firm audited 2.4 companies in FY25, up from 2.27 companies in FY24 and 1.87 in FY14, showcasing the ongoing consolidation in the audit space.

The number of companies with joint auditors rose slightly to 157, or 7 per cent of the total.

The audit fee paid out by companies, listed on NSE on a standalone basis, was ₹1,903 crore in FY24, an increase of 9.24 per cent from the previous financial year. The average audit fee was ₹0.97 crore per company, with the global Big 4 cornering a 29 per cent share of audit fee, on standalone basis, in FY24.

Published on May 4, 2025

A file photo of Warren Buffett, chairman and CEO of Berkshire Hathaway
| Photo Credit:
Nati Harnik/AP

Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year.

Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year.

“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.

Abel has been Buffett’s designated successor for years, and he already manages all of Berkshire’s noninsurance businesses. But it was always assumed he wouldn’t take over until after Buffett’s death. Previously, the 94-year-old Buffett has always said he has no plans to retire.

Buffett announced the news at the end of a five-hour question and answer period and didn’t take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.

Many investors have said they believe Abel will do a good job running Berkshire, but it remains to be seen how good he will be at investing Berkshire’s cash. Buffett also endorsed him Saturday by pledging to keep his fortune invested in the company.

“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.” Thousands of investors in the Omaha arena gave Buffett a prolonged standing ovation after his announcement in recognition of his 60 years leading the company.

CFRA research analyst Cathy Seifert said it had to be hard for Buffett to reach this decision to step down.

“This was probably a very tough decision for him, but better to leave on your own terms,” Seifert said. “I think there will be an effort at maintaining a business as usual’ environment at Berkshire. That is still to be determined.” Abel expected to do well In many respects, Abel has already been running much of the company for years. But he hasn’t been managing Berkshire’s insurance operations or deciding where to invest all of its cash. He will now take those tasks on, but Vice Chairman Ajit Jain will remain to help oversee the insurance companies.

Investment manager Omar Malik of Hosking Partners in London said before Buffett’s announcement that he wasn’t worried about Berkshire’s future under Abel.

“Not really (worried). He’s had such a long time alongside Warren and a chance to know the businesses,” Malik said about Abel.

The question is will he allocate capital as dynamically as Warren? And the answer is no.

“But I think he’ll do a fine job with the support of the others,” Malik said.

Cole Smead of Smead Capital Management said he wasn’t surprised Buffett is stepping down after watching him Saturday because the 94-year-old wasn’t as sharp as in past years. At one point, he made a basic math mistake in one of his answers. At other points, he got off track while telling stories about Berkshire and his investing without answering the question he was asked.

Abel is well regarded by Berkshire’s managers and Buffett has praised his business acumen for years. But he will have a hard time matching Buffett’s legendary performance, and since he doesn’t control 30 per cent of Berkshire’s stock like Buffett does, he won’t have as much leeway.

“I think the challenge he’s going to have is if anyone is going to give him Buffett or (former Vice Chairman Charlie) Munger’s pass card? Not a chance in God’s name,” Smead said. Buffett always enjoyed a devoted following among shareholders.

Buffett has said that Abel might even be a more hands-on manager than he is and get more out of Berkshire’s companies.

“I think we’ll get a more hands-on manager and that could be that a good thing,” Steven Check, who runs Check Capital Management, said beforehand. But he said Abel also knows that those managers enjoy the freedom to run their businesses and Abel isn’t going to do anything to turn them off.

Buffett earlier warned that Trump’s tariffs were harmful Earlier, Buffett warned Saturday about the dire global consequences of President Donald Trump’s tariffs while telling the thousands of investors gathered at his annual meeting that “trade should not be a weapon” but “there’s no question that trade can be an act of war.” Buffett said Trump’s trade policies have raised the risk of global instability by angering the rest of the world.

“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett said as he addressed the topic on everyone’s mind at the start of the Berkshire Hathaway shareholders meeting.

While Buffett said it is best for trade to be balanced between countries, he doesn’t think Trump is going about it the right way with his widespread tariffs. He said the world will be safer if more countries are prosperous.

“We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he said.

Market turmoil doesn’t create big opportunities Buffett said he just doesn’t see many attractively priced investments that he understands these days, so Berkshire is sitting on USD 347.7 billion in cash, but he predicted that one day Berkshire will be “bombarded with opportunities that we will be glad we have the cash for.” Buffett said the recent turmoil in the markets that generated headlines after Trump’s tariff announcement last month “is really nothing.” He dismissed the recent drop in the market because he’s seen three periods in the last 60 years of managing Berkshire when his company’s stock was halved. He cited when the Dow Jones industrial average went from 240 on the day he was born in 1930 down to 41 during the Great Depression as a truly significant drop in the markets. Currently the Dow Jones Industrial Average sits at USD 41,317.43.

“This has not been a dramatic bear market or anything of the sort,” he said.

Buffett said he hasn’t bought back any of Berkshire’s shares this year either because they don’t seem to be a bargain either.

Investor Chris Bloomstran, who is president of Semper Augustus Investments Group, told the Gabelli investment conference Friday that a financial crisis might be the best thing for Berkshire because it would create opportunities to invest at attractive prices.

“I’m sure he’s praying that the trade war gets worse. He won’t say that publicly, but Berkshire needs a crisis. I mean Berkshire thrives in crisis,” Bloomstran said.

Berkshire meeting attracts thousands The meeting attracts some 40,000 people every year who want to hear from Buffett, including some celebrities and well-known investors. This year, Hillary Rodham Clinton also attended. Clinton was the last candidate Buffett backed publicly because he has shied away from politics and any controversial topic in recent years for fear of hurting Berkshire’s businesses.

Haibo Liu even camped out overnight outside the arena to be first in line Saturday morning. Liu said he worries that this year could be Buffett’s last meeting since he is 94, so he made it a priority to attend his second meeting.

“He has helped me a lot,” said Liu who travelled from China to attend. “I really want to express my thanks to him.”

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Published on May 4, 2025

Berkshire Vice Chairman Greg Abel speaks with shareholders during the Berkshire Hathaway Inc. annual shareholders’ meeting, in Omaha, Nebraska, U.S., May 2, 2025.
| Photo Credit:
REUTERS/Brendan McDermid

When Greg Abel succeeds Warren Buffett at the helm of Berkshire Hathaway at the end of this year, he is expected to preserve the culture at the behemoth even if he does not match the star power of his legendary boss.

Abel, 62, now a Berkshire vice chairman, is expected by investors and analysts to uphold the $1.18 trillion conglomerate’s track record of investing in companies for the long haul and eschewing dividend payments to shareholders.

Berkshire, which owns railroads, insurance companies and an ice-cream maker, has been planning for decades for the eventuality when Buffett, 94, who has run the company since 1965, is no longer there.

Still, it came as a surprise when Buffett announced on Saturday that Abel should replace him as chief executive. The Oracle of Omaha had not before signaled a clear intention on when to step aside.

Buffett has long alluded to his advanced age, and before announcing his planned departure at Berkshire’s annual shareholder meeting in Omaha signaled Abel was more up to the job than he was.

“It’s working way better with Greg Abel than with me, because I don’t want to work as hard as he works,” Buffett said.

One questioner asked Abel what his management approach to subsidiaries would be. “More active,” he responded.

Abel also praised Buffett, saying “Warren has obviously been a remarkable teacher, and I have benefited from that for years.”

A DETAILS MAN

Gregory Edward Abel was born in Edmonton, Alberta, on June 1, 1962, to a working-class family.

Working odd jobs, he cleaned discarded bottles and filled fire extinguishers, according to the Horatio Alger Association of Distinguished Americans, an education non-profit that honored Abel in 2018.

“It was a real working-class family where sometimes people had jobs and sometimes they didn’t,” Abel said about his childhood in a video posted on the Horatio Alger website. “You realized we were all working hard to try to advance our family.”

Abel graduated in 1984 from the University of Alberta and worked at PricewaterhouseCoopers and energy firm CalEnergy.

He joined Berkshire Hathaway Energy, then known as MidAmerican Energy, in 1992, which Berkshire later took over, and became MidAmerican’s chief in 2008.

Abel now oversees Berkshire’s non-insurance operations such as BNSF, Berkshire Hathaway Energy and dozens of chemical, industrial and retail operations.

He has in the last year also taken over some of the capital allocation responsibilities that had been Buffett’s.

Buffett said last year he would also want Abel to have final say on decisions regarding Berkshire’s portfolio of public stocks, a job previously thought would be left to others.

Many executives who work with Abel call him a perceptive questioner who closely scrutinizes financial metrics and wants to closely understand the businesses and how they’re run.

Abel’s questions “ensure you are thinking through directives and plans as a company,” said Chris Kelly, chief executive of HomeServices of America, the largest U.S. residential real estate brokerage. “You come away smarter from having a conversation with him.”

Published on May 4, 2025

NITCO Ltd secures ₹111 crore order from Prestige Group, reinforcing position as top supplier in real estate industry.

NITCO Ltd has announced securing orders worth ₹111 crore from Prestige Group for tiles and marble supply, exceeding the initially projected ₹104 crore value announced in December 2024. The deal brings the total order value to ₹216 crore since December.

The orders will support Prestige Group’s ongoing real estate projects across six major Indian cities including Bengaluru, Hyderabad, Chennai, Mumbai, Pune, and NCR, according to the announcement made today (May 2).

Vivek Talwar, Chairperson and Managing Director of NITCO Limited, highlighted the growing partnership between the two companies. The deal reinforces NITCO’s position as a preferred supplier for high-end tiles and marble solutions in premium real estate developments.

According to the company statement, Prestige Group has chosen NITCO as an exclusive partner due to its focus on design and quality. This partnership complements NITCO’s recent momentum, which includes a significant order from Hindustan Associates.

NITCO Ltd has been operating in the tiles manufacturing industry for over 70 years. The company maintains a network of more than 80 outlets and 650 dealers throughout India, along with an international customer base. Since its founding in 1953, NITCO has focused on innovation, product quality, and customer service in delivering wall tiles, floor tiles, and marble products.

The shares of NITCO Ltd ended today at ₹130.10 up by ₹0.61 or 0.47 per cent on the NSE.

Published on May 2, 2025

Nifty midcap 100 dropped 0.85 per cent to 53,663.15, while smallcap 100 dipped 0.08 per cent to 16,436.15

Equity indices erased early gains in mid-trading session. Sensex traded 118.42 pts or 0.15 per cent positive at 80,360.66 as at 12.51 pm, while Nifty 50 dipped 32.60 pts or 0.13 per cent to 24,301.60. The volatility index was up 2.88 per cent to 18.75.

All sectoral indices except oil & gas declined to trade in negative territory. Nifty midcap 100 dropped 0.85 per cent to 53,663.15, while smallcap 100 dipped 0.08 per cent to 16,436.15.

Top gainers & losers

Shares of Adani Ports, IndusInd, Maruti, Tata Motors and Eternal (Zomato) lead the gainers among Nifty 50 components, while JSW Steel, Eicher Motors, Bajaj Auto, Nestle and HDFC Life depreciated.

Of the total 2,734 stocks traded on the National Stock Exchange, 1,025 advanced and 1,608 declined. Coromandel International and ICICI Bank were among the 21 stocks that hit 52-week high, while 23 stocks including Swiggy hit the 52-week low.

Railtel, Newgen Software, Sonata Software shares shine over 9 per cent among smallcap, while Data Patterns, KFin Tech and Crompton declined.

Among midcap stocks, Phoenix Mills, Indus Towers and Federal Bank plunged 4-8 per cent.

Shares in action

Adani Group stocks — Adani Ports and Adani Enterprises — continued gaining momentum following strong Q4 results. Eternal, Railtel, Godrej Properties, MOIL shares were also in action due to quarter results. In addition, Marico, IOB, CUB, Jindal Saw, Aether and more are set to announce Q4 results today. track live updates

IndusInd shares rose 1.88 per cent to ₹854.20 as at 12.48 pm. The bank may tap Axis Bank deputy MD Rajiv Anand for the MD, CEO role at the lender, after former CEO Sumant Kathpalia resigned from his post taking moral responsibility for the discrepancies found in the lender’s derivatives portfolio, sources say.

JSW Steel plunged 7.21 per cent to ₹955.60. Rejecting the company’s resolution plan, the Supreme Court has ordered liquidation of Bhushan Power and Steel Ltd (BPSL).

Auto stocks were in focus following mixed sales figures in April. TVS Motors gained 1 per cent, while Eicher Motors, Ashok Leyland, Bajaj Auto, Hero Motocorp and Motherson declined 1-3 per cent.

On the BSE, Force Motors led the gainers with 10 per cent rally.

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Published on May 2, 2025

Riding on Adani Wilmar’s stake-sale, the flagship entity of Adani Group, Adani Enterprises, on Thursday reported a consolidated Profit After Tax (PAT) of ₹7,112 crore for financial year 2024-25, a growth of almost 120 per cent over the previous year.

However, the consolidated PAT numbers include a post-tax exceptional gain of ₹3,286 crore from 13.5 per cent stake-sale of Adani Wilmar, the company said. The board of directors also recommended a dividend of ₹1.30 (130 per cent) per equity share of face value of ₹1 each fully paid up for FY25. The board also approved plans to raise ₹15,000 crore through various equity instruments.

“Our robust performance in FY25 is a direct outcome of our strengths in scale, speed and sustainability. Impressive growth across our incubating businesses reflects the power of disciplined execution, future-focused investments and a commitment to operational excellence, innovation and sustainability. As we scale up in energy transition, airports, data centres and mining services, we are creating new market leaders that will drive India’s growth story for decades to come,” said Gautam Adani, Chairman, Adani Group.

Despite the profits, the consolidated total income rose 2 per cent to ₹1,00,364 crore. This was largely due to a 37 per cent decline in the Integrated Resource Management (IRM) business vertical; FY25 saw IRM revenues fall to ₹39,263 crore.

Group businesses

The consistent growth of the company’s key incubating businesses such as the new energy ecosystem, airports, roads and data centres boosted the company’s overall consolidated results for FY25. The New Energy Ecosystem under Adani New Industries Ltd (ANIL) saw revenues rise 63 per cent to ₹13,965 crore. Solar Module sales increased 59 per cent on a year-on-year basis to 4,263 MW with higher EBITDA margins on account of improved realisation and operational efficiency. Having secured financial closure, the company also started construction for an additional 6-GW cell and module line capacity extension.

The company’s airport operations saw a 27 per cent growth with revenues rising to ₹10,015 crore. A total of 12 new routes and eight new flights were added during the fourth quarter of FY25. Passenger and cargo movements during the year rose 7 per cent and 8 per cent respectively. Similarly, the road construction business saw a 35 per cent increase in revenues to ₹9,694 crore for FY 25. 

Published on May 1, 2025

• 16:03 | May 1, 2025
  

  Eternal Q4 results: Deepinder Goyal, Founder & CEO, Eternal (Zomato) on Zomato Quick and Everyday initiatives
  

  “We are actually shutting down both these initiatives as we are not seeing the path to profitability in these without compromising on customer experience. The current restaurant density & kitchen infrastructure is not set up for delivering orders in 10 minutes which leads to inconsistent customer experience. As a result, we did not see any incrementality in demand while we ran Quick as an experiment for a few months. With Everyday, we realized that the need for homely-meals is a limited use case largely for office locations in metros. We did not see enough ROI by keeping it running at a small scale.”

  – Deepinder 

• 16:01 | May 1, 2025
  

  Eternal Q4 results: Deepinder Goyal, Founder & CEO, Eternal (Zomato) comments on growth slowdown
  

  We think there are three key reasons behind the current slowdown in food delivery –

  1. The sluggish demand environment (especially on discretionary spends) 

  2. Shortage (temporary) of delivery partners due to high demand of delivery partners in quick commerce given the rapid expansion of the industry in the last few months 

  3. Competition from quick delivery of packaged food from quick commerce leading to drop in demand for food delivery from restaurants 

  On top of these, in this quarter, two other factors impacted growth – 1. We delisted ~19,000 restaurants who either a) did not pass muster on hygiene standards based on severe customer escalations, b) were mimicking established brands and misleading customers, or c) operating multiple identical menu listings to hog more listing impressions. As one of the leading food delivery platforms, we think it is critical to weed out bad actors which erode trust in the category. 

  While this did impact order volumes, this was the right thing to do for the long term. 

  2. There was one less day in Q4FY25 compared to the same period last year (which was a leap year). 

  – Deepinder 

• 15:45 | May 1, 2025
  

  ETERNAL Q4 results live: Key highlights
  

  Screenshot 2025-05-01 154501.png

  (Stock exchange disclosure)

• 15:43 | May 1, 2025
  

  Eternal Q4 results: Deepinder Goyal, Founder & CEO, Eternal (Zomato) comments on District App
  

  The transition has been on expected lines. In Q4FY25, about one third of the going-out GOV was transacted through the District App. We expect to complete the full transition in the next couple of quarters, post which we will make our going-out offering accessible only on the District app. We will continue with our investments in getting customers to transition to the new app and grow selection on our platform (especially in the live events category). 

• 15:39 | May 1, 2025
  

  Adani Enterprises Q4 results live:
  

  Adani Enterprises, the flagship company of the Adani Group, reported a drop in fourth-quarter profit on Thursday, hurt by weaker performance at its coal trading division.

  The company’s consolidated profit before exceptional items and tax declined to 13.13 billion rupees ($155.2 million) in the January-to-March quarter, from 13.22 billion rupees a year ago.

  Consolidated net profit, however, surged more than eight-fold to 38.45 billion rupees, helped by a one-time gain of 39.46 billion from a partial sale of its stake in its consumer goods venture with Singapore’s Wilmar.

  The ports-to-power Adani Group’s flagship firm has been expanding its new energy business, which comprises of solar manufacturing and wind turbine businesses.

  However, Adani Enterprises’ mainstay coal trading segment still remains at the heart of the company, contributing nearly one-third of its overall revenue.

  The coal trading segment reported a 47% fall in profit to 8.33 billion rupees due to a decline in coal prices and lower demand for imported coal. The segment’s revenue slid 45%.

  Adani Enterprises’ overall revenue declined 7.6% to 269.66 billion rupees.

