Published on: May 26, 2025
NTPC Ltd. shares gained as much as 1.92% to ₹351.20 on Monday following a robust performance in the March quarter of FY25. The state-run power major reported a 23.4% year-on-year increase in net profit to ₹7,611 crore, up from ₹6,169 crore in Q4 FY24. The earnings boost was attributed to a net movement in regulatory deferral account balances, which enabled the early recognition of foreign exchange gains.
Revenue for the quarter rose 4.6% to ₹49,834 crore, while EBITDA increased 4% to ₹14,754 crore. However, the EBITDA margin slightly narrowed to 29.6%, down by 20 basis points year-on-year. The company’s board also declared a final dividend of ₹3.35 per share, adding to the two interim dividends of ₹2.50 each already distributed for FY25.
As of March 2025, NTPC’s installed power generation capacity reached 79,930 MW. At 9:51 a.m., the stock traded 1.2% higher at ₹348.75, outperforming the broader Nifty 50 index’s 0.85% gain. NTPC stock has risen 4.56% year-to-date but is still down 7% over the past 12 months.
According to Bloomberg, out of 27 analysts tracking the stock, 23 maintain a ‘buy’ rating, two suggest ‘hold,’ and two recommend ‘sell.’ The average 12-month consensus target implies a 21.8% upside potential. Trading volume was notably strong, at 3.8 times the 30-day average, and the stock's RSI stood at 46.60, indicating neutral momentum.
Published on: May 26, 2025
In a significant relief for JSW Steel, the Supreme Court on Monday ordered a status quo on the liquidation of Bhushan Power & Steel Ltd. (BPSCL), effectively pausing the National Company Law Tribunal's (NCLT) earlier liquidation directive. The apex court directed that no effective orders be passed by the NCLT until review petitions in the matter are fully heard and disposed of.
A bench comprising Justices B.V. Nagarathna and Sanjay Sharma acknowledged the intricate financial and legal entanglements in the case, emphasizing the importance of due process before liquidating a functioning enterprise. The court warned against hasty liquidation, which could negatively impact banks, creditors, and JSW Steel. The hearing is expected to resume after the court's summer break, likely post-June 10.
Advocate Neeraj Kishan Kaul appeared on behalf of JSW Steel, while Solicitor General Tushar Mehta represented the Committee of Creditors (CoC), led by SBI and PNB. Senior Advocate Dhruv Mehta represented Sanjay Singhal, former promoter of BPSCL.
The case follows a controversial May 2 ruling by the Supreme Court that deemed JSW Steel’s ₹19,700 crore acquisition of Bhushan Power—approved in 2019 under the Insolvency and Bankruptcy Code—as unlawful and ordered liquidation. Of the total bid amount, ₹19,350 crore was earmarked for financial creditors and ₹350 crore for operational creditors. Both JSW Steel and the CoC have since moved the Supreme Court, challenging that verdict and pointing to alleged factual inaccuracies.
Published on: May 26, 2025
JSW Steel Ltd.’s stock staged a sharp reversal on Monday, rising nearly 3% intraday after the Supreme Court ordered a stay on the liquidation of Bhushan Power & Steel Ltd. and permitted JSW Steel to file a review petition. The apex court had earlier ruled JSW’s 2019 acquisition of Bhushan Power illegal, triggering a sharp sell-off. However, in its latest order, the court acknowledged the complexity of the case and directed that no effective orders be passed by the NCLT until the review is completed, effectively maintaining a status quo.
The stock, which fell as much as 2.88% earlier in the day to ₹979.50—its lowest since May 12, 2025—rebounded strongly to trade 1.66% higher at ₹1,025.20 as of 1:40 PM. This performance outpaced the NSE Nifty 50, which was up 0.47% at the same time. Trading volumes surged to 2.6 times the 30-day average, with the Relative Strength Index (RSI) at 70.40, indicating strong momentum.
JSW Steel had won the bid to acquire Bhushan Power for just under ₹20,000 crore through India’s Insolvency and Bankruptcy Code process, beating out rivals including Tata Group and Liberty Steel. The acquisition was completed in 2021. Of the 34 analysts tracking the stock, 18 maintain a ‘buy’ rating, six suggest ‘hold’, and 10 recommend ‘sell’. Bloomberg data shows the average 12-month consensus target indicates a modest 0.4% upside from current levels.
