Published on: May 5, 2025
Shares of Marico Ltd. surged over 5% on Monday to hit an intraday high of ₹735.85, buoyed by a robust 20% year-on-year (YoY) growth in revenue from operations in the March 2025 quarter (Q4FY25). As of 2:20 PM, the stock was trading at ₹721.70, up 3.43% on the NSE, nearing its 52-week high of ₹736.90. This performance outpaced the Nifty50, which was up 0.45% at the time.
The company posted a profit after tax (PAT) of ₹343 crore, up 8% YoY, and EBITDA of ₹458 crore, up 4% YoY. However, EBITDA margin declined by 260 basis points to 16.8%, reflecting some cost pressures. The solid performance was driven by strong growth in Marico’s foods and premium personal care segments, even as its core portfolio volumes declined slightly due to price hikes and pack size rationalization.
Marico reiterated its double-digit revenue growth guidance for FY26, supported by pricing actions and sustained category momentum. Multiple brokerages, including Motilal Oswal, Elara Capital, and others, maintained ‘Buy’ or ‘Accumulate’ ratings, with target prices ranging from ₹765 to ₹800, citing strong medium-term growth prospects and margin improvement potential as new verticals scale up.
Published on: May 5, 2025
Shares of BMW Industries Ltd. surged 19.99% in Monday’s trade, locking in at the upper circuit, after the company announced a significant contract win worth ₹1,764 crore from Tata Steel Ltd.. The multi-year contract involves processing and conversion of coils at BMW’s Jamshedpur facility, with operations extending through March 31, 2029, as per the company's exchange filing.
The stock eventually closed 17.04% higher at ₹53.92 apiece on the NSE, significantly outperforming the benchmark Nifty 50, which rose 0.47% on the day. Despite Monday's rally, BMW Industries remains down 8.83% over the past 12 months, though it has posted a modest 0.67% gain so far in 2025.
The contract win is expected to boost revenue visibility and operational scale for the company, bolstering investor sentiment and drawing renewed market attention.
Published on: May 5, 2025
Indian equity markets are set to begin the week on a positive note, with GIFT Nifty up 124 points at 24,519 as of 8:00 AM, signaling a firm opening for domestic indices. Buoyant cues from Wall Street, where the Nasdaq rose 1.51%, and strong Friday closings for the Sensex and Nifty50, further strengthen the outlook. However, trading volumes could remain subdued as major Asian markets — Japan, China, South Korea, and Hong Kong — are closed for public holidays.
Among stocks to watch today:
Ircon International surged into focus after bagging a ₹458.14 crore contract for civil works at the Tato-I Hydro Project in Arunachal Pradesh.
Concord Biotech disclosed receiving four procedural USFDA observations post a facility inspection at Dholka.
AU Small Finance Bank may see pressure as key stakeholders plan to offload ₹600 crore worth of shares via block deals.
Azad Engineering signed a significant long-term supply deal with GE Vernova for power generation components.
Shilpa Medicare secured European GMP certification for its Biologics plant in Karnataka, boosting regulatory credibility.
State Bank of India (SBI) reported a 9.9% YoY decline in Q4FY25 profit to ₹18,643 crore, mainly due to provisioning, despite a sequential rise and record FY25 profit of ₹70,901 crore.
Marico posted a solid 7.8% YoY profit growth for Q4FY25 at ₹345 crore, driven by strong domestic and international sales.
Avenue Supermarts reported a 2.2% YoY decline in Q4 net profit to ₹551 crore due to margin pressures, even as revenue jumped 16.8%.
Sunteck Realty saw net profit plunge over 50% but reported record pre-sales of ₹870 crore in Q4FY25.
Godrej Properties reported a 19% YoY drop in Q4 profit at ₹382 crore, though revenues surged 49% and bookings hit a record ₹10,163 crore.
Investors will also keep an eye on earnings from companies like Mahindra & Mahindra, Coforge, Praj Industries, Indian Hotels Company, and Zee Media Enterprises, among others, scheduled to report results today.
Published on: May 5, 2025
Shares of State Bank of India (SBI) fell 2% to ₹783.65 in Monday's intraday trade, after multiple brokerages lowered earnings estimates for FY26 and FY27, citing concerns over net interest margin (NIM) pressure and rising operating costs. This comes despite a resilient Q4 FY25 performance, where the bank posted a net profit of ₹18,642 crore, down 9.9% YoY, but supported by a strong treasury income of ₹6,880 crore.