  The new energy segment’s pre-tax profit surged 92% to 9.94 billion rupees in the quarter. The segment forms 13.5% of the firm’s revenue.

  Reuters

• 15:28 | May 1, 2025
  

  Adani Enterprises Q4 results live: Segment-wise data
  

  Screenshot 2025-05-01 152723.png

  (Source: Earnings presentation) 

• 15:18 | May 1, 2025
  

  Adani Enterprises Q4 results live: Consolidated highlights (Source: Earnings presentation)
  

  Screenshot 2025-05-01 151746.png

• 15:16 | May 1, 2025
  

  Adani Enterprises Q4 results live: Dividend | Record date for the purpose of Dividend is 13-Jun-2025.
  

• 15:13 | May 1, 2025
  

  Adani Enterprises Q4 results live: Operational highlights (as per stock exchange disclosure)
  

  Screenshot 2025-05-01 151217.png

• 15:11 | May 1, 2025
  

  Adani Enterprises Q4 results live: Here’s what Gautam Adani, Chairman of the Adani Group, says
  

  “At Adani Enterprises, we are building businesses that will define the way forward for India’s infrastructure and energy sector,” said Gautam Adani, Chairman of the Adani Group. 

  “Our robust performance in FY25 is a direct outcome of our strengths in scale, speed and sustainability. Impressive growth across our incubating businesses reflects the power of disciplined execution, future-focused investments and a commitment to operational excellence, innovation and sustainability. 

  “As we scale up in energy transition, airports, data centers and mining services, we are creating new market leaders that will drive India’s growth story for decades to come. 

  “Each success across our incubation spectrum accelerates our mission to create long-term value and catalyses India’s emergence as a global economic powerhouse.” 

  – Gautam Adani

  IMG_Gautam_adani_2_1_FGE9N0H2.jpg

  (File photo)

• 15:06 | May 1, 2025
  

  Adani Enterprises Q4 results live: Consol Net Profit 38.45 Billion Rupees – Reuters input
  

  * ADANI ENTERPRISES Q4 CONSOL NET PROFIT 38.45 BILLION RUPEES

  * ADANI ENTERPRISES Q4 CONSOL REVENUE FROM OPERATIONS 269.66 BILLION RUPEES

  * ADANI ENTERPRISES LTD – DIVIDEND 1.3 RUPEES PER SHARE

  * ADANI ENTERPRISES LTD – QTRLY RESULTS INCLUDE ONE TIME GAIN OF 39.46 BILLION RUPEES

  * ADANI ENTERPRISES LTD – RAISING OF FUNDS BY WAY OF ISSUANCE OF SHARES

  * ADANI ENTERPRISES LTD – BOARD HAS APPROVED RAISING OF FUNDS UPTO 150 BLN RUPEES

  Reuters

• 14:59 | May 1, 2025
  

  Adani Enterprises Q4 results live: dividend, fund raising
  

  Adani Enterprises Board has recommended Dividend of Rs. 1.30

  The Board has approved raising of funds by way of issuance of such number of equity shares for an aggregate amount not exceeding ₹ 15,000 crore.

• 14:36 | May 1, 2025
  

  Adani Ports Q4 results live: Key highlights
  

  Logistics handled container volumes of 0.64 Mn TEUs (+8% YoY), and bulk cargo of 21.97 MMT (up 9% YoY) in FY25. 

  In March 2025, APSEZ handled the highest ever container volume – 59,499 TEUs 

• 14:10 | May 1, 2025
  

  Adani Ports Q4 results live: Key highlights
  

  • Gangavaram Port has officially launched its’ container terminal operations with the inaugural EXIM vessel call of MV Synergy Keelung 

  • Dhamra port handled highest ever monthly volume of 4.6 MMT in July 2024 

  • Kattupalli port handled highest ever monthly volume of 1.4 MMT in August 2024 

  • Karaikal Port handled its highest ever monthly volume in March 2025 at 1.42 MMT

• 13:50 | May 1, 2025
  

  Adani Ports Q4 results live: Commencement and operations
  

  • During the year APSEZ made considerable progress in expanding its domestic port footprint. Within India, APSEZ completed the acquisition of Gopalpur port. APSEZ commenced operations at Vizhinjam port, India’s first fully automated transshipment port that has already crossed the milestone of 100,000+ TEUs in a single month 

  • APSEZ commenced O&M operations at Syama Prasad Mookerjee Port’s Netaji Subhas dock and won concession agreement with Deendayal Port Authority to develop Berth No. 13 

  • APSEZ also expanded its international footprint significantly during the year. APSEZ commenced operations at the Colombo West International Terminal (CWIT), located at the port of Colombo. This is the first deep-water terminal in Colombo to be fully automated, designed to enhance cargo handling capabilities, improve vessel turnaround times and elevate the port’s status as a key transshipment hub in South Asia 

  • APSEZ’s Board approved the acquisition of North Queensland Export Terminal (NQXT), Australia. NQXT is a critical export gateway for producers in resource-rich Queensland, Australia and has current capacity of 50 MTPA (million tons per annum). APSEZ also signed a 30-year concession agreement to manage container terminal at Dar es Salaam Port, Tanzania

• 13:30 | May 1, 2025
  

  Adani Ports Q4 results live: Key highlights
  

  • For FY25, APSEZ’s Board has recommended a dividend of ₹7 per share. This implies a payout of c.₹1,500 Cr 

  • APSEZ clocked 450 MMT (+ 7% YoY) cargo volume in FY25. The growth was primarily driven by container volume (+20% YoY) 

  • Mundra became the first Indian port ever to cross 200 MMT annual cargo volume 

  • APSEZ handled 27% of the country’s total cargo (26.5% in FY24) and 45.5% of container cargo (c.44% in FY24) 

  • APSEZ handled the highest ever monthly cargo of 41.5 MMT in March’25

• 13:27 | May 1, 2025
  

  Adani ports Q4 results live: Record date for the purpose of Dividend is 13-Jun-2025.
  

• 13:27 | May 1, 2025
  

  Adani Ports Q4 results live: Key highlights
  

  • Revenue and EBITDA growing almost 2-3x every five years 

  • Average transformation of EBITDA to operating cashflows is healthy at over 70% 

  • With 70%+ domestic port EBITDA margins, APSEZ is the most profitable port operator globally

  • Ports EBITDA has grown at 17% CAGR during the decade, with EBITDA margin expansion of 400 bps 

  • Logistics EBITDA has increased at CAGR of 22% between FY20 and FY25

• 13:25 | May 1, 2025
  

  Adani Ports Q4 results live: Board recommended Final Dividend of ₹7 per equity share.
  

• 13:24 | May 1, 2025
  

  Adani Ports Q4 net profit rises 50 pc to Rs 3,023 crore – PTI
  

  Adani Ports and Special Economic Zone (APSEZ) on Thursday reported a 50 per cent rise in its consolidated net profit to Rs 3,023.10 crore in the March quarter, on account of higher income.

  It had posted a net profit of Rs 2,014.77 crore in the January-March period of preceding 2023-24 fiscal, the company said in a regulatory filing.

  The company’s total income rose to Rs 8,769.63 crore from Rs 7,199.94 crore in the year-ago quarter.

  Expenses stood at Rs 5,382.13 crore during the period under review against Rs 4,450.52 crore in the fourth quarter of FY24.

  For the entire FY25, net profit rose to Rs 11,061.26 crore from Rs 8,103.99 crore in FY24.

  PTI

• 13:22 | May 1, 2025
  

  Adani Ports Q4 results live: Profit beats estimate
  

  ​​Adani Ports and Special Economic Zone​​ reported fourth-quarter profit above estimates on Thursday, as growth in cargo volumes accelerated during a seasonally strong quarter for construction activity.

  The country’s top private port operator reported a consolidated net profit of ₹3,014 crore ($356 million) for the quarter ended March 31, beating analysts’ average estimate of ₹2,571 crore, as per data compiled by LSEG.

  ​​READ MORE​​

• 13:14 | May 1, 2025
  

  Adani Ports beats quarterly profit view on higher cargo growth – Reuters
  

• 13:09 | May 1, 2025
  

  Adani Ports Q4 results live: FY26 guidance
  

  Screenshot 2025-05-01 130905.png

  – Source: Stock exchange filing

• 13:02 | May 1, 2025
  

  Adani Ports and Special Economic Zone Q4 results live: Profit rises
  

  Adani Ports and Special Economic Zone reported its consolidated net profit for the quarter ended March 2025 at ₹3,014.22 crore as against ₹2,039.66 crore in the corresponding quarter last year.

  The Board has recommended a Dividend Rs. 7.

• 13:00 | May 1, 2025
  

  Sundram Fasteners Q4 results live: capital expenditure, capacity expansion 
  

  Company has incurred Rs 376.43 crores towards capital expenditure as part of capacity expansion of existing lines of business and new projects. These investments will significantly enhance the Company’s capability to meet customer demands in various segments, viz., ICE vehicles, PHEVs, EVs, etc.

• 12:38 | May 1, 2025
  

  Sundram Fasteners Q4 results live: MD says company maintains strong financial discipline
  

  “We achieved the highest-ever quarterly PAT at Rs 134.37 crores by maintaining strong financial discipline, sustaining a positive cash balance and adopting best practices in quality management and automation. This growth is particularly encouraging as we have witnessed significant progress in our non-auto business, which has contributed to our overall robust performance.”

  – Arathi Krishna, Managing Director, Sundram Fasteners, said

• 12:24 | May 1, 2025
  

  Sundram Fasteners clocks ₹134.37 crore standalone net profit in Q4 – PTI
  

  The standalone total income for the quarter under review stood at ₹1,362.09 crore, as against ₹1,294.78 crore recorded during the corresponding quarter of last financial year.

  For the year ending March 31, 2025 the total income grew to ₹5,231.33 crore, from ₹4,952.98 crore registered in the last financial year.

  In a statement on Thursday, the company said the Board of Directors have declared a second interim dividend of ₹4.20 per share (420 per cent). The total dividend including the first interim dividend for the financial year 2024-25 would be ₹7.20 per share (720 per cent).

  READ MORE

  

  Sundram Fasteners clocks ₹134.37 crore standalone net profit in Q4

  Sundram Fasteners Ltd reports strong financial growth, highest ever revenue, and dividend declaration for 2025 fiscal year.

• 12:19 | May 1, 2025
  

  Sundram Fasteners Q4 results live: Consolidated profit declines 
  

  Sundram Fasteners reported its consolidated net profit for the quarter ended March 2025 at ₹124.49 crore as against ₹134.41 crore in the corresponding quarter previous year.

• 12:15 | May 1, 2025
  

  Sundram Fasteners Q4 results live:
  

  Auto-component maker Sundram Fasteners Ltd reported a standalone net profit of Rs 134.37 crore for the January-March 2025 quarter, driven by strong financial discipline and best practices in quality management and automation, a top official said.

  The city-headquartered company had registered a profit of Rs 132.54 crore during the corresponding quarter of last financial year. For the year ending March 31, 2025 the profit of the company surged to Rs 517.01 crore, from Rs 479.71 crore registered a year ago.

  The standalone total income for the quarter under review stood at Rs 1,362.09 crore, as against Rs 1,294.78 crore recorded during the corresponding quarter of last financial year.

  For the year ending March 31, 2025 the total income grew to Rs 5,231.33 crore, from Rs 4,952.98 crore registered in the last financial year.

  PTI

• 11:31 | May 1, 2025
  

  Cognizant posts 21% rise in Q1 net profit, fuelled by strong growth in verticals
  

  Cognizant Technology Solutions, a US-based technology company with a large presence in India, reported a 21 per cent increase in net profit to $663 million for the first quarter ended March 31, 2025, compared to $546 million in the same period last year. Revenue of $5.1 billion increased 7.5 per cent year over year.

  The improved performance was due to growth across key verticals, such as health sciences, financial services, and products and services. However, the Communications, Media, and Technology verticals saw a decline.

  In the first quarter, the company realised a gain of $62 million on the sale of an office complex in India, says the company’s financial statement.

  Read more

• 11:30 | May 1, 2025
  

  Q4 results live: Adani pauses talks with Israel’s Tower for $10 billion India chip foray, sources say – Reuters
  

  Gautam Adani’s group has paused discussions with Israel’s Tower Semiconductor for a $10 billion chip project as it did not make strategic and commercial sense for the group, two people familiar with the matter told Reuters.

  Maharashtra in September announced approval for Adani and Tower to set up a facility which would produce 80,000 wafers per month and create 5,000 jobs, helping Prime Minister Narendra Modi’s ambition of making India a chipmaking hub.

  Adani Group had previously said the project was being evaluated, but the talks with Tower have been now been put on hold after the Indian conglomerate’s internal evaluation found there was still uncertainty about how much demand – especially in India – the business can generate, said the first source with direct knowledge of the matter.

  Read more

• 11:20 | May 1, 2025
  

  Adani Enterprises Q4 results live: Shares ended in red on Wednesday
  

  Screenshot 2025-05-01 112005.png

• 11:07 | May 1, 2025
  

  Q4 results live: Dilip Buildcon board to meet on May 8 to consider financial results
  

• 11:07 | May 1, 2025
  

  Adani Ports Q4 results live: Stock closed flat on Wednesday
  

  Screenshot 2025-05-01 110643.png

• 10:45 | May 1, 2025
  

  Q4 results live: Adani Power in focus: Despite higher power sales, Adani Power’s PAT declines by 39% during FY 25

  “Profit After Tax for FY25 was lower at ₹12,750 crore as compared to ₹20,829 crore in FY24 on account of lower one-time revenue recognition and higher tax charge,” the company stated in a statement on Wednesday. The profits fell despite a higher y-o-y power-sale volumes and a subsequent revenue from operations. Due to robust power demand and higher operating capacity, the company’s consolidated power sale volume rose by 20.7 per cent to 95.9 billion units in FY25. The revenues from operations stood at ₹56,203 crore, a y-o-y growth of almost 12 per cent.

• 10:43 | May 1, 2025
  

  Coromandel International’s Q4 PAT up by 2.5 times at ₹578 crore
  

  Higher sales volumes and improved operational efficiency have driven the consolidated net profit of Coromandel International for the quarter ended March 31, 2025. 

  The company reported a consolidated net profit of ₹578 crore in the quarter as against ₹164 crore in the same quarter last year, showing an increase of over two-and-half times.

  READ

• 10:42 | May 1, 2025
  

  Godrej Agrovet Q4 net profit rises 24% to ₹71 cr – PTI
  

  Godrej Agrovet Ltd on Wednesday reported a 24 per cent increase in its consolidated net profit to ₹70.78 crore for the quarter ending March.

  Its net profit stood at ₹57.13 crore in the year-ago period.

  Total income rose to ₹2,146.59 crore in the fourth quarter of last fiscal from ₹2,144.47 crore in the corresponding period of the preceding year, according to a regulatory filing.

  READ MORE

• 10:36 | May 1, 2025
  

  Coromandel Int’l posts over 3-fold jump in Q4 profit at Rs 578.46 cr – PTI

• 10:35 | May 1, 2025
  

  Godrej Agrovet Q4 net profit rises 24pc to Rs 71cr – PTI
  

  Godrej Agrovet Ltd on Wednesday reported a 24 per cent increase in its consolidated net profit to Rs 70.78 crore for the quarter ending March.

  Its net profit stood at Rs 57.13 crore in the year-ago period.

  Total income rose to Rs 2,146.59 crore in the fourth quarter of last fiscal from Rs 2,144.47 crore in the corresponding period of the preceding year, according to a regulatory filing.

  During the full 2024-25 fiscal, the company’s net profit rose to Rs 429.72 crore from Rs 359.67 crore in the preceding year. Total income declined to Rs 9,426.26 crore last fiscal from Rs 9,601.87 crore in the 2023-24 financial year.

  PTI

• 10:34 | May 1, 2025
  

  Q4 results live: Jindal Steel & Power in focus
  

  Jindal Steel and Power reported a surprise loss in the fourth quarter on Wednesday, due to one-off impairment charges related to its Australia and Madagascar assets, and weak steel prices.

  The company reported a consolidated net loss of ₹339 crore ($40.09 million), compared to a profit of ₹935 crore last year.

  Analysts, on average, had expected a profit of ₹105 crore, according to data compiled by LSEG.

  READ MORE

• 10:05 | May 1, 2025
  

  Q4 results live: MOIL Q4 profit up 27 pc to Rs 116 cr – PTI
  

  State-owned MOIL on Wednesday reported around 27 per cent year-on-year growth in net profit at Rs 115.65 crore for March quarter FY25 driven by a rise in income.

  It had posted a net profit of Rs 91.14 crore in the January-March period of 2023-24 fiscal year, the company said in an exchange filing.

  Income increased to Rs 458.20 crore during the quarter from Rs 439.85 crore a year ago.

  In entire FY25, the net profit rose by 30 per cent to Rs 381.63 crore from Rs 293.34 crore in 2023-24.

  Speaking to PTI, company’s CMD Ajit Kumar Saxena said, “We have ended the fiscal delivering positive financial numbers. We will try to maintain this momentum in the coming quarters.” MOIL has also registered rise in production as well as in sales, he said.

  In FY25, the company’s production stood at 18.02 lakh tonne, up 3 per cent year-on-year, while sales were higher by 3.3 per cent at 15.87 lakh tonne.

  PTI

• 10:02 | May 1, 2025
  

  Indus Towers Q4 results: Industry developments during the year have strengthened the outlook for the company and the sector.
  

  Telecom infrastructure company Indus Towers on Wednesday reported a net profit of ₹1,779 crore for the March quarter, registering a decline of 4 per cent year-on-year (y-o-y).

  It said the industry developments during the year have only strengthened the outlook for the company and the sector. The company exuded confidence about maintaining the “momentum” by capitalising on customers’ network expansion and available strategic opportunities.

  The revenue for the quarter came in at ₹7,727 crore, up 7.4 per cent y-o-y.

  READ MORE

• 09:45 | May 1, 2025
  

  Federal Bank Q4 results live: Key highlights
  

  Federal Bank announced the Financial Results for the quarter and year ended 31st March 2025. The key highlights of the results on a Y-o-Y basis are as follows:

  Ø Total Business of the Bank reached Rs. 5,18,483.86 Cr.

