Published on: May 6, 2025
Bank of Baroda Ltd.'s shares plunged as much as 9.88% on Tuesday to ₹224.51 apiece—its lowest level since April 15—after the lender posted a mixed set of financial results for the quarter ended March. Although the bank’s standalone net profit rose 3.3% year-on-year to ₹5,048 crore, it fell short of investor expectations due to a drop in net interest income (NII) and a sharp increase in provisions.
NII for the quarter declined 7% to ₹11,020 crore, missing Bloomberg’s estimate of ₹11,689 crore. Operating profit remained nearly flat, rising just 0.3% to ₹8,132 crore, while provisions jumped 43.4% sequentially to ₹1,552 crore. On the positive side, asset quality improved, with the gross NPA ratio declining to 2.26% from 2.43% in the previous quarter, and net NPA ratio easing to 0.58%.
The bank maintained healthy profitability ratios, with return on assets at 1.16% and return on equity at 16.96% for FY2025. The board approved a final dividend of ₹8.35 per share, with June 6 set as the record date.
Despite these fundamentals, the stock traded 9.73% lower at ₹224.88 as of 3:08 p.m., underperforming the NSE Nifty 50 Index’s 0.29% decline. The stock has declined 15.51% over the past year and 6.68% year-to-date. Trading volume was 1.2 times its 30-day average, and the relative strength index (RSI) stood at 52.38.
Analyst sentiment remains largely positive, with 29 of 37 analysts maintaining a ‘buy’ rating. Six rate it a ‘hold,’ and two suggest ‘sell,’ with a 12-month average target price implying a potential upside of 21.7%.
Published on: May 6, 2025
Shares of CCL Products Ltd. surged as much as 15.91% on Tuesday to ₹687 apiece, marking the highest level since April 9, after the company reported strong fourth-quarter results that beat analyst estimates. The rally, the stock's best single-day gain in nearly eight months, was driven by a 56% year-on-year increase in net profit to ₹102 crore, surpassing Bloomberg's forecast of ₹68 crore.
Revenue for the quarter ended March rose 15% YoY to ₹836 crore, also beating the ₹827 crore estimate. Operating income (EBITDA) climbed 38.2% to ₹163 crore, while EBITDA margin expanded to 19.5% from 16.2% a year earlier—well ahead of the 15.7% margin expected by analysts. The board also recommended a final dividend of ₹5 per share (face value ₹2), subject to shareholder approval.
By 10:51 a.m., the stock had pared some gains, trading 14.32% higher at ₹677.55 apiece, compared to a 0.29% rise in the NSE Nifty 50 Index. Total trading volume surged to 167 times the 30-day average, and the Relative Strength Index (RSI) stood at 68, nearing overbought territory.
Over the past 12 months, CCL Products has gained 16.67%, though it remains down 8.31% year-to-date. Out of 11 analysts covering the stock, eight rate it a 'buy' and three a 'hold'. The consensus 12-month price target suggests a potential upside of 17.3% from current levels.
Published on: May 6, 2025
Shares of Cummins India Ltd. dropped as much as 7.80% on Tuesday to ₹2,711 apiece, marking a one-month low, after its U.S.-based parent company, Cummins Inc., reported a decline in quarterly sales and suspended its full-year guidance due to global macroeconomic uncertainties. The stock later trimmed losses and was trading 1.16% lower at ₹2,787.20 as of 10:16 a.m., compared to a 0.32% fall in the NSE Nifty 50 Index.
Cummins Inc. posted a 3% year-on-year decline in net sales to $8,174 million for the first quarter of FY2025, with North American revenues down 1% and international revenues falling 5% due to weak demand in Latin America and Asia Pacific. Segment-wise, the Engine and Components divisions saw a decline of 5% and 20% respectively, while Distribution, Power Systems, and Accelera segments posted gains of 15%, 19%, and 11%.
The parent firm cited ongoing global uncertainty as the reason for withholding revenue and profitability guidance, though it indicated plans to reinstate forecasts once market conditions stabilize. The development rattled investor sentiment for Cummins India, which has already declined 18.32% over the past year and 14.94% year-to-date. Trading volume spiked to 15 times the 30-day average, with the stock's Relative Strength Index (RSI) at 41.8, suggesting it is nearing oversold territory.
