Published on: April 22, 2025
Tata Consumer Products Ltd is expected to report a mixed set of financial results for Q4 FY25 on April 23, with strong revenue growth offset by pressure on operating margins, according to estimates by Zee Business.
The company’s consolidated revenue is projected to rise nearly 16% YoY to ₹4,553 crore, primarily driven by double-digit growth in the India Foods segment and strong performances from Tata Sampann and salt. Domestic tea sales are also expected to support revenue with a 5% volume and 11% value growth.
However, despite the robust top-line, EBITDA is forecast to fall 4.2% YoY to ₹603 crore, with margins likely shrinking 280 basis points to 13.2%, primarily due to elevated tea input costs. Analysts note that tea price inflation has outpaced the company’s ability to pass on cost increases to consumers.
On the profitability front, PAT is expected to surge 54.4% YoY to ₹335 crore, aided by a low base that included an exceptional loss of ₹216 crore in Q4FY24. Still, the quality of earnings may remain under scrutiny due to operational pressures and weak growth in the international business.
The overseas segment is expected to post modest growth overall, with a 5–6% uptick in the US but a decline in the UK amid macro headwinds and Red Sea disruptions.
Investors will closely watch management commentary on rural demand recovery, raw material inflation, and competitive intensity, particularly in the unorganised space. Additionally, updates on international strategy, especially for the UK and US markets, will be key. While Tata Consumer is expected to beat revenue expectations, margin pressures may temper post-result market sentiment.
Published on: April 22, 2025
Domestic equities are poised for a choppy session on Tuesday, April 22, 2025, as weak global cues and Wall Street losses clash with India’s ongoing market momentum. GIFT Nifty indicated a mildly positive open, trading 44.5 points higher at 24,180. The Nifty 50 aims to extend its winning streak for a sixth straight day following Monday’s strong close — Sensex jumped 855 points to 79,408.5 and Nifty50 surged 273.9 points to 24,125.
Global sentiment remains cautious amid a sell-off in US and Asian markets after US President Donald Trump criticized Fed Chair Jerome Powell, calling for immediate rate cuts. The S&P 500, Nasdaq, and Dow Jones all dropped over 2.3% on Monday. Asian indices followed suit, with Japan’s Nikkei and Korea’s Kospi trading lower.
Key stocks to watch today include:
• Mahindra Logistics: Reported a 67% YoY rise in Q4 PAT to ₹13.12 crore.
• Tata Investment Corporation: Net profit down 38% YoY in Q4 to ₹37.7 crore, revenue fell 71%.
• Steel stocks: In focus after the government imposed a 12% safeguard duty on certain steel imports, excluding most developing countries except China and Vietnam.
• Vedanta: Promoter Twin Star Holdings inked a $530 million facility agreement to address group debt.
• Gandhar Oil Refinery: Signed a ₹1,000 crore MoU with Jawaharlal Nehru Port Authority for terminal development at Vadhvan Port.
• Tata Power: Signed a 131 MW wind-solar hybrid PPA with Tata Motors, boosting captive renewable capacity to 1.5 GW.
• Mazagon Dock Shipbuilders: Appointed Jagmohan, a seasoned Indian Navy veteran, as new CMD.
• Hindustan Unilever: Completed ₹2,706 crore acquisition of 90.5% in Uprising.
• Brigade Enterprises: Entered a joint development agreement for a 20-acre plotted project in Bengaluru valued at ₹175 crore.
• HG Infra Engineering: Qualified for Gujarat’s 300 MW/600 MWh battery energy storage project bidding.
• One 97 Communications (Paytm): Slashed interest and brokerage rates on Paytm Money to enhance investor access.
• Coal India: Partnered with DVC to develop a 2×800 MW supercritical coal power plant in Jharkhand.
Market participants will also watch for updates from Reliance Industries ahead of its Q4 results later this week, especially in retail, telecom, and potential IPO signals.
Published on: April 22, 2025
Reliance Industries Ltd., operator of the world’s largest refining complex, significantly ramped up its Russian crude oil imports in March 2025, bringing in approximately 532,700 barrels per day (bpd) — a 17.3% rise from February, according to Reuters ship-tracking data. Russian oil accounted for 48.5% of the company’s total crude imports for the month.
