Published on: April 23, 2025
Shares of Bharti Hexacom surged to an all-time high of ₹1,695.45 on the BSE, climbing over 3.3% in intraday trade, buoyed by investor optimism following a key spectrum acquisition deal. At 11:52 AM, the stock was trading 2.16% higher at ₹1,675.15, with a market capitalisation of ₹83,757.5 crore. This marks a significant rise from its 52-week low of ₹854.05.
The rally came after Bharti Hexacom, in collaboration with parent company Bharti Airtel, signed definitive agreements with Adani Data Networks to acquire rights to use 400 MHz of spectrum in the 26 GHz band across six key telecom circles—Gujarat, Mumbai, Andhra Pradesh, Rajasthan, Karnataka, and Tamil Nadu. The deal is subject to regulatory approvals and compliance with the Spectrum Trading Guidelines.
The market also reacted positively to Bharti Airtel’s continued subscriber growth. TRAI data showed Airtel added 1.65 million new wireless users in January, the highest among telecom players, ahead of Reliance Jio’s 0.68 million. The company’s market share rose to 33.61%, boosted further by the inclusion of 5G Fixed Wireless Access (FWA) users under wireless subscriber counts due to a TRAI policy shift.
Bharti Airtel, a global telecom giant with over 550 million users across 17 countries, is among the world’s top three mobile operators. Its subsidiary, Bharti Hexacom, serves the Rajasthan and North East telecom circles, offering mobile, broadband, and fixed-line services under the Airtel brand.
Despite the positive developments, Bharti Airtel shares dipped slightly by 0.11% to ₹1,850 on the BSE.
Published on: April 22, 2025
The Adani Group is set to announce its fourth-quarter and full-year results for FY2024-25 across its major subsidiaries over the coming days, starting April 24. Investors and analysts will closely track performance across sectors including energy, cement, ports, and infrastructure, with a focus on the retail business and earnings momentum carried over from a strong Q3.
Adani Energy Solutions Ltd. and ACC Ltd. will kick off the earnings season on April 24, followed by Sanghi Industries, Adani Green Energy, and Adani Total Gas on April 28. Adani Power and Ambuja Cements will report on April 30, while Adani Ports & SEZ and Adani Enterprises will close out the group’s Q4 reporting cycle on May 1.
Q3 FY25 saw strong performances across the group. Adani Energy posted solid EBITDA growth aided by a ₹185 crore tax reversal linked to the Dahanu plant divestment. ACC’s profit more than doubled to ₹1,091.73 crore. Sanghi Industries turned EBITDA-positive, while Adani Green reported an 85% YoY jump in net profit to ₹474 crore.
Adani Enterprises reported modest top-line growth (1.1% QoQ) with a 26% surge in operating income over the first nine months of FY25. Adani Ports saw a 14.1% increase in net profit to ₹2,520.26 crore, while Adani Power posted a 7% profit rise. Ambuja Cement’s profit rocketed by 157.4% YoY, and Adani Total Gas recorded sequential revenue growth of 6.25% amid a volatile regulatory landscape.
As the group enters Q4 earnings season, key focus areas include retail business growth, project execution updates, margin sustainability, and sectoral tailwinds across renewable energy, infrastructure, and materials.
Published on: April 22, 2025
Steel stocks, including Tata Steel, JSW Steel, SAIL, Jindal Stainless (JSL), and JSPL, saw gains of 1-3% in intra-day trade on April 22, 2025, following the announcement of a 12% provisional safeguard duty on certain steel products. The duty, which applies to flat steel imports like hot rolled plates and cold rolled coils, aims to protect the domestic industry from a surge in cheap imports, especially from China, South Korea, and Japan.
This safeguard duty is expected to help curb the influx of steel imports, which had surged to a nine-year high of 9.5 million tons in FY25, with a significant portion coming from the aforementioned countries. The move is seen as positive for domestic steel producers, as it could support a recovery in steel prices and reduce downward pressure on domestic pricing.
ICICI Securities views this as beneficial for domestic steel players, particularly JSW Steel and Jindal Steel and Power, which are expected to benefit from expanding capacity and improving domestic demand. However, concerns remain about the potential oversupply in the medium term, with increasing capacity additions and global tariff uncertainties. Despite this, falling prices for coking coal and iron ore are seen as a positive factor for margins.
