Published on: March 26, 2025
Godrej Properties has secured three contiguous land parcels on lease from the City and Industrial Development Corporation (CIDCO) in Navi Mumbai’s Kharghar for ₹716.58 crore. The total land area spans 26,478 square meters (6.54 acres), and the transactions were officially registered in March 2025, as per property records accessed by Square Yards.
The mixed-use land, designated for residential and commercial development, comes with a 60-year lease agreement. The deal incurred a total stamp duty of ₹35.82 crore. The project is expected to have a development potential of 2 million sq ft and an estimated revenue potential of ₹3,500 crore.
This acquisition aligns with Navi Mumbai’s growing real estate boom, driven by infrastructure developments like the operational Atal Setu and the upcoming Navi Mumbai International Airport (NMIA). According to Square Yards, Kharghar has witnessed a 35% YoY increase in residential transactions, with 4,112 residential sales worth ₹3,771 crore registered in 2024. The average property price in Kharghar stood at ₹17,600 per sq. ft as of December 2024.
Godrej Properties has been actively expanding, adding eight new projects in FY25 with a total saleable area of approximately 11 million sq ft and an estimated booking value of ₹12,650 crore. The company, a subsidiary of the 125-year-old Godrej Group, is one of India’s leading real estate developers, operating in 12 cities nationwide.
Published on: March 26, 2025
Jindal Steel & Power Ltd (JSPL) saw its share price drop by 13.82% to ₹723.95 on the BSE during Friday’s intraday trade following weak Q3FY25 earnings. Rising operational costs and compressed margins led to a significant decline in profitability.
For Q3FY25, JSPL reported revenue of ₹11,750.7 crore, a marginal 0.4% YoY increase. However, EBITDA fell 23.2% YoY to ₹2,184 crore, with EBITDA margins shrinking to 18.59% from 24.30% YoY. Net profit plummeted 50.7% YoY to ₹950 crore from ₹1,928 crore in Q3FY24, though it saw a sequential growth of 10.4% compared to ₹860 crore in Q2FY25.
The company’s net debt rose to ₹13,551 crore as of December 31, 2024, up from ₹12,464 crore in the previous quarter, increasing its net debt-to-EBITDA ratio to 1.40x. JSPL’s steel production grew 3% YoY to 1.99 million tonnes (MT), while steel sales rose 5% YoY to 1.90 MT, with exports contributing 7% of total sales.
On the stock market, JSPL has underperformed, declining 23% over the last six months, while gaining only 0.4% in the past year. In contrast, the BSE Sensex has fallen 5.7% in six months but gained 7.3% in a year.
At 10:09 AM, JSPL’s stock was trading at ₹755.55, down 10.06% on the BSE, while the Sensex was up 0.28% at 76,972.48. The company’s market capitalization stands at ₹77,781.72 crore, with a P/E ratio of 15.20 and an EPS of ₹50.15.
Published on: March 26, 2025
Wipro Ltd. has signed a 10-year strategic agreement worth £500 million (over ₹5,500 crore) with Phoenix Group, the UK’s largest long-term savings and retirement business. The deal, executed through Wipro Financial Outsourcing Services Ltd., involves comprehensive life and pension administration services for Phoenix Group’s ReAssure customers.
Under the agreement, Wipro will manage policy administration, claims processing, customer service support, data management, compliance, and regulatory services. Additionally, it will modernize Phoenix Group’s core Alpha policy administration platform using AI, automation, cloud, and digital transformation technologies to enhance efficiency and customer experience.
To strengthen its UK presence, Wipro will establish new technology and operational service hubs, staffed by experts from both companies. A number of Phoenix employees will transition to Wipro as part of this initiative.
Following the announcement, Wipro’s shares closed 1.33% lower at ₹267.40 on the NSE, compared to a 0.77% decline in the benchmark Nifty. Over the past 12 months, Wipro’s stock has gained 11.45% but declined 11.41% year-to-date. Analyst ratings on Wipro remain mixed, with 19 of 45 analysts recommending a ‘sell,’ 14 suggesting ‘hold,’ and 12 advising a ‘buy,’ per Bloomberg data. The average 12-month price target indicates a potential 7.9% upside.
Published on: March 26, 2025
Indian benchmark indices are set for a potential seventh consecutive day of gains, buoyed by positive global sentiment. GIFT Nifty was up 9.5 points at 23,765.5, signaling a slightly higher opening for domestic stocks. Meanwhile, Wall Street's late-session rally and gains in Asian markets, including Japan’s Nikkei (+0.45%) and South Korea’s Kospi (+0.38%), provide further support.
