Published on: June 10, 2025
Bajaj Finserv Ltd. has announced the appointment of Lakshmi Iyer as the Group President of Investments, effective August 1, 2025. The company disclosed the leadership transition in a regulatory filing on Tuesday. Iyer brings with her 27 years of rich experience in the financial services industry, spanning wealth advisory, product strategy, and investment management across fixed income, real estate, and alternative assets.
Prior to this, Iyer held a long-standing role at Kotak Mahindra Bank, where she served as CEO of Investments and Strategy. She is an MBA in finance from Narsee Monjee Institute of Management Studies and has been recognized as one of Asia’s 25 most influential women in asset management by Asian Investor.
She will succeed Purav Jhaveri, who has led Bajaj Finserv’s investment division since 2020. Jhaveri, a former Managing Director at Franklin Templeton Investments, USA, is also an active member of the CII National Committee on Financial Markets.
Following the announcement, shares of Bajaj Finserv Ltd. were trading lower by 1.02% at ₹1,996.35 on the BSE.
Published on: June 10, 2025
The benchmark indices ended Tuesday’s session on a flat note, halting their recent rally. The BSE Sensex slipped 53.49 points, or 0.06%, to close at 82,639.72, while the NSE Nifty 50 edged up just 1.05 points to settle at 25,104.25. Earlier in the session, the Nifty touched an intraday high of 25,199.3 and the Sensex peaked at 82,680.79, before paring gains.
Tech Mahindra, Grasim Industries, and Dr. Reddy’s Laboratories were among the top gainers, while Trent, Maruti Suzuki, and Asian Paints led the laggards. Infosys and ITC were notable contributors to the indices’ gains, whereas heavyweight stocks like HDFC Bank, ICICI Bank, and Reliance Industries exerted significant downward pressure.
Sectorally, seven out of the 15 NSE indices closed in the red, with Realty, PSU Bank, and Finance among the worst performers. However, the BSE MidCap and SmallCap indices bucked the trend, posting gains of 0.04% and 0.33%, respectively. Market breadth remained positive, with 2,245 stocks advancing, 1,790 declining, and 137 unchanged on the BSE.
Published on: June 10, 2025
After a strong four-session rally, the Bank Nifty index slipped into the red on Monday morning, falling 0.22% or 120 points to 56,711.75. The decline was led by profit booking in heavyweight stocks like ICICI Bank, HDFC Bank, and IDFC First Bank, each dropping between 0.5% and 1%.
This retreat came despite the Reserve Bank of India's (RBI) recent surprise 50-basis-point cut in the benchmark repo rate to 5.5% and a phased 100-basis-point reduction in the Cash Reserve Ratio (CRR), both aimed at boosting liquidity and loan growth. While the broader financial services index also dipped 0.5%, the Nifty Private Bank and PSU Bank indices remained relatively flat.
Brokerage firm Nomura noted that the CRR cuts are likely to support mid-sized and liquidity-constrained banks, including Federal Bank, AU Small Finance Bank, and Axis Bank. Technical analysts suggest that holding above the 56,100–56,200 zone is crucial for the next upward move, with potential targets around 57,700–57,900 if the index crosses 57,120.
Published on: June 10, 2025
New Delhi: London-headquartered Vedanta Resources Ltd (VRL) is actively pursuing an investment grade credit rating as it continues on a path of sustained deleveraging, operational efficiency, and strategic restructuring. The company aims to reduce its total debt from USD 5 billion to USD 3 billion by FY27, while reinforcing its focus on critical minerals, transition metals, and energy technologies.
At recent investor conferences in Hong Kong and Singapore, VRL indicated its plan to refinance and prepay a high-interest USD 550 million private credit facility due in August 2026. This move is expected to lower its interest costs by 800–900 basis points, resulting in annual savings of nearly USD 47 million. The company anticipates this step will facilitate a near-term credit rating upgrade to BB levels, with a medium-term target of reaching BBB–, the threshold for investment grade.