  Ø Annual Net Profit at Rs 4051.89 Cr and net profit for the quarter at Rs 1030.23 Cr, increases by 13.67% YoY.

  Ø Highest Ever Other Income backed by strong Fee Income momentum, NII up by 14.16% to Rs.9467.99 Cr.

  Ø Decadal Best Asset Quality with GNPA and NNPA at 1.84 % and 0.44 % respectively.

  Ø CRAR stood at 16.40%.

  Ø Provision Coverage Ratio stood at 75.37%.

  Ø ROA for Q4 stood at 1.24 % and ROE at 12.82 %.

  Ø Total Deposits increased by 12.32 %.

  Ø Total Net Advances increased by 12.15 %.

• 09:40 | May 1, 2025
  

  Q4 results live: Veefin Solutions net up 54% to ₹10 cr in H2
  

  Veefin Solutions, a working capital technology platform, has reported that its net profit in the second half of FY’25 was up 54 per cent to ₹10 crore.

  The company’s income nearly tripled to ₹61 crore. EBITDA more than doubled to ₹20 crore. Listed on BSESME platform, the company is mandated to announce results every six months. 

  Veefin offers comprehensive solutions across Supply Chain Finance, Digital Lending, Trade Finance and Cash Management.

  In FY’25, the company’s net profit was up 81 per cent to ₹13 crore as income more than doubled to ₹80 crore. EBITDA was up 142 per cent to ₹26 crore.

  Shares of the company gained five per cent to ₹347 on Wednesday.

  Raja Debnath, Chairman & Managing Director, Veefin Solutions said the company has made significant progress across key verticals including the expansion of AI-driven credit decisioning stack through the acquisition of Walnut and the rollout of our PSBXchange platform, now powering the world’s largest unified SCF ecosystem with India’s leading public sector banks. 

  “Our global footprint also grew with new mandates from financial institutions in Africa and the Middle East, validating our relevance in diverse banking ecosystems,” he added.

  Gautam Udani, Whole-Time Director, Veefin Solutions said over the next 24 months, the company will expand core offerings to newer markets, simplify corporate structure and ensure the highest form of governance across the group. 

  Leading public sector banks including Bank of Baroda, Central Bank of India, Indian Overseas Bank and UCO Bank have joined Veefin developed PSBXchange to offer MSME financing through the world’s largest unified supply chain financing platform.

• 09:40 | May 1, 2025
  

  Q4 results live: IOC net profit rises 53% in Q4 FY25; combined sales surpass 100 mt
  

  State-run Indian Oil Corporation (IOC) on Wednesday reported a 53 per cent year-on-year growth in its consolidated net profit to ₹8,368 crore in Q4 FY25, aided by inventory gains, even as LPG under recovery stood at ₹19,926 crore.

  Net profit of the country’s largest auto fuel retailer, which operates more than 37,000 fuel stations, rose multi-fold on a sequential basis.

  READ MORE

• 09:39 | May 1, 2025
  

  Q4 results live, stock market live updates: Sensex, Nifty 50 end flat, Bajaj twin shares top losers

  The benchmark indices — Sensex and Nifty — ended flat on Wednesday amid growing concern over geopolitical tensions. However, the sustained momentum of foreign fund inflows have held the market from dip.

  Sensex ended 46.14 pts or 0.06 per cent lower at 80,242.24, while Nifty 50 slipped 1.75 pts or 0.01 per cent to 24,334.20. The market will be closed on May 1 for Maharashtra Day.

  READ MORE

  

  Sensex, Nifty 50 end flat, top gainers & losers today: Bajaj twin shares top losers, HDFC Life, Maruti, SBI Life lead gainers

  Sensex and Nifty end flat amid geopolitical tensions, sustained foreign fund inflows; market closed tomorrow for Maharashtra Day.

• 09:33 | May 1, 2025
  

  Q4 results live today: Key results to watch out for
  

  Adani Ports, Adani Enterprises, Eternal (Zomato) and Railtel among companies declaring Q4 results tomorrow.

Published on May 1, 2025

The subscription was dominated by the employee-reserved portion, which witnessed a 5.43 times subscription, while the quota for retail investors was subscribed 1.78 times
| Photo Credit:
REUTERS

EV maker Ather Energy has closed bidding for its IPO with an overall subscription of 1.43 times. The first mainline IPO of FY26 saw only a muted response.

The qualified institutional buyers (QIBs) showed interest in the final stretch, subscribing 1.7 times their allocation. However, non-Institutional Investors (NIIs) quota remained undersubscribed at 66 per cent.

The subscription was dominated by the employee-reserved portion, which witnessed a 5.43 times subscription, while the quota for retail investors was subscribed 1.78 times.

Ather Energy’s IPO was priced between ₹304-321. The Bangalore-based company’s ₹2,981-crore IPO comprised a ₹2,626-crore fresh issue and an offer-for-sale (OFS) of 1.1 crore equity shares by the promoters and other existing shareholders for ₹354.75 crore.

Utility of funds

From the proceeds, ₹927.2 crore will be allocated toward setting up a new electric two-wheeler manufacturing facility in Maharashtra. An additional ₹750 crore is earmarked for investments in research and development, while ₹300 crore will be used for marketing initiatives. The company also plans to utilise ₹40 crore for debt repayment.

As part of IPO, the company mobilised ₹1,340 crore from anchor investors including Franklin Offshore, Morgan Stanley, Aditya Birla Sun Life MF, ICICI Prudential MF, Invesco MF among others.

The EV maker’s adjusted gross margin improved sharply from 9 per cent in the six months ended December 31, 2023, to 19 per cent in the same period in 2024. Simultaneously, Ather narrowed its EBITDA loss margin to 23 per cent , compared to 34 per cent in the previous year.

Founded in 2013, Ather Energy will be the second electric two-wheeler company looking to go public after Ola Electric Mobility floated its ₹6,145-crore IPO in August last year. Ola Electric’s IPO had a fresh issue of up to ₹5,500 crore and an OFS of up to 8.5 crore equity shares.

Ather Energy shares are expected tobe listed on the BSE and NSE on May 6.

Report by businessline intern Rohan Das

Published on April 30, 2025

Total income rose to ₹2,566.52 crore in the quarter under review as against ₹2,075.93 crore in the corresponding quarter last year.
| Photo Credit:
FARUQUI AM

Vishal Mega Mart shares rallied 10 per cent on Wednesday. Despite the challenging demand environment, the company recorded a stellar Q4FY25 show exceeding consensus estimates.

The stock closed at its upper circuit on the BSE at ₹118.35, higher by 9.99 per cent.

ICICI Securities’ analysts have maintained a positive outlook on the stock stating that the company is well-positioned for sustained and profitable growth. They have retained buy rating at a target price of ₹140 (about 18 per cent upside potential from Wednesday’s close) and expects Vishal Mega Mart to maintain its strong momentum, supported by aggressive store expansion and a focus on value-driven pricing.

Its consolidated profit after tax surged to ₹115.11 crore in March 2025 quarter (higher by 88 per cent) as against ₹61.21 crore in the corresponding quarter previous year.

Total income rose to ₹2,566.52 crore in the quarter under review as against ₹2,075.93 crore in the corresponding quarter last year.

In FY25, the company’s profit after tax (PAT) surged 36.8 per cent to ₹631.96 crore.

As on March 31, 2025, the company operates 696 stores across 458 cities.

In FY25, the category-wise revenue contribution was 44 per cent for apparel, 28 per cent for general merchandise and 28 per cent for FMCG, per company’s stock exchange disclosure.

Gunender Kapur, Managing Director and Chief Executive Officer, Vishal Mega Mart, said, “Our robust profitability was driven by improved cost efficiencies and the benefits of operating leverage, reflecting our continued focus on disciplined execution and scale-driven productivity.

“As we move forward, our approach remains centred on expanding responsibly, deepening market penetration, and strengthening our private label portfolio.”

Published on April 30, 2025

Share prices of Reliance Industries Ltd., Tech Mahindra Ltd., Eternal Ltd., HCL Technologies Ltd., and Infosys Ltd. emerged as the top gainers on Tuesday.

Among the laggards were shares of Sun Pharmaceutical Industries Ltd., UltraTech Cement Ltd., Power Grid Corporation of India Ltd., NTPC Ltd., and Kotak Mahindra Bank Ltd.

The BSE Sensex ended marginally higher amid range-bound trading. The BSE Sensex closed 0.09 per cent or 70.01 points higher at 80,288.38, while the NSE Nifty gained 0.03 per cent or 7.45 points to close at 24,335.95.

Top Gainers

Reliance Industries led the advances, surging 2.32 per cent to ₹1,400.30, continuing its upward momentum. Tech Mahindra shares showed strong performance, rising 2.14 per cent to ₹1,493.00.

Eternal gained 1.72 per cent to close at ₹231.15, while HCL Technologies added 1.42 per cent to finish at ₹1,571.40. Infosys completed the top five with a 1.03 per cent gain, ending at ₹1,497.40.

Top Losers

Sun Pharma was the biggest loser, dropping 2.01 per cent to ₹1,804.80 amid profit booking. UltraTech Cement declined 1.99 per cent to ₹11,866.95.

Power Grid fell 1.75 per cent to ₹303.25, while NTPC slipped 1.22 per cent to ₹356.80. Kotak Mahindra Bank closed 0.93 per cent lower at ₹2,205.35.

The day’s gains were primarily driven by defense stocks, which rallied 5 per cent, while IT stocks advanced 1 per cent. The pharma sector faced selling pressure, declining by 1 per cent as investors booked profits in select counters.

“Today, the benchmark indices witnessed a range-bound trading session,” said Shrikant Chouhan, Head Equity Research at Kotak Securities. “Technically, the market is consistently facing resistance near the 24,450/80500 resistance zone. A small bearish candle near this important resistance level indicates indecisiveness between the bulls and the bears.”

The broader market showed slightly better performance than the frontline indices, with the Nifty Midcap 100 rising 0.27 per cent to 54,587.95.

Published on April 29, 2025

More than half of the issue proceeds would be used to develop its range of offerings and the remaining for leasing office space and marketing expenses. 

Beauty and home care services provider Urban Company has filed for ₹1,900 crore initial public offering (IPO), consisting of a fresh issue of shares and an offer for sale by existing investors.

According to the draft prospectus filed with the regulators, Tiger Global-backed Urban Company will be raising ₹429 crore through the fresh issue and existing investors would be selling shares worth ₹1,471 crore.

Among the selling shareholders are Accel India and Elevation Capital, who hold 10.5 per cent and 10.8 per cent stakes, respectively, in the company.

Utility of funds

More than half of the issue proceeds would be used to develop its range of offerings and the remaining for leasing office space and marketing expenses.

Urban Company, which also has Bessemer Venture Partners as one of its investors, operates in 59 cities spread across India, UAE and Saudi Arabia.

According to the draft papers, it reported a pre-tax profit of ₹27 crore in the nine months till December 2024, compared to a loss of ₹57.8 crore in the year-ago period.

Published on April 28, 2025

Target: ₹850

CMP: ₹705.95

Tata Technologies; headline revenues (-3.3 per cent vs. JMFe: -2.4 per cent) missed expectations. Underlying construct was not bad though. Core services revenues (flat q-o-q) were in-line. Miss was led by sharper than expected decline in Tech Solutions (-14 per cent q-o-q vs JMFe: -10 per cent), which should recover starting Q2.

Tata Technologies’ Q4, and FY25, performance underscores the effects of its diversification efforts. In 4Q, weakness in Auto (-3 per cent q-o-q) was offset by sustained momentum in Aerospace (+8 per cent q-o-q). In fact, Aero revenues have almost doubled in FY25. Within Auto, Tata Motor’s resilience balances challenges facing global OEMs.

For FY25, 12 per cent y-o-y growth ex-Vinfast helped absorb the planned ramp-down in Vinfast. JV with BMW – a USD 500 million TCV opportunity – though not visible on the topline, helps de-risk earnings. These should help Tata Technologies navigate the uncertain demand environment. It can leverage BMW relationship to make further in-roads in other German OEMs, as they look to offshore more – a prospect looking increasingly probable.

Q4 miss, especially Tech Solutions, is flowing into 2-3 per cent cut to our FY26-27E USD revenue estimates. Faster than expected ramp-up in BMW JV however limits changes to FY26E EPS (+2 per cent). Maintain BUY with ₹850.

Published on April 28, 2025

The offer comprises of an Offer for sale of up to 49,854,357 equity shares of face value of ₹10 each

Canara Robeco Asset Management Company has filed draft red herring prospectus (DRHP) with SEBI for an initial public offering .

Canara Bank and ORIX Corporation Europe NV are the promoters of the company.

The offer comprises of an Offer for sale of up to 49,854,357 equity shares of face value of ₹10 each. The offer for sale includes 25,924,266 equity shares by Canara Bank and up to 23,930,091 equity Shares by ORIX Corporation Europe NV.

Canara Robeco AMC is the 17^th largest fund house. It logged an average AUM of ₹1.08 lakh crore as of December-end. It manages 25 schemes comprising 12 equity schemes, 10 debt schemes and three hybrid schemes.

The company has a multi-channel sales and distribution network that allows it to offer products and services to its customers. This network includes third-party distributors and sales made through its branches, and digital platforms.

The company’s quarterly average AUM has grown at a CAGR of 35 per cent between March 2022 and March 2024, compared to industry growth of 19 per cent.

The fund house had the third highest share of equity (including equity-oriented hybrid) AUM as of and compared to the top 10 AMCs in India, had the highest share of equity-oriented AUM as of last December-end.

Post-IPO, the equity shares of the company will be listed on BSE and NSE.

SBI Capital Markets, Axis Capital and JM Financial are the Book Running Lead Managers to the issue.

Currently, there are four mutual funds — Nippon India MF, HDFC MF, Birla MF and UTI MF — are listed on the stock exchanges. SBI MF had planned to come out with an IPO, but later shelved the plan. As of March, there were 49 registered mutual funds in India.

Published on April 25, 2025

Besides, Mazagon Dock Shipbuilders, Rail Vikas Nigam Ltd (RVNL), Garden Reach Shipbuilders and Engineers Ltd and Indian Railways Catering and Tourism Corporation (IRCTC) provided over 1,000% returns to IPO investors

As many as 15 out of 18 public sector companies listed over the last eight years have given bumper returns with Mazagon Dock Shipbuilders topping the list by making investors richer by a whopping 3,700 per cent, according to an analysis.

The analysis shows that barring insurance companies, all central public sector enterprises (CPSEs), especially from shipping and rail sectors, listed since May 2017 gave positive returns to investors who bought shares in the initial public offering (IPO) and have stayed invested in the company so far.

Besides, Mazagon Dock Shipbuilders, Rail Vikas Nigam Ltd (RVNL), Garden Reach Shipbuilders and Engineers Ltd and Indian Railways Catering and Tourism Corporation (IRCTC) provided over 1,000 per cent returns to IPO investors. Sector wise analysis reveals that Railways and Shipping CPSEs have outperformed CPSEs in other sectors.

Mazagon Dock, which listed on bourses in 2020 at an issue price of ₹145, was trading at ₹5,510.2 a share on April 22, 2025, despite a stock split in December 2024.

Garden Reach Shipbuilders listed on bourses in 2018 at an issue price of ₹118. The shares are currently trading at ₹1,733.9 apiece, thus giving a 1,369 per cent returns to investors.

Cochin Shipyard, which listed in 2017, has given returns of 590 per cent with share price rising to ₹2,979.7 from the IPO issue price of ₹432. This return is despite a stock split.

Among Railways CPSEs, RVNL gave returns of 1,866 per cent, rising from 2019 IPO issue price of ₹19 a share to ₹373.6. Similarly, IRCTC shares jumped 1,110 per cent from ₹320 in 2019, to ₹3,872.75 a share. Others like RITES and IRCON International (listed in 2018) gave investors returns of 225 per cent and 243 per cent, respectively, while RailTel, listed in 2021, gave returns of 238 per cent.

Defence sector CPSEs – Hindustan Aeronautics (HAL), Bharat Dynamics (BDL), and MIDHANI – gave IPO investors returns of 605 per cent, 558 per cent, and 227 per cent, respectively.

Indian Renewable Energy Development Agency (IREDA) shares listed in 2023 at an issue price of ₹32, have jumped 458 per cent to ₹178.6 apiece.

Housing and Urban Development Corporation (HUDCO) gave investors 288 per cent returns rising from issue price of ₹60 in 2017 to ₹233 a share.

MSTC, under the steel ministry, gave 350 per cent returns to investors rising from issue price of ₹120 a share to ₹540.25.

The laggards included New India Assurance, Life Insurance Corp, and General Insurance Corporation (GIC). While LIC scrip is trailing the issue price, shares of GIC and New India have given negative returns to investors notwithstanding the 1:1 bonus shares announced by the two general insurance companies in 2018.

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Published on April 27, 2025

Bharti Airtel (₹1,815.60)

Set to rally to ₹2,000

The stock of Bharti Airtel touched a record high of ₹1,904.20 last Monday. But then, the price moderated and the scrip closed at ₹1,815.60 last week. Nevertheless, the outlook remains bullish, and the dip in price is only a corrective move. We expect the stock to resume the rally, either from the current level of ₹1,815 or after extending the decline to ₹1,775.

So long as the support at ₹1,750 holds, the bias will be bullish. So, participants can buy the stock of Bharti Airtel at ₹1,815 and accumulate if the price dips to ₹1,775. Place stop-loss at ₹1,730. When the price reaches ₹1,910, trail the stop-loss to ₹1,850. Move the stop-loss to ₹1,910 when the stock touches ₹1,960. Book profits at ₹2,000.

EIH Associated Hotels (₹366.85)

Bounces off a key support

In early March, the stock of EIH Associated Hotels bounced off the support band of ₹300-320. This base has been supporting the stock since February last year. The prevailing price action shows that the current uptrend is steady. Even though there might be some softening in price, possibly to ₹335, the bulls are expected to eventually take the stock higher.