On Tuesday, the Nifty 50 rose 0.40% to 23,668.6, while the Sensex gained 32.8 points to close at 78,017.19, marking its strongest weekly rally since February 2021.
Key stocks to watch today include:
DLF: Acquired a 50% stake in its subsidiary DLF Urban Private Limited for ₹497 crore, gaining full ownership.
Tata Steel: Appointed three South Wales contractors for its £1.25 billion green steel investment in Port Talbot, generating 300 jobs.
Samvardhana Motherson: Goldman Sachs (Singapore) Pte bought ₹87 crore worth of shares via open market transactions.
IREDA: Raised ₹910 crore through bond issuance to strengthen its capital base.
NCC: Secured ₹10,804.6 crore worth of BSNL contracts for the BharatNet project.
ONGC: Investing ₹3,300 crore in ONGC Green Ltd. and acquiring a 100% stake in Ayana Renewable Power.
Welspun Enterprises: Subsidiary won a ₹328.12 crore contract from BMC for upgrading Mumbai’s Haji Ali Storm Water Pumping Station.
TVS Motor: Singapore subsidiary acquiring an additional 8.26% stake in Switzerland’s GOAG for CHF 500,000 to strengthen its e-mobility presence.
Waaree Renewable Technologies: Received ₹232.3 crore LoA from Waaree Energies for a solar power project.
Star Health: Clarified it had received no regulatory communication on lapses in claim settlements.
Federal Bank: Signed a binding MoU to acquire a 4% stake in Ageas Federal Life Insurance for ₹97.44 crore.
Maruti Suzuki: Received a draft assessment order proposing tax additions of ₹2,966 crore for FY22.
IRFC: Signed a ₹5,000 crore loan agreement with NTPC Renewable Energy for green projects.
Minda Corp: Board meeting scheduled for March 28 to discuss fundraising plans.
Indian Overseas Bank: Received an income tax demand order of ₹558.96 crore, which it says won’t impact operations.
Other stocks in focus include BHEL, Jyothy Labs, Indegene, Aditya Birla Capital, Jindal Stainless, and Granules India. Markets will closely monitor global developments, including the upcoming US reciprocal tariff deadline, for further cues.
Published on: March 26, 2025
Bharti Airtel Ltd. and its subsidiary Bharti Hexacom Ltd. have prepaid an additional ₹5,985 crore to the Department of Telecom, fully clearing their high-cost spectrum liabilities with an 8.65% interest rate from the 2024 auctions. With this latest payment, Airtel has prepaid ₹25,981 crore in spectrum dues for FY25 and a cumulative ₹66,665 crore to date.
The telecom giant has now cleared ₹1.16 lakh crore worth of scheduled instalments nearly seven years ahead of maturity, significantly reducing its debt burden. As a result, Airtel has lowered its average cost of spectrum debt to 7.22% on the remaining ₹52,000 crore liabilities (excluding AGR dues), which are payable in annual instalments until FY42.
Additionally, Airtel’s subsidiary Network i2i voluntarily redeemed $1 billion in perpetual notes issued in FY20, leaving approximately $479 million of outstanding perpetual notes callable in FY26.
Shares of Bharti Airtel initially surged 1.99% to ₹1,765 but later dipped 0.42% to ₹1,737.70 by 2:55 p.m., amid a broader market decline. The stock has gained 43% in the last 12 months and 8.75% year-to-date. Analyst sentiment remains strong, with 30 out of 35 analysts maintaining a 'buy' rating, implying a 7.5% upside based on the average 12-month target price.
Published on: March 26, 2025
Bharti Airtel, along with its subsidiary Bharti Hexacom, has prepaid ₹5,985 crore of high-cost spectrum debt to the Department of Telecom and voluntarily redeemed $1 billion worth of perpetual bonds, according to an exchange filing on March 26.
With this latest move, Airtel has now prepaid ₹25,981 crore in spectrum liabilities for FY25 and a cumulative ₹66,665 crore to date, significantly reducing its cost of debt. The telecom major stated that these payments were made nearly seven years ahead of schedule, with an average interest rate of 9.74%, helping to bring down the overall cost of borrowing.
Following these prepayments, Airtel has cleared ₹1.16 lakh crore in scheduled liabilities and lowered the interest rate on its remaining ₹52,000 crore of spectrum dues (excluding AGR dues) to an average of 7.22%. The company’s spectrum liabilities now extend until FY42, offering a long repayment profile.
This strategic debt reduction comes as Airtel focuses on expanding its 5G network and strengthening its rural 4G coverage while cutting back on additional spending for 4G expansion. The telecom giant remains committed to financial prudence and operational efficiency as it prepares for the next phase of growth.
