Published on: June 19, 2025
Infrastructure giant Larsen & Toubro (L&T) announced on Thursday that it has successfully raised ₹500 crore through the issuance of non-convertible debentures (NCDs). In a regulatory filing with the BSE, the company stated that it has allotted 50,000 listed, rated, unsecured, redeemable NCDs of ₹1 lakh each, carrying a coupon rate of 6.35%.
These debentures are issued under SEBI’s Framework for Environment, Social, and Governance (ESG) Debt Securities, excluding green bonds. L&T confirmed that the NCDs are linked to specific sustainability targets, aligning with its broader ESG commitments. The move highlights the company’s strategic focus on integrating ESG factors into its financial and operational planning.
Published on: June 19, 2025
HDB Financial Services Ltd., a subsidiary of HDFC Bank, has filed its red herring prospectus (RHP) for a ₹12,500 crore initial public offering (IPO), scheduled to open on June 25 and close on June 27. The IPO will include a fresh issue of ₹2,500 crore and an offer for sale (OFS) of ₹10,000 crore by HDFC Bank. The price band has been fixed at ₹700–₹740 per share. Anchor investor bidding will begin on June 24.
The proceeds from the fresh issue will be used to augment HDB Financial’s Tier-I capital base, enabling business expansion and onward lending. As per the RHP, the company reported a profit after tax of ₹2,175.92 crore in FY25, down from ₹2,460.84 crore in FY24. Operational income stood at ₹16,300.28 crore in FY25, growing at a CAGR of 14.85% since FY23.
HDB Financial is among India’s top retail-focused NBFCs with total gross loans of ₹1.07 lakh crore and AUM of ₹1 lakh crore as of March 2025. Secured loans made up 73% of the portfolio. The company posted a Return on Assets (RoA) of 2.16% and Return on Average Equity (RoAE) of 14.72%, ranking fifth among NBFCs, as per CRISIL.
The IPO is being led by a syndicate of 12 top investment banks, and Cyril Amarchand Mangaldas and Link Intime India Pvt. Ltd. have been appointed as legal counsel and registrar, respectively.
Published on: June 18, 2025
DLF Ltd. has achieved a major milestone by selling out its luxury residential project, DLF Privana North, for approximately ₹11,000 crore within just one week of launch. Located in Gurugram’s Sectors 76 and 77, the project is part of the expansive 116-acre integrated township, DLF Privana.
Spanning 17.7 acres, Privana North features six premium towers rising to stilt+50 storeys, making them the tallest residential buildings developed by DLF to date. The project comprises 1,152 spacious four-bedroom apartments and 12 ultra-luxury penthouses. Each 4 BHK unit offers a carpet area of around 207 square meters (2,236 sq. ft), while penthouses go up to 450 square meters (4,847 sq. ft). Buyers also benefit from three parking spaces per apartment and four for penthouses.
DLF highlighted that the master bedrooms in Privana North are 33% larger than previous units in the Privana ecosystem. The project received an overwhelming response, further strengthening the market appetite for premium housing.
The company has also seen strong interest in its Privana South and Privana West offerings. DLF recently announced a ₹5,500 crore investment to develop another luxury housing project within the same township, as it aims to set new records in sales bookings this fiscal on the back of sustained demand for high-end real estate.
Published on: June 18, 2025
Vedanta Ltd. shares will be closely watched on Wednesday as the company’s board meets to consider its first interim dividend for FY26 and finalize a planned stake sale in Hindustan Zinc Ltd. The record date for the dividend, if approved, is set for June 24. Since the announcement on Friday, Vedanta stock has edged up 0.24%, reflecting growing investor anticipation.
Vedanta continues to be a dividend powerhouse, offering a market-leading 9.5% dividend yield, buoyed by a strong ₹13,474 crore payout in FY25. The company paid four interim dividends in FY25 totaling ₹43.5 per share, following a similarly robust distribution in the previous year.
In parallel with the dividend announcement, the Anil Agarwal-led conglomerate is preparing to sell up to 6.67 crore shares—1.6% equity—in Hindustan Zinc via a block deal. The floor price is set at ₹452.2 per share, a 7% discount to the NSE’s last close, potentially raising around ₹3,018 crore. The remaining stake will be under a 90-day lock-up.
As of March, Vedanta held a 63.42% stake in Hindustan Zinc. Shares of Vedanta closed 0.63% lower at ₹461 on Tuesday. Despite the dip, dividend-focused investors are eyeing the stock for its strong yield and consistent shareholder rewards.