Published on: May 26, 2025
RateGain Travel Technologies witnessed a sharp rally in its share price on Monday, May 26, 2025, as strong fourth-quarter (Q4 FY25) results fueled investor confidence. The stock jumped as much as 6.29% intraday to touch ₹537.20 per share, before holding firm around ₹534 by 1:51 PM, up 5.66%. In comparison, the benchmark BSE Sensex was trading 0.56% higher.
The rally was driven by RateGain’s resilient financial performance amid a challenging macro environment. Operating revenue for the March quarter rose 1.9% year-on-year to ₹260.6 crore, while profit after tax (PAT) grew by 9.6% to ₹54.8 crore. The company also reported a significant 11.7% increase in EBITDA to ₹60.5 crore, with EBITDA margins expanding by 200 basis points to 23.2%.
RateGain’s CFO, Rohan Mittal, highlighted the company’s strategic focus on disciplined execution and operational efficiency, enabling record margin performance despite evolving market challenges. He also emphasized RateGain’s commitment to investing in go-to-market initiatives to strengthen global presence and long-term value creation.
Founded in 2004, RateGain is a leading global SaaS provider for the travel and hospitality sector. With operations in over 100 countries and a client base that includes top hotel chains, airlines, OTAs, and car rental companies, RateGain remains a key player in enabling digital transformation and revenue optimization across the industry.
Published on: May 26, 2025
A total of 221 companies, including key names like General Insurance Corporation (GIC), Aurobindo Pharma, Blue Dart Express, and Vadilal Industries, are scheduled to release their earnings for the fourth quarter (Q4) and full financial year 2024–25 (FY25) today, Monday, May 26. These reports will provide crucial insights into their performance for the January–March period and the fiscal year ending March 31, 2025.
Other prominent firms set to disclose their financial results include Sumitomo Chemical, Sundaram Finance, Gillette India, Bayer Cropscience, and gaming major Nazara Technologies. Investors and analysts will be keenly tracking these announcements for updates on revenue growth, profitability, sectoral outlook, and management guidance.
Today's market sentiment is expected to be shaped by a combination of corporate earnings, institutional investor activity, global market cues, and geopolitical developments. A notable factor adding to optimism is the postponement of proposed US tariffs on the European Union by President Donald Trump, now deferred to July 9, which may ease concerns over international trade tensions.
As of 6:35 am, GIFT Nifty futures were trading 42 points higher at 24,922, signaling a likely positive start for Indian equity markets. Investors will closely monitor stock-specific movements and forward-looking statements that may influence broader market trends throughout the day.
Published on: May 26, 2025
Reliance Infrastructure has reported a significant turnaround in its financial performance, posting a net profit of ₹4,387.08 crore in the fourth quarter of FY25, compared to a net loss of ₹220 crore in the same quarter last year. This performance comes despite a 12% decline in income from operations, which fell to ₹4,108.01 crore from ₹4,685.96 crore in Q4 FY24.
The company’s consolidated EBITDA surged to ₹8,876 crore in Q4 FY25 (adjusted for an exceptional income of ₹514 crore), reflecting a staggering 681% increase quarter-on-quarter from ₹1,136 crore in Q3 FY25. Net worth also saw a significant boost, rising 70% year-on-year to ₹14,287 crore.
For the full financial year, Reliance Infra posted consolidated operating income of ₹23,592 crore, up 7% from ₹22,067 crore in FY24. FY25 EBITDA, adjusted for ₹1,100 crore in exceptional income, rose to ₹12,288 crore, a 154% jump from ₹4,842 crore in the previous year. The company reported a consolidated PAT of ₹4,938 crore for FY25, compared to a loss of ₹1,609 crore in FY24.
Reliance Infra achieved a debt-free status on a standalone basis, eliminating ₹3,300 crore in net debt. Its consolidated external net debt-to-equity ratio improved sharply to 0.28x from 0.78x a year earlier.
Operationally, the company’s Delhi discoms connected over 44,000 new households, bringing the total to approximately 5.22 million, while reducing transmission and distribution losses to below 7%. The discoms also earned an 'A+' consumer service rating from REC Ltd.