HSBC downgraded SBI’s target price to ₹820 from ₹850, maintaining a ‘Hold’ rating and warning that the bank’s NIM could compress by 20–25 basis points YoY in FY26 due to factors such as sticky savings rates, long-term deposits, and high corporate loan share. JM Financial echoed this view, expecting continued profitability pressure from margin squeeze, normalized credit costs, and a rising cost-to-income ratio.
While SBI’s NII grew 3% YoY to ₹42,774 crore and the domestic NIM remained steady at 3.15%, the management guided for stable full-year NIM around 3%. The bank also reported loan growth of 12% YoY and a CASA ratio improvement of 77 bps QoQ to about 40%.
Brokerages such as Emkay Global, Motilal Oswal, and HDFC Securities cut FY26–27 earnings estimates by 4–7% and trimmed price targets. Emkay now values the bank at 1.2x FY27E adjusted book value (ABV), with a revised price target of ₹975.
However, Deven Choksey Research remains optimistic, highlighting SBI’s strong loan-deposit ratio, broad-based growth, and resilient digital infrastructure. They value the bank’s core operations at 1.5x FY27E ABV, suggesting long-term strength despite near-term challenges.
Published on: May 5, 2025
The Indian rupee appreciated by 31 paise to close at 84.25 against the US dollar on Monday, strengthening from Friday’s close of 84.56, as per Bloomberg data. The currency’s rise was aided by a broad-based decline in the US dollar and a continued slump in crude oil prices, improving India's external outlook.
Brent crude fell 1.33% to $60 a barrel as of 2:40 p.m., extending its 2025 downtrend after OPEC+ announced another production hike, further pressuring already weak oil prices. Meanwhile, the US Dollar Index slipped 0.37% to 99.46, reflecting broad dollar weakness amid increasing uncertainty over US trade policy.
Global risk sentiment also took a hit, with US equity-index futures trending lower, potentially ending the S&P 500’s longest winning streak in two decades. The combination of a softer dollar and lower energy prices created a supportive backdrop for the rupee, which saw renewed strength after recent volatility.
Published on: May 5, 2025
Kotak Mahindra Bank Ltd. reported a 14% year-on-year decline in standalone net profit to ₹3,552 crore for Q4 FY25, missing Bloomberg's estimate of ₹3,606 crore. The decline was primarily due to a significant rise in provisions—₹909 crore compared to ₹264 crore a year earlier—mainly for its stressed microfinance loan book. Despite the profit dip, the bank’s net interest income rose over 5% YoY to ₹7,284 crore, with net interest margins improving slightly to 4.97% from 4.93% in the previous quarter.
Brokerages have delivered a mixed outlook. Nuvama noted improvements in asset quality, with gross and net NPAs dropping to 1.42% and 0.31%, respectively, and the provision coverage ratio rising to 78%. However, it flagged slower-than-expected loan growth and downgraded the stock to ‘hold’, revising the target price to ₹2,350 due to high valuations.
Investec maintained a ‘buy’ rating, citing stable margins and robust asset quality. Despite lowering FY26 EPS estimates by 4% due to anticipated rate cuts, it expects a 14% PAT CAGR over FY25–27, with return on assets around 2.0–2.1%. Its target price is set at ₹2,535, valuing the core bank at 2.4x FY27 estimated book value.
Citi also retained its ‘buy’ rating, noting positive trends in personal loan and credit card delinquencies, though microfinance stress remains. The bank’s CASA ratio improved 60 basis points to 43%, with solid growth in deposits. Citi revised earnings estimates for FY26 and FY27 up by 2%, maintaining its target price.
While near-term headwinds from provisioning and moderate growth persist, analysts generally agree on the bank’s strong fundamentals and growth potential, urging cautious optimism.
Published on: May 2, 2025
Fertiliser shares saw strong buying interest in Friday’s session, with several counters ending in the green. Aries Agro Ltd. rose 4.01%, closely followed by Madras Fertilizers Ltd. (4.00%) and Krishana Phoschem Ltd. (3.02%). Other notable gainers included Coromandel International, Mangalore Chemicals, Agro Phos India, and Rashtriya Chemicals & Fertilizers, all of which recorded gains between 1–2%.
However, not all stocks in the segment performed well. Rama Phosphates Ltd. declined the most, falling 5.01%, with losses also seen in Madhya Bharat Agro Products, Sikko Industries, and Bohra Industries.
In the broader markets, the NSE Nifty50 edged up by 12.5 points to close at 24,346.70, while the BSE Sensex rose 259.75 points to settle at 80,501.99. Support came from strength in oil & gas, banking, and IT stocks, although pressure from metal, pharma, and auto stocks capped gains.