Despite near-term pressure, analyst sentiment remains mixed: out of 28 tracked by Bloomberg, 16 rate the stock a 'buy,' while six each recommend a 'hold' or 'sell.' The consensus 12-month target implies a 21% upside from current levels.
Published on: May 6, 2025
Shares of YES Bank surged as much as 9.6% on Tuesday to ₹19.44 apiece on the BSE—close to its upper circuit limit of ₹19.5—amid reports that Japan’s Sumitomo Mitsui Banking Corp (SMBC) is in advanced talks to acquire a significant stake in the private lender. However, the rally lost steam after the bank issued a regulatory filing terming the reports as "speculative" and "factually incorrect," noting that any such discussions were at a preliminary stage and not material under SEBI disclosure norms.
Following the clarification, YES Bank shares trimmed gains and were trading 1.52% higher at ₹18, while the BSE Sensex rose 0.28% to 80,569.52. The bank's market capitalisation stood at ₹56,566.54 crore. Over the past year, YES Bank stock has declined 26%, underperforming the Sensex’s 9% rise. The stock has a 52-week high of ₹27.41 and a low of ₹16.02.
Reports suggest that if the deal materializes, SMBC could acquire up to a 51% stake in YES Bank, triggering a mandatory open offer for an additional 26% under Indian regulations. The transaction is reportedly being coordinated with State Bank of India (SBI), YES Bank’s largest shareholder with a 24% stake. While the Reserve Bank of India is said to have verbally assured SMBC of permission to hold majority economic interest, voting rights would still be capped at 26%. The deal, if finalized, would surpass SMBC's $2 billion investment in Fullerton India and mark its largest India investment yet. There is no clarity yet on the stance of other institutional investors such as HDFC Bank, ICICI Bank, LIC, and private equity firms Carlyle and Advent.
Published on: May 6, 2025
Yes Bank Ltd. saw its share price climb sharply in early Tuesday trade, gaining as much as 9.64% to hit Rs 19.44, the highest since February 6, before settling 7.33% higher at Rs 19.03. The rally follows reports of advanced discussions between Yes Bank and Japan’s Sumitomo Mitsui Banking Corporation (SMBC) regarding a potential stake sale. State Bank of India (SBI), the bank's largest shareholder, is expected to be involved in the deal.
If successful, the transaction may pave the way for SMBC to eventually pursue an open offer to acquire a majority stake in Yes Bank. However, progress has been slow due to regulatory limits on foreign ownership and a cap that restricts any shareholder’s voting rights to 26%. This measure is intended to prevent undue influence over the bank’s board.
The deal, if finalized, could significantly expand SMBC’s footprint in India, complementing its majority ownership of NBFC SMFG Credit India and its existing three branches. Despite the short-term optimism, analysts remain cautious. Of the 12 analysts covering Yes Bank, 10 recommend selling the stock, with a consensus 12-month price target indicating a 6.9% downside. The stock is down 3.01% year-to-date and 21.08% over the past year.
Published on: May 6, 2025
Shares of Mahindra & Mahindra (M&M) continued their strong upward momentum, rising 4.6% to ₹3,159 in Tuesday's intra-day trade, following a 4% gain on Monday. The rally comes on the back of a strong operational performance reported by the company for the March 2025 quarter (Q4FY25). With the stock now trading close to its all-time high of ₹3,276.30, it has rebounded 34% from its April low of ₹2,360.45.
In Q4FY25, M&M reported a 22% year-on-year (YoY) rise in standalone profit after tax (PAT) at ₹2,437 crore and a 25% increase in revenue from operations to ₹31,353 crore. The company also expanded its EBITDA margin by 180 basis points YoY to 14.9%, driven by improved average selling prices and strong performance in its farm equipment segment. Market share gains were seen across key verticals: SUV revenue share rose 310 bps YoY, LCV (<3.5T) market share rose 480 bps, and tractors hit a record 41.2% Q4 market share.
Brokerage firms remain optimistic. Motilal Oswal raised its FY26/FY27 earnings estimates by 4-6%, citing strong rural demand and product momentum, and reiterated a 'Buy' with a target price of ₹3,482. Emkay Global also upgraded its target to ₹3,000 from ₹2,700, maintaining an ‘Add’ rating, though it noted BEV-related margin headwinds in the near term.