Currently rated B+ by S&P, Fitch, and Moody’s, VRL received a three-notch upgrade from S&P in FY25. The investment grade goal is closely tied to the group’s ongoing financial improvements and strategic demerger plans. Vedanta Ltd (VEDL), its Indian subsidiary, is finalizing a demerger process expected to be completed by September 2025, creating four focused entities to unlock shareholder value and attract specialized investors.
VRL’s deleveraging has been notable, with net debt declining from USD 8.9 billion in March 2022 to USD 5 billion in March 2025—the lowest in a decade. Its net debt-to-EBITDA ratio has improved from 3.3x in FY20 to 2x in FY25, with a further reduction to 1x targeted in the mid-term. The successful refinancing of USD 3.1 billion in bonds in FY25 reduced the average coupon rate by 250 basis points and extended maturities to FY34.
VEDL recently reported record-high annual revenue of USD 17.8 billion and its second-highest EBITDA of USD 5.1 billion in FY25, led by strong performances in Zinc India and Aluminium, both ranking among the most cost-efficient globally. Management expects a normalized dividend yield of 6%, contributing approximately USD 800 million in receipts to VRL, supporting its debt reduction strategy.
Published on: June 10, 2025
Wipro Ltd. shares continued their upward momentum on Tuesday, June 10, rising over 1% to trade at ₹254.10 apiece on the NSE at 9:40 am. The rally follows a massive ₹5,057 crore block deal executed on Monday, June 9, in which the Azim Premji Trust offloaded 20.23 crore equity shares at an average price of ₹250 each.
The entire stake was acquired by three entities — Hasham Traders (11.9 crore shares), Prazim Traders (5.95 crore shares), and Prazim Trading and Investment Company Pvt Ltd (2.38 crore shares). Despite the large transaction, investor sentiment remained bullish.
Wipro shares have delivered multibagger returns, climbing over 144% in the past five years.
Boosting investor confidence further, the IT major reported a robust 26% year-on-year jump in net profit to ₹3,570 crore for Q4 FY25, exceeding analysts’ expectations of ₹3,290 crore. Revenue from operations rose slightly by 1% YoY to ₹22,504 crore. However, the core IT services segment saw a decline, with revenue dropping 1.2% QoQ and 2.3% YoY in dollar terms, and 0.8% QoQ and 1.2% YoY in constant currency terms.
Published on: June 9, 2025
Jio BlackRock Asset Management Pvt Ltd, the 50:50 joint venture between Jio Financial Services Ltd (JFSL) and US-based BlackRock, has announced its executive leadership team as it prepares to launch mutual fund operations in India. The announcement comes shortly after the firm received regulatory approval from SEBI on May 26, 2025, to commence its mutual fund business.
The leadership team includes:
• Sid Swaminathan as Managing Director & CEO
• Amit Bhosale as Chief Risk Officer
• Amol Pai as Chief Technology Officer
• Biraja Tripathy as Head of Product
The company stated that this team combines expertise in asset management, digital innovation, and customer-focused product development to advance its mission of transforming investing in India by making it more accessible and affordable to the masses.
In parallel, Jio BlackRock launched an early access initiative on its website, inviting users to register their interest in its upcoming digital-first platform. Registrants can explore investment education materials and gain early insights into the fund house’s value proposition, with functionality to invest once the platform officially goes live.
This move signals a significant step toward financial inclusion, leveraging Jio's digital infrastructure and BlackRock's global investment expertise to reshape the Indian asset management landscape.
Published on: June 9, 2025
Xpressbees, a leading logistics and supply chain solutions provider, has appointed Tarun Agarwal as Vice President – B2C First Mile. Agarwal brings over 31 years of industry experience in operations, logistics, and e-commerce, having previously held senior roles at Ecom Express, Aramex India, Delhivery, Snapdeal, and Blue Dart Express.
In his new role, Agarwal will focus on driving excellence in first-mile operations, a critical component of the B2C logistics network. Commenting on his appointment, he said, “It is a privilege to join Xpressbees at such an exciting phase of its journey. I look forward to contributing to the company’s mission of creating world-class logistics solutions.”