Published on: June 18, 2025
Vedanta Ltd. on Wednesday announced its first interim dividend of ₹7 per share for FY26, amounting to a shareholder payout of approximately ₹2,737 crore. The dividend, based on a face value of ₹1 per equity share, was approved at the company’s Board meeting held on June 18, 2025. The record date to determine eligible shareholders is set for June 24, 2025, with the payout to follow statutory timelines.
Known for its high dividend track record, Vedanta continues to reward investors even as it undergoes capital restructuring and navigates ongoing demerger plans.
In a parallel move, Vedanta confirmed the sale of a 1.6% stake in Hindustan Zinc Ltd. (HZL) via block deals to institutional investors, generating ₹3,028 crore as part of its broader deleveraging strategy. The company clarified that it sold 66.7 million shares through an accelerated bookbuild, following earlier reports of 7.2 crore shares changing hands.
Additionally, Vedanta is poised to receive ₹2,679.54 crore from Hindustan Zinc’s recently declared ₹10 per share dividend. These dual cash inflows are expected to significantly bolster Vedanta’s balance sheet and reinforce its commitment to capital discipline amid ongoing transformation initiatives.
Published on: June 18, 2025
India’s top listed companies are sitting on record cash piles, with cash and cash equivalents of Nifty500 firms rising 17% year-on-year to ₹17.5 lakh crore in FY25, according to a BusinessLine analysis of Capitaline data. This marks a faster growth compared to the 12% rise recorded in FY24, underscoring strong operating margins despite only modest growth in capital expenditure.
The top 10 cash-rich companies accounted for a significant 37% of the total cash reserves within the Nifty500 universe. Leading the list is Reliance Industries with ₹2.3 lakh crore in cash holdings, followed by Tata Motors (₹0.7 lakh crore), Larsen & Toubro (₹0.6 lakh crore), Wipro (₹0.5 lakh crore), and Tata Consultancy Services (₹0.5 lakh crore). The accumulation of reserves highlights financial prudence and preparedness for future investments or uncertainties in the business environment.
Published on: June 18, 2025
Equity benchmarks continued their downward trajectory for the second straight session on Wednesday, with the BSE Sensex falling 138.64 points (0.17%) to close at 81,444.66, and the NSE Nifty 50 slipping 41.35 points (0.17%) to settle at 24,812.05. Intra-day, the indices saw sharper declines, with the Nifty touching a low of 24,750.45 and the Sensex dropping to 81,237.01.
IndusInd Bank emerged as the top performer, rallying 5.11% to end at Rs 850.50 per share. Trent Ltd. gained 1.93% to Rs 5,735, followed by Titan Company Ltd. which rose 1.82% to Rs 3,467.80. Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd. also posted modest gains.
On the flip side, Tata Consultancy Services Ltd. led the laggards, declining 1.82% to Rs 3,451.40. Adani Ports and SEZ Ltd. dropped 1.41% to Rs 1,372.60, while Hindustan Unilever Ltd. lost 1.34% to close at Rs 2,297.30. JSW Steel Ltd. and Adani Enterprises Ltd. also ended in the red, contributing to the broader market weakness.
Published on: June 17, 2025
CG Power and Industrial Solutions Ltd announced on Tuesday, June 17, that it has received a significant order worth ₹641 crore from the Power Grid Corporation of India Ltd (Powergrid). The order pertains to a transformer package, the company said in a regulatory filing.
The scope of the order includes the supply of goods and related services, with the execution timeline expected to span 18 to 36 months. This large-scale project marks another milestone for CG Power in strengthening its position in India’s power transmission and distribution sector.
The contract reinforces the ongoing investments in grid infrastructure and underscores the government's focus on modernizing and expanding the national power network.
Published on: June 17, 2025
Indian Oil Corporation (IOC) will supply liquefied natural gas (LNG) to Andaman & Nicobar Islands' first gas-based power plant, being set up by NTPC, India’s largest power producer. The 50 MW power plant is aimed at replacing diesel-based electricity generation with cleaner energy and is expected to be commissioned by 2027–28.
IOC confirmed it is working with stakeholders to develop LNG infrastructure for the proposed plants in South Andaman and Great Nicobar. The company, which has an established footprint in the region, said it is well-positioned to support the initiative and has secured long-term international LNG supply agreements.
NTPC is currently in the land acquisition phase, as it works with government agencies to finalize a location. Once operational, the plant will mark a major shift in the islands' energy landscape, where diesel currently powers 100% of electricity generation.
The initiative aligns with the government’s broader push to raise the share of natural gas to 15% of India’s energy mix by 2030, up from the current 6%.