The overall tractor industry is showing strength amid good crop prices, favorable weather, and positive farmer sentiment. With strong fundamentals and a positive industry outlook, M&M is well-positioned to continue outperforming in both the auto and farm segments.
Published on: May 5, 2025
The Indian rupee appreciated by 11 paise to close at 84.45 against the US dollar on Monday, recovering earlier losses and reflecting continued volatility driven by capital flows and global developments. This comes after a brief dip to 84.30 on Friday, following a strong midweek rally to a seven-month intraday high of 83.75. Abhishek Goenka of IFA Global projected Monday’s trading range at 83.90–84.45 with an appreciation bias, indicating bullish sentiment.
Market volatility last week was largely attributed to shifting forex positions, steady foreign equity inflows amounting to ₹2,769.81 crore, and Reserve Bank of India interventions, according to Amit Pabari of CR Forex Advisors. The strong demand for India’s newly issued 10-year government bond with a 6.33% coupon and stable benchmark yields at 6.36% further underpinned the rupee.
Meanwhile, Brent crude prices fell 2.25% to nearly $59 a barrel amid fears of a global growth slowdown driven by US-China trade tensions and internal OPEC+ friction. This crude slump—bringing prices close to a four-year low—is seen as rupee-positive given India’s dependency on oil imports. The US Dollar index also declined to 99.57, adding to the rupee's support, despite diminished recession fears in the US after a strong March payroll report.
Published on: May 5, 2025
Shares of Adani Group companies surged up to 10% in intraday trade on Monday, marking their biggest single-day rally in over five months, following a Bloomberg report that aides of Gautam Adani met with US officials to potentially resolve a criminal bribery investigation involving the group.
Adani Total Gas, Adani Power, and Adani Green Energy led the gains, each rising over 10%, while Adani Enterprises, Adani Ports, and Adani Energy Solutions jumped over 8%. Adani Wilmar also gained nearly 4%. The stock rally coincided with several key Adani counters breaking above critical technical resistance levels.
According to technical analysis:
Adani Enterprises (₹2,483): Faces resistance at ₹2,502 and ₹2,650; limited upside unless it sustains above ₹2,775.
Adani Ports (₹1,364): Cleared its 200-DMA; has room to rally toward ₹1,550 if it holds above ₹1,325.
Adani Power (₹570): Struggling at ₹575 resistance; a breakout could push it to ₹660.
Adani Green (₹983): Needs to hold above ₹967; potential upside toward ₹1,120.
Adani Total Gas (₹668): Breakout above 100-DMA; may rally to ₹800 with support at ₹636 and ₹607.
This upward momentum reflects renewed investor optimism on easing legal troubles and improving technical sentiment across the group. Analysts recommend closely watching key resistance levels for confirmation of sustained rallies.
Published on: May 5, 2025
The initial public offering (IPO) of Manoj Jewellers Ltd. opened for subscription on Monday, May 5, 2025, with the company aiming to raise ₹16.20 crore through a fresh issue of 3 million equity shares. The IPO has no offer for sale (OFS) component and is priced at ₹54 per share, with a minimum lot size of 2,000 shares, requiring a minimum investment of ₹1,08,000 for retail investors.
The IPO will remain open until Wednesday, May 7, 2025, with the allotment date expected on May 8, and the listing on the BSE SME platform scheduled for May 12. Skyline Financial Services is the registrar and Jawa Capital Services is the sole lead manager for the issue.
Of the total issue, 50% has been reserved for retail investors, while the remaining is set aside for other categories such as QIBs and NIIs. In the grey market, Manoj Jewellers' shares were trading flat at ₹54, indicating no premium or discount ahead of the listing.
The company plans to use ₹13.23 crore of the IPO proceeds to repay or prepay certain borrowings, while the remaining ₹1.67 crore will be used for general corporate purposes.
Based in Chennai, Manoj Jewellers is involved in the retail and wholesale trade of gold and diamond jewellery, offering a broad range of ornaments. In FY24, the company posted a significant 218% YoY growth in revenue, reaching ₹43.35 crore, and a fourfold jump in PAT to ₹3.24 crore, signaling strong financial momentum ahead of its public debut.