Rahul Agarwal, Chief Operating Officer of Xpressbees, welcomed the appointment, noting that Tarun’s deep operational insight will be instrumental in scaling systems and supporting the company’s growth in the B2C segment.
Founded in 2015 as the logistics arm of FirstCry, Xpressbees has since evolved into a comprehensive domestic and international logistics player, operating over 260 hubs and 4,500 fulfillment centers across India.
Published on: June 9, 2025
HDFC Bank has announced a reduction of up to 10 basis points (bps) in its Marginal Cost of Funds-based Lending Rates (MCLR) across select loan tenures, effective June 7, 2025. This move follows the Reserve Bank of India’s recent 50 bps cut in the repo rate, which brings the cumulative reduction to 100 bps since February 2025. The revised MCLR now ranges from 8.90% to 9.10%, down from the earlier 9% to 9.20%.
Latest MCLR changes include:
• Overnight & 1-month: Reduced from 9.00% to 8.90%
• 3-month: Reduced from 9.05% to 8.95%
• 6-month & 1-year: Reduced from 9.15% to 9.05%
• 2-year & 3-year: Reduced from 9.20% to 9.10%
This reduction is expected to benefit borrowers with MCLR-linked loans, including home, auto, and personal loans, by either lowering EMIs or shortening loan tenure, depending on the loan agreement and reset frequency.
The MCLR, introduced by the RBI in 2016, represents the minimum interest rate banks can offer for loans and is influenced by the bank's cost of funds. It serves as a benchmark for floating-rate loans and helps ensure faster transmission of policy rate changes to borrowers.
With this move, HDFC Bank aligns its lending rates more closely with the RBI’s monetary easing, offering much-needed relief to retail borrowers amid a softening interest rate environment.
Published on: June 9, 2025
UBS has highlighted HDFC Bank Ltd. and Axis Bank Ltd. as top investment picks following the Reserve Bank of India's unexpected move to cut the Cash Reserve Ratio (CRR) by 100 basis points to 3%, and the repo rate by 50 basis points to 5.5%. These decisions are projected to inject ₹2.5 trillion of surplus liquidity into the banking system, potentially accelerating deposit growth by 2–3%.
UBS analysts described the CRR cut as a “positive surprise”, estimating a 7–9 basis point positive impact on Net Interest Margins (NIMs) for banks under their coverage starting Q3FY26E, even as near-term NIMs are expected to decline. They anticipate the move will support system loan growth of 12–13% for FY26–27, up from the current 9.8% (as of May 2025).
The liquidity injection is seen as particularly favorable for large-cap banks like HDFC Bank and Axis Bank, which have high Loan-to-Deposit Ratios (LDR) and significant funding requirements. UBS maintained a constructive stance on the banking sector, especially benefiting mid-sized lenders like AU Bank and larger banks positioned to capitalize on the easing environment.
While UBS cautioned that NIM pressures will persist in the near term, they noted that the NIM trough could occur in Q2FY26, as the impact of the CRR cut gradually materializes. They also highlighted that the CRR cuts will be implemented in four tranches between September 6 and November 29, allowing banks to plan liquidity deployment efficiently.
The front-loaded repo rate cut and the RBI’s shift to a neutral stance suggest the rate cut cycle is nearing completion, though a 25–50 basis point buffer remains if growth surprises to the downside.
Published on: June 9, 2025
Indian equity markets are expected to open higher on Monday, June 9, 2025, following positive global cues and a strong performance by benchmark indices last week. GIFT Nifty was up 77 points at 25,175.5, signaling early optimism. Asian stocks rose as US-China trade talks resumed, with Japan’s Nikkei 225 and South Korea’s KOSPI gaining 0.97% and 1.84%, respectively. S&P 500 futures remained near record highs, reflecting easing concerns over tariffs and US economic growth.
On the domestic front, investor sentiment continues to benefit from the RBI's surprise 50 basis point rate cut, which pushed the Sensex up 746.95 points and Nifty50 past the 25,000 mark on Friday.