IOC remains the sole supplier of petroleum products in the Andaman & Nicobar Islands, with other state-run oil firms like BPCL and HPCL absent from the region. While the new gas plant will reduce diesel use on the main island, IOC will continue supplying high-speed diesel (HSD) to other parts of the territory during the energy transition.
Fuel demand on the islands is rising steadily. Diesel remains the most-consumed fuel, growing 1.41% YoY to 1.43 lakh kilolitres in FY25. IOC also reported a 6% increase in petrol demand, 24% surge in LSHF HSD, and a 5.43% dip in aviation fuel usage. LPG consumption rose by 3%, reaching 12,731 MT, supported by IOC’s 15,000 MT LPG bottling plant in the region.
Published on: June 17, 2025
Shares of Vedanta subsidiary Hindustan Zinc and Shankara Building Products will be in focus on Tuesday, June 17, 2025, as both stocks trade ex-dividend today. The companies had fixed June 17 as the record date to determine eligible shareholders for dividend payouts.
Hindustan Zinc, known for its consistent dividend track record and a dividend yield of 3.54%, approved a first interim dividend of ₹10 per equity share (500% on the face value of ₹2) for FY 2025–26. The resolution was passed by the company’s Board on June 11, 2025. The dividend will be paid out within the statutory time frame.
Over the last 12 months, Hindustan Zinc has distributed a total dividend of ₹19, with the most recent one declared in August 2024.
Meanwhile, Shankara Building Products will also trade ex-dividend today. The company’s Board recommended a final dividend of ₹3 per equity share at its meeting held on May 16, 2025. This proposal will be subject to shareholder approval during the upcoming AGM scheduled for June 24, 2025.
Under the T+1 settlement cycle, investors needed to buy shares by June 14, 2025, to be eligible for these dividend benefits.
Published on: June 17, 2025
Indian benchmark indices ended Tuesday’s trading session in negative territory as investors remained cautious ahead of the U.S. Federal Reserve’s interest rate decision and rising geopolitical tensions in the Middle East. The Nifty50 declined by 93 points to close at 24,853, while the Sensex fell 212 points to settle at 81,583.
The downturn was led by broad-based selling across sectors, with notable declines in pharma, auto, energy, and PSU bank stocks. Weak market breadth highlighted investor reluctance, with only 11 of the Nifty 50 constituents closing in the green.
Tech Mahindra, Infosys, TCS, and HCL Tech offered some support, helping the Nifty IT index emerge as the sole sectoral gainer. Among the top laggards were Adani Enterprises, Dr Reddy's Labs, Sun Pharma, Tata Motors, and Eternal.
Midcap and smallcap indices also underperformed, both slipping about 0.5% amid widespread profit-booking.
On the currency front, the Indian rupee traded weaker due to concerns over foreign investor outflows and rising crude oil prices linked to tensions near the Strait of Hormuz. Analysts expect the rupee to trade in a range of 85.75–86.55 in the near term.
Published on: June 17, 2025
Tata Motors shares fell another 1.4% on Tuesday to ₹677, extending their four-day loss to 8%, as multiple brokerages downgraded earnings estimates following a sharp cut in Jaguar Land Rover’s (JLR) FY26 guidance. The UK-based subsidiary, which contributes the bulk of Tata Motors’ consolidated earnings, lowered its EBIT margin forecast to 5–7% from 10% and reduced its free cash flow (FCF) guidance to near zero from £1.5 billion in FY25.
Global and domestic brokerages — including Nomura, Emkay Global, Motilal Oswal, JM Financial, and Nuvama — slashed their FY26–27 earnings estimates, citing demand softness in China, rising costs, US tariff concerns, and pressure on margins due to brand-building and structural expenses.
Key analyst takeaways:
• Nomura maintained a ‘Neutral’ rating with a ₹799 target but cut EPS estimates by 17% for FY26.
• Emkay expects a 15% drop in earnings and cut its price target to ₹750, highlighting potential H1FY26 margin risks from delayed trade agreements.
• Motilal Oswal trimmed earnings by 10%, reducing JLR margin forecasts to 6%, and retained a ‘Neutral’ call with a ₹690 target.
• JM Financial downgraded the stock to ‘Hold’ with a ₹705 target, citing FX volatility and geopolitical uncertainty.
• Nuvama reiterated a ‘Reduce’ rating with a ₹670 target, pointing to weak growth across JLR and domestic CV segments.
To offset headwinds, JLR is targeting £1.4 billion in annual cost savings starting H2FY26 and is planning new EV launches, including the electric Range Rover and Jaguar EV. While the near-term outlook remains cautious, the company reaffirmed its medium-term EBIT margin goal of 10% and long-term target of 15%, banking on premiumisation and a shift to software-defined vehicles.
