Published on: March 18, 2025
Shares of three leading Non-Banking Financial Companies (NBFCs)—Shriram Finance, Muthoot Finance, and Sammaan Capital—jumped up to 5% on Tuesday after global ratings agency S&P Ratings upgraded their long-term ratings by one notch.
Among the three, Sammaan Capital led the gains, closing 4.75% higher, followed by Shriram Finance with a 3% gain, and Muthoot Finance rising 1.6%. S&P raised the long-term issue ratings of Shriram Finance and Muthoot Finance from "BB" to "BB+", while Sammaan Capital's rating improved from "B" to "B+".
S&P attributed the upgrades to improved regulatory oversight by the Reserve Bank of India (RBI), which has strengthened financial stability and encouraged sustainable growth among NBFCs. RBI's differentiated, scale-based regulations have reinforced risk management, transparency, and compliance, benefiting top-tier financial firms.
Company-Specific Insights:
>Muthoot Finance: Despite some expected stress in its microfinance subsidiary, the company’s gold loan portfolio remains strong and highly collateralized, ensuring stable asset quality. S&P expects Muthoot to maintain its dominant market position and increase long-tenure funding.
>Shriram Finance: The company is projected to sustain its leadership in used-commercial vehicle financing due to deep market penetration and strong borrower relationships. Despite loan growth projections of 17-19% over the next two years, Shriram Finance's capitalization is expected to remain strong, with a risk-adjusted capital (RAC) ratio of 13.5-14%.
>Sammaan Capital: The firm is successfully winding down its legacy stressed assets with minimal financial impact. Strong capital reserves will help it manage any potential credit losses, while sufficient liquidity is expected over the next 12 months.
The rating upgrades reflect improving financial health and resilience within India's NBFC sector, signaling a positive outlook for investors.
Published on: March 18, 2025
Top mutual funds in India offloaded IndusInd Bank shares worth ₹1,600 crore in February 2025, just before the bank disclosed an accounting discrepancy, leading to its largest single-day stock decline on record. Data from Nuvama Alternative & Quantitative Research revealed that this was the biggest reduction in holdings among Nifty 50 stocks.
According to a report by Motilal Oswal Financial Services, mutual fund ownership in IndusInd Bank declined by 7.4% to ₹20,020 crore, with fund houses collectively reducing their holdings by 7.3% to 20.22 crore shares. Major sellers included Kotak Mutual Fund, which sold shares worth ₹510 crore, and Motilal Oswal Mutual Fund, which offloaded ₹126 crore. In contrast, Quant Mutual Fund increased its stake, purchasing shares worth ₹305 crore.
Accounting Discrepancy and Market Impact:
On March 10, IndusInd Bank disclosed an accounting issue related to derivative transactions conducted before April 1, 2025. The estimated financial impact stands at ₹1,577 crore, or 2.35% of the bank’s net worth. Following this revelation, the stock price crashed by 27% on March 11, wiping out nearly ₹20,000 crore in market capitalization and leading to its inclusion in the Futures & Options (F&O) ban list.
CEO Sumant Kathpalia stated that the discrepancy was identified between September and October 2024, and the Reserve Bank of India (RBI) was given a preliminary update last week. A final impact assessment is expected by early April after an external review.
RBI’s Assurance and Stock Recovery:
Following the sharp decline, IndusInd Bank shares showed signs of recovery after the RBI reassured customers that the bank remains "well-capitalized" with a "satisfactory" financial position. The central bank has directed the bank’s board to take necessary corrective measures.
At 1:05 PM on March 18, IndusInd Bank shares were trading slightly higher at ₹678.25 (+0.19%) on the BSE, indicating some stability after the initial panic selling.
Published on: March 18, 2025
State Bank of India (SBI) has decided to postpone its planned bond fundraising for the current fiscal year, citing persistently high bond yields despite a recent policy rate cut and liquidity infusion by the Reserve Bank of India (RBI), sources revealed on Monday. The bank had planned to raise ₹15,000 crore (approximately $1.7 billion) through bond sales before March-end but will now wait until the next financial year, starting in April.
According to sources, SBI was waiting for a favorable market entry but found bond yields remained elevated, making fundraising less attractive. Yields on India’s ‘AAA’-rated 10-year corporate bonds have risen by 15 basis points since early February, even after the RBI reduced the repo rate by 25 basis points.