The price can touch ₹480 over the next few months. So, go long at ₹366 and buy more shares if the stock moderates to ₹335. Keep initial stop-loss at ₹290. When the price rises to ₹410, trail the stop-loss to ₹360. Tighten the stop-loss to ₹415 when the stock appreciates to ₹450. Liquidate the longs at ₹480.

Kansai Nerolac Paints (₹262)

Signs of upward reversal

The stock of Kansai Nerolac Paints has been appreciating for nearly two months. Consequently, it has erased the losses it made since the beginning of 2025. The chart shows that the scrip has formed a rounding bottom pattern, hinting at a potential bullish reversal in trend. The crossover of 20- and 50-day moving averages substantiate the bright outlook.

Also, the rebound happened on the back of the support at ₹220, which has been holding well since early 2017. So, participants can buy at ₹262 and on a dip to ₹245. Stop-loss can be at ₹212. Revise the stop-loss to ₹275 when the price hits ₹300. Move the stop-loss further up to ₹290 when the stock touches ₹320. Exit at ₹340.

Published on April 26, 2025

The company net loss was on account of a fall in fair value changes

Broking firm Motilal Oswal Financial Services (MOFSL) has recorded a net loss of ₹63.19 crore during the fourth quarter of FY25 against a profit of ₹724.60 crore recorded during the corresponding period a year ago. This is for the first time in five years that MOFSL has posted a quarterly loss.

The net loss was on account of a fall in fair value changes, the company said. Per company’s financial statement, the net loss on fair value change for the quarter stood at ₹430 crore against a net gain of ₹424 crore in the same quarter a year ago.

Total revenue from operations also declined 44 per cent to ₹1,208.555 crore (₹2,171.93 crore).

The board has approved Issuance of Non-Convertible Debentures worth ₹3,000 crore.

During the quarter, Motilal Oswal’s wealth management business grew by 7 per cent from the same quarter last year, while Assets Under Management stood at ₹2.64 lakh crore, a growth of 31 per cent year-on-year.

Consolidated total Average Revenue per User (ARPU) grew by 9 per cent to ₹41,516 per active client on a year-on-year basis. Cash volume market share for financial year 2025 stood at 7.6 per cent while F&O premium market share during the year stood at 8.5 per cent.

Asset Management AUM at the end of financial year 2025 stood at ₹1.23 lakh crore.

Shares of Motilal Oswal Financial Services ended 8.13 per cent lower at ₹694.25.

Published on April 25, 2025

Ather Energy on Friday raised ₹1,340 crore from anchor investors, which included several marquee names.

The board of Ather Energy, in consultation with the book running lead managers — Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited — finalised the allocation of 4.17 crore shares to anchor investors at ₹321 per share.

The anchor investors include Franklin Offshore, Abu Dhabi Investment Authority, Societe Generale, BNP Paribas, Morgan Stanley, SBI Mutual Fund, Invesco MF, ICICI Prudential Mutual Fund, Aditya Birla Sun Life, Helios Mutual Fund, Eastspring Investments, Prudential Hong Kong, Tocu Europe III SARL, Tata Investment Corporation, and Union Innovation & Opportunities.

Ather Energy’s ₹2,980-crore IPO will open on Monday at a price band of ₹304–321 per share. Of this, ₹2,626 crore will be a fresh issue, while the remainder will be an offer for sale by the promoters (Tarun Mehta and Swapnil Jain) and other shareholders, including Caladium Investment Pte, National Investment and Infrastructure Fund II (NIIF II), IIT-Madras Incubation Cell Corporate, and IITMS Rural Technology Business Incubator.

Out of the ₹2,626 crore to be raised through the fresh issue, ₹927.2 crore will be allocated toward setting up a new electric two-wheeler manufacturing facility in Maharashtra. An additional ₹750 crore is earmarked for investments in research and development, while ₹300 crore will be used for marketing initiatives. The company also plans to utilise ₹40 crore for debt repayment.

Published on April 25, 2025

Large aluminium steel rolls
| Photo Credit:
okeyphotos

Hindalco Industries Ltd, the metals flagship of the Aditya Birla Group, announced today the successful delivery of 10,000 aluminium battery enclosures to Mahindra for their BE 6 and XEV 9e electric SUVs. The company also unveiled its new EV component manufacturing facility in Chakan, Pune.

The shares of Hindalco Industries were trading at ₹623, down by ₹5.35 or 0.85 per cent on the NSE today at 1.20 pm.

The state-of-the-art facility, built with a ₹500-crore investment across 5 acres, marks Hindalco’s entry into the EV component sector. It currently has capacity to produce 80,000 enclosures annually, with plans to double production to 160,000 units. Over 3,000 Mahindra EVs using these aluminium battery packs are already on Indian roads.

According to Hindalco’s Managing Director Satish Pai, the battery enclosures offer up to 40 per cent weight reduction compared to traditional steel designs, improving the vehicle range by 8-10 per cent, while enhancing crash safety and thermal management.

The Chakan facility employs a nearly all-woman workforce as machine operators and is expected to generate up to 1,000 jobs, aligning with the government’s ‘Make in India’ initiative.

Hindalco plans to expand its capabilities to serve other Indian and global OEMs, offering aluminium components for both electric and internal combustion engine vehicles as India’s EV value chain continues to develop.

Published on April 25, 2025

Dr Tamaswati Ghosh, CEO, IIT Madras Incubation Cell

EV maker Ather Energy’s initial public offering (IPO) is a milestone not just for the company but also for India’s leading deep tech startup hub IIT-Madras Incubation Cell (IIT-M IC).

Ather Energy will be IITM IC’s first portfolio company to go public in validation for the incubator’s efforts. Analysis of Ather’s Red Herring Prospectus (RHP) shows that this also brings lucrative returns for the marquee institute.

As per the RHP, IIT-M IC was allotted a 5 per cent stake in Ather as per a 2013 incubation agreement for the assistance provided in the form of physical infrastructure, mentorship and support. Subsequently, as Ather raised fresh capital over the years, the stake went down to around 0.5 per cent and pre-IPO, IIT-M IC owned around 15,58,170 shares (across its two entities IITM IC and IITM RTBI). Out of this, it is offloading 35,241 shares in the OFS.. Based on the weighted average cost of acquisition of these shares as per the RHP and the IPO’s upper price band of ₹321, IIT-M is likely to clock returns of over 32,000 per cent, as per businessline calculations.

“Ather Energy’s upcoming IPO marks a historic milestone for IIT Madras and its nodal incubator, IITM Incubation Cell, as it becomes the first IPO from our portfolio of 457 deep-tech startups. Last year, Ather became the second unicorn from our portfolio. Ather’s journey began as one of the earliest pioneers in India’s electric two-wheeler segment, a field that was largely untapped at the time. This is a heartwarming reflection of the immense potential of India’s youth and the capabilities of the IITM startup ecosystem,” Dr Tamaswati Ghosh, CEO, IIT Madras Incubation Cell, told businessline. “As one of our earliest incubatees in 2014, IITM alumni and Ather co-founders Tarun and Swapnil quickly became role models for aspiring entrepreneurs,” Ghosh said.

Over the last 12 years, IITM IC has incubated 457 deep-tech startups, collectively valued at over ₹50,000 Crores (based on investments raised from VCs), with two unicorns (Uniphore and Ather).

However, data from YNOS Venture Engine shows that Ather’s listing is not the first instance of an academic incubator-backed IPO. There are 12 such ventures overall, however drone tech startup ideaForge, which is backed by IIT-Bombay and IIM-Ahmedabad is the only other deep tech startup.

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Published on April 24, 2025

The move aligns with SEBI’s recent clampdown on IPO and merchant banking norms for small businesses to enhance market transparency and investor protection.
| Photo Credit:

India’s National Stock Exchange on Thursday tightened rules for small companies on its SME platform seeking to move to the main board, requiring at least ₹100 crore in annual revenue to qualify.

The move comes months after India’s markets regulator issued tighter regulations for merchant bankers and initial public offerings by small businesses.

Only small businesses with at least ₹100 crore in revenue in the year before applying will be eligible to list on the main board, the NSE said in a circular, adding such a requirement for the first time after no revenue criteria were set in its April 2023 guideline

The NSE also said firms must be profitable for two of the last three years—compared to the earlier requirement of positive EBITDA in the previous three years and profit after tax in the year of applying.

It also lowered the minimum number of public shareholders to 500 from 1,000 and now requires some large shareholders, called promoters, to hold at least a 20 per cent stake without cutting it by more than half.

Published on April 24, 2025

The day’s gains were largely fueled by IT stocks, with easing global macroeconomic concerns and a rebound in tech spending sentiment bolstering investor confidence

Shares of HCL Technologies Ltd., Tech Mahindra Ltd., Tata Motors Ltd., Infosys Ltd., and Mahindra & Mahindra Ltd. were among the top gainers on Wednesday.

On the flip side, HDFC Bank Ltd., Kotak Mahindra Bank Ltd., State Bank of India, Axis Bank Ltd., and ITC Ltd. featured among the top laggards.

The BSE Sensex extended its winning streak for a seventh consecutive session, rising 0.65 per cent or 520.90 points to close at 80,116.49. The NSE Nifty also climbed 0.67 per cent or 161.70 points, ending the day at 24,328.95.

Top gainers

HCL Technologies led the rally, soaring 7.72 per cent to ₹1,594.30, buoyed by robust Q4 earnings and strong guidance for FY26. Tech Mahindra surged 4.63 per cent to ₹1,439.30, driven by optimism in the IT services segment.

Tata Motors gained 4.59 per cent to end at ₹659.90, while Infosys advanced 3.69 per cent to ₹1,474.85. Mahindra & Mahindra rounded off the top five, rising 3.56 per cent to ₹2,917.40.

Top losers

HDFC Bank was the biggest laggard, slipping 1.98 per cent to ₹1,923.10. Kotak Mahindra Bank followed, declining 1.80 per cent to ₹2,226.70.

State Bank of India dropped 1.11 per cent to ₹813.30, while Axis Bank lost 0.87 per cent to ₹1,206.50. ITC fell 0.68 per cent to ₹430.75.

The day’s gains were largely fueled by IT stocks, with easing global macroeconomic concerns and a rebound in tech spending sentiment bolstering investor confidence.

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Published on April 23, 2025

LG Electronics has reportedly paused work on the initial public offering (IPO) of its Indian unit due to ongoing volatility in local equity markets, according to Bloomberg News.
| Photo Credit:
KIM HONG-JI/Reuters

LG Electronics has paused work on the initial public offering of its Indian unit amid volatility in the local stock markets, Bloomberg News reported on Wednesday citing people familiar with the matter.

The South Korean company has told advisers it may postpone the local unit’s IPO and may decide to resume work on it if market conditions improve, Bloomberg News reported, citing sources who asked not to be identified because the talks are private.

“The IPO process is underway, but we cannot comment on the timing at this stage,” an LG Electronics official told Reuters on Wednesday, adding that referring to it as a suspension “does not seem appropriate”.

The reported pause of plans come at a time when equity market volatility in India has led homegrown e-scooter maker Ather Energy to cut its fresh share sale size by 15% and slash its target valuation by 44%.

Published on April 23, 2025

Brokerage firms such as Groww, Angel One, Zerodha, Upstox Securities, Kotak Securities, Motilal Oswal and Nuvama Wealth witnessed client attrition in March 2025 quarter, according to the National Stock Exchange data. Collectively, these firms lost over nine lakh active clients in the fourth quarter to 4.92 crore.

Recent market correction, volatile trends, ongoing earnings season and global cues have impaired the client base of brokerages. However, on a year-on-year basis, over 84 lakh new demat accounts were opened, showing 20.5 per cent increase.

The top four firms that felt the maximum pressure include Groww Invest Tech, Zerodha Broking, Angel One and Upstox. Groww has witnessed a major decline, its active client base fell to 1.29 crore in the quarter under review from 1.32 crore in the December 2024 quarter. However, it has increased 40 per cent from 95 lakh in March 2024.

Zerodha Broking followed with 2.31 lakh decline in active clients to 78.87 lakh in March 2025 quarter compared to 81.2 lakh in previous quarter.

Angel One’s client base dropped to 75.78 lakh in the March 2025 quarter compared to 77.54 lakh in the previous quarter. The brokerage declined to comment. The listed stock broking firm’s profit tumbled 49 per cent in Q4FY25. For Upstox Securities, it dipped to 27.47 lakh in March 2025 quarter.

However, during FY25, Angel One added 14.6 lakh new accounts, Zerodha 5.8 lakh accounts and Upstox onboarded 2.30 lakh clients.

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Published on April 22, 2025

Markets maintained positive momentum during midday trading on Tuesday, shrugging off global concerns triggered by President Trump’s criticism of the Federal Reserve. The benchmark Sensex traded at 79,615.13, up 206.63 points or 0.26 per cent from its previous close, while the Nifty50 rose 54.50 points or 0.23 per cent to 24,180.05.

Banking stocks continued their strong performance, with the Nifty Bank index advancing 395.70 points or 0.72 per cent to 55,700.20. The financial services sector also showed strength, with the Nifty Financial Services index up 0.71 per cent at 26,623.10.

HDFC Bank was among the top gainers, rising 1.54 per cent to ₹1,956.80 on heavy trading volume of over 148 million shares. Other banking stocks performing well included State Bank of India, up 1.40 per cent at ₹828.10, and Kotak Mahindra Bank, which gained 1.56 per cent to ₹2,276.30.

Consumer goods companies also showed significant gains, with Tata Consumer Products leading the list of top performers, rising 1.73 per cent to ₹1,140.40. Hindustan Unilever followed closely with a 1.63 per cent increase to ₹2,389.30.

On the downside, IndusInd Bank was the biggest laggard, dropping 4.54 per cent to ₹790.60. Hero MotoCorp fell 2.35 per cent to ₹3,825.00, while Power Grid Corporation declined 2.06 per cent to ₹313.40. IT major Infosys shed 1.81 per cent to reach ₹1,424.70, and Bajaj Auto decreased by 1.69 per cent to ₹8,108.00.

The broader market showed strong participation, with midcap stocks outperforming the benchmarks as the Nifty Midcap 100 rose 0.98 per cent to 54,501.90. Market breadth remained firmly positive with 2,560 stocks advancing against 1,260 declines on the BSE, while 177 remained unchanged.

Technical indicators reflected robust market sentiment with 73 stocks reaching 52-week highs compared to just 24 touching 52-week lows. Additionally, 307 stocks hit upper circuit limits while 124 stocks reached lower circuits.

The Indian markets have displayed resilience amid global volatility, supported by continued institutional buying and positive domestic factors. Traders are keeping a close watch on global developments while maintaining their positive outlook on Indian equities as the trading day progresses toward the 3.30 pm close.

Published on April 22, 2025

Adding to investor anxiety, the US dollar slid against major currencies — an unusual move during market stress — signalling concerns about Washington’s policy direction.
| Photo Credit:
Richard Drew/AP Photo

US stocks are tumbling Monday as worries about President Donald Trump’s trade war and his criticism of the Federal Reserve cause investors to pull further from the United States.

The S&P 500 was 2.8 per cent lower in another wipeout, and the index at the centre of many 401(k) accounts is more than 16 per cent below its record set two months ago.

The Dow Jones Industrial Average was down 1,062 points, or 2.7 per cent, as of 11:45 a.m. Eastern time. Tesla and other Big Tech stocks had some of the sharpest losses, which dragged the Nasdaq composite down a market-leading 3.2 per cent.

Perhaps more worryingly, the value of the US dollar also sank as a retreat continues from US markets. It’s an unusual move because the dollar has historically strengthened during past episodes of nervousness. But this time around, it’s policies directly from Washington that are causing the fear and potentially weakening the dollar’s reputation as a pillar of the global economy.

Trump continued his tough talk on global trade over the weekend, even as economists and investors continue to say his stiff proposed tariffs could cause a recession if they’re not rolled back.

US talks last week with Japan have so far failed to reach a deal that could lower tariffs and protect the economy, and they’re seen as a “test case,” according to Thierry Wizman, a strategist at Macquarie.

“The golden rule of negotiating and success: He who has the gold makes the rules,” Trump said in all capitalized letters on his Truth Social Network. He also said that “the businessmen who criticize tariffs are bad at business, but really bad at politics,” likewise in all caps.

Trump has recently focused more on China, the world’s second-largest economy, which upped its own rhetoric against the world’s largest economy. China on Monday warned other countries against making trade deals with the United States “at the expense of China’s interest” as Japan, South Korea and others try to negotiate agreements.

“If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner,” China’s Commerce Ministry said in a statement.

Also hanging over the market are worries about Trump’s anger at Federal Reserve Chair Jerome Powell. Trump last week criticized Powell again for not cutting interest rates sooner to help give the economy more juice.

The Fed has been resistant to lowering rates too quickly because it does not want to allow inflation to reaccelerate after it has slowed nearly all the way down to its 2 per cent goal from more than 9 per cent three years ago.

Trump talked again on Monday about a slowing for the US economy that could be coming unless “Mr. Too Late, a major loser, lowers interest rates.” A move to fire Powell would likely send a huge bolt of fear through financial markets. While investors always love lower interest rates, because they boost prices for stocks and other investments, the larger worry would be that a less independent Fed would be less effective at keeping inflation under control in the long run. Such a move could further weaken, if not kill, the United States’ reputation as the world’s safest place to keep cash.

On Wall Street, several Big Tech stocks helped lead indexes lower ahead of their latest earnings reports due later this week.

Tesla sank 7 per cent, for example. The electric vehicle’s stock came into Monday roughly 50 per cent below its record set in December on criticism that its stock price had gone too high and that its brand has become too entwined with Elon Musk, who’s leading the US government’s efforts to cut spending.

Nvidia fell 5.6 per cent and was on track for a third straight drop after disclosing that new US export limits on chips to China could hurt its first-quarter results by USD 5.5 billion. It was the single heaviest weight on the S&P 500 500. A 3.5 per cent drop for Apple, 2.5 per cent fall for Microsoft and 3.6 per cent slide for Amazon were close behind.

It was another wipeout on Wall Street, and 97 per cent of the stocks within the S&P 500 were falling.

Among the few gainers was Discover Financial Services, which climbed after the US government approved its proposed merger with Capital One Financial.

Discover rose 1.7 per cent, while Capital One edged down by 0.3 per cent.