Despite this surge in Russian oil inflow, Reliance’s overall imports fell nearly 19% to 1.1 million bpd, attributed to a planned maintenance shutdown at one of its refinery units. The data also reflects a broader trend, as India imported 5.3 million bpd of crude in March — up 1.3% from February and 3.8% year-on-year.
For the full fiscal year 2024–25, India averaged 4.88 million bpd in crude imports, a 5% rise compared to the previous year. Russia remained India’s top crude supplier, followed by Iraq and Saudi Arabia. The spike in Russian imports comes as India capitalizes on discounted oil amid Western sanctions on Moscow, leading to a record-low share of OPEC crude in India’s import mix.
Russia’s expanded presence in India’s oil market — facilitated in part by a major supply deal between Rosneft and Reliance for up to 500,000 bpd — has disrupted traditional trade flows and challenged Middle Eastern suppliers. As global geopolitical tensions and shipping costs rise, India continues to diversify its energy portfolio, sourcing cheaper oil even from distant regions.
Published on: April 22, 2025
Reliance Industries Ltd. (RIL) is set to announce its financial results for Q4 and FY2024-25 on April 25. Market participants will closely monitor the performance of its retail and telecom segments, particularly Reliance Jio Infocomm Ltd., as well as any potential announcements regarding IPOs for these verticals. Goldman Sachs projects a flat core EBITDA for FY25, shifting investor focus to FY26 growth, driven by a potential retail rebound, Jio’s earnings acceleration, and stronger refining margins.
During the board meeting, the company will also consider raising funds via non-convertible debentures and is expected to recommend a dividend for FY2024-25. Updates on Reliance’s clean energy plans, including solar module and battery manufacturing timelines, may also be shared. Analysts anticipate new insights into RIL’s partnership with Elon Musk’s Starlink, aimed at enhancing rural broadband connectivity.
In Q3 FY25, RIL posted a 12% quarter-on-quarter increase in profit at ₹21,930 crore, while EBITDA rose to ₹48,003 crore with margins improving to 18.2%. The oil-to-chemicals (O2C) segment, though hit by export declines, saw operating profit growth due to efficiency gains.
Despite global macroeconomic concerns and a 3.3% dip in share value over six months, RIL stock has rebounded 16% from its 52-week low in April. The trading window for insiders remains shut until 48 hours post-results, in line with SEBI norms. Investors will also be watching for guidance on retail growth in FY26 and capex updates related to new energy projects.
Published on: April 22, 2025
Indian billionaire Anil Agarwal is on the brink of completing a long-anticipated restructuring of Vedanta Ltd., aiming to simplify the conglomerate’s structure, enhance transparency, and aggressively reduce its $11 billion debt burden. The metals-to-energy behemoth will be split into separately listed entities focused on aluminum, oil & gas, power, iron & steel, alongside the core Vedanta entity.
Agarwal, betting on strong domestic demand and tight global supply chains, believes the demerger will unlock value and attract new sources of funding. Each Vedanta shareholder will receive equivalent shares in the newly carved-out companies. The billionaire emphasized that the group has no plans to sell stakes in the demerged units or at the parent level.
With global demand for critical minerals like nickel, cobalt, and platinum rising, Vedanta is ramping up efforts to expand in India and abroad. The company has secured rights to mine strategic minerals domestically and is set to invest $2 billion in a copper-processing facility in Saudi Arabia—one of the largest foreign-led projects in the kingdom’s mining sector. Expansion in Africa is also underway, with Vedanta exploring financing options including a billion-dollar bond issue and minority stake sales for its Zambian assets.
Despite Vedanta shares falling 7% this year due to weaker commodity prices and macro concerns, Agarwal remains focused on reducing the company’s debt-to-EBITDA ratio from 1.4 to 1. He reiterated the group’s disciplined approach to borrowing as each demerged entity embarks on its independent growth journey.