SBI’s planned bond issuance included ₹5,000 crore through Basel III-compliant additional Tier-I perpetual bonds and ₹10,000 crore via 15-year infrastructure bonds. The bank had previously raised ₹5,000 crore in October at a yield of 7.98% through perpetual bonds.
While SBI has deferred its plans, other state-run banks such as Bank of India, Punjab National Bank, and Bank of Maharashtra collectively raised ₹7,252 crore through infrastructure bonds in February—just over half of their intended target. SBI will reassess its funding requirements in the next fiscal year based on market conditions, sources added.
Published on: March 18, 2025
Indian equity markets surged for the second consecutive session on March 18, with the BSE Sensex reclaiming the 75,000 mark and the NSE Nifty closing above 22,800. The rally was broad-based, with all sectoral indices ending in the green, driven by positive global cues and fresh buying in large-cap stocks.
The Sensex jumped 1,131.31 points (+1.53%) to close at 75,301.26, after hitting an intraday high of 75,385.76. Meanwhile, the Nifty gained 325.55 points (+1.45%) to settle at 22,834.30. The broader market also saw strong participation, with the BSE Midcap and Smallcap indices climbing over 2% each.
Top Gainers:
Zomato led the rally with a surge of over 7%, while ICICI Bank, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, Asian Paints, Titan, Kotak Mahindra Bank, and State Bank of India posted notable gains. Sectoral indices such as capital goods, consumer durables, metals, power, and realty gained between 2-3%.
Bajaj Finserv Declines After Allianz Stake Purchase Announcement:
Bajaj Finserv was among the few laggards, falling over 1% after announcing plans to buy Allianz SE’s 26% stake in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance. Other underperformers included Bharti Airtel, Tech Mahindra, and Reliance Industries.
Global & Analyst Outlook:
Asian and European markets closed higher, while Wall Street’s recent gains further boosted investor sentiment. Analysts believe strong domestic earnings, a softer dollar index, and declining crude oil prices will continue to support the market. However, persistent foreign institutional investor (FII) outflows and uncertainty over global tariffs may keep some investors cautious.
With strong momentum in place, analysts expect further upside in the near term, provided global cues remain favorable and corporate earnings continue to outperform expectations.
Published on: March 18, 2025
On March 18, Indian small and midcap stocks surged amid a broad market rally, pushing the Nifty Smallcap 100 up nearly 2% and the Nifty Midcap 100 over 1%. This marked the second consecutive session of gains for small-cap stocks after a recent correction phase. Experts believe the pullback has brought valuations closer to historical averages, creating fresh investment opportunities.
Welspun Living led the small-cap surge, gaining nearly 9% to trade at ₹127 per share, rebounding from its 52-week low of ₹105 in February. Triveni Turbine followed closely, rising 8% to ₹549 on strong trading volumes, despite being near its 52-week low of ₹458.40.
Among midcaps, Paytm emerged as the top gainer, jumping nearly 7% to ₹737 after its subsidiary, Paytm Money, secured SEBI’s approval to offer research analyst services. This marked the stock’s highest level in March. PB Fintech, the parent company of Policybazaar, also gained nearly 5%, trading at ₹1,420. Other notable midcap gainers included NLC India (up 5%), Indian Hotels Company (over 4% higher), and IREDA (up 4%).
IREDA’s stock rose after the company raised its borrowing limit by ₹5,000 crore for the current fiscal, snapping a six-day losing streak. The broader small and midcap segment had been under pressure due to foreign selling and global uncertainties, including trade tensions linked to former US President Donald Trump’s tariff policies.
However, market experts now see a turnaround. Morgan Stanley India’s Ridham Desai noted that small and midcaps have corrected over 20% from their recent highs, easing valuation concerns. He believes the Indian market now appears more attractive than it has in months, indicating a potential recovery ahead.
Published on: March 18, 2025
Indian benchmark indices Nifty 50 and Sensex surged over 1% on Tuesday, driven by strong domestic institutional buying and positive global market sentiment. The Nifty 50 jumped 1.55% intraday to hit a high of 22,857.8, marking its best intraday rally since March 5, while the Sensex soared 1.63%, crossing the 75,000 mark. By market close at 3:30 PM, the Nifty settled at 22,834.3 (+1.45%), and the Sensex ended at 75,285.39 (+1.5%).