Published on: March 26, 2025
Larsen & Toubro (L&T) has won its largest order ever, estimated at over $4 billion, from QatarEnergy LNG for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4). This ultra-mega contract—referring to orders above ₹15,000 crore—marks a significant milestone in L&T’s history.
The contract includes engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes. L&T Chairman and MD S N Subrahmanyan called it a "landmark achievement" that strengthens the company’s global energy portfolio and supports Qatar’s energy security goals.
As of December 2024, L&T’s outstanding order book stood at ₹5.64 trillion, its highest ever. The company secured ₹1.16 trillion in new orders in the December quarter alone, with nearly 60% of orders in FY25 coming from international markets, particularly West Asia.
Previously, L&T’s largest order was a $3.9 billion contract for Saudi Aramco’s Jafurah gas project in 2023. The latest win is expected to boost L&T’s order inflows for FY25, reinforcing its projected 10% growth target for the year.
Published on: March 26, 2025
LG Electronics Inc.’s India unit may receive a lower-than-expected valuation for its upcoming initial public offering (IPO) due to recent declines in the Indian stock market. According to sources, the valuation is now estimated between $10.5 billion and $11.5 billion, down from the earlier expectation of up to $15 billion.
Despite the dip in valuation, the IPO—expected as soon as May—may raise as much as $1.7 billion, exceeding initial projections. LG Electronics India filed for its IPO in December and recently secured approval from the Securities and Exchange Board of India (SEBI) for the listing.
The lower valuation comes as India’s Sensex has declined about 10% from its record high in September. If completed, this IPO would be among the largest in India, though still trailing Hyundai Motor India Ltd.’s $3.3 billion IPO last year. Hyundai India’s shares have dropped 11% since their debut, signaling potential challenges for large public offerings in the current market environment.
Published on: March 26, 2025
IndusInd Bank has raised nearly $2 billion (Rs 16,550 crore) in bulk deposits in March, its highest monthly haul in at least two years, as the bank strengthens its funding base following the disclosure of a $175 million accounting discrepancy in its derivatives portfolio. About 85% of these funds were secured after the lapses were revealed.
The surge in bulk deposits, achieved through certificates of deposits (CDs) maturing in three months to a year, comes at a higher cost, with the bank paying 7.90% on one-year CDs—20 basis points more than in February. Analysts view this move as a confidence-building measure to ensure liquidity stability amid concerns over governance.
The Reserve Bank of India (RBI) has reassured that IndusInd Bank remains well-capitalized and financially stable. However, the lender’s stock has declined nearly 27% since the disclosure. While bulk deposits are generally a less preferred option due to higher costs, IndusInd Bank raised nearly 3.5 times more than in the previous month—far surpassing the banking industry's average 40% increase.
Reports suggest that the RBI encouraged certain state-run and private-sector banks to subscribe to IndusInd Bank’s CDs. As of December 2024, the bank's total deposits stood at Rs 4.09 trillion, with retail deposits accounting for 46%.
Published on: March 26, 2025
Reserve Bank of India (RBI) Governor Sanjay Malhotra emphasized the importance of safeguarding financial systems while ensuring customer convenience and financial inclusion. Speaking at the Financial Action Task Force (FATF) Private Sector Collaborative Forum, he noted that over 94% of India’s adult population has a bank account but stressed the need for further expansion.
Malhotra highlighted India’s progress in digital financial services, citing digital KYC, video KYC, and the Central KYC Records Registry, which holds over 1 billion records, as key innovations simplifying customer onboarding. However, he cautioned against redundant KYC processes and called for improved coordination among financial institutions.
Discussing global financial integration, he reiterated India’s commitment to the G20 roadmap for inclusive cross-border payments by 2027, predicting that such transactions will soon become more seamless and cost-effective. He also praised India’s role in driving digital payment adoption, with systems like UPI helping emerging economies advance in financial technology.
Published on: March 26, 2025
Indian benchmark indices traded lower on Wednesday as investors paused after a strong seven-session rally and awaited updates on impending U.S. tariffs. The BSE Sensex fell nearly 550 points to an intraday low of 77,460, while the Nifty dropped nearly 200 points, slipping below the 23,500 mark around 1:26 p.m.
Despite the downturn, analysts remain optimistic due to strong foreign capital inflows and improving domestic macroeconomic conditions. Foreign portfolio investors (FPIs) have been net buyers for four consecutive sessions, with inflows totaling Rs 19,137 crore.