The next generation of leadership is also taking shape, with Agarwal’s daughter, Priya Agarwal Hebbar—chairwoman of Hindustan Zinc—being groomed to take the reins. She emphasized Vedanta’s future direction: “The group’s future is very focused on transition and critical minerals, and that is where the company will go.”
Published on: April 21, 2025
Christopher Wood, global head of equity strategy at Jefferies, has advised investors to pare down their US equity holdings and shift capital toward India, citing persistent volatility stemming from US President Donald Trump's inconsistent tariff policies. In his latest GREED & fear note, Wood highlighted that despite the potential for renewed US market momentum through deregulation and tax reforms, the current base case is underperformance by US equities in a weakening dollar environment.
With US stocks still priced at 19.2x forward earnings, Wood favors reallocating towards markets like Europe, China, and India. India, in particular, has shown strong resilience, with the Sensex and Nifty posting their best weekly performance in four years, up 4.5%. Wood has also increased India's weight in the Asia Pacific ex-Japan portfolio by 1%, trimming exposure to Taiwan.
Supporting this outlook, analysts from Julius Baer acknowledge risks to emerging markets from rising tariffs but remain optimistic about India's prospects, citing lower valuations, expected policy stimulus in 2025, and strong fundamentals in large-cap stocks. They advise using market dips as buying opportunities for long-term gains, despite short-term consumption and investment slowdowns.
Published on: April 21, 2025
The Indian Rupee extended its winning streak to five days on Monday, gaining 24 paise to close at ₹85.14 against the US dollar. This marks a near ₹1.55 appreciation in the last five sessions. The rupee’s strength was driven by a decline in crude oil prices below $62.50 per barrel and continued weakness in the dollar index, which dropped 1.13% to 98.10, the lowest level since April 2022.
Experts like Jateen Trivedi from LKP Securities noted that the rupee is benefiting from global concerns over the US economy’s slowdown, particularly due to ongoing tariff-related tensions, which have led to global dollar selling. Additionally, foreign investments of nearly ₹8,500 crore in India’s equity markets last week have provided further support to the domestic currency.
Crude oil prices also saw a dip, with Brent crude falling 2.83% to $66.04 per barrel, and WTI crude slipping 2.98% to $62.75 per barrel. Analysts suggest that if the rupee sustains below ₹85.25 in the coming sessions, it could potentially test the next resistance level near ₹84.50.
Published on: April 21, 2025
Shares of JSW Steel rose by 3.6% on Monday, reaching an intraday high of ₹1,044.35 per share on the BSE, following a favorable ruling from the National Green Tribunal (NGT). The tribunal disposed of the matter concerning alleged environmental noncompliance at the company’s Dolvi Plant, stating that the plant was in compliance with environmental laws and did not incur any penalties or damages.
At 1:56 PM, JSW Steel's share price stood at ₹1,032.65, up 2.53%, with a market capitalization of ₹2.52 lakh crore. The company was also directed by the NGT to complete its voluntary environmental protection and restoration measures, including plantation and CSR activities, within a year. Over the last year, JSW Steel's shares have gained 17.7%, significantly outperforming the Sensex, which rose by 6.6%.
Published on: April 21, 2025
Shares of Infosys rose 2% in early trading on Monday, reaching Rs 1,449 per share, despite the company’s weaker-than-expected revenue guidance for FY26. Most major brokerages have remained bullish on the tech giant, retaining their Buy ratings and setting target prices between Rs 1,525 and Rs 1,800.
Nomura maintained a Buy rating with a target price of Rs 1,720, citing a strong deal pipeline and transformation opportunities despite a 3.5% QoQ revenue decline in Q4FY25. Similarly, Nuvama and HSBC kept their Buy ratings, with target prices of Rs 1,700, while Jefferies revised its target to Rs 1,660. Bernstein also retained an Outperform rating with a target price of Rs 1,680.
Despite the cautious revenue guidance of 0-3% growth for FY26, brokerages are optimistic about Infosys’ long-term prospects, focusing on its robust deal pipeline and continued cost-control measures. The company is expected to deliver solid EPS growth over the next few years, supporting a positive outlook in a challenging macroeconomic environment.