Elara Capital suggests that while the safeguard duty will support domestic prices in the short term, long-term challenges, including oversupply and slowing global GDP, could weigh on the sector's sustainability. Overall, the development has led to renewed optimism in the domestic steel market.
Published on: April 22, 2025
Indian stock markets are set to open slightly higher on Tuesday, April 22, 2025, despite the weakness in Wall Street indices and mixed trade across Asia. Sentiment will be guided by stock-specific movements amid the ongoing Q4FY25 earnings season, foreign investors' activity, rupee fluctuations, and record-high gold prices. The GIFT Nifty futures were up by 32 points at 24,167 levels at 7:15 AM.
In the previous session, Indian markets recorded a fifth consecutive day of gains, with the BSE Sensex rising 1.09% to 79,409 and the Nifty50 gaining 1.15% to close at 24,126. The rally was led by strong buying in banking, IT, and auto stocks, and was further supported by foreign institutional investors (FIIs) buying India stocks worth ₹1,970.17 crore.
Key corporate earnings reports are expected today, including from AU Small Finance Bank, Cyient DLM, Delta Corp, and HCL Technologies. HCL Tech’s revenue is expected to rise 1.28% Q-o-Q to ₹30,273.2 crore, but net profit may decline by 5.4% Q-o-Q due to seasonal weakness and macroeconomic factors.
In other news, the Indian government has imposed a 12% safeguard duty on key steel products to curb dumping, which could benefit domestic steel stocks. Tata Power and Tata Motors are also in focus after their new renewable energy venture, and Anant Raj reported strong Q4 growth.
Technically, Nifty and Sensex have surpassed key resistance levels, with the Nifty trading above the 24,000 mark and Sensex above 79,000. Traders will be watching these key levels closely for any signs of trend reversal.
Published on: April 22, 2025
As the fourth-quarter earnings season picks up momentum, HCL Technologies is expected to report subdued results, following the trend seen across the IT sector. Analysts anticipate a 5% year-on-year (YoY) revenue growth for the quarter, with a sequential decline in constant currency terms due to seasonal weakness in the products business. Net profit is projected to grow by 8% YoY.
Operating profit margins (EBIT) are likely to face sequential pressure, with a drop in software sales and a residual wage hike expected to impact margins by approximately 50 basis points. Brokerages project the EBIT margin guidance to stay around 18-19%, unchanged from previous levels.
Investor focus will be on the company's outlook for FY26, particularly on new deal wins, the impact of macroeconomic factors on business, and any revenue changes due to the anniversary of the Verizon deal. Analysts also expect growth in BFSI and Hi-Tech segments to be offset by offshoring at Verizon and foreign exchange impacts. The company is expected to guide for 3-5% revenue growth, including a contribution from its recent CTG acquisition.
Along with HCL Tech, several other companies, including Waaree Energies, Tata Communications, and Cyient DLM, will also announce their quarterly earnings today, providing a broader view of sector performance.
Published on: April 22, 2025
HCL Technologies is set to announce its Q4 FY25 results on April 22, with analysts anticipating a subdued performance amid seasonal softness and ongoing margin pressures. The IT major’s revenue is expected to rise marginally by 1.28% quarter-on-quarter to ₹30,273 crore, while net profit is projected to decline 5.4% sequentially to ₹4,341.8 crore, despite an 8.9% year-on-year increase.
Brokerages such as Kotak Securities, IDBI Capital, and HSBC expect the weak showing to be driven by lower license revenues in the products segment, transition costs from the Verizon deal, and macro uncertainties. Kotak anticipates a 0.7% decline in constant currency revenue and a drop in EBIT margin to 18.2%. IDBI and HSBC forecast revenue declines of up to 1.7% in US dollar terms, citing seasonal factors and foreign exchange headwinds.