Among stocks, NCC surged over 6% after securing advance work orders worth Rs 10,804.56 crore from BSNL. Sector-wise, Nifty Realty and Nifty Metal outperformed, rising 1.3% and 0.63%, respectively.
Experts suggest that markets may remain resilient unless reciprocal U.S. tariffs are harsher than expected. The Nifty is seen consolidating, with support at 23,400 and resistance at 23,869 and 24,125.
Global markets showed positive sentiment, with Asian stocks tracking Wall Street gains. Meanwhile, oil prices climbed on concerns over supply constraints, and the Indian rupee appreciated 9 paise to 85.68 against the U.S. dollar.
Published on: March 26, 2025
Indian stock markets ended their seven-day winning streak on March 26, as the Sensex tumbled 728.69 points (0.93%) to close at 77,288.50, while the Nifty fell 181.80 points (0.77%) to 23,486.85. Profit-taking in banking and IT stocks ahead of the monthly derivatives expiry triggered the decline, with 25 of the 30 Sensex components closing in the red.
During the session, the Sensex slumped as much as 822.97 points to touch an intraday low of 77,194.22. Market sentiment remained cautious as investors booked gains after the recent rally, leading to a broad-based selloff across key sectors.
Published on: March 26, 2025
Indian benchmark indices, Sensex and Nifty, ended a seven-day winning streak on March 26, as heavy selling in banking, oil & gas, and pharma stocks dragged the market lower. The Sensex closed 728.69 points, or 0.93%, down at 77,288.50, while the Nifty slipped 181.80 points, or 0.77%, to 23,486.85. Market breadth was weak, with 2,799 stocks declining against just 808 advancing.
Experts attribute the consolidation to domestic selling, March-end closing pressures, and investor caution ahead of the April 2 tariff deadline and the RBI’s upcoming policy announcement. Despite the selloff, analysts remain optimistic, citing a weaker dollar, rupee appreciation, and reduced foreign investor outflows as positives.
Among sectors, Nifty Auto managed to close flat, but all other indices ended in the red, with Nifty Bank, PSU Bank, Oil & Gas, and Pharma falling over 1%. IT stocks also declined nearly 1%, while FMCG, Energy, Infra, and Metals posted moderate losses.
Siemens Ltd. surged 7% after NCLT approved its demerger, setting the stage for Siemens Energy India to operate as a separate entity. Meanwhile, Zomato and Swiggy shares fell up to 4% after a downgrade by Bank of America Securities.
IndusInd Bank rebounded over 3% following reports that it is engaging global recruitment firms for top management roles, amid speculation about leadership changes. Analysts see 23,600 as a crucial support level for Nifty, warning that further weakness could push the index toward 23,300.
Published on: March 26, 2025
Goldman Sachs has placed a ‘buy’ rating on HDFC Bank Ltd., forecasting a 14.7% potential upside with a 12-month price target of Rs 2,090. Analysts expect the bank’s pre-provision operating profit (PPOP) to accelerate from 5% to 13% in the next financial year as liquidity conditions improve and the loan-to-deposit (LD) ratio consolidates from a peak of 111% to 98%.
HDFC Bank's stock has outperformed the Nifty 50 over the last six months, benefiting from stabilizing earnings estimates, regulatory easing, and increased investor preference for banking stocks. Analysts cite key growth drivers, including market share gains in deposits, strong loan growth in retail and rural banking, expansion in the credit card segment, and stable asset quality.
At 12:20 p.m., HDFC Bank shares were down 0.24% at Rs 1,816, while the Nifty 50 was down 0.3%. The stock has gained 27% over the past year and 2.5% year-to-date. Of 48 analysts tracking the bank, 42 recommend a ‘buy’ and six suggest a ‘hold,’ with an average price target indicating a 10% upside.
Published on: March 26, 2025
Reserve Bank of India (RBI) Governor Sanjay Malhotra emphasized the importance of securing financial systems while ensuring customer rights and convenience at the Financial Action Task Force (FATF) Private Sector Collaborative Forum. He noted India’s significant progress in financial inclusion, with over 94% of adults having bank accounts, and stressed the need to further expand access.
Malhotra highlighted India's advancements in digital onboarding, including digital and video KYC, and the Central KYC Records Registry, which houses over a billion records. However, he called for improvements to prevent repetitive KYC processes across regulated entities.
He reaffirmed India's commitment to the G20 roadmap for inclusive cross-border payments by 2027, predicting easier and more cost-effective transactions. Additionally, he praised India’s digital payment evolution, crediting UPI for enabling developing economies to leapfrog in financial technology.