Published on: April 21, 2025
Power stocks were trading higher on Monday, with Adani Power Ltd. leading the rally with a rise of 5.52%, followed by Suzlon Energy Ltd., up 4.60%. Other notable gainers included GE Vernova T&D India Ltd. (+4.07%), Inox Wind Ltd. (+3.78%), Inox Wind Energy Ltd. (+3.69%), and Energy Development Company Ltd. (+3.67%).
Meanwhile, Tata Power Company Ltd. rose by 2.76%, and Jaiprakash Power Ventures Ltd. gained 2.72%. Adani Energy Solutions Ltd. also saw a modest rise of 2.69%.
However, NTPC Green Energy Ltd. and PTC India Ltd. were among the few stocks in the power sector showing a decline, with losses of 0.44% and 0.14%, respectively.
The overall positive movement in the sector reflects investor optimism, with key players seeing notable growth.
Published on: April 21, 2025
Shares of Coal India Ltd rose nearly 2% to an intraday high of ₹406 on Monday after its subsidiary South Eastern Coalfields (SECL) entered into a ₹7,040 crore agreement with TMC Mineral Resources. The deal involves implementing paste-fill technology for coal mining in Korba, Chhattisgarh, marking the first time a public sector coal company in India will adopt this sustainable underground mining technique.
The project, based at the Singhali underground coal mine, is expected to yield 8.4 million tonnes of coal over a 25-year period. Paste-fill mining involves refilling mined voids with a paste made from fly ash, crushed overburden, cement, water, and binding agents—reducing surface land acquisition and environmental disruption.
As of 1:33 PM, Coal India stock was trading at ₹402.80, up 0.99% from the previous close, while the benchmark Nifty50 was up 1.29%. Despite the recent uptick, Coal India shares are still 26% below their 52-week high of ₹543.55 touched in August 2024. The company’s market cap stood at ₹2.48 trillion.
In the Q3 FY25, Coal India reported a 17.5% decline in net profit to ₹8,491.2 crore, with revenue slightly down at ₹35,779.8 crore and EBITDA down 5% year-on-year.
Founded in 1975, Coal India is the world's largest coal producer, operating across 84 mining areas in eight Indian states through its 12 subsidiaries. In FY 2023–24, it recorded its best-ever production of 773.65 MT, achieving 10% annual growth.
Published on: April 21, 2025
As the Reserve Bank of India (RBI) signals a more accommodative monetary stance, bankers are evaluating the potential impact of further repo rate cuts on their net interest margins (NIMs), earnings commentary and investor presentations reveal. The concern stems from the fact that loan rates, which are often benchmark-linked, adjust faster than deposit rates, potentially squeezing margins in the short term.
Banks like ICICI Bank, HDFC Bank, and YES Bank have so far reported a marginal uptick in NIMs in the fourth quarter of FY25. ICICI Bank’s NIMs stood at 4.41%, up slightly from 4.40% a year ago, while YES Bank reported a rise from 2.4% to 2.5% year-on-year. HDFC Bank maintained a stable NIM range of 3.4%–3.5%, in line with previous quarters.
However, executives expect margin pressure to build up if the RBI continues cutting rates. ICICI Bank’s Executive Director, Sandeep Batra, acknowledged that future repo rate reductions will likely impact margins, as seen in other parts of the banking system.
The RBI has already cut the repo rate by 25 basis points in April 2025, marking its second consecutive cut. With inflation easing and growth concerns rising amid global tariff tensions, market consensus points toward another 25 bps cut in the upcoming June monetary policy review.
Bankers say while rate cuts may spur credit demand and boost economic activity, they also pose challenges to maintaining profitability, especially in the near term, as the cost of deposits lags the repricing of loans.
Published on: April 21, 2025
The Reserve Bank of India (RBI) has informally queried several banks about the rationale behind operating multiple mobile banking apps targeting the same customer base, raising concerns about redundancy, resource duplication, and app reliability, according to sources familiar with the matter.