Published on: May 5, 2025
Shares of R R Kabel Ltd. soared over 18% on Friday, hitting a three-month high of ₹1,211 after the company reported a 63% year-on-year rise in consolidated net profit for the quarter ended March. The quarterly profit stood at ₹129 crore, significantly beating Bloomberg's estimate of ₹90.1 crore, up from ₹78.7 crore a year earlier.
Revenue from operations also impressed, rising 26.39% to ₹2,217 crore, outpacing the forecast of ₹2,065 crore. Growth was led by the wires and cables segment, which surged 28% to ₹1,956 crore, while the fast-moving electrical goods division grew 13% to ₹261.6 crore. EBITDA rose 68.55% to ₹193.5 crore, with margins expanding by 218 basis points to 8.72%.
The board recommended a final dividend of ₹3.5 per share for FY25, to be paid within 30 days of the upcoming AGM, subject to approval.
Despite trading 13% higher at ₹1,157.10 by 9:44 a.m., shares have fallen 31.79% over the past 12 months and are down 19.91% year-to-date. However, Friday’s traded volume was 51 times the 30-day average, and the Relative Strength Index (RSI) hit 77, suggesting overbought conditions.
Analyst sentiment remains bullish, with eight of nine analysts tracking the stock maintaining a ‘buy’ rating and one recommending a ‘hold.’ The average 12-month consensus target indicates an upside potential of 24.6%, signaling continued optimism around the company’s growth trajectory.
Published on: May 5, 2025
India’s automobile retail sales rose by 3% year-on-year to 2.28 million units in April 2025, driven by festival demand and a rural pickup post-Rabi harvest, according to data released by the Federation of Automotive Dealers Associations (FADA). This marks a recovery from March’s decline, where retail sales had dropped 0.7% due to weak demand and high inventory carryovers.
Growth was broad-based across most categories, with three-wheelers up 24.5%, tractors 7.5%, two-wheelers 2.25%, and passenger vehicles (PVs) 1.5%. However, commercial vehicles (CVs) declined 1.05% amid price hikes and muted freight activity.
In the passenger vehicle segment, Maruti Suzuki retained dominance with 138,021 units sold and a 39.4% market share, followed by Mahindra & Mahindra (14%), Tata Motors (13%), and Hyundai (12.5%). SUV demand remained robust, but entry-level PV buyers showed caution due to economic uncertainty and elevated vehicle inventories, now at around a 50-day supply.
Rural momentum, driven by favourable crop outcomes and a promising monsoon forecast, aided two-wheeler sales. However, concerns over household spending outpacing income growth and inflationary drag on discretionary spending suggest consumer selectivity, especially in rural markets.
Looking ahead, FADA anticipates stronger retail numbers in May, supported by a favorable agricultural cycle and above-normal monsoon outlook as forecasted by the IMD. However, it cautioned OEMs to manage inventory and recalibrate production to avoid excess stock and deep discounting pressures.
Published on: May 5, 2025
May 5, 2025 is set to be a significant day in the ongoing earnings season, with 47 companies scheduled to announce their Q4 and FY25 financial results, drawing attention from investors and analysts across sectors. Major names like Coforge, Mahindra & Mahindra (M&M), Bombay Dyeing, Kalyani Steels, and Cigniti Technologies are among the key players disclosing their performance for the quarter and full financial year ended March 31, 2025.
Alongside earnings, several companies may also declare dividends for FY25, and some have scheduled earnings calls to discuss quarterly insights and future outlooks.
Key Highlights from Q3 FY25:
Mahindra & Mahindra posted a 20% YoY rise in consolidated PAT to ₹3,181 crore, while revenue climbed 17% to ₹41,470 crore. However, expenses also rose 15.4% YoY.
Bombay Dyeing saw its revenue increase 12.34% YoY to ₹414.81 crore, but net profit plunged 97.7% to ₹70.06 crore, primarily due to a high base effect from exceptional gains in Q3 FY24.
Cigniti Technologies reported a 32.33% YoY jump in net profit to ₹6,356.71 crore, with income rising over 10% to ₹52,583.3 crore in Q3 FY25.
Other companies announcing results on May 5 include Capri Global, Indian Hotels Company, DMCC Speciality Chemicals, Ascensive Educare, Nureca, Sunshield Chemicals, and Zee Media Corporation, among others.
The day is expected to provide crucial cues for market movement, with insights into sector performance, margin trends, and business strategies as companies wrap up FY25.