Gold was also rising, burnishing its reputation as a safe-haven investment, unlike some others.

In the bond market, shorter-term Treasury yields fell as investors keep alive hopes that the Fed may cut its main overnight interest rate later this year in order to support the economy.

Longer-term yields swiveled up and down, though, as doubts continue to rise about the United States’ standing in the global economy because of Trump’s moves.

The yield on the 10-year Treasury topped 4.40 per cent in the morning, up from 4.34 per cent at the end of last week and from just about 4 per cent earlier this month. That’s a substantial move for the bond market. But it later regressed back to 4.36 per cent.

The US dollar’s value, meanwhile, fell against the euro, Japanese yen, the Swiss franc and other currencies.

In stock markets abroad, Tokyo’s Nikkei 225 fell 1.3 per cent. Indexes fared better in Seoul, where stocks rose 0.2 per cent, and in Shanghai, which saw a 0.4 per cent gain.

Published on April 22, 2025

Shares of Tech Mahindra, IndusInd, Bajaj Finserv,Axis Bank, Trent and Infosys traded among top gainers of Nifty 50 components, while Adani Ports, HDFC Life, ITC, Hindustan Unilever and Bharti Airtel declined.

Equity benchmark indices continued their upward trajectory, with significant buying of banking and IT stocks.

Sensex rallied 1029.14 pts or 1.31 per cent to 79,582.34 after opening at 78,903.09, and Nifty 50 surged 325.45 pts or 1.36 per cent to 24,177.10

Nearly 2,211 stocks advanced of the 2,832 that were traded on the National Stock Exchange. About 535 stocks declined.

Nifty Bank rose 2 per cent. All sectors except FMCG traded in the positive territory at the time of writing. Nifty midcap 100 index surged 2.35 per cent to 53,895.05, and smallcap 100 rose 1.96 per cent to 16,732.50.

India VIX was up 0.66 per cent to 15.57.

Top gainers & losers today

Leading the pack of gainers, Tech Mahindra soared 5.46 per cent on the NSE to ₹1,378.20.

IndusInd shares surged 4.63 per cent to ₹831.50. The bank on Thursday appointed its Chief Accountant Santosh Kumar as a Deputy Chief Financial Officer (CFO).

Bajaj Finserv gained 3.74 per cent to ₹2,111.40.

Despite reporting weaker quarterly earnings, issuing cautious guidance for fiscal year 2026 and bagging target price cuts from brokerages, Infosys shares rose 3.22 per cent to ₹1,465.20.

Banking stocks such as Yes Bank, HDFC and ICICI also soared following Q4 results. “The Q4 results of HDFC Bank and ICICI Bank have the potential to take Bank Nifty to an all-time high,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

In addition, Bajaj Finserv, HDFC Bank, ICICI Bank and Kotak Mahindra were among the 86 stocks that hit 52-week highs.

Tata Elxsi, Suzlon, Vodafone Idea, HDFC AMC and BSE shares jumped 6-8 per cent among midcap, while KFin Technologies, Devyani, Angel One, and Anant Raj rallied 6-7 per cent among smallcap.

On the flip side, Adani Ports fell 2.21 per cent to ₹1,231.60.

HDFC Life Insurance depreciated 1.34 per cent to ₹710.40. The insurer on Thursday reported a 15.76 per cent y-o-y increase in its standalone net profit to ₹476.54 crore in the fourth quarter last fiscal.

ITC shares declined 1.24 per cent to ₹421.95

Hindustan Unilever and Bharti Airtel slipped 0.85 per cent 0.62 per cent, respectively.

Spandana Sphoorty Financial, Just Dial and Allcargo Logistics shares zoomed 10-18 per cent on the BSE, while Avanti Feeds depreciated 5 per cent.

Stock markets were closed on April 18, 2025, for Good Friday. Despite the bullish momentum, investors continue to observe global trade cues, corporate earnings, and foreign investment trends.

Published on April 21, 2025

FILE PHOTO: FILE PHOTO: People walk outside the National Stock Exchange (NSE)
| Photo Credit:
FRANCIS MASCARENHAS

Indian stock markets are shut on Friday due to the Good Friday holiday. However, other major Asian markets continued their upward trend, with key indices posting gains.

Japan’s Nikkei 225 index rose by 0.66 per cent, Taiwan’s weighted index gained 0.58 per cent, and South Korea’s KOSPI was also up by 0.27 per cent at the time of this report.

Apart from these, other Asian markets were closed due to holidays.

Back home, several companies are scheduled to announce their fourth quarter earnings today. These include Just Dial, Mastek, Network 18 Media & Investments, Laxmi Goldorna House, Amal, Yaari Digital Integrated Services, Teamo Productions, and Jay Kailash Namkeen. Track bl’s Q4 results live here

On Thursday, Indian markets experienced significant activity from foreign investors. According to data for April 17, 2025, Foreign Institutional Investors (FIIs) or Foreign Portfolio Investors (FPIs) were net buyers in the cash segment. They bought shares worth Rs 18,210.41 crore and sold shares worth Rs 13,542.47 crore, resulting in a net inflow of Rs 4,667.94 crore.

In contrast, Domestic Institutional Investors (DIIs) were net sellers. They purchased shares worth ₹13,773.79 crore and sold shares worth ₹15,779.94 crore, resulting in a net outflow of ₹2,006.15 crore.

Sensex closed higher by 1508.91 pts or 1.96 per cent at 78,553.20, and Nifty 50 surged 414.45pts or 1.77 per cent to 23,851.65. All sectoral indices ended in green.

Meanwhile, global market cues remain mixed. U.S. stock futures presented a mixed picture. Dow Jones futures dropped sharply by 521.0 points or 1.32 per cent to 39148. However, Nasdaq futures edged higher by 30.0 points or 0.17 per cent to 18287.

In Europe, major indices were also trading in the red. CAC futures in France declined by 33.0 points or 0.45 per cent to 7298. Germany’s DAX futures fell by 145.0 points or 0.68 per cent to 21331.

U.K.’s FTSE futures also dipped by 35.0 points or 0.42 per cent to 8242.With Indian markets closed, investors will be closely watching global market trends and earnings announcements for cues when trading resumes on Monday.

Published on April 18, 2025

NIIT Ltd board has approved the purchase of an additional 19.50 lakh equity shares of NIIT Institute of Finance Banking and Insurance Training Ltd (IFBI) to fully acquire the subsidiary, according to an exchange filing.

NIIT holds 80.72 per cent stake in IFBI, and post the aforesaid acquisition, IFBI will become its wholly owned subsidiary, the filing stated.

The shares will be acquired from ICICI Bank Limited (1.9 million shares, 18.79 per cent stake) and individual shareholders (50,000 shares, 0.49 per cent stake).

The aggregate consideration for the acquisition of shares from ICICI Bank is expected to be between Rs 4.7 crore and Rs 6.5 crore.

The acquisition is expected to be completed by September 30, 2025, according to the filing on Saturday.

“As a strategic business decision, NIIT Limited has agreed to acquire 1,900,000 equity shares of IFBI from ICICI Bank Limited and 50,000 equity shares of IFBI from Individual shareholders,” the filing read.

IFBI, incorporated in 2006 and headquartered in Gurgaon, reported a revenue of ₹56.7 crore and a net worth of ₹21.9 crore for the fiscal year 2023-24.

Published on April 20, 2025

As we step into FY26, global jitters like the Trump tariff threat clash with domestic optimism—especially after the RBI’s dovish pivot. How do you assess the broader macro environment for Indian investors, and is the rate cut the start of a larger easing cycle or a one-off? 

This is going to be a very interesting year. On the domestic front, we’re in good shape with multiple aiding factors. We have the low base effect of FY25 as earnings in the first two quarters weren’t very strong. With liquidity challenges being addressed and consumption likely to pick up, we can expect double-digit corporate earnings growth this year. Valuations have corrected from September-October highs, giving cushion. The global macro challenges will be difficult to address, but I’m closely watching the rupee-dollar equation, which has stabilised recently. This makes India a better investment destination for foreign investors than six months ago. If currency remains stable, we should see FIIs returning.

The easing cycle in India is never very strong. It happens once in a while, but the key factor isn’t just the rate cut or easing cycle but, more importantly, liquidity in the system. We’ve seen challenges with banks experiencing outflows, sluggish deposit growth, and overall liquidity issues due to delayed government spending during elections. The liquidity situation is now easing, with RBI conducting open market operations. I would view the 25 per cent rate cut as part of an easing phenomenon, but I don’t anticipate huge cuts from here.

With rate transmission taking time and liquidity still easing, which sectors or pockets of the market are poised to benefit most in this environment? 

When a rate cut occurs, transmission takes time as banks need to implement changes based on their cost-to income-ratio, borrowing costs, and liquidity challenges. The liquidity situation has eased a bit but is still not as favourable as it was two or three years ago. . NBFCs tend to be immediate beneficiaries as they are more domestic consumption-based. Banks could see some degree of benefit eventually.

Travel and hospitality should report good numbers because of events like Kumbh Mela, where 40-50 crore people visited, driving significant travel activity. I’m not sure about FMCG delivering great numbers this quarter, but the focus will be on sequential improvement as the base gets softer with each passing quarter, positioning the sector well going forward. In the classic CAPEX cycle sector, we should see some degree of improvement in areas like capital goods. Cement will be interesting to watch as this quarter’s numbers should be better.

Should Indian equities view global trade tensions as an overhang or a strategic opening, and how exposed are sectors like IT and chemicals to this risk? 

It’s both. The immediate effect concerns how the global economy pans out, with the two largest economies engaging in a trade war, which isn’t good. This could impact domestic exports, lead to China exporting deflation, and create various challenges. Whether it’s a strategic opening depends on how things evolve sector by sector—which sectors are more resilient and can adapt. It’s not a straightforward answer or an easy opening because we’re looking at a very different cycle.

IT has a second-order effect rather than a direct impact, as US economic slowdown will affect the IT sector. Some derating has already happened in IT, but a recession could also mean more outsourcing. It’s an evolving scenario, and I wouldn’t bet on IT at this juncture. Chemicals are separate—we’re more into specialty chemicals rather than bulk chemicals. We’re fairly competitive where we operate, with better cost structures similar to pharma. I’d be cautious about IT right now, but if it corrects more, there could be an opportunity to look at this sector again.

With earnings season in focus and BFSI holding weight in the index, can we meet FY25 EPS expectations for Nifty50? 

Let’s see how it pans out. About 40 per cent of earnings is linked to the BFSI sector, which should deliver decent numbers. I’m not sure whether growth will be 14 per cent or 12 per cent, but the more important factor will be sequential improvement—how Q4 numbers compare to Q3. The market has already factored in many challenges as markets are very efficient. You can see today in this fall, banks like HDFC and Axis have done well—they fell much earlier and have recovered faster. Some cycles are still weak, like the petrochemical cycle. The 14 per cent growth looks stretched to me right now, but if results are sequentially better, we should be in a good position. 

Do you currently prefer large-caps or mid/small-caps, especially with valuations at a mild discount and risk indicators like VIX edging higher? 

It’s become very stock-specific right now. Large caps offer the safety of liquidity—if things go bad, you should be able to liquidate your portfolio, which isn’t possible with small caps in a challenging environment. So large caps tend to do well for this reason. However, asking  which category might perform better by the end of FY26, is difficult to answer. Small-caps might deliver good numbers if the economy does well and if the global competitive scenario changes, as they can adapt faster and reconfigure supply chains more quickly than larger companies. From a risk perspective, with VIX in a slightly higher zone indicating greater risk, large-caps are currently favoured. 

SIPs and DII activity remain strong, while FII flows are choppy. How important are domestic flows for FY26, and what’s the one theme you’re watching most closely? 

Domestic flows have been strong. SIPs tend to have a very high persistency rate. I believe these investments will continue because equities are relatively cheaper now and investors can see absolute upside at these levels. So there will be continued allocation to domestic equities—I don’t think anything will stop that. The critical factor will be how FIIs behave. Demand from domestic institutional investors should remain stable. If FII outflows halt or even turn positive, we might be in very good shape.

In the last couple of years, many themes have  played out in the capital goods sector. If I were to pick a dark horse at this point, I believe PSUs could be an area that performs well throughout the year. They’re at reasonable valuations and have corrected quite a bit, but nothing much has changed in terms of their overall strength. If the economy performs adequately, PSUs could do well. Second, consumption could come back —we’ll see how that develops.

• 16:08 | April 19, 2025
  

  ICICI Bank Q4 results live: Credit growth
  

  The net domestic advances grew by 13.9% year-on-year and 2.2% sequentially at March 31, 2025. The retail loan portfolio grew by 8.9% year-on-year and 2.0% sequentially, and comprised 52.4% of the total loan portfolio at March 31, 2025. Including non-fund outstanding, the retail portfolio was 43.8% of the total portfolio at March 31, 2025. The business banking portfolio grew by 33.7% year-on-year and 6.2% sequentially at March 31, 2025. The rural portfolio grew by 5.1% year-on-year and declined by 1.5% sequentially at March 31, 2025. The domestic corporate portfolio grew by 11.9% yearon-year and declined by 0.4% sequentially at March 31, 2025. Total advances increased by 13.3% year-on-year and 2.1% sequentially to ₹ 13,41,766 crore (US$ 157 billion) at March 31, 2025. 

• 16:04 | April 19, 2025
  

  ICICI Bank Q4 results live: Board recommends a dividend of ₹ 11 per share for FY2025.
  

• 16:03 | April 19, 2025
  

  ICICI Bank Q4 results live: Key highlights on deposits and CASA ratio
  

  • Total period-end deposits grew by 14.0% year-on-year to ₹ 16,10,348 crore (US $ 188.4 billion) at March 31, 2025
  • Average deposits grew by 11.4% year-on-year to ₹ 14,86,635 crore (US$ 173.9 billion) in Q4-2025
  • Average current account and savings account (CASA) ratio was 38.4% in Q42025
  • Domestic loan portfolio grew by 13.9% year-on-year to ₹ 13,10,981 crore (US$ 153.4 billion) at March 31, 2025
  • Net NPA ratio declined to 0.39% at March 31, 2025 from 0.42% at December 31, 2024
  • Provisioning coverage ratio on non-performing loans was 76.2% at March 31, 2025
  • Total capital adequacy ratio was 16.55% and CET-1 ratio was 15.94%, on a standalone basis, at March 31, 2025 after reckoning the impact of proposed dividend

• 16:01 | April 19, 2025
  

  HDFC Bank Q4 profit rises 6.6 pc to Rs 17,616 cr – PTI
  

  HDFC Bank on Saturday posted a 6.6 per cent increase in standalone profit at Rs 17,616 crore in the fourth quarter of 2024-25.

  The country’s biggest private sector lender had earned a net profit of Rs 16,512 crore in the same quarter a year ago.

  Total income increased to Rs 89,488 crore during the quarter under review, as against Rs 89,639 crore in the same period of last year, HDFC Bank said in a regulatory filing.

  The bank reported interest income of Rs 77,460 crore during the January-March quarter of 2024-25, compared to Rs 71,473 crore in the same period a year ago.

  The board of the bank recommended a dividend of Rs 22 per equity share of Re 1 each for the year ended March 31, 2025.

  As regards asset quality, the bank witnessed slight deterioration, with gross Non-Performing Assets (NPAs) rising to 1.33 per cent of the gross loans by the end of March 2025, from 1.24 per cent a year ago.

  Similarly, net NPAs or bad loans rose to 0.43 per cent, from 0.33 per cent at the end of the fourth quarter of the previous fiscal year.

  On a consolidated basis, the bank clocked a growth of 6.8 per cent in net profit to Rs 18,835 crore, as against Rs 17,622 crore in Q4 FY24.

  The bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.6 per cent as on March 31, 2025.

  Total balance sheet size as of March 31, 2025 was Rs 39.10 lakh crore, as against Rs 36.17 lakh crore as of March 31, 2024, it added.

  PTI

• 15:58 | April 19, 2025
  

  ICICI Bank Q4 results live: Consolidated profit up 15.7% y-o-y
  

  Consolidated profit after tax increased by 15.7% year-on-year to ₹ 13,502 crore (US$ 1.6 billion) in Q4-2025 and by 15.3% year-on-year to ₹ 51,029 crore (US$ 6.0 billion) in FY2025 

• 15:57 | April 19, 2025
  

  ICICI Bank Q4 results live: Core operating profit grew by 13.7% year-on-year to ₹ 17,425 crore
  

• 15:56 | April 19, 2025
  

  ICICI Bank Q4 results live: Profit after tax grew by 18.0% year-on-year to ₹ 12,630 crore in March 2025 quarter
  

• 15:50 | April 19, 2025
  

  Q4 results live: India’s HDFC Bank beats January-March profit forecasts – Reuters
  

  HDFC Bank beat analysts’ forecasts for January-March profits on Saturday, helped by higher net interest income and improving asset quality.

  The country’s biggest private lender posted standalone net profit of 176.16 billion rupees ($2.06 billion) for the financial fourth quarter, up from 167.36 billion rupees in the previous three months and above the analysts’ estimate of 170.27 billion rupees, according to data compiled by LSEG.

  Net interest income, the difference between interest earned and paid, rose 4.6% to 320.7 billion rupees, core net interest margin rose to 3.54% from 3.43% on total assets, and to 3.73% from 3.62% on interest-earning assets.

  Excluding interest on an income tax refund worth 117 billion rupees, HDFC’s core net interest margin was 3.46% on total assets and 3.65% on interest-earning assets.

  The Mumbai-based lender cut its savings interest rates by 25 basis points after three years on hold, following 50 bps of central bank policy rate cuts since February.

  The cut is expected to boost HDFC Bank’s margins from the next quarter, analysts say.

  HDFC Bank’s merger with parent HDFC in 2023 added a large pool of loans to its portfolio but a much smaller amount of deposits, putting it under pressure to increase the pace of raising deposits or slow loan growth.

  Its deposits rose 5.9% from the previous quarter to 27.15 trillion rupees, while gross advances, or loans sanctioned and disbursed, rose around 4%.

  HDFC Bank’s asset quality improved, with gross its non-performing assets ratio falling to at 1.33% at the end of March from 1.42% three months earlier.