Despite these initiatives, the market remains wary due to macro risks and muted demand. Tata Motors shares continue to reflect these concerns, with limited near-term catalysts for recovery.
Published on: June 16, 2025
Shares of ITC Ltd. are expected to be in focus on Monday, June 16, 2025, following the company’s announcement of the completion of its acquisition of Sresta Natural Bioproducts Private Ltd (SNBPL) for a total consideration of up to ₹472.5 crore.
In a regulatory filing, ITC disclosed that it acquired 100% of SNBPL’s share capital—comprising over 1.87 crore equity shares—for an initial payment of ₹400 crore, with an additional ₹72.5 crore payable over the next 24 months, subject to specific performance milestones.
Following this acquisition, SNBPL becomes a wholly owned subsidiary of ITC, and its international units—Fyve Elements LLC (USA) and Sresta Global FZE (UAE)—are now step-down subsidiaries effective June 13, 2025.
Sresta, known for its ‘24 Mantra Organic’ brand, operates across India and the U.S., working with a network of 27,500 organic farmers over 1.4 lakh acres. It reported a FY24 turnover of ₹306.1 crore, maintaining a stable topline over the past three fiscal years.
The acquisition aligns with ITC’s strategy to strengthen its presence in the fast-growing organic and health food space, tapping into increasing consumer demand driven by health consciousness, higher incomes, and the rapid expansion of modern retail and e-commerce.
ITC shares closed 1.7% lower at ₹413.90 on the BSE on Friday.
Published on: June 16, 2025
Tata Motors’ UK-based luxury unit Jaguar Land Rover (JLR) has revised its FY26 EBIT margin guidance sharply downward to 5–7%, from the earlier target of 10%, citing increased capital expenditure, model changeovers, and accelerated investment in electrification. JLR’s FY25 EBIT margin stood at 8.5%.
The updated outlook was shared during the company's Investor Day presentation on June 16, where JLR revealed that capital investments will rise to £3.8 billion in FY26, up from £3.5 billion last year. These funds will support new model development, tooling, and the transformation of facilities such as the Halewood plant, which is being converted into the company's first all-electric vehicle manufacturing site.
Despite expecting negligible free cash flow in FY26, JLR CEO Adrian Mardell called it a “year of transformation,” driven by launches of next-gen models and the start of production for key EVs like the electric Range Rover SUV (2025) and the Jaguar GT (2026). Jaguar aims to become an electric-only brand by 2026, with vehicles priced north of £100,000.
The near-term profitability impact stems from overlapping factors such as working capital outflows during model transitions and upfront EV readiness costs. However, CFO Richard Molyneux emphasized confidence in the company’s long-term financial trajectory, targeting:
• EBIT margins above 10% by FY27
• Free cash flows over £2 billion
• Revenue per unit rising to £80,000, from £71,000 in FY25
JLR’s enterprise transformation strategy aims to generate £1.4 billion in annual value through operational improvements and sustainability-driven initiatives. While FY26 is forecasted as a low-margin, high-investment year, JLR remains committed to building a future-ready, electrified luxury portfolio.
Published on: June 16, 2025
Earthood Services Ltd. has re-submitted its draft red herring prospectus (DRHP) for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) on Monday, modifying the structure of its earlier proposal filed on December 27, 2024. In the revised filing, the IPO will now comprise a total offer for sale (OFS) of 62.90 lakh equity shares, eliminating the previously planned fresh issue of 36 lakh shares.
The company’s promoters, Kaviraj Singh and Ashok Gautam, will offload 42 lakh and 20 lakh shares, respectively, in the OFS. A portion of the offer will be reserved for eligible employees. The equity shares are proposed to be listed on both the NSE and BSE. Unistone Capital Pvt. Ltd. is the book-running lead manager, while MUFG Link Intime India Pvt. Ltd. will serve as the issue registrar.
Earthood Services specialises in environmental, social, and governance (ESG) advisory and assurance services for clients in India and globally. It also supports the development of farmer-producer organisations (FPOs), though this segment remains a smaller contributor. Notable past projects include certifying Delhi Metro’s Metro Bhawan as carbon neutral and conducting environmental audits for the Indian Army’s Pulgaon military railway station.
The company has demonstrated robust financial growth, with revenue from operations rising 45% in FY24 to ₹46.9 crore from ₹32.3 crore the previous year. Net profit surged by 80% year-on-year to ₹19.3 crore. For the nine months ended December 31, 2024, Earthood posted revenue of ₹33.67 crore and a net profit of ₹8.14 crore, reflecting strong demand for its carbon verification and validation services.