In Mumbai, Reliance Infra’s Metro One crossed 500,000 weekday riders in Q4 FY25, supported by 99.99% train availability and punctuality. The metro also initiated short-loop trial runs to enhance service on the Andheri–Ghatkopar corridor, signaling continued infrastructure improvements.
Published on: May 23, 2025
Several major Indian companies announced final dividend payouts alongside their Q4 results on Thursday, May 22, rewarding shareholders for the fiscal year ended March 31, 2025. Key names include ITC, Sun Pharma, Grasim Industries, The Ramco Cements, and Clean Science and Technology.
• ITC Ltd recommended a final dividend of ₹7.85 per share, adding to the interim dividend of ₹6.50 declared in February, bringing the total FY25 dividend to ₹14.35 per share. The final payout is subject to shareholder approval at the AGM on July 25, 2025, and if approved, will be distributed between July 28–31.
• Sun Pharmaceutical Industries proposed a final dividend of ₹5.50 per share, with July 7, 2025 set as the record date. The dividend is scheduled to be paid by August 8, 2025, pending shareholder approval at the AGM.
• Grasim Industries announced a ₹10 dividend per ₹2 face value share, applicable on both fully and partially paid-up equity, subject to approval at the upcoming AGM.
• The Ramco Cements Ltd declared a ₹2 per share dividend for FY25 on equity shares of face value ₹1.
• Clean Science and Technology proposed a ₹4 final dividend per share (400% on ₹1 face value), also awaiting approval at the forthcoming AGM.
These announcements signal confidence in future earnings and offer investors a solid income stream, even amid market uncertainties.
Published on: May 23, 2025
The Anil Agarwal-led Vedanta Group announced a massive investment of Rs 80,000 crore in the Northeastern states of India, with Rs 50,000 crore earmarked for Assam and the remaining Rs 30,000 crore to be invested across Arunachal Pradesh, Nagaland, Tripura, Meghalaya, and Mizoram. This announcement was made at the ‘Rising Northeast Investors Summit’ on Friday.
Vedanta, a major player in critical minerals, energy transition metals, power, oil & gas, and technology sectors, revealed that the investments will span oil & gas, refining facilities, critical minerals, power, optical fibre, renewable energy, transmission, system integration, and data centres. The initiative is expected to generate up to 1 lakh jobs and significantly contribute to the socio-economic development of the region.
The group also plans to expand social initiatives including Nand Ghars—modernised anganwadis for woman and child development—handloom skill centres, digital classrooms, and sports promotion across the Northeast.
Speaking at the summit, Anil Agarwal emphasized the rapid growth and vast resource potential of the Northeastern states. Assam, which holds nearly 27% of India’s crude oil reserves, is a key focus, with ongoing production and local gas supplies fueling regional development. Arunachal Pradesh boasts the country's largest graphite reserves, significant vanadium and rare earth deposits, and nearly 40% of India’s hydro power potential, reinforcing the region’s strategic importance.
Published on: May 23, 2025
ITC Ltd reported a better-than-expected Q4 performance, with net profit rising 0.8% YoY to ₹4,875 crore (excluding exceptional gains). Including a one-time exceptional gain of ₹15,179 crore from discontinued operations, total profit soared to ₹19,727 crore. Despite margin pressures and declining EBIT across some segments, brokerages maintained a positive outlook on the stock.
The company’s EBIT margins fell by 270 bps to 6.3%, below estimates of 6.6%, primarily due to higher input costs, weak demand, and intensified competition. The paper business saw a 30.6% YoY EBIT decline, hit by cheap Chinese imports and rising input costs. The FMCG segment’s EBIT also dropped 28% YoY, though agri business revenue surged 18% and profit jumped 26%, buoyed by strong exports and monsoon expectations.
Brokerages responded with mixed adjustments:
• Nuvama trimmed its target price from ₹571 to ₹532, citing regulatory risks, taxation on cigarettes, and contraband growth.
• Motilal Oswal raised its target by 23% to ₹525, citing steady performance in cigarettes and industry-leading FMCG growth.
• Morgan Stanley maintained its ‘Overweight’ rating with a target of ₹500, pointing to broad-based topline growth.
The cigarette business faced slower EBIT growth due to inflation, but tax stability and favorable category mix helped mitigate some pressure. Analysts expect the falling palm oil prices and strong agri exports to benefit ITC in FY26, while cautioning against regulatory risks and a slowing macroeconomic environment, particularly for the hotels and paper segments.