  Shares of HDFC Bank ended 1.5% higher on Thursday, ahead of a market holiday on Friday. 

  Reuters

• 15:44 | April 19, 2025
  

  HDFC Bank Q4 results live: Average, CASA deposits
  

  The Bank’s average deposits were ‘₹25,280 billion for the March 2025 quarter, a growth of 15.8% over ₹21,836 billion for the March 2024 quarter, and 3.1 % over ₹24,528 billion for the December 2024 quarter. The Bank’s average CASA deposits were ₹8,289 billion for the March 2025 quarter, a growth of 5.7% over ₹ 7,844 billion for the March 2024 quarter, and 1.4% over ₹8,176 billion for the December 2024 quarter. 

• 15:42 | April 19, 2025
  

  HDFC Bank Q4 profit rises 6.7% y-o-y, NII up 10%
  

  Read more

  

  HDFC Bank Q4 results: reports 6.7% increase in profit y-o-y

  HDFC Bank Q4 results live: Board announces final dividend of ₹22 per share

• 15:35 | April 19, 2025
  

  Q4 results live: Sify Technologies reports Q4 net loss at ₹57.8 cr
  

  Comprehensive ICT service and solution provider Sify Technologies has reported a net loss of ₹57.8 crore for the March 2025 quarter, the company said on Saturday.

  Read more

• 15:19 | April 19, 2025
  

  HDFC Bank Q4 results live:
  

  HDFC Bank recorded its standalone net profit for the quarter ended March 2025 at ₹17,616.14 crore, up 6.68% from ₹16511.85 crore in corresponding quarter previous year.

  The board has declared final dividend of ₹22 per share, record date is June 27.

• 15:12 | April 19, 2025
  

  Yes Bank Q4 results live: Key highlights
  

  Fourth successive quarter of reduction in C/I in line with guidance.

  FY25 RoA at 0.6% v/s. 0.3% in FY24. Q4FY25 RoA at 0.7% v/s. 0.5% in Q4FY24 & 0.6%

  in Q3FY25

  Net Profit for Q4FY25 at INR 738 Crs up 63.3% Y-o-Y & 20.6% Q-o-Q. FY25 Net Profit

  at INR 2,406 Crs up 92.3% Y-o-Y

• 15:10 | April 19, 2025
  

  Q4 results live: Sify Technologies reports Q4 net loss at Rs 57.8 cr – PTI

• 14:58 | April 19, 2025
  

  Yes Bank Q4 results live: SME Advances up 23.6% Y-o-Y; Mid- Corporate Advances up 21.8% Y-o-Y
  

• 14:46 | April 19, 2025
  

  ICICI Bank Q4 results live: Recent business update
  

  ICICI Bank recently sold its entire shareholding of 19% (equity shares) in ICICI Merchant Services Private Limited.

  – Stock exchange disclosure

• 14:44 | April 19, 2025
  

  Yes Bank Q4 results live: S&P Global and CDP rated YES BANK highest- amongst Indian Banks for ESG and climate disclosures – 3rd Year in a row.
  

• 14:32 | April 19, 2025
  

  Q4 results live: Network18 Media posts Q4 net loss of ₹29.09 cr, revenue at ₹561.32 cr – PTI
  

  Network18 Media & Investments Ltd has reported a consolidated net loss of ₹29.09 crore in the March quarter, while its revenue from operations stood at ₹561.32 crore.

  Read more

• 14:30 | April 19, 2025
  

  Yes Bank Q4 results: Key highlights | Asset Quality metrics
  

  Significant improvement in Asset Quality metrics, Provision Coverage Ratio; Fresh Slippages Improving Sequentially GNPA at 1.6%, NNPA at 0.3%, PCR improved to 79.7%

• 14:23 | April 19, 2025
  

  Yes Bank Q4 results live: Yes Bank MD on financials
  

  The Bank exited the year with quarterly RoA of 0.7%, achieved 100% PSL compliance, further improved its Gross NPA and Net NPA ratios to 1.6% and 0.3% respectively – lowest levels since Mar’20, brought down the net carrying value of Security Receipts to ‘NIL’ and expanded the CASA ratio by 340 bps Y-o-Y to 34.3% in FY25.

  – Prashant Kumar, Managing Director & CEO, YES BANK

• 14:20 | April 19, 2025
  

  Yes Bank Q4 results live: YES BANK MD & CEO comments on Q4FY25 performance
  

  Prashant Kumar, Managing Director & CEO, YES BANK said, “The Q4FY25 marked yet another important quarter for YES BANK as it continued to make steady improvements across several key metrics and progressed well on the strategic objective of improving its profitability.

• 14:13 | April 19, 2025
  

  Yes Bank Q4 results live:
  

  Yes Bank’s provisions and contingencies, or funds kept aside for potential bad loans, fell 32.5 per cent on-year to ₹318 crore.

  Its gross non-performing asset ratio, a key gauge of asset quality, was at 1.60 per cent at end of March, unchanged from the end of the previous three months.

  Net interest income, the difference between the interest earned on loans and paid to depositors, rose 5.7 per cent to 22.76 billion rupees.

  Read more

  

  Yes Bank posts 63% rise in Q4 profit on lower provisions

  Yes Bank’s standalone net profit rose to ₹738 crore for the financial year fourth quarter from ₹452 crore in the same period a year earlier.

• 14:02 | April 19, 2025
  

  Yes Bank Q4 results live: posts 63% rise in Q4 profit on lower provisions – Reuters
  

  India’s Yes Bank reported a better-than-expected 63% rise in net profit for the January-March quarter on Saturday, helped by falling loan-loss provisions.

  The Mumbai-based private lender’s standalone net profit rose to 7.38 billion rupees ($86.39 million) for the financial year fourth quarter from 4.52 billion rupees in the same period a year earlier.

  That was above analysts’ average forecast of 6.4 billion rupees, according to LSEG data.

  Yes Bank’s provisions and contingencies, or funds kept aside for potential bad loans, fell 32.5% on-year to 3.18 billion rupees.

  Its gross non-performing asset ratio, a key gauge of asset quality, was at 1.60% at end of March, unchanged from the end of the previous three months.

  Net interest income, the difference between the interest earned on loans and paid to depositors, rose 5.7% to 22.76 billion rupees.

  Its other income, including fees, commissions and interest earned traditional interest-based activities, rose 11% to 15.67 billion rupees.

  Its loans grew 8.1% on year, while deposits rose 6.8%.

  Net interest margin, a key profitability measure, was 2.50%, up from 2.40% a year earlier and in the previous three months.

  Analysts expect banks’ net interest margins to be under pressure in the coming quarters following the 50-basis-points rate cut by the Reserve Bank of India since February. That is because the pass-through to loan rates happens faster compared to deposits.

  Reuters

• 13:08 | April 19, 2025
  

  ICICI Bank Q4 results live: ICICI BANK earlier informed the Exchange about Board Meeting to be held on 19-Apr-2025 to consider Other business.
  

• 13:03 | April 19, 2025
  

  HDFC Bank Q4 results live: Shares on Thursday closed with over 1% gain, Markets were closed on Friday for a local holiday
  

  Screenshot 2025-04-19 130225.png

• 13:00 | April 19, 2025
  

  Q4 results live: Craftsman Automation to announce financial results for Q4FY25 on May 7
  

• 12:48 | April 19, 2025
  

  Q4 results live: Adani Energy Solutions board to consider financial results for Q4 FY25 on April 24
  

• 12:32 | April 19, 2025
  

  HDFC Bank Q4 results: HDFC Bank Q4FY25 Preview | Axis Securities on NIM
  

  “HDFC Bank’s deposit growth will be better than credit growth, aiding loan-deposit ratio. Credit growth is significantly below the industry growth. NIM shall contract slightly q-o-q,” said Axis Securities in a report. It added that Opex ratio for the bank shall remain broadly steady, while operating profit will be healthy. 

• 12:04 | April 19, 2025
  

  ICICI Q4 results live: Preview – Motilal Oswal
  

  Motilal Oswal says ICICI Bank showed sharp resilience, posting 17 per cent CAGR in loans over FY22-24 period, led by retail loans, business loans, and small and medium enterprises (SME) segments. 

• 12:03 | April 19, 2025
  

  Q4 results live: Just Dial FY25 net profit up 61 pc to Rs 584 crore; revenue rises 9.5 pc – PTI
  

  Local search engine Just Dial has reported a 61 per cent year-on-year increase in net profit in FY25 to Rs 584.2 crore.

  For the January-March quarter of FY25, Just Dial logged a profit of Rs 157.6 crore.

  Revenue for FY25 was Rs 1,141.9 crore, reflecting a 9.5 per cent growth over FY24.

  Revenue in Q4 came in at Rs 289.2 crore, a 7 per cent uptick over the corresponding period of the last fiscal year.

  PTI

• 11:47 | April 19, 2025
  

  Q4 results live: HDFC Bank Q4 results initial preview by InCred Equities
  

  Strong loan growth trends (+4% QoQ; +5% YoY) and deposit growth continues to hold-up well (on avg. basis +3% QoQ; +16% YoY).

  Gross advances growth was led by commercial and rural banking segment (13% YoY vs. 11.5%) while wholesale loans continued to decline (down 4% vs. decline of 10%) and retail loan growth was broadly steady (+9% vs. 10%).

  LDR moderates to 97% from 99% last quarter and 105% last year.

  – InCred Equities

• 11:30 | April 19, 2025
  

  Q4 results live: Cellecor doubles revenue to cross ₹1,000 crore in FY25 – PTI
  

  Cellecor Gadgets Limited, a NSE-listed Consumer Electronics and Durables company reported financial results for FY25, with a 105 per cent YoY revenue growth to ₹1,025.95 crore, up from ₹500.45 crore in FY24. The company’s net profit surged by 92 per cent to ₹30.90 crore, testament to its successful expansion across product categories, geographies and retail formats.

  PTI

• 11:00 | April 19, 2025
  

  Q4 results live: ICICI Bank Q4 earnings preview | Axis Securities
  

  Axis Securities expects ICICI Bank’s net interest income to grow 9 per cent year-on-year (y-o-y) in Q4 to ₹20,865 crore, while non-interest income is likely to rise 25 per cent y-o-y at ₹7,046 crore. The bank’s net profit is seen rising 13 per cent on-year to ₹12,070 crore in Q4.

• 10:40 | April 19, 2025
  

  Q4 results live: Mastek Q4 profit down 14%, recommends ₹16 final dividend
  

  IT major Mastek Ltd posted a 14 per cent decline in its consolidated net profit for the quarter ended March 2025, at ₹81.07 crore, as against ₹94.41 crore in the corresponding quarter last year.

  Read more

  

  Mastek Q4 profit down 14%, declares dividend of ₹16

  Mastek Ltd reports 14% decline in net profit, 16% rise in revenue, and strong annual growth in FY24-25.

• 10:39 | April 19, 2025
  

  Q4 results live: HDFC Bank Q4 results preview | Axis Securities
  

  Net interest income (NII) will likely rise by 7 per cent yoy to ₹31,082 crore, while non-interest income is expected to fall 34 per cent on-year to ₹12,061 crore, according to Axis Securities.

• 10:25 | April 19, 2025
  

  Q4 reseults live: Just Dial Q4 results in focus
  

  Reliance Retail-backed Just Dial recorded 36 per cent increase in its net profit for the quarter ended March 2025 at ₹157.6 crore as against ₹115.65 crore in the corresponding quarter previous year.

  Read more

• 09:53 | April 19, 2025
  

  Q4 results live: Just Dial Q4 profit rises 36%
  

• 09:24 | April 19, 2025
  

  Q4 results live: Earnings preview | HDFC Bank’s NIM seen contracting slightly in Q4
  

  Country’s largest private sector lender HDFC Bank will likely see a slight contraction in its net interest margin (NIM)–a key indicator of banks’ profitability—in Q4FY25 as the bank continues to grow deposits at a far higher pace than advances, analysts say.The lender’s NIM stood at 3.43 per cent in Q3. It is set to report Q4 earnings results on April 19.

  Report by Piyush Shukla of businessline | Read more

• 09:22 | April 19, 2025
  

  Q4 results live: Earnings preview | ICICI Bank to post stable NII growth in Q4
  

  ICICI Bank will likely post stable growth in loans and deposits, aiding nearly double digit growth in core income in Q4FY25, analysts say. The bank will report its Q4 earnings results on April 19.

  According to brokerage Motilal Oswal, the lender has showed sharp resilience, posting 17 per cent CAGR in loans over FY22-24 period, led by retail loans, business loans, and small and medium enterprises (SME) segments. The bank’s strategic use of data analytics to refine customer onboarding and credit evaluation has been a ‘game-changer’ in sustaining this momentum, it said.

  Deposits grew faster than the systemic growth, it said, driven by advanced digital banking and a strong branch network, though low-cost deposits growth struggles, with current and savings account (CASA) ratio standing at40.5 per cent in Q3FY25, amid high rates. 

  Report by Piyush Shukla of businessline | READ HERE

Published on April 19, 2025

Amid volatility, active equity fund managers increased exposure to select midcap stocks. This move highlighted a long-term strategy, leveraging the correction in valuations to enter at attractive levels relative to historical norms. Fund managers focused on good quality midcap companies that were impacted by broad market sell-offs.

Here are the top midcap stocks newly added by active mutual funds in March.

Published on April 18, 2025

Infosys Ltd.
| Photo Credit:
Hollie Adams

After Wipro, brokerages have slashed target prices for Infosys amid topline miss and global uncertainties. Infosys on Thursday reported an 11.7 per cent decline in Q4 consolidated net profit to ₹7,033 crore. The IT major also lowered its FY26 revenue growth guidance to 0–3 per cent in constant currency (cc) terms.

Nuvama Institutional Equities expects the demand environment to remain challenging for a couple of quarters due to macro uncertainty. However, the company has not seen any change in deal execution timelines yet.

Meanwhile, Elara Capital has upgraded the stock from reduce to accumulate, citing visibility of at least low mid-single digit growth in this uncertain environment.

Nuvama added that the weak Q4 results were driven by lower third-party revenue. The brokerage has maintained buy rating on Infosys at a lowered target price of ₹1,700 from ₹1,870 earlier, nearly 20 per cent upside potential from previous close.

The tech major announced results post market hours on Thursday. The stock closed at ₹1,420.20 (+0.51 per cent) on the BSE. 

Incoming headwinds

Nuvama has trimmed FY26 EPS estimates by 3.7 per cent, and FY27 EPS estimates by 4.6 per cent, on the Q4 revenue miss.

However, the brokerage is positive on the sector from a medium-to-long term perspective as technology debt continues to be very high for enterprises, which will warrant revival in spending as macro improves. 

Its FY26 guidance suggests near-term headwinds, Elara analysts observed. According to them, the revenue growth guidance of 0-3 per cent for FY26 seems realistic, considering uncertainty in the near term due to tariff-related disruption.

The analysts have factored the 1.3 per cent revenue growth in FY26 estimates (0.7 per cent organic) followed by 4 per cent growth in FY27 as Infosys is likely to be a beneficiary when discretionary spends return.

“Growth may likely pick up in FY27. We are not building in any material margin expansion as unchanged margin band guidance for FY26 suggests limited margin levers in our view,” they added.

Elara has cut FY26-27 earnings estimates by 6-8 per cent and slashed the target price to ₹1,530 from ₹1,830 earlier.

Emkay Global has maintained buy at revised target price of ₹1,650.

Published on April 18, 2025

The new marketing initiative highlights key features of LTF’s business loans

L&T Finance Ltd. (LTF) unveiled a new television commercial for its business loan product featuring Indian cricket star Jasprit Bumrah. The campaign, titled “Aapke Business Ka Game Changer,” aims to position LTF’s business loan offerings as transformative solutions for entrepreneurs.

The shares of L&T Finance Limited closed Thursday at ₹163.25 up by ₹4.65 or 2.93 per cent on the NSE.

New marketing initiative

The new marketing initiative highlights key features of LTF’s business loans, including a fully digital application process, quick loan disbursement, and an app-based withdrawal facility designed to meet various business needs. The commercial draws parallels between Bumrah’s game-changing abilities in cricket and LTF’s ambition to be a catalyst for business growth.

Sudipta Roy, Managing Director and CEO at LTF, emphasised that reliable financing is essential for businesses to thrive in today’s economic landscape. The company aims to serve as a strategic partner for entrepreneurs facing challenges from market fluctuations and cash flow management.

Chief Marketing Officer Kavita Jagtiani explained that Bumrah was selected as brand ambassador because he embodies the reliability and performance qualities that align with their business loan offerings.

The campaign will be broadcast on business news channels and supported by extensive outdoor advertising including hoardings and airport branding in Mumbai and Delhi. LTF is also launching digital marketing efforts featuring Bumrah across social media platforms and through influencer partnerships in major cities including Mumbai, Delhi, Bengaluru, and Kolkata.

L&T Finance Ltd. is a leading NBFC in India with an AAA credit rating from four rating agencies.

Published on April 17, 2025

SEBI barred Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi from securities markets till further orders in a fund diversion and governance lapses case

Gensol Engineeringdropped further to hit another lower circuit on Thursday as SEBI barred the company and promoters from securities market.

The markets regulator barred promoters Anmol Singh Jaggi and Puneet Singh Jaggi from securities markets till further orders in a fund diversion and governance lapses case.

In addition, SEBI directed Gensol to put on hold the stock split announced by it.

The stock traded at ₹116.54, down 5 per cent on the NSE. On the BSE, it tanked 4.97 per cent to ₹117.50.

On Thursday, the company clarified exchanges, “In compliance with SEBI’s directions in the interim order, Anmol Singh Jaggi and Puneet Singh Jaggi (promoters of the Company) have restrained from holding the position of a director or a Key Managerial Personnel in Gensol, until further orders. They are no longer participating in the management of the Company as per SEBI’s instructions, effective immediately.”

“As directed in the interim order, SEBI will appoint a forensic auditor to thoroughly examine the books of accounts of the Company and its related entities,” it added

On Wednesday, it informed the resignation of Arun Menon as Independent Director of the company w.e.f. April 15, 2025.