Published on: May 5, 2025
Coal India Ltd (CIL) has signed a Memorandum of Understanding (MoU) with Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) to establish a 500 MW solar power project in Uttar Pradesh, as part of its strategic shift towards green energy. The non-binding agreement, signed on May 5, 2025, in Lucknow, marks a significant step in addressing the state's growing energy demands through renewable sources.
CIL stated that the pact includes a clause for exploring additional future collaborations in clean energy and power generation. This move aligns with the company’s broader aim to diversify beyond coal and invest in low-emission energy alternatives.
The solar partnership follows CIL’s April 2025 agreement with Damodar Valley Corporation to build an ultra-supercritical thermal power plant in Jharkhand at an investment of ₹16,500 crore, focusing on efficiency and reduced emissions.
While Coal India continues to dominate the domestic coal industry with over 80% market share, its coal production for April 2025 was flat at 62.1 million tonnes, compared to 61.8 MT in April 2024. In FY24-25, the company produced 781.1 MT of coal, falling short of its target by 7%. For FY25-26, CIL is aiming for a production of 875 MT and offtake of 900 MT, indicating strong forward momentum in both conventional and renewable segments.
Published on: May 5, 2025
One 97 Communications, the parent company of Paytm, is set to announce its Q4FY25 results on Tuesday, May 6, 2025, with analysts forecasting a significant improvement in the company’s bottom line and operational metrics.
According to estimates from multiple brokerages, Paytm’s adjusted net loss is expected to shrink to ₹72.5 crore, down sharply from ₹551 crore in Q4FY24 and ₹208.4 crore in Q3FY25, indicating progress in its path to profitability.
Revenue projections for the quarter vary, but the average forecast pegs it at ₹2,091.16 crore, a 7.8% YoY decline, but a 14.4% increase quarter-on-quarter from ₹1,828 crore in Q3FY25. Analysts cite a UPI incentive payout and growth in financial services as key drivers for the sequential rise.
Motilal Oswal projects Paytm’s gross merchandise value (GMV) at ₹510 crore, up from ₹500 crore in Q3, while disbursements are seen at ₹7,700 crore, a sharp rise from ₹5,580 crore. The brokerage expects revenue to improve to ₹2,100 crore in Q4.
YES Securities estimates Payments Services Revenue to rise 6% Q-o-Q, and Financial Services revenue to jump 30% Q-o-Q, forecasting ₹2,198.9 crore in total revenue. They also note lower Payment Processing Charges (PPC) due to UPI incentives, improving margins.
JM Financial predicts an 8% sequential revenue growth, including a ₹100 crore UPI incentive, with revenue expected at ₹1,974.6 crore. The firm also anticipates a 370 bps expansion in contribution margin and projects adjusted Ebitda of ₹121.3 crore, up from ₹102 crore in Q3, with margins improving to 6.1%.
Key areas of focus for investors will include Ebitda guidance, UPI incentive impact, and progress in financial services and merchant loan disbursement models, which are poised to play a larger role in Paytm’s business mix.
Published on: May 5, 2025
Srigee DLM Ltd., a plastic mouldings company, witnessed a strong debut for its ₹16.98 crore SME IPO, which was oversubscribed 2.76 times within just two hours of opening on Monday, May 5, 2025, according to BSE data. The IPO consists entirely of a fresh issue of 1.71 million shares, with no offer for sale (OFS) component.
Retail investors and non-institutional investors (NIIs) led the subscription surge, with their respective quotas being oversubscribed 3.05 and 4.97 times. However, there were no bids from Qualified Institutional Buyers (QIBs) as of 11:37 AM.
Priced between ₹94–99 per share, with a lot size of 1,200 shares, the minimum investment required from a retail investor stands at ₹1,18,800. In the grey market, Srigee DLM shares were trading at ₹124, reflecting a 25.25% premium over the IPO’s upper price band.
The IPO will remain open for subscription until Wednesday, May 7, with the allotment date expected on May 8, and the listing scheduled for May 12 on the BSE SME platform.
Proceeds from the IPO will be used for setting up a new manufacturing unit in Greater Noida, purchasing machinery, and fulfilling other capital expenditure and general corporate requirements. Bigshare Services is the registrar, while GYR Capital Advisors Pvt. Ltd. is the lead manager for the issue.