The rally was broad-based, with the Nifty small-cap 250 rising 2.66% and the mid-cap index gaining 2.06%. Analysts suggest that Nifty’s breakout above its 20-day exponential moving average (DEMA) has led to renewed buying interest in large-cap stocks. Technical experts predict the Nifty could move towards 22,900-23,000 in the near term.
The positive market momentum was further supported by strong economic indicators. India’s retail inflation eased to a seven-month low of 3.61% in February, raising hopes of a potential rate cut by the Reserve Bank of India in April. Additionally, industrial output (IIP) growth surged to an eight-month high of 5.01% in January, signaling economic recovery.
Global factors also played a role, with Asian markets rallying in response to Wall Street’s two-day surge. Japan’s Nikkei rose 1.26%, China’s CSI 300 gained 0.28%, and Hong Kong’s Hang Seng jumped 2.16%. In the U.S., the S&P 500 and Nasdaq 100 closed higher on Monday amid lower-than-expected retail sales data, which boosted investor sentiment.
Financial stocks led the rally, with ICICI Bank and HDFC Bank climbing 2.83% and 1.58%, respectively, while Kotak Mahindra Bank gained 1.26%. The Nifty Bank index also rose 1.45%, making financials the top-performing sector.
Domestic institutional investors (DIIs) played a crucial role in supporting the market, buying stocks worth ₹6,000 crore on Monday, even as foreign investors continued to sell. So far in 2025, DIIs have invested ₹1.83 trillion, offsetting the ₹1.69 trillion sell-off by global funds.
With improving economic data, strong domestic liquidity, and a positive global outlook, analysts believe the Indian stock market could continue its upward momentum in the near term.
Published on: March 18, 2025
On Tuesday, March 18, Paytm announced via an exchange filing that it has received approval from the Securities and Exchange Board of India (SEBI) to offer research analyst services through its investment platform, Paytm Money. This will enable the fintech company, owned by One-97 Communications, to provide SEBI-compliant research services, including investment insights, research reports, and data-driven analysis.
Following the announcement, shares of One-97 Communications surged by approximately 3% in early trading. The new research and advisory services will be integrated into the Paytm Money app, aiming to enhance user experience and provide expert-backed insights to retail and institutional investors.
Additionally, earlier this month, Paytm introduced a new feature called ‘UPI Trading Blocks,’ allowing automatic payment deductions from bank accounts for equity trading. Built on NPCI’s UPI infrastructure, this feature eliminates the need for users to enter a UPI PIN for each transaction, ensuring transparency and efficiency in fund management. Currently, UPI Trading Blocks is available for Axis Bank (@ptaxis) and Yes Bank (@ptyes) UPI handles, with plans to expand support to State Bank of India (@ptsbi) and HDFC Bank (@pthdfc) soon.
Published on: March 17, 2025
Hero MotoCorp (HMC) shares fell 2% to ₹3,455.30 on the BSE in Monday’s intra-day trade, marking their lowest level since November 2023. The stock has dropped 24% from its February 2025 high of ₹4,520.95 and has corrected 45% from its 52-week high of ₹6,245 in September 2024.
Investor concerns have mounted due to declining market share, executive departures, and underwhelming new product launches. CEO Niranjan Gupta will step down on April 30, 2025, with Executive Director Vikram Kasbekar set to take over as Acting CEO. HMC has also lost key executives in recent months, including its Chief Human Resources Officer, Chief Technology Officer, and Chief Operations Officer.
Despite a 4.3% increase in two-wheeler sales for April-February FY25, analysts remain cautious. BOB Capital Markets has cut earnings estimates for FY26 and FY27 due to rising competition and EV investments. However, Axis Securities is monitoring HMC’s EV strategy, new product rollouts, and its expansion into international markets. The marriage season, government initiatives for rural income, and higher disposable income could provide near-term support to HMC’s sales, particularly in the 100-110cc and 125cc segments.
Published on: March 17, 2025
Maruti Suzuki India Ltd. has announced its third price hike in three months, citing rising input costs and operational expenses. In an exchange filing on Monday, the company stated that the price increase of up to 4% will take effect from April 2025, varying across different models.