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Published on April 17, 2025

The Delhi High Court on Wednesday heard Kairosoft AI Solutions’ appeal against the Securities and Exchange Board of India (SEBI) and BSE over their decision to impose graded surveillance measure (GSM) Stage 4 on the company’s shares.

Senior Advocate Kapil Sibal, appearing for Kairosoft, led the defense by arguing that it was unfair to restrict trading in the company’s stock based on YouTube videos whose viewership and subscriber numbers were insufficient to justify such a regulatory action.

He contended that the videos could not have benefitted the promoters as they only hold 5 per cent stake in the company, with the rest being public shareholding. Further, the videos were taken down as of April 9 following a cyber complaint filed by the company, and a disclosure has also been put on its website.

Administrative circulars

Sibal also raised the question of the constitutionality of exchange circulars, arguing that these are administrative circulars with no statutory backing or legislation. He also argued against SEBI’s objections about the territorial jurisdiction of the Delhi High Court in the matter stating that the company is based in Delhi irrespective of BSE and SEBI being in Mumbai.

SEBI’s representative said trading has not been stopped or prohibited, but a cap has been put. The regulator plans to explain the GSM mechanism, its statutory backing, and show how it is not a hindrance to the company at the next hearing on Monday.

The outcome of this case, set against a backdrop of increased market vigilance by SEBI following pump-and-dump schemes by promoters, could prompt a re-examination of how regulatory surveillance measures are applied on stocks.

The legal battle started when BSE’s April 3 circular placed Kairosoft under GSM Stage 4, which is a surveillance measure to curb excessive speculation among investors. This limits trading in the stock to only Mondays, moves it to trade-for-trade segment, with a 5 per cent price band and an additional surveillance deposit (ASD) of 100 per cent of the trade value.

Kairosoft has challenged SEBI and BSE to set aside the exchange notice on the grounds of no prior notice and no fault or association of the company with individuals behind the videos.

Published on April 16, 2025

The shares of Oil India Limited (OIL) were trading at ₹373.15, up by ₹7.20 or 1.97 per cent on the NSE today 1.40 pm.

Oil India Limited (OIL) has secured all nine blocks it bid for under the Open Acreage Licensing Policy (OALP) Round IX, adding over 51,000 square kilometres to its exploration portfolio, the company announced yesterday.

The acquisition increases OIL’s total exploration acreage from 60,000 to 110,000 square kilometres, representing an 85 per cent growth. Six of the blocks were secured as sole operator, while three were obtained as a consortium partner.

Notably, more than 47,000 square kilometres of the newly awarded acreage is located in deep and ultradeep offshore waters, marking OIL’s entry into these technically challenging but high-potential areas. The company has also made its first foray into the Cambay Basin and the state of Meghalaya.

OIL, a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum and Natural Gas, attributed its expansion to supportive government policies including the Hydrocarbon Exploration and Licensing Policy, Ease of Doing Business reforms, and the opening of previously restricted “No-Go” areas.

The company characterized the 100 per cent success rate in its bids as evidence of its “strategic focus, technical strength, and competitive edge” as it pursues India’s energy security and self-reliance goals.

Published on April 16, 2025

In an interim order, the capital markets regulator has directed the solar power consultancy firm to put its recently announced stock split on hold
| Photo Credit:
Reuters

The Securities and Exchange Board of India (SEBI) has restrained Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing capital markets for allegedly misappropriating loans, misleading disclosures, and fund diversion.

In an interim order on Tuesday, the capital markets regulator has directed the solar power consultancy firm to put its recently announced stock split on hold, and barred the two promoters from holding any directorial or key managerial positions in the company.

Further, a forensic auditor will be appointed by SEBI to examine Gensol and its related parties’ books of accounts. The report is to be submitted to the regulator within six months of such appointment, the order said.

SEBI’s probe, which followed complaints of share price manipulation and default in loan repayments, showed that Gensol Engineering had availed ₹977.75 crore in term loans from institutions like IREDA and PFC. Of this sum, ₹663.89 crore was earmarked for purchasing 6,400 electric vehicles (EVs). However, only 4,704 vehicles worth ₹567.73 crore were procured, with ₹262.13 crore unaccounted for.

Fund diversion

Pointing out a complete breakdown of internal controls and corporate governance norms in Gensol as a listed company, SEBI whole-time member Ashwani Bhatia said, “The promoters were running a listed public company as if it were a proprietary firm. The company’s funds were routed to related parties and used for unconnected expenses, as if the company’s funds were promoters’ piggybank.”

The probe by the regulator showed that more than ₹200 crore was routed through a car dealer and cycled back to promoter-linked entities. Some of it was used for unrelated personal expenses, including buying luxury real estate.

“The diversion of funds of the company by promoter entities reflects a culture of weak internal control, where even ring-fenced borrowings from institutional creditors were rerouted at the total discretion of the promoters. The internal controls at Gensol appear to be loose and through the quick layering of transactions, funds have seamlessly flowed to multiple related entities/individuals,” said Bhatia in a 29-page interim order.

In addition, SEBI also found that Gensol submitted forged documents to credit rating agencies to falsely claim timely debt repayments.

Published on April 15, 2025

Realty and auto stocks continued to drive the market momentum. Among the Nifty 50 components, shares of IndusInd Bank, Larsen & Turbo, Tata Motors, Shriram Finance, Adani Enterprises and Adani Ports traded among major gainers. Only Nestle and ITC slipped to trade in red at the time of writing.

The broader benchmark indices continued to trade higher due to easing global trade tensions and Trump tariffs reprieve.

Sensex soared 1673.91 pts or 2.23 per cent to 76,831.17 as at 12.51 pm, and Nifty 50 surged 515.10 pts or 2.26 per cent to 23,343.65.

India VIX declined 18.27 per cent to 16.43. Nifty midcap 100 rose 2.21 per cent to 51,618 as at 12.55 pm, and Nifty smallcap 100 gained 2.86 per cent to 16,144.50.

Nearly 2,434 stocks advanced and 310 declined of all the 2,818 stocks that were traded on the National Stock Exchange.

Top gainers & losers today

Shares of IndusInd led the gainers with 6.58 per cent rally to ₹734.90.

L&T followed with 4.69 per cent surge to ₹3,262.

Auto major Tata Motors gained 4.51 per cent to ₹621.90. Shares of Motherson, Bharat Forge, MRF also soared 4-7 per cent. Markets experts believe that the sector is gaining momentum as Trump is considering exemptions on tariffs for imported vehicles and auto parts.

Shriram Finance rose 4.92 per cent to ₹670.25.

Two Adani Group stocks — Adani Enterprises and Adani Ports — also soared close to 4 per cent. Adani stocks have gained traction following WSJ report that said Trump administration is retreating from some types of white-collar law enforcement.

Adani Green Energy shares soared 4 per cent to ₹929.60 at the time of writing, following FY25 operational update.

Transformers And Rectifiers (India), Sagility, Garware Hi Tech and Orchid Pharma were among those 149 stocks that hit upper circuit today.

Nestle India slipped 0.09 per cent to ₹2,359.20 and ITC was down 0.11 per cent to ₹421.10.

In addition, shares of KEC International, Kaynes, BLS, HFCL and INOX Wind rallied 6-10 per cent among smallcap, while Mazagon Dock, IREDA and Supreme Industries soared 5-10 per cent.

GM Breweries has announced its Q4 results: track live updates here

Published on April 15, 2025

The premium effectively reduces potential gains and exposes investors to heightened downside risk if ETF prices fall.
| Photo Credit:
Artystarty

The prices of international-focused exchange traded funds are trading at premium over indicative NAV as investors rush to average their cost following the recent sharp fall in the US markets.

SEBI froze fresh inflows into international funds and ETFs last March after they hit the upper limit of $7 billion and $1 billion set by RBI, but investors can trade in the units of ETFs listed on the exchanges and in recent weeks there has been a spike in prices of ETFs.

For instance, Motilal Oswal Nasdaq Q50 ETF was trading at a premium of 10 per cent on the exchange at ₹69.59 on Friday against the i-NAV of ₹63 announced by the fund house. Nippon India ETF Hang Seng BeES was quoted at premium of ₹376 on Friday against its NAV of ₹333.

The premium effectively reduces potential gains and exposes investors to heightened downside risk if ETF prices fall. Ideally, ETF prices should align with its i-NAV, which represents the aggregate value of its underlying assets. However, the demand-supply mismatch has led to substantial price premiums, impacting investor returns.

Nikunj Saraf, VP, Choice Wealth said that the international ETFs in India are trading at significant premiums to their NAV driven primarily by regulatory constraints and heightened global diversification demand.

Purchasing ETFs at a premium requires investors to achieve an extra return merely to break even. In the short term, if the premium compresses through arbitrage mechanisms, investors might realise immediate losses despite favourable underlying asset performance, he added.

Investor interest

Feroze Azeez, Deputy CEO, Anand Rathi Wealth said international ETFs are at a premium, primarily due to strong recent performance and rising investor interest. Over the past six months, global funds particularly those focused on China and the US have outperformed Indian markets and this was driven by FIIs moving their investments to those countries, he added.

When it comes to international funds, he said it is not recommended to invest in funds based on the recent rally as it was largely driven by liquidity rather than any significant structural improvements in fundamentals, he said.

If an ETF trades at a premium consistently over its i-NAV, investors should reconsider their entry points or use limit orders instead of market orders to avoid overpaying, said a market expert.

For investors looking to bypass ETF premium on domestic exchanges they can do so by tapping into direct overseas investment through the Liberalized Remittance Scheme (LRS). Under LRS, Indian investors can remit up to $250,000 per year to invest in global markets.

Investors can avoid paying inflated premiums and ensure their purchase price closely matches the actual value of the assets. This approach not only improves potential returns but also provides greater flexibility in asset selection, he said.

Published on April 14, 2025

India’s stock, currency, and bond markets will remain closed on Monday, April 14, for a local holiday, resuming trading on Tuesday. 
| Photo Credit:
iStockphoto

India’s equity, currency and debt markets will be closed on Monday, April 14, for a local holiday. Trading will resume on Tuesday, April 15.

The benchmark BSE Sensex rose 1.8%, while the broader NSE index advanced 1.9%, paring most of their weekly losses after U.S. President Donald Trump’s 90-day pause on hefty “retaliatory” tariffs on countries excluding China.

The Indian rupee rose 0.75% versus the U.S. dollar to 86.04, its best day in two months, as worsening sentiment on the dollar boosted Asian currencies.

The benchmark 10-year bond was quoted at 102.42 rupees, with the yield little changed at 6.4445%, as the weekly debt auction added to supply.

Published on April 14, 2025

The pain, said Shuntaro Takeuchi, was 10 out of 10.

Not in the portfolio of Japanese stocks he runs out of San Francisco, California, but in his appendix.

It would have to come out, just as his colleagues at Matthews Asia were on a phone call to chart the $7 billion asset manager’s path through a deepening market rout.

“I was on a conference call two minutes before the surgery,” said Takeuchi. “The nurse was like: ‘Do you really have to attend this?'”

In Tokyo, the Nikkei was on its way to Wednesday’s 4% drop and trillions were being wiped from global equities, the largest dollar-value drops of any market drawdown on record.

The 10 trading days since U.S. President Donald Trump hit automakers with tariffs have been the most convulsive since the pandemic panic of 2020, as prices of stocks to bonds, oil, gold and even the U.S. dollar itself have swung wildly.

Selling in U.S. Treasuries – the lynchpin safe asset in global markets – was the heaviest for decades, as if to underline how the foundations of trade and finance have been shaken.

The meltdown began in the wake of what Trump called “Liberation Day”.

He raised, on April 2, the highest wall of tariffs around the U.S. economy in a hundred years with a blanket 10% tax on imports and even higher rates on individual trading partners.

In the week that has followed that has morphed into open economic conflict with China, which by Friday was all but under a U.S. trade embargo as tariffs rose to 145%.

More than $5 trillion in market value has vanished from the MSCI all-country index of world stocks during the roller-coaster ride since April 2. It has exposed how investors were unprepared for the aggression of Trump’s tariffs and that his unpredictability and reversals risk harming the United States’ place at the centre of the financial universe.

“We’ve had a fracturing of confidence and we don’t know what the second-order effects of that are from the market falling,” said Geoff Wilson, a veteran fund manager in Australia.

“There could be some hedge funds that have gone under, there could be other consequences which will only become clear over the next few weeks.” His funds were buyers in the turmoil.

TOMB SWEEPING

At first the epicentre of selling was in any sort of exposure to economic growth – banks, industrial metals and firms such as Apple with supply chains anchored in China.

Then, just before sundown on April 4 in Beijing, on tomb sweeping day – a national holiday to pay respects to ancestors, China retaliated and put a 34% tariff on imports from the U.S.

Oil plunged to a four-year low and the main global stock market index tipped past the threshold for what market-types call a “correction” – a drawdown of 10% or more from a peak.

Even gold, seen as a haven in times of turmoil, started tumbling, an ominous sign as investors who faced margin calls were forced to sell their safest assets to square losses.

For Wong Kok Hoi, founder and chief executive officer of APS Asset Management in Singapore, it was a scenario he has been worrying about for years.

“Obviously, I did not in my wildest dreams think tariff rates could go up as high as 125%,” he said, as subsequent days saw tit-for-tat levies ratchet higher.

“Basically, trade will stop between the two largest economies in the world.”

Handily, for him, he had positioned into China’s semiconductor, artificial intelligence and biotechnology sectors and said his portfolio was up some 20% for the year so far.

TRADE WAR

On Wall Street, bankers dialled in to global meetings and tried to reassure rattled clients.

There were hopes, last weekend, that Trump would relent before the tariffs actually hit.

But returning from a weekend golfing reporters asked him about markets on Air Force One on Sunday and he replied that “sometimes you have to take medicine.”

That opened the floodgates. Nasdaq 100 futures were soon down more than 5% and Nikkei futures hit a circuit breaker after diving 8%, then kept falling.

The CBOE Volatility Index, nicknamed Wall Street’s “fear gauge”, spiked above 60 – a level usually seen during meltdowns such as 2020 or the 2008 financial crisis.

The S&P 500 finished the day 17% below a record high it had hit just seven weeks earlier. Christopher Forbes, head of Asia at CMC Markets said Friday and Monday were the highest volume trading days on record.

Takeuchi, in California, aside from his rush to surgery, was trying to make sure his portfolio was as sheltered as possible.

“We did trade,” he said, buying and selling when stocks in his book or watch list hit target or buy prices, finding companies with limited U.S. exposure, but not wanting to make big bets on sectors or the outcome of Trump’s trade war.

“I don’t want to be too dramatic about it. What we are doing is to not panic, control the risk and focus on stock selection.”

BOND FIRE

For months currency markets, as the means of global trade, were expected to be the front line for price adjustments to tariffs.

The shock, instead, came from bonds. Shortly after the tariffs took effect in the middle of the New York night, a massive wave of selling hit Treasuries in Asia on Wednesday.

Yields, which usually make small moves since the market is liquid and deep, rose wildly and unleashed the most manic phase – so far – of markets’ tariff tantrum.

The 10-year Treasury yield jumped nearly 20 basis points in two hours in what traders took as a signal of either forced selling somewhere in the market, or even more worryingly, that U.S. bonds were faltering as a safe haven.

But within hours, markets were whipsawed again. Trump stunned the world by announcing a pause on the heavier bilateral tariffs, keeping a blanket 10% tax on imports and raising levies again on China.

Equities roared higher, notching some of the largest percentage gains since 2008, but with so much uncertainty they have started to wobble again.

WHIPLASH

Martin Whetton, Westpac’s head of financial markets strategy and a 30-year veteran of markets in Sydney and London, said Wednesday’s trade in fixed income had no historical precedent.

“That money did not scramble to secure U.S. dollar funding, to buy Treasuries and the U.S dollar for safety, is startling and a sharp warning,” he said.

By Friday, the eleventh session since Trump’s auto tariffs were announced, exhaustion had set in but there was little sense of dust settling. Beijing on Friday increased its tariffs on U.S. imports to 125%.

Stocks fell, the dollar sank to a decade-low on the safe-haven Swiss franc and talk turned to whether the period marks the beginning of the end of U.S. dominance of global finance.

“It’s like we had a year of trading in a few days,” said Jack McIntyre, portfolio manager for Brandywine Global, U.S, which runs almost $60 billion in assets.

“You focus on things that you know,” he said, with a view to further falls in the dollar as the U.S. economy slows down and, maybe, the rest of the world keeps selling U.S. assets.

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Published on April 13, 2025

The combined market valuation of five of the top-10 valued firms surged, with Hindustan Unilever emerging as the biggest winner.
| Photo Credit:
iStockphoto

The combined market valuation of five of the top-10 valued firms surged ₹84,559.01 crore in a holiday-shortened last week, with Hindustan Unilever emerging as the biggest winner.

Last week, the BSE benchmark Sensex declined 207.43 points or 0.27 per cent. The NSE Nifty dipped 75.9 points or 0.33 per cent.

Indian stock markets were closed on Thursday for Shri Mahavir Jayanti.

While Reliance Industries, Bharti Airtel, Hindustan Unilever, Bajaj Finance and ITC were the gainers, HDFC Bank, Tata Consultancy Services (TCS), ICICI Bank, State Bank of India and Infosys faced erosion from their valuation.

The market valuation of Hindustan Unilever surged ₹28,700.26 crore to ₹5,56,054.27 crore. Reliance Industries added ₹19,757.27 crore, taking its market capitalisation (mcap) to ₹16,50,002.23 crore.

The valuation of ITC jumped ₹15,329.79 crore to ₹5,27,845.57 crore and that of Bajaj Finance rallied ₹12,760.23 crore to ₹5,53,348.28 crore.

The mcap of Bharti Airtel climbed ₹8,011.46 crore to ₹10,02,030.97 crore.

However, the valuation of TCS tanked ₹24,295.46 crore to ₹11,69,474.43 crore. The mcap of Infosys eroded by ₹17,319.11 crore to ₹5,85,859.34 crore.

State Bank of India’s market valuation dropped Rs 12,271.36 crore to Rs 6,72,960.97 crore and that of ICICI Bank dived Rs 8,913.09 crore to Rs 9,34,351.86 crore.