Key stocks in focus today include:
• HDFC Bank: Faces controversy as CEO Sashidhar Jagdishan is named in a harassment-related complaint, which the bank strongly denies.
• LIC: Sat Pal Bhanoo appointed as interim MD & CEO for three months, replacing outgoing Siddhartha Mohanty.
• UPL: To benefit from asset sale by associate Serra Bonita worth ₹125 million, in which it holds a 33% stake.
• Infosys: Cleared in a massive ₹32,403 crore GST case as DGGI closes proceedings.
• Lupin: Gets tentative USFDA nod for generic anti-epileptic drug Oxcarbazepine ER Tablets, boosting its US pipeline.
• Mahindra & Mahindra: Reports a robust 27.6% Y-o-Y increase in May production and a 16.6% jump in sales.
• Bharat Electronics: Signs MoU with Tata Electronics for semiconductor and electronics collaboration.
• GHV Infra Projects: Wins ₹546 crore road infrastructure order in Mumbai, project slated for 24-month execution.
• Nazara Technologies: Acquires Smaaash Entertainment for ₹126 crore, strengthening presence in gaming and entertainment.
• JK Cement: Completes acquisition of 60% stake in Saifco Cements for ₹149.8 crore, expanding regional footprint.
Overall, the market will closely monitor domestic inflation figures, foreign investor flows, and monsoon updates along with India-US trade discussions for further cues during the week.
Published on: June 9, 2025
State Bank of India (SBI), the country’s largest lender, has paid a dividend of ₹8,076.84 crore to the Government of India for the financial year 2024-25, marking a significant increase from the ₹6,959.29 crore disbursed last year. The dividend cheque was formally presented to Finance Minister Nirmala Sitharaman by SBI Chairman C S Setty, in the presence of Financial Services Secretary M Nagaraju and Finance Secretary Ajay Seth.
For FY25, SBI declared a dividend of ₹15.90 per share, up from ₹13.70 per share the previous year. This comes on the back of a record net profit of ₹70,901 crore, a 16% increase from ₹61,077 crore reported in FY24.
The dividend payout underscores SBI’s continued financial strength and its vital role in contributing to government revenue, especially in a year marked by robust banking sector performance and favorable macroeconomic conditions.
Published on: May 28, 2025
Hero FinCorp, the financial services arm of Hero MotoCorp, has received regulatory approval from the Securities and Exchange Board of India (SEBI) to launch its ₹3,668 crore Initial Public Offering (IPO), according to the latest market update on Wednesday.
The IPO will include a fresh equity issue worth ₹2,100 crore to raise capital for future lending activities, alongside an Offer For Sale (OFS) of ₹1,568 crore by existing investor shareholders such as AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust, and Otter Ltd.
Hero FinCorp, an NBFC focused on retail and MSME segments, reported assets under management of ₹51,821 crore as of March 2024, with retail and MSME loans comprising 65% and 21%, respectively. The company serves a customer base of 1.18 crore.
The IPO's book running lead managers include JM Financial, BofA Securities India, HSBC Securities, ICICI Securities, Jefferies India, and SBI Capital Markets. The shares will be listed on both the BSE and NSE. The SEBI observation letter, obtained on May 22, clears the way for the company to move forward with the public offering.
Published on: May 28, 2025
Shares of Jio Financial Services Ltd. rallied up to 2.49% to ₹298.65 on Wednesday following regulatory approval from the Securities and Exchange Board of India (SEBI) for its joint venture with BlackRock—JioBlackRock Asset Management Pvt Ltd.
This partnership will allow the JV to operate as an investment manager for mutual funds in India, leveraging Jio Finance's vast digital presence and deep understanding of the local market alongside BlackRock’s global investment expertise and cutting-edge risk management technology.
The company announced the appointment of Sid Swaminathan as Managing Director and CEO. Swaminathan brings over 20 years of asset management experience and was previously Head of International Index Equity at BlackRock, managing $1.25 trillion in assets.