This development follows a series of disruptions experienced by some banking apps, prompting the regulator to take a closer look at banks’ digital strategies. The RBI is questioning why banks such as Kotak Mahindra Bank (Kotak app and Kotak 811), IndusInd Bank (IndusInd app and Indie), and HDFC Bank (HDFC Bank app and Payzapp) maintain multiple platforms with overlapping functionalities aimed at retail customers.
While the RBI’s current communication is understood to be non-binding and exploratory, a more formal stance may follow. Banks have been given time until June to respond with their views.
Bankers suggest that many of these apps were initially designed as part of a “digital bank within a bank” concept to boost valuations and innovation. However, the RBI has reportedly been unsupportive of such segregated digital models, citing concerns about fragmented resource allocation in technology, manpower, and finances.
Sources say the regulator believes such duplication may diminish overall efficiency and customer experience, and has encouraged banks to reconsider their digital strategy. An email to the RBI for comment remained unanswered as of publication.
Published on: April 21, 2025
HCL Technologies is set to announce its Q4 FY25 earnings on Tuesday, April 22, with analysts predicting a muted performance in line with recent trends in the IT sector. According to consensus estimates, the company’s revenue is expected to grow 1.28% quarter-on-quarter (QoQ) to ₹30,273 crore, while net profit is likely to fall 5.4% QoQ to ₹4,342 crore, impacted by seasonal weakness in the products business and margin pressures.
Despite an 8.9% year-on-year (YoY) increase in net profit, growth momentum is likely to remain constrained due to macroeconomic uncertainty, a ramp-down from major clients like Verizon, and increased offshoring. Analysts also flagged currency headwinds and transition costs related to recent deals as near-term challenges.
Brokerages highlighted the following expectations:
• Kotak Securities sees a 0.7% QoQ decline in constant currency revenue, led by weaker product segment performance and projects an EBIT margin of 18.2%, down 140 bps sequentially.
• IDBI Capital expects a 1.4% decline in USD revenue, with focus on deal pipeline visibility, large deal pricing, and AI-driven growth in IT services.
• HSBC anticipates a 1.7% QoQ organic CC revenue drop, with margin pressure stemming from wage hikes and higher SG&A expenses, though partially cushioned by favourable forex movement.
The company is likely to guide for 3–5% revenue growth in FY26, with a 1% boost from recent acquisitions. Analysts will be closely watching management commentary on products business outlook, large deal wins, ER&D performance, and AI opportunity scaling.
Despite headwinds, growth in BFSI and Hi-Tech segments and modest improvement in ER&D could provide some cushion in an otherwise soft quarter for HCLTech.
Published on: April 21, 2025
Indian benchmark indices Sensex and Nifty surged over 1.3% on Monday, buoyed by robust Q4 results from private lenders HDFC Bank and ICICI Bank, and renewed foreign portfolio investor (FPI) buying. The Sensex touched an intraday high of 79,620.69, while the Nifty 50 scaled up to 24,188.85, marking a continuation of the rally that began earlier this month. Both indices have gained nearly 8% since April 9.
Banking stocks were at the forefront, with the Bank Nifty soaring 2.05% to a new record high of 55,453.55, surpassing its previous peak from September 2024.
Investor sentiment was bolstered by positive earnings:
>HDFC Bank reported a 6.7% rise in standalone PAT to ₹17,616 crore,
>ICICI Bank posted an 18% YoY increase in net profit to ₹12,630 crore.
The uptrend was further supported by FPI inflows worth ₹10,824 crore over the last two sessions, reversing their earlier April selloff. Analysts attribute this shift to a declining dollar and US growth concerns, particularly after President Donald Trump's announcement of reciprocal tariffs.
Broad market indices also participated in the rally, with Nifty Midcap 100 climbing 2.4% and Nifty Smallcap 100 gaining 2.02%.
Among top Nifty gainers were Tech Mahindra (6.18%), IndusInd Bank (4.69%), Bajaj Finserv (3.99%), HCL Tech (3.92%), and HDFC Bank (1.22%).
Experts remain bullish on domestic consumption-driven sectors like financials, real estate, autos, and telecom, while IT may lag due to the expected slowdown in the US economy.