The valuation of HDFC Bank declined by ₹7,958.31 crore to ₹13,82,450.37 crore.

Reliance Industries remained the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Hindustan Unilever, Bajaj Finance and ITC.

Published on April 13, 2025

Can I buy Samvardhana Motherson International now for long-term? What is the outlook?

Sophia, Kochi

Samvardhana Motherson International (₹118.10): The stock is in a downtrend since October last year. The downtrend is still intact. There is room for further fall to ₹100-90 – an important long-term support zone. A fall beyond ₹90 is less likely. So, after this fall a fresh leg of rally is possible. This new upmove from the ₹100-90 support zone can gain momentum on a subsequent rise above ₹150.

That in turn can take the stock up to ₹250 over the next couple of years. Buy Samvardhana Motherson International on dips at ₹105 and ₹95. Keep the stop-loss at ₹75 initially. Trail the stop-loss up to ₹120 when the price goes up to ₹160. Move the stop-loss further up to ₹190 when the share price touches ₹220. Exit the stock at ₹250.

I have bought Arrow Greentech shares at ₹678. Can I continue to hold? What is the outlook?

Manju Kabra, Goregaon

Arrow Greentech (₹589): The stock peaked at ₹1,098 in November last year and has come down sharply from there. This fall is a correction within the broader uptrend. A strong support is coming up in the ₹480-470 region which can halt the fall. A fresh rise from this support zone will indicate the resumption of the broader uptrend. It can then take Arrow Greentech share price up to ₹1,100 over the next three-four quarters.

Buy more and accumulate at ₹490. Keep the stop-loss at ₹420. Revise the stop-loss up to ₹630 when the price goes up to ₹720. Move the stop-loss further up to ₹860 when the share price touches ₹980. Exit the stock at ₹1,050. A break below ₹470, can drag the stock to ₹350-300. So, adhere to the stop-loss and exit at ₹420.

I have Wockhardt shares bought at ₹1,290. What is the outlook?

Pradeep, Patna

Wockhardt (₹1,319.30): The stock has been oscillating inside a broad range of ₹1,100-1,700 since November last year. This price movement on the weekly chart indicates the danger of a double-top pattern formation. So, you may have to be very careful. The level of ₹1,050 is very crucial. A break below it will confirm this pattern. It will then drag the stock down to ₹950 or even ₹800 thereafter.

The stock has to breach ₹1,700 to regain the bullish momentum. Only then ₹2,100 and higher levels will come into the picture. The outlook is not very clear now. You can consider two options. One, exit the stock at current levels with a small profit. Second option will be to keep the stop-loss at ₹1,020 and exit at ₹1,650 if a further rise is seen.

What is the outlook for Jubilant Foodworks?

Mangesh Sri

Jubilant Foodworks (₹685): The long-term outlook is bullish. Cluster of supports are there in the ₹580-500 region. As long as the stock stays above this support zone, a rise to ₹880 is possible in the coming months. From a multi-year perspective, Jubilant Foodworks share price has potential to target ₹1,200-1,300. This rally may happen over the next two-three years.

 If you are a long-term investor, buy Jubilant Foodworks shares now. Accumulate on dips at ₹590 and ₹540. Keep the stop-loss at ₹390.  Trail the stop-loss upto ₹740 as soon as the stock goes up to ₹880. Move the stop-loss further upto ₹920 and ₹1,050 when the price touches ₹1,030 and ₹1,110 respectively. Exit the stock at ₹1,250. This view will go wrong if the stock breaks ₹500 and declines below ₹440 subsequently.

Send your questions to [email protected]

Published on April 12, 2025

Source: Company website
| Photo Credit:
BL companies

Target: ₹550

CMP: ₹462.90

Established in 2010, Aadhar Housing Finance is the largest player in affordable housing space with AUM of ₹23,975 crore. Diversification in terms of business mix, customer base and distribution remain core strength.

Business mix remains well balanced and granular with home loans comprising about 75 per cent of AUM, while LAP constitutes remaining 25 per cent. Salaried borrowers mix comprised 56 per cent salaried and 44 per cent self-employed segments of AUM.

As of December 31, 2024, Aadhar operates 557 branches across 21 states and union territories

Aadhar remains an attractive play in the affordable housing finance segment with a robust business model combining efficiency, stability and prudent underwriting practice, leading to healthy and sustainable performance across cycles. Expect AUM growth to sustain at about 19 per cent, while steady asset quality and gradual improvement in margins and efficiency is expected to result in earnings CAGR of about 23 per cent in FY25-27E.

Given its strong RoA of 4% and RoE of 18%+, while delivering credit growth of above 20 per cent, valuations remain attractive at current level. We value Aadhar at 2.7x FY27E BV and assign a target price of ₹550. We recommend a Buy rating.

Published on April 11, 2025

Target: ₹7,800

CMP: ₹6,544.75

Info Edge in its pre-results business update mentioned that standalone billings grew 19 per cent y-o-y in Q4-FY25, ahead of JMFe of 18 per cent, on the back of better-than-expected billings in all reporting segments. Recruitment billings grew 18.4 per cent y-o-y, the highest in the last 10 quarters, despite a relatively tough base.

Like in the last few quarters, we believe growth was broad-based across IT as well as non-IT. We note that 4Q is seasonally a very strong quarter for the recruitment business, leading us to believe that the trend improvement was led by a mix of strong renewal demand and unique client additions. Further, 99acres’ billings growth was the highest in the last 4 quarters at 21.9 per cent y-o-y.

Others segment, which includes Jeevansathi and Shiksha, too saw healthy 18.7 per cent y-o-y billings growth. We, however, moderate our billings growth forecast for the recruitment segment over FY26/27 to 14.5 per cent from 18 per cent earlier, on account of growing uncertainty around IT hiring demand.

Our SOTP based Mar’26 TP is also revised down to ₹7,800, on the back of lower target multiple for the recruitment business and recent correction in the stock price of investee companies (Zomato and PB Fintech), valued at unchanged holdco discount of 25 per cent to CMP.

Published on April 11, 2025

According to Indsec, one of HZL’s key growth drivers over the medium term is expected to be silver, supported by rising industrial demand globally, especially from the solar photovoltaic (PV) segment
| Photo Credit:
Dado Ruvic

Notwithstanding the ongoing uncertainty over Trump tariffs, broking firms are bullish on Hindustan Zinc’s performance given its capex to improve operational efficiency.

Brokerage Indsec Research believes the company has an edge over others in terms of cost competitiveness and higher domestic zinc production besides growth potential across silver, zinc, and value-added product segments. Indsec says Hindustan Zinc’s stock price may touch ₹572.

Another firm- Antique Stock Broking maintains a hold recommendation on the company. As per Antique, HZL generated a return on equity of 78 per cent over one-year period compared to its global peers like Teck Resources and Korea Zinc which had single digit ROEs.

Hindustan Zinc’s cost leadership remains a central part of Indsec’s investment thesis. Indsec said HZL is the world’s lowest-cost zinc producer, with its cost of production declining by 17 per cent from $1,257 a tonne to $1,041 a tonne in Q3FY25. The company aims further cost reduction to $1,000 a tonne by FY27, strengthening its profitability.

According to Indsec, these gains have been supported by higher renewable energy usage, improved metal grades, enhanced operational efficiencies and lower coal costs.

According to the brokerage, one of HZL’s key growth drivers over the medium term is expected to be silver, supported by rising industrial demand globally, especially from the solar photovoltaic (PV) segment.

HZL plans to increase its silver refining capacity from 800 tonnes to 1,500 tonne by 2030.

HZL’s Sindesar Khurd Mine is the second-largest silver mine in the world. The company’s silver sales volumes are expected to grow at a CAGR of 5 per cent reaching 791 tonne by FY27.

Hindustan Zinc plans to expand its smelting capacity from 1.12 MTPA to 2 MTPA, presents long-term growth potential for HZL. Indsec projects HZL’s revenue, EBITDA and PAT to grow at a CAGR of 9.7 per cent, 13 per cent and 16 per cent respectively over FY24-27 period.

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Published on April 11, 2025

U.S. stock markets tumbled sharply Thursday, with the Nasdaq dropping over 5.7% and the Dow plunging more than 1,700 points, as investors reacted to renewed trade uncertainty. 
| Photo Credit:
ANDREW KELLY/Reuters

Major stock indexes extended sharp declines and the dollar weakened further in midday Thursday trading, with the Nasdaq down more than 5% as investors remained skittish, a day after U.S. President Donald Trump’s move to temporarily lower tariffs on many countries caused a massive relief rally.

U.S. Treasury prices were still slightly higher after this week’s sharp bond selloff.

Investors are worried as much uncertainty remains on the tariff front and the trade war’s potential economic fallout. Trump on Wednesday also said he would raise the tariff on Chinese imports, and the White House said a 10% blanket duty on almost all U.S. imports will remain in effect.

“The realization is that while we got some good news yesterday, we still have to live in a world where there’s new uncertainty,” said Art Hogan, chief market strategist at B Riley Wealth in New York.

The stock declines came despite U.S. data showing consumer prices unexpectedly fell in March.

Amid the head-spinning changes in the market and news on tariffs, investors also are gearing up for the start of quarterly U.S. earnings, with results from some of the biggest U.S. banks including JPMorgan Chase due on Friday.

“There will still be a lot of pulled guidance,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

“It may be that the market is taking back some of yesterday’s rip-your-face-off rally because they realize some of the relief is not as great as they thought.”

Markets have been roiled since Trump’s announcement of sweeping tariffs late on April 2.

The Dow Jones Industrial Average fell 1,721.71 points, or 4.18%, to 38,910.92, the S&P 500 fell 269.29 points, or 4.89%, to 5,190.10 and the Nasdaq Composite fell 997.93 points, or 5.78%, to 16,134.67.

MSCI’s gauge of stocks across the globe fell 13.46 points, or 1.71%, to 771.82.

Trump’s reversal on tariffs on Wednesday pushed equities higher across the globe, starting with a 9.5% pop in the S&P 500 on Wednesday.

The pan-European STOXX 600 index ended up 3.7%. China’s CSI300 blue-chip index rose 1.3% and Hong Kong’s Hang Seng Index advanced 2.1%.

The European Union will put on hold for 90 days its first countermeasures against Trump’s tariffs, European Commission President Ursula von der Leyen said on Thursday.

Against the Japanese yen, the dollar weakened 2.28% to 144.35. The euro was up 2.19% against the dollar.

U.S. Treasury prices edged higher after a solid 10-year note auction and pause in some trade tariffs on Wednesday helped the market stabilize from a sharp bond market selloff earlier this week.

The yield on benchmark U.S. 10-year notes fell 4.7 basis points to 4.349%, from 4.396% late on Wednesday. Yields move opposite to prices

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Published on April 10, 2025

Bombay Stock Exchange (BSE)

Equity, currency and debt markets will be closed today, April 10, on account of Shri Mahavir Jayanti.

Trading will take place on Friday, April 11, 2025. However, a long weekend is ahead as the market will be closed on April 14, 2025, on account of Dr. Baba Saheb Ambedkar Jayanti.

On Wednesday, the benchmark indices ended in red. Sensex closed 379.93 pts 0.51 per cent lower at 73,847.15 and Nifty 50 dropped 136.70 pts or 0.61 per cent to 22,399.15. Sectoral indices except FMCG, consumer durables and auto closed in the negative territory, with PSU index depreciating over 2 per cent. IT and pharma stocks continued to drag amid the Trump tariff war.

On the domestic front, the widely-expected rate cut by RBI failed to lift the market sentiment.

Shares of Muthoot Finance, Cholamandalam, IIFL Finance NBFCs and PSBs like Bank of Baroda plunged. Nestle India, Hindustan Unilever, Titan, Power Grid and Tata Consumer Products ended among gainers of Nifty 50 pack. While Wipro, SBI, Tech Mahindra, L&T and Trent closed among major laggards.

Watch out for Q4 results today: TCS, Anand Rathi Wealth and Evoq Remedies will results today. 

India VIX was up 4.83 per cent to 21.43. The midcap 100 and smallcap 100 indexes slipped 0.86 per cent and 0.51 per cent, respectively.

Following trading holidays in line

Indian rupee dropped about 42 paise on Wednesday in sync with the depreciating Chinese currency. 

Asian markets react to Trump’s 90-day pause on tariffs

Asian markets soared after Trump announced a 90-day pause on nearly all tariffs, however increasing rate on China. According to reports, the market, measured by the S&P 500, gained back about $4 trillion, or 70 per cent, of the value it had lost over the previous four trading days.

Japan’s Nikkei and European futures surged.

China lowered its official yuan midpoint for the sixth day to a fresh 19-month low against the dollar on Thursday.

Published on April 10, 2025

US markets surged on Wednesday after President Trump announced a 90-day pause on most tariffs, while sharply raising duties on Chinese imports to 125%.
| Photo Credit:

Wall Street’s main indexes jumped on Wednesday after U.S. President Donald Trump authorized a 90-day pause on tariffs, effective immediately.

Trump declared a 90-day pause on reciprocal and 10% tariffs that he had unveiled initially last week, while raising duties on China to 125.

China on Wednesday imposed additional levies of 84% on all U.S. goods from April 10, up from the 34% previously announced, after U.S. levies of 104% on its imports went into effect.

Meanwhile, the U.S. Treasury’s $39-billion 10-year note auction came in within market expectations, priced at a high yield of 4.435%, lower than the rate forecast at the bid deadline, suggesting solid investor demand.

The yield on the 10-year note was last at 4.370% amid a sell-off in the bond market, where tariff-driven turmoil prompted investors to dump safe-haven U.S. Treasuries for a dash of cash, pushing yields higher.

Rate-sensitive real estate and utilities – often seen as a bond proxy owing to their steady income regardless of the economic situation – cut losses and were last up 5% and 3.2% respectively.

Large technology stocks still led gains, with Apple rising 10% and Nvidia up 13%.

“The reflex to buy the dip is very strong and certainly the wipeout you’ve seen in tech stocks makes them cheap relative to where they were,” said Chris Beauchamp, chief strategist at IG.

At 01:32 p.m. the Dow Jones Industrial Average rose 2,305.81 points, or 6.13%, to 39,959.81, the S&P 500 gained 334.86 points, or 6.72%, to 5,317.63 and the Nasdaq Composite gained 1,254.95 points, or 8.22%, to 16,522.86.

The upcoming earnings season will offer more insights into the health of corporate America as investors fear a hit to economic growth from the tariffs. U.S. banks, including JPMorgan Chase, will report first-quarter results on Friday.

All major sub-sectors on the S&P 500 were higher, with information technology and consumer discretionary in the lead, up 11% and 8.5% respectively.

The CBOE Volatility index – seen as Wall Street’s ‘fear gauge’ – was last at 36.78 points.

Minutes from the Fed’s March policy meeting are due later in the day, while a consumer price inflation reading is set for Thursday, which could offer clues on the inflation trajectory.

Delta Air Lines gained 17% as the carrier beat first-quarter profit expectations. The company though pulled its 2025 financial forecast and projected current-quarter profit below expectations.

Advancing issues outnumbered decliners by a 3.04-to-1 ratio on the NYSE and by a 2.97-to-1 ratio on the Nasdaq.

The S&P 500 posted one new 52-week high and 100 new lows while the Nasdaq Composite recorded 6 new highs and 637 new lows.

Published on April 9, 2025

Mumbai: Bombay Stock Exchange (BSE) building, in Mumbai

Shares of Nestle India, Hindustan Unilever, Hero Motocorp, Titan and Tata Consumer Products traded among major gainers, while Wipro, Trent, Infosys, Tech Mahindra and Tata Steel depreciated.

Nifty midcap 100 slipped 0.39 per cent to 49,643.05 as at 12.52 pm. Nifty smallcap index declined 0.64 per cent to 15,289.95.

The broader benchmark indices continued to trade lower amid global trade tensions.

Sensex traded lower by 317.82 pts or 0.43 per cent at 73,909.26 after opening at 74,103.83, and Nifty 50 declined 106.55 pts or 0.47 per cent to 22,429.30 as at 12.54 pm.

On the domestic front, RBI slashed repo rate by 25 bps to 6 per cent and shifted its monetary policy stance from neutral to accommodative.

Top gainers & losers today

Banking stocks fell, including gold loan NBFCs Cholamandalam, IIFL Finance, Muthoot Finance, Manappuram Finance as RBI revised repo rate and aims to issue comprehensive regulations on prudential norms for gold loans.

Public sector banks such as Indian Bank, Bank of Baroda, Union Bank of India and Canara Bank depreciated 2 per cent.

IT stocks continued to drag the broader index, while metal and pharma also depreciated. FMCG and auto index showed resilience despite market descent.

Nearly 1,828 stocks declined out of 2,704 stocks that were traded on the National Stock Exchange as at 12.48 pm. Only 811 shares advanced.

Shares of Nestle led the gainers with 3.30 per cent surge to ₹2,350 and HUL followed with 2.51 per cent increase to ₹2,346.80.

Auto major Hero Motocorp traded 2.51 per cent positive at ₹3,663.80.

Titan shares continued gaining momentum from previous trading session, with 2.01 per cent surge to ₹3,184.95. The stock had hit a 52-week low of ₹2,925 on April 7, 2025.

Tata Consumer Products gained 1.60 per cent to ₹1,086.85.

On the flip side, IT major Wipro slumped 3.94 per cent to ₹237.50, close to the day’s low of ₹234.

Trent followed with 2.51 per cent decline to ₹4,647.35.

IT stocks Tech Mahindra fell 2.38 per cent to ₹1,283.10 and Infosys dipped 2.22 per cent to ₹1,397.15. Tata Steel depreciated 2.12 per cent to ₹127.52.

Muthoot Finance (over 7 per cent down), Glenmark, Lupin, Phoenix Mills, Policy Bazaar, Biocon and Persistent Systems were among the major laggards of midcap index.

Shares of Jai Corp, NMDC, Orchid Pharma and Inox Green were among the 33 stocks that hit 52-week lows., while IndiGo and Waaree Renewables hit 52-week highs.

On the BSE, Cartrade Tech and LT Foods plunged 10 and 8 per cent, respectively.

Published on April 9, 2025