While the BFSI and Hi-Tech segments are expected to show resilience, challenges like offshoring, wage hikes, and increased SG&A expenses may erode margins. Analysts will closely monitor management commentary on deal pipeline strength, AI initiatives, hiring trends, and guidance for FY26. HCLTech is expected to guide for 3–5% revenue growth for the upcoming fiscal year, including a contribution from its recent CTG acquisition.
Published on: April 22, 2025
Bharti Airtel emerged as the top performer in active mobile user additions in January 2025, gaining 4.7 million subscribers, according to the latest data from the Telecom Regulatory Authority of India (Trai). In contrast, Reliance Jio added a marginal 0.01 million active users, while Vodafone Idea (Vi) lost 0.7 million, highlighting its ongoing operational and financial challenges.
Airtel’s active user base rose to 387 million by the end of January, and its visitor location register (VLR) ratio—a measure of active subscribers—climbed to 99.9% from 99.2% in December. Jio’s VLR ratio dipped slightly to 95.7%, and Vi’s remained nearly flat at just over 85%.
The telecom industry’s net active subscriber base grew by 4.7 million in January, driven primarily by Airtel and BSNL, which added 0.7 million active users. Vi’s shrinking base highlights the urgency of its pending ₹55,000 crore capital expenditure plan, essential to staying competitive.
Meanwhile, Airtel also extended its lead in the machine-to-machine (M2M) mobile connections segment, reaching a 52.4% market share. Jio held steady at 17.4%, while Vi's share declined to 25.1%.
Analysts at UBS noted that Airtel’s outperformance may delay the next expected round of tariff hikes, originally anticipated in FY26, amid concerns about market capacity to absorb further increases.
Published on: April 22, 2025
IndusInd Bank on Tuesday issued a clarification refuting media reports that claimed the lender had appointed Ernst & Young (EY) to conduct a second forensic audit into a ₹600 crore discrepancy in its microfinance (MFI) portfolio.
In a stock exchange filing, the bank clarified that its Internal Audit Department (IAD) is currently conducting a review of its MFI business as part of the annual financial closure process. EY is assisting the IAD in reviewing certain records, but no formal forensic audit has been commissioned, the bank emphasized.
The clarification follows earlier media coverage that cited unnamed sources alleging EY had been appointed by the board for a forensic audit, after discrepancies were flagged during the statutory audit and communicated under Section 143(12) of the Companies Act, 2013.
IndusInd reiterated that the internal review is ongoing and aimed at addressing concerns that have recently come to light.
Meanwhile, the bank had previously disclosed on April 15 that PwC, which was hired for an accounting review of its derivatives portfolio, had estimated a potential post-tax loss of ₹1,979 crore—significantly higher than the initially estimated ₹1,600 crore. This adjustment is expected to impact the bank’s net worth by 2.27% as of December 2024.
The clarification aims to reassure stakeholders amid heightened scrutiny over the bank’s financial reporting and risk management practices.
Published on: April 22, 2025
Shares of IndusInd Bank slipped as much as 6.3% to ₹775.4 in intraday trade on Tuesday, reacting to reports of a second forensic audit launched by the lender to probe a ₹600 crore discrepancy in its microfinance portfolio. The stock trimmed losses but remained 3.4% lower at ₹799 by 10:45 AM, underperforming the Nifty50 index, which rose 0.4%.
This marks the end of a five-session rally for the stock, which has now declined 16.6% year-to-date, compared to a 2.2% rise in the Nifty50.
The issue was flagged during the ongoing statutory audit, prompting auditors to request a forensic investigation under Section 143(12) of the Companies Act. EY has been roped in to assess the potential operational lapses and determine accountability. The discrepancy is believed to have emerged during Q2 or Q3 of the previous fiscal year.
The news comes on the heels of an earlier report from PwC that estimated potential losses of ₹1,979 crore in IndusInd’s derivatives portfolio. The bank had initially flagged a ₹1,530 crore hit in March 2024. The discrepancy could reduce its net worth by 2.27% post-tax, as of December 2024.
In its Q4FY25 update, IndusInd reported a 5.2% quarter-on-quarter decline in net advances to ₹3.48 lakh crore, with corporate banking down 15.1% Q-o-Q. Deposits rose marginally by 0.4% sequentially, while the CASA ratio dropped to 32.8% from 37.9% a year earlier. The bank’s average liquidity coverage ratio for the quarter stood at 118.4%.