Among the Nifty top gainers were Adani Ports (4.16%), Bajaj Finance (2.65%), IndusInd Bank (1.75%), SBI (1.44%), and Reliance Industries (1.24%). Meanwhile, JSW Steel was the biggest laggard, tumbling 5.5% after a Supreme Court setback. Auto majors like Bajaj Auto, Eicher Motors, and Hero MotoCorp also declined sharply, reflecting sector-specific concerns.
Despite the choppy action, investor sentiment remained cautiously optimistic, with global factors like the upcoming U.S. non-farm payrolls report influencing short-term market direction.
Published on: May 2, 2025
A probe into IndusInd Bank’s accounting of derivative trades has led to the resignations of CEO Sumant Kathpalia and Deputy CEO Arun Khurana, after an investigation by accounting firm Grant Thornton uncovered ignored red flags and significant losses amounting to nearly ₹1,960 crore. The irregularities stemmed from incorrect accounting practices related to internal derivative trades that violated updated RBI norms requiring mark-to-market (MTM) valuation of such instruments.
Khurana, who oversaw the Treasury Front Office, resigned shortly after the report was submitted, citing his accountability in the matter. Kathpalia followed, stepping down the next day while taking "moral responsibility" for the oversight. The bank had earlier discovered the issue in October 2024 and commissioned PricewaterhouseCoopers (PwC) for a detailed audit.
Despite the turmoil, the Securities and Exchange Board of India (SEBI) has reportedly found no evidence of insider trading linked to share sales by the two executives prior to their exit. According to Mint, SEBI reviewed trades by Kathpalia and Khurana, who collectively sold shares worth over ₹216 crore through their Employee Stock Ownership Plan (ESOPs) between May 2023 and June 2024. The regulator concluded that the transactions complied with disclosure norms and were conducted after proper vesting and notification.
The scandal comes in the wake of a Reserve Bank of India (RBI) directive issued in September 2023 mandating all derivative positions be valued on a mark-to-market basis starting April 1, 2024. Kathpalia had earlier confirmed in a televised interview that the bank had stopped its differential accounting practices from that date.
The incident raises serious concerns about internal oversight and risk management at the bank, although regulatory scrutiny appears to be limited to procedural lapses rather than criminal misconduct at this stage.
Published on: May 2, 2025
Indian equity benchmarks ended Friday’s session with modest gains, supported by strength in oil & gas, banking, and IT sectors. The Sensex rose 259.75 points (0.32%) to close at 80,501.99, while the Nifty edged up by 12.50 points (0.05%) to 24,346.70. Gains were limited by pressure in pharma, metal, and realty stocks.
Market participants are closely watching the upcoming U.S. non-farm payrolls report, expected to provide crucial cues on the Federal Reserve’s rate path. Consensus estimates peg job additions at 130,000 for April, down from 228,000 in March.
Top gainers on the Nifty included Adani Ports, Bajaj Finance, IndusInd Bank, Reliance Industries, and State Bank of India (SBI). Shares of Adani Ports jumped over 4% after it reported a 50% surge in March-quarter profit to ₹3,025 crore and a bullish revenue forecast, citing strong port and logistics growth.
SBI gained 1% ahead of its Q4 results, though brokerages expect a YoY decline in profit due to treasury and margin pressures. Railtel Corporation rallied more than 7% post-results, with Q4 profit rising 46.3% YoY to ₹113.4 crore, driven by robust operational momentum and a 57% increase in revenue.
Meanwhile, the Smallcap 100 and Midcap 100 indices underperformed, falling 0.7% and 0.1% respectively. Both indices have dropped sharply year-to-date, weighed by stretched valuations and lack of earnings clarity. Among laggards were JSW Steel, Bajaj Auto, Nestle, Eicher Motors, and Hero MotoCorp.
Sectorally, IT stocks like TCS, Infosys, and HCL Tech gained after Cognizant’s strong quarterly performance and optimistic outlook for AI-driven demand. However, Bank Nifty cooled off from its intraday high following mixed earnings reports from lenders.
Market sentiment continues to be buoyed by foreign institutional investor (FII) inflows, totaling ₹37,375 crore over the last eleven sessions, aided by dollar weakness and falling crude oil prices. Analysts now see 24,200 (Nifty) and 79,900 (Sensex) as key support zones; a breach below could signal a deeper correction.
Published on: May 2, 2025
State Bank of India (SBI), the country’s largest lender, is expected to report a mixed financial performance for the quarter ended March 2025, as per brokerage previews. The bank is scheduled to announce its Q4 results on Saturday. According to a Bloomberg poll, SBI’s standalone profit after tax is projected at ₹17,989 crore, down 13% year-on-year, though marginally up from ₹16,891 crore in the previous quarter.