Published on: May 23, 2025
Sterlite Electric on Wednesday announced that it secured orders worth Rs 7,500 crore in FY25, with a strong contribution of Rs 2,400 crore in the March quarter. The order book includes high-performance conductors, power cables, Optical Ground Wire (OPGW), and specialized EPC services, reflecting the company’s focus on advancing India’s green energy transmission infrastructure.
The company has expanded its global footprint significantly, especially across the Americas, European Union, Africa, and the Middle East, with increased demand for its high-performance conductors and OPGW solutions. CEO Reshu Madan highlighted the strong Q4 performance as a testament to rising demand for innovative and sustainable transmission solutions both domestically and internationally.
Key order wins in Q4 include tariff-based competitive bidding (TBCB) projects and supply contracts for high-performance conductors through EPC. These projects are critical for renewable power evacuation. The OPGW segment received notable repeat orders from Power Grid Corporation of India (PGCIL) and various state transmission utilities, while export growth continued in key international markets.
Based in Gurugram, Sterlite Electric, formerly Sterlite Power Transmission, is a global leader in the cable conductor industry, serving over 70 countries. The company specializes in the design, manufacture, and supply of high-performance power conductors and extra-high voltage (EHV) solutions, playing a vital role in powering critical infrastructure development worldwide.
Published on: May 23, 2025
The Indian rupee opened 3 paise higher at 85.97 on Friday, rebounding slightly from its one-month low of 86.00 touched the previous day. Despite the modest gain, the currency is set to end lower for the third consecutive week, having declined 1.8% so far in May, as per Bloomberg data.
The rupee’s recent weakness is attributed to persistent foreign institutional investor (FII) outflows, which saw net sales of over ₹5,000 crore from the equity market on Thursday. Experts highlight a key factor behind the pressure as the narrowing bond yield differential between Indian and US 10-year government bonds — a level not seen since July 2004 — making India less attractive for carry trades.
Market participants are now focusing on the Reserve Bank of India’s expected surplus transfer of ₹2.2 to ₹3.1 trillion to the government for FY25, which could impact liquidity and currency dynamics.
Currency analysts remain cautiously optimistic. Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, suggests selling the dollar on upticks, citing strong domestic fundamentals such as better-than-expected PMI data. The rupee is expected to trade within the range of 85.75 to 86.25, influenced by exporters and importers managing their dollar positions.
On the global front, the US House passed a significant tax bill increasing debt concerns, contributing to signs of fatigue in the Dollar Index, which slipped 0.33% to 99.63.
Meanwhile, crude oil prices fell amid talks within OPEC+ to increase production in July. Brent crude was down 0.64% at $64.03 per barrel, and WTI crude dropped 0.69% to $60.78, easing some pressure on the rupee.
Published on: May 23, 2025
Devyani International Ltd., the franchisee of KFC, Pizza Hut, and Costa Coffee in India, reported a consolidated net loss of ₹147.4 million for the quarter ended March 31, 2025 (Q4FY25)—nearly doubling from ₹74.7 million a year earlier, weighed down by a sharp rise in costs.
The company incurred an impairment charge of ₹135.7 million, though details were not disclosed. Total expenses rose 13.5%, driven by a surge in key input costs such as cheese and palm oil, and a notable rise in employee costs.
Despite the cost pressure, revenue from operations rose 16% YoY to ₹1,213 crore, aided by menu reengineering with pocket-friendly offerings and new store additions. The company now operates 2,039 outlets across India and international markets like Nigeria, Nepal, and Thailand.
In terms of performance, Pizza Hut’s same-store sales (SSS) grew 1%, while KFC’s SSS declined 6.1%, marking a slight improvement over last year’s 7.1% fall. This reflects the pressure on consumer discretionary spending in India, amid rising cost of living and slow wage growth.
Last month, Devyani also acquired a controlling stake in Sky Gate Hospitality, the owner of popular brand “Biryani By Kilo”, as part of its strategy to diversify and strengthen its presence in the fast-casual dining segment.