Investors are closely watching how the bank handles the dual probes and its Q4 earnings, given the mounting scrutiny and pressure on performance metrics.
Published on: April 22, 2025
Shares of IndusInd Bank fell as much as 6% to ₹776 on April 22 after news broke that the bank’s board has engaged Ernst & Young (EY) to conduct a second forensic audit. The new investigation targets a ₹600 crore discrepancy in accrued interest income within its microfinance portfolio.
This development comes in addition to an ongoing forensic probe by Grant Thornton Bharat (GTB), which is scrutinizing irregularities in the bank's forex derivatives accounting. EY’s audit will assess whether the interest income issue was due to fraud or operational lapses and determine accountability.
Earlier this month, PricewaterhouseCoopers (PwC) was also brought in to independently review the forex derivatives portfolio. PwC estimated potential losses at ₹1,979 crore — well above the initial ₹1,600 crore figure — but its report included several disclaimers. The projected losses represent roughly 3.1% of IndusInd Bank’s net worth.
In a separate move, the bank announced a key leadership change with the promotion of Santosh Kumar as Deputy CFO, replacing interim CFO Arun Khurana, who had been holding dual roles since January.
Since March 10 — the day the bank first disclosed the accounting irregularities — IndusInd’s stock has declined by 11%. However, it has surged 16% over the past five trading sessions, reflecting investor optimism around the bank’s proactive handling of the situation and restructuring efforts.
Published on: April 22, 2025
IndusInd Bank has appointed Ernst & Young (EY) to conduct a second forensic audit into a ₹600 crore discrepancy flagged in its microfinance portfolio’s interest income accruals. The issue came to light during the statutory audit for the financial year, prompting auditors to issue an additional report under Section 143(12) of the Companies Act, 2013.
According to individuals familiar with the matter, the irregularity appears to have occurred during Q2 and Q3 of the previous fiscal year. EY’s investigation will assess whether fraud or operational lapses were involved and help establish accountability.
This new audit comes alongside an ongoing forensic review by Grant Thornton Bharat (GTB), which is investigating separate anomalies in the accounting of the bank’s forex derivatives portfolio. The GTB-led probe is expected to conclude by the end of April.
EY’s affiliate, SR Batliboi & Co., previously served as the bank’s statutory auditor (2018–2019), and EY consultants had recently assisted IndusInd’s management in reviewing its derivatives portfolio during the March 2024 quarter.
On April 15, IndusInd disclosed to the stock exchanges that PwC, brought in to review the derivatives-related accounting, estimated potential losses at ₹1,979 crore — a figure significantly higher than earlier projections of ₹1,600 crore. However, the PwC report carried multiple disclaimers, raising concerns about the clarity of the findings.
The bank has quantified the adverse impact of the derivatives issue at 2.27% (post-tax) of its net worth, based on financials as of December 2024.
Published on: April 22, 2025
Axis Bank, India’s third-largest private lender, is anticipated to report a subdued performance for the January–March quarter (Q4FY25), with analysts forecasting modest growth in core earnings but a decline in profitability. The bank is set to announce its quarterly results on April 24, 2025.
According to a Moneycontrol analyst poll, Axis Bank's net interest income (NII) is expected to rise by 6.1% YoY to ₹13,894 crore, while its profit-after-tax (PAT) may fall 6% YoY to ₹6,710 crore. Analyst estimates are tightly clustered, suggesting that any earnings surprise could lead to sharp stock price movement.
Brokerage firm Phillip Capital remains bullish, projecting 9% YoY loan growth to ₹10.5 lakh crore, while Elara Capital offers more conservative forecasts.
Asset quality is expected to remain stable, with the gross NPA ratio likely improving to 1.4% and net NPA at 0.3%, marginally better than Q3. However, net interest margins (NIMs) are forecasted to decline to 3.9%, down from 4.1% in the same quarter last year, as per Equirus analysts.
Despite muted expectations, Axis Bank’s stock has shown resilience, gaining 3% in the January–March quarter, outperforming the Nifty 50 index, which dipped 2% during the same period. Investors are closely eyeing deposit growth, advances momentum, and management commentary on margin trajectory in the upcoming earnings.