JioBlackRock plans to launch a broad range of investment products, focusing on a digital-first approach for retail investors and employing data-driven investment strategies from BlackRock’s industry-leading capabilities.
Despite the positive news and intraday gains, Jio Financial Services has declined 2.44% year-to-date and 18.34% over the past 12 months. The stock traded at ₹298.35 as of 09:28 a.m., outperforming the Nifty 50’s modest 0.12% rise. With a relative strength index (RSI) of 52.23, analysts remain cautious, with an average consensus price target implying an 8% downside and a current ‘hold’ recommendation according to Bloomberg data.
Published on: May 28, 2025
Hindustan Copper Ltd. shares surged over 4% on Wednesday, touching a high of ₹255.5 per share, the highest since December 30, 2024, after the company posted a robust 51.8% year-on-year increase in net profit for the quarter ended March 31, 2025 (Q4FY25). At 9:38 a.m., the stock was trading 3.6% higher at ₹253.9, outperforming the Nifty50, which was down 0.32%.
This marks the fourth consecutive session of gains for Hindustan Copper, with the stock rising over 15% from its recent low of ₹222 earlier this month. Year-to-date, the stock is up 2%, underperforming the Nifty50’s 4.7% rise.
For Q4FY25, consolidated income rose to ₹777.28 crore, up from ₹585.22 crore in the same quarter last year. Total expenses increased to ₹518.75 crore from ₹401.49 crore. EBITDA grew 19% YoY to ₹266.7 crore, although the EBITDA margin contracted by 300 basis points to 36.5%, indicating some pressure on operational efficiency.
Hindustan Copper Ltd. (HCL), a central public sector enterprise under the Ministry of Mines, is India’s only vertically integrated copper producer. Established in 1967, the company operates across key mining and processing locations including Madhya Pradesh, Rajasthan, Jharkhand, Maharashtra, and Gujarat.
Despite certain facilities like Jhagadia and Ghatsila remaining suspended since 2019, and Taloja currently functioning only through third-party tolling, HCL continues to benefit from increased demand and improved realisations in the copper market.
With a market capitalisation of ₹24,465.71 crore, Hindustan Copper’s recent performance reflects renewed investor interest amid a positive earnings outlook and broader infrastructure-driven demand for copper.
Published on: May 28, 2025
India’s benchmark indices Nifty 50 and BSE Sensex slipped 0.25% and 0.27%, respectively, in Wednesday morning trade, primarily weighed down by a sharp decline in ITC shares following a significant block deal and ex-dividend adjustment. At 10:35 a.m. IST, the Nifty stood at 24,765.35, and the Sensex at 81,332.03.
ITC, the sixth-largest stock on the Nifty 50, dropped nearly 3%, dragging the consumer goods sector down by 1.4%. The decline came after reports indicated British American Tobacco (BAT), ITC’s largest shareholder, may have sold part of its stake through a large block deal. ITC was also trading ex-dividend for ₹7.85 per share, adding to the downside pressure.
Despite the blue-chip weakness, broader market sentiment remained firm with seven of the 13 sectoral indices advancing. Mid-cap and small-cap indices gained 0.2% and 0.3%, respectively, signaling underlying investor confidence.
Life Insurance Corporation of India (LIC) surged 7% after reporting a strong Q4 profit, driven by lower employee-related expenses. Meanwhile, Bosch Ltd. dropped 3.2%, becoming the top laggard in the auto index after a weak March-quarter performance.
Belrise Industries made a strong market debut, listing at ₹100 per share, a 11.11% premium over its issue price of ₹90.
Market analysts anticipate short-term volatility as the monthly derivatives expiry approaches on Thursday. Siddhartha Khemka of Motilal Oswal noted that the Nifty’s struggle near the 25,000-mark indicates investor caution. He added that the U.S. Federal Reserve's upcoming policy minutes will be key to assessing future market direction amid global inflation and fiscal concerns.
Elsewhere in Asia, equities moved modestly higher, with the MSCI Asia ex-Japan index up 0.1%, aided by easing trade tensions.