Published on: May 23, 2025
JSW Steel reported a 13.5% year-on-year rise in consolidated net profit to ₹1,501 crore for the March quarter of FY25 (Q4FY25), up from ₹1,322 crore a year ago, even as revenue fell 3.1% YoY to ₹44,819 crore. The profit includes an exceptional charge of ₹44 crore.
Operationally, the company posted EBITDA of ₹6,378 crore with a margin of 14.2%, supported by higher sales volumes and reduced coking coal costs. Consolidated crude steel output rose 12% YoY to 7.63 million tonnes, with capacity utilisation at 93%. Steel sales stood at 7.49 million tonnes, a jump of 11% YoY and 12% QoQ, driven by strong domestic and institutional demand.
JSW Steel declared a dividend of ₹2.80 per share, amounting to a total outflow of ₹685 crore, with July 8, 2025 as the record date.
The company’s board also approved raising up to ₹14,000 crore through a mix of non-convertible debentures (₹7,000 crore) and equity or convertible securities (₹7,000 crore). An additional ₹5,000 crore in secured/unsecured debentures was also cleared, pending regulatory approvals.
Subsidiary Bhushan Power & Steel (BPSL) reported ₹570 crore EBITDA on ₹5,635 crore revenue, while another JSW unit clocked ₹575 crore EBITDA and ₹221 crore profit.
The company ended the quarter with net debt of ₹76,563 crore, down ₹4,358 crore QoQ, helped by strong cash flow and working capital efficiencies.
Published on: May 23, 2025
Ashok Leyland reported a 32.4% year-on-year rise in consolidated net profit at ₹1,130.09 crore for the quarter ended March 31, 2025 (Q4FY25), compared to ₹853.41 crore in Q4FY24. On a sequential basis, profit surged 48.3% from ₹761.92 crore in Q3FY25. The company’s revenue from operations also saw a healthy 8.5% YoY growth to ₹14,695.65 crore, and rose 22.5% quarter-on-quarter.
For the full FY25, Ashok Leyland posted a 24.8% growth in net profit, reaching ₹3,100.80 crore, while annual revenue grew 6.2% to ₹48,535.14 crore. The commercial vehicle major ended the fiscal with a cash surplus of ₹4,242 crore, enabling further investments in product development and customer experience.
In line with the strong performance, the board declared a total dividend of ₹6.25 per share for FY25, including two interim payouts of ₹2 and ₹4.25 per share. Additionally, the company approved a 1:1 bonus share issue, rewarding shareholders and boosting investor sentiment.
Chairman Dheeraj Hinduja highlighted the company’s focus on innovation, international expansion, and sustainable growth. MD and CEO Shenu Agarwal reiterated Ashok Leyland's commitment to premiumisation and best-in-class customer service.
Following the results, Ashok Leyland shares closed at ₹239.60 apiece on the BSE on Friday, reflecting market confidence in the company’s outlook.
Published on: May 23, 2025
Tata Steel shares will be in the spotlight on Friday following the company’s announcement of the second-phase expansion of its Kalinganagar plant in Odisha, which raises its annual crude steel capacity from 3MT to 8MT. The massive ₹27,000 crore investment cements Odisha’s position as the steel giant’s largest investment destination.
The upgraded facility in Jajpur district will cater to diverse sectors such as automotive, infrastructure, power, shipbuilding, and defence by producing advanced high-strength steel. Tata Steel CEO & MD T.V. Narendran emphasized the significance of the expansion, calling Kalinganagar “more than a manufacturing site” and highlighting it as a symbol of collaborative progress between industry, government, and local communities.
This development follows a strong Q4FY25 performance, where Tata Steel posted a consolidated net profit of ₹1,201 crore, surpassing market expectations of ₹1,062 crore. Revenue from operations stood at ₹56,218 crore, down 4.2% year-on-year but up 5% sequentially. EBITDA rose to ₹6,762 crore, though EBITDA per tonne declined due to margin pressures.
Tata Steel also revealed plans to invest up to $2.5 billion in its Singapore-based subsidiary, T Steel Holdings Pte Ltd, underlining its commitment to global strategic expansion.
As per Trendlyne, the average target price for Tata Steel is ₹161, with 30 analysts maintaining a ‘Buy’ rating. On Thursday, the stock closed at ₹161.20, down 0.22% on the BSE, but has gained 18% year-to-date and 54% over two years, with a market cap of ₹2.01 lakh crore.