Published on: April 22, 2025
Indian benchmark indices continued their upward momentum on Tuesday, closing higher for the sixth consecutive session—marking the strongest winning streak in nearly a month. The NSE Nifty 50 ended 41.70 points (0.17%) higher at 24,167.25, while the BSE Sensex gained 187.09 points (0.24%) to close at 79,595.59. Intraday, the Nifty hit a high of 24,242.6 and the Sensex touched 79,842.3.
Financial services stocks led the rally, with the Nifty Bank and Nifty Financial Services indices hitting record highs. Positive earnings from HDFC Bank and ICICI Bank sparked fresh buying in the sector. Trivesh D, COO of Tradejini, attributed the rebound to multiple factors including a weakening US Dollar Index, low inflation, steady crude prices, and strong Q4 bank earnings — all of which are making India more appealing to foreign investors.
Among the top gainers in the Nifty were HDFC Bank, ICICI Bank, ITC, Mahindra & Mahindra, and Hindustan Unilever. On the flip side, Infosys, Bharti Airtel, Power Grid, Reliance Industries, and IndusInd Bank weighed down the index.
Sectoral performance was mixed — 12 out of 15 NSE sectoral indices advanced, while Realty and FMCG sectors saw declines. On the BSE, broader markets outperformed, with the MidCap and SmallCap indices rising 0.81% and 0.82%, respectively. Of the 20 sectors on the BSE, 11 ended in the green with Realty leading, while Power posted the steepest fall.
Market breadth favored the bulls with 2,477 stocks advancing, 1,509 declining, and 144 remaining unchanged on the BSE.
Published on: April 22, 2025
At 10:40 AM IST, several mid and small-cap stocks including NACL Industries, Krishna Institute of Medical Sciences (KIMS), Oswal Agro Mill, Shree Vasu Logistics, and Aavas Financiers hit their fresh 52-week highs on the NSE. The bullish sentiment was mirrored in benchmark indices, with the Nifty 50 rising 92.3 points to 24,217.85 and the BSE Sensex climbing 332.55 points to 79,741.05.
Out of the Nifty50 stocks, 29 were trading in the green while 21 were in the red. Kotak Bank, HDFC Bank, Eternal, Eicher Motors, and SBI led the gains, while IndusInd Bank, Hero MotoCorp, Infosys, Power Grid, and Bajaj Auto lagged behind.
Sector-wise, traders showed strong interest in General, IT Enabled Services, Services, Auto, and Engineering sectors. In contrast, selling pressure was evident in Construction, IT Software, Agriculture/Horticulture/Livestock, Fertilisers, and Industrial Equipment sectors.
Meanwhile, some stocks also faced downward pressure with AGS Transact Tech, Gensol Engineering, Sai Silks (Kalamandir), Arvee Laboratories, and Dhanvarsha Finvest touching their 52-week lows.
Published on: April 22, 2025
Electric vehicle manufacturer Ather Energy has filed its draft red herring prospectus (DRHP) with SEBI as it prepares for its initial public offering (IPO) aimed at raising ₹2,626 crore via a fresh issue of shares. In addition, the IPO will include an offer for sale (OFS) of 11,051,746 equity shares, with participation from co-founders Tarun Mehta and Swapnil Jain, as well as investors like NIIF and Tiger Global’s Internet Fund III.
The company has adopted a more conservative valuation approach, with a targeted pre-money valuation of ₹9,900–10,000 crore, and an expected post-money valuation of over ₹12,000 crore. This marks a downward revision from its earlier plans to go public at a ₹14,000 crore valuation, reflecting a more cautious sentiment amid evolving market dynamics.
Notably, Hero MotoCorp, Ather’s largest shareholder with over 37% stake, will not be selling shares in the IPO, signaling continued confidence in the company’s long-term growth prospects.
With this move, Ather Energy is set to become India’s second pure-play electric vehicle manufacturer to go public, following Ola Electric’s IPO last year. The IPO proceeds are expected to support Ather's growth, product expansion, and scaling of its EV charging infrastructure across India.