While loan growth is anticipated to be strong—estimated at 13–14% YoY, driven by retail and SME segments—compression in net interest margins (NIMs) and elevated credit costs are likely to weigh on profitability. Brokerages like Elara Securities and Deven Choksey Research highlight healthy loan demand across corporate and retail segments, though sticky funding costs are expected to result in a 3–5 basis points decline in NIM sequentially.
Analysts expect net interest income (NII) to rise nearly 4% YoY to ₹43,405 crore, but Kotak Institutional Equities projects a 2% decline due to higher cost of funds and lagging repricing benefits from recent rate adjustments. The bank’s NIM is forecast at 2.91%, down 56 basis points YoY and 24 bps QoQ from 3.15% in Q3 FY25.
Operating profit may fall by about 30% YoY due to lower treasury income, reduced recoveries from written-off loans, and NIM compression, Kotak said. However, a decline in staff costs compared to last year could partially offset this pressure. Meanwhile, asset quality is likely to remain stable, with no major concerns expected from the unsecured loan segment. Slippages are estimated around 1%.
Provisions are likely to rise sequentially after a reversal in the December quarter, potentially affecting net profit. Still, analysts note that high provision coverage ratios may help limit the impact of credit costs. Investors will closely track metrics such as return on equity (RoE), return on assets (RoA), and capital adequacy commentary, which will provide clarity on SBI’s operational efficiency and future capital plans in a challenging interest rate environment.
Published on: May 2, 2025
Kotak Mahindra Bank Ltd. is set to announce its financial results for the fourth quarter and full financial year 2024–25 on May 3, following a scheduled board meeting. The meeting will also include a proposal to consider and recommend a dividend for FY25, the bank stated in a stock exchange filing on April 15.
Established in 1985 as Kotak Capital Management Finance Ltd., Kotak Mahindra Bank currently operates through four key business segments—consumer banking, corporate banking, commercial banking, and treasury—with a widespread network of 2,068 branches and 3,337 ATMs as of December 31, 2024.
In adherence to SEBI’s insider trading regulations, the trading window for the bank’s securities has been closed since April 1 and will remain shut until 48 hours after the results are announced. Additionally, the bank will host an earnings call with investors and analysts on May 3 at 6 p.m. to discuss the Q4 and FY25 financial performance. Investors can dial in using the universal access numbers: +91 22 6280 1215 or +91 22 7115 8116.
In the preceding quarter (Q3 FY25), the bank posted a 10.23% year-on-year rise in consolidated PAT at ₹4,701.02 crore, despite a slight 0.57% dip in total income to ₹23,945.79 crore. Net Interest Income saw strong growth of 14.75% YoY to ₹16,633.14 crore.
On the stock performance front, Kotak Mahindra Bank shares have shown strong momentum—rising over 40% in the past year and advancing 23.80% year-to-date. The stock recently touched a 52-week high of ₹2,301.90 on April 22, 2025, up significantly from its 52-week low of ₹1,543.85 on May 3, 2024.
Published on: May 2, 2025
Equity indices erased early gains in the mid-trading session on Friday. As of 12:51 PM, the Sensex was up 118.42 points or 0.15% at 80,360.66, while the Nifty 50 slipped 32.60 points or 0.13% to 24,301.60. Market sentiment remained jittery with the India VIX, a measure of volatility, rising 2.88% to 18.75.
All sectoral indices traded in negative territory except oil & gas. The Nifty Midcap 100 fell 0.85% to 53,663.15 and the Smallcap 100 dipped 0.08% to 16,436.15. Among Nifty 50 stocks, Adani Ports, IndusInd Bank, Maruti, Tata Motors, and Eternal (Zomato) led the gainers, while JSW Steel, Eicher Motors, Bajaj Auto, Nestle, and HDFC Life declined.
Out of 2,734 stocks traded on the NSE, 1,025 advanced and 1,608 declined. Notably, Coromandel International and ICICI Bank hit 52-week highs, while 23 stocks, including Swiggy, marked 52-week lows.
Smallcap movers included Railtel, Newgen Software, and Sonata Software, each rallying over 9%, whereas Data Patterns, KFin Tech, and Crompton slid. In the midcap segment, Phoenix Mills, Indus Towers, and Federal Bank dropped 4–8%.
Adani Ports and Adani Enterprises continued their upward trajectory on strong Q4 results. IndusInd Bank gained 1.88% amid speculation that Axis Bank's Rajiv Anand may take over as MD & CEO, following Sumant Kathpalia’s resignation.
JSW Steel tanked 7.21% after the Supreme Court rejected its resolution plan for Bhushan Power and Steel Ltd, ordering liquidation. Auto stocks were mixed on April sales data, with Force Motors surging 10% on the BSE.
Published on: May 2, 2025
Adani Enterprises Ltd posted a consolidated net profit of ₹3,845 crore for the fiscal fourth quarter, marking a more than seven-fold jump from a year ago, driven by an exceptional gain of ₹3,945.7 crore from the sale of its stake in Adani Wilmar. Excluding the gain, the company’s Q4 profit stood at ₹559.7 crore, compared to ₹449 crore in the year-ago period.
The conglomerate reported a 7% year-on-year decline in revenue to ₹27,602 crore for the January-March period, while EBITDA rose 19% to ₹4,346 crore, indicating improved operational efficiency.
Adani's green energy vertical, Adani New Industries, saw module sales increase 24% to 990 MW. The airports business recorded a 6% rise in passenger traffic to 24.7 million, and road construction activity jumped 1.4x to 694.6 km. However, its integrated resources management business experienced a 38% volume decline, partially offset by a 30% rise in mining dispatches.
For the full fiscal year 2024-25, Adani Enterprises reported a 2% revenue increase to ₹1 lakh crore and a 26% surge in EBITDA to ₹16,722 crore. Net profit more than doubled to ₹7,112 crore. Chairman Gautam Adani credited the robust performance to the company’s “scale, speed, and sustainability” across new-age sectors like energy transition, data centers, and infrastructure.
Despite the strong financials, net external debt rose sharply to ₹49,306 crore from ₹30,966 crore a year earlier, pushing the net debt-to-EBITDA ratio up to 2.9. Gross debt surged to ₹76,236 crore, with significant increases in the airports, copper, and roads verticals.
Adani Enterprises' shares closed at ₹2,297.7 on the BSE on Wednesday, down 1.4%, with markets shut Thursday for Maharashtra Day.
Published on: May 2, 2025
GIFT Nifty achieved a historic milestone in April 2025, recording its highest-ever monthly turnover of $100.93 billion with 2.17 million contracts traded, surpassing the previous record of $100.7 billion set in September 2024. This performance reflects rising global investor interest in India’s economic growth and increasing confidence in GIFT Nifty as a key financial instrument.
Since the launch of full-scale trading on July 3, 2023, GIFT Nifty has seen rapid growth, accumulating over 41.18 million contracts and a total turnover of $1.83 trillion as of April 2025. Designed primarily for international investors and NRIs, GIFT Nifty operates nearly 21 hours a day, offering wide accessibility across global time zones.
The platform, formerly known as SGX Nifty when traded in Singapore, was relocated to GIFT City in Gujarat to bolster India's ambitions of establishing a global financial hub. Meanwhile, Indian benchmark indices opened higher on Friday, with Nifty 50 staying above 24,500 and the Sensex crossing 80,950. Notable movements included a drop in Zomato (listed as Eternal) by 2.5% due to weak earnings, and auto majors Bajaj Auto and Ashok Leyland reporting their April vehicle sales figures.
Published on: May 2, 2025
Tata Motors shares have dropped 45% from their July 2024 peak of ₹1,179.05, weighed down by U.S. President Donald Trump’s new 26% tariffs on Indian imports and a weakening outlook for Jaguar Land Rover (JLR), the company's UK subsidiary. The stock hit a 52-week low of ₹542.55 on April 7, shortly after the tariffs took effect, but has since recovered 20.29%, trading at ₹653.40 in Friday’s session.
JLR, which derives nearly 20% of its sales from the U.S., is expected to bear the brunt of the tariff-related headwinds, compounding investor concerns. Tata Motors stock remains highly volatile, with a one-year beta of 1.3, and its Relative Strength Index (RSI) of 48.6 suggests the stock is neither overbought nor oversold.
Technical analysts remain cautious. YES Securities’ Pritesh Mehta maintains an "avoid" rating, citing a lack of momentum in the stock’s reversal pattern. Meanwhile, Emkay Global retains a “Buy” rating but has cut its target price by 16% to ₹800, citing reduced EPS forecasts and ongoing U.S. market risks. Kotak Equities is more bearish, slashing its target to ₹600 and downgrading the stock to “reduce” on concerns over sustained U.S. headwinds.
Despite these challenges, brokerages note that Tata Motors' core financial health has improved markedly since FY22, supported by declining auto debt and steady domestic performance.