While Maruti Suzuki continues to focus on cost optimization, it emphasized that some of the increased costs must be passed on to consumers. This follows two prior price hikes on January 1 and February 1, reflecting ongoing cost pressures in India's auto industry, the world’s third-largest car market.
Published on: March 17, 2025
Tata Motors Ltd announced that its Board will meet on March 19, 2025, to consider the issuance of ₹2,000 crore in rated, listed, unsecured, redeemable non-convertible debentures (NCDs) on a private placement basis, as per a regulatory filing with the BSE.
The news coincides with HSBC upgrading Tata Motors’ rating to "Buy" from its previous stance, though the target price has been lowered to ₹840 from ₹930. HSBC attributed this revision to the stock’s recent de-rating, noting that Tata Motors' Jaguar Land Rover (JLR) division is trading at 1.8 times its FY26 estimated EV/EBITDA, positioning it at the lower end of its historical valuation range.
Stock Market Reaction:
Tata Motors' shares responded positively to these developments, rising 1.01% to ₹662.15 as of 11:25 a.m. on March 17, 2025. The stock:
>Opened at: ₹665.05
>Intraday High: ₹666.45
>Intraday Low: ₹659.05
>Previous Close: ₹655.50
The NCD issuance and HSBC’s upgraded rating reflect investor confidence in Tata Motors’ long-term prospects, despite recent stock performance challenges.
Published on: March 17, 2025
Tata Motors' share price jumped 1.5% to an intraday high of ₹665.50 on the BSE in early trade on March 17, 2025, following the company’s announcement that its Board Committee will meet on March 19 to consider the issuance of Non-Convertible Debentures (NCDs) worth up to ₹2,000 crore.
In a regulatory filing, Tata Motors stated that the NCD issuance would be rated, listed, unsecured, and redeemable, conducted via private placement. This move signals the company’s intent to raise fresh capital for potential business operations and expansion.
NCDs are fixed-income instruments that provide structured returns but, being unsecured, they are not backed by assets. Investors will closely assess Tata Motors' creditworthiness and debt-servicing capability in response to this issuance.
Tata Motors Share Price Trend:
📉 1-Year Decline: -32.64%
📉 Year-to-Date (YTD) Loss: -12.53%
📉 6-Month Drop: -33.94%
📉 3-Month Decline: -17.10%
📉 1-Month Fall: -4.13%
Despite a long-term downtrend, the latest NCD issuance may indicate strategic efforts to strengthen the company’s financial position and fund future business needs. Investors will watch for further developments following the Board’s decision on March 19.
Published on: March 17, 2025
Tata Asset Management has introduced the Tata BSE Quality Index Fund, an open-ended factor-based index fund designed to provide investors with exposure to financially strong and high-quality companies. The fund follows the BSE Quality Index, which selects 30 top-performing companies based on key quality metrics such as high Return on Equity (RoE), low financial leverage, and stable accrual ratios.
The subscription period for the fund runs from March 17, 2025, to March 28, 2025. The fund aims to deliver long-term capital growth by mirroring the BSE Quality Total Return Index (TRI) while managing tracking errors.
According to Anand Vardarajan, Chief Business Officer at Tata Asset Management, the fund is the company’s third factor-based index offering, reinforcing Tata's commitment to providing diverse investment options. "The quality factor has historically performed well during economic downturns, offering investors stability during market volatility," he added.
Fund Details:
>Scheme Type: Open-ended index fund
>Category: Other scheme – Index funds
>Exit Load: 0.25% if redeemed within 15 days of allotment
>Minimum Investment: ₹5,000 (in multiples of ₹1 thereafter)
>Fund Managers: Kapil Menon & Rakesh Prajapati
Who Should Invest?
This fund is suitable for investors seeking:
✅ Long-term capital growth
✅ Returns aligned with the BSE Quality Total Return Index (TRI)
✅ Exposure to high-quality, financially stable companies
Published on: March 17, 2025
Coal India share price continued its upward momentum on March 17, rising over 2% in intraday trade on the NSE, driven by strong growth prospects and attractive valuation. The stock hit a high of ₹387.05, before settling at ₹383.25, up 1.31% at 12:50 PM. Over the past month, Coal India has surged 8%, outperforming the Nifty 50, which declined over 2% during the same period.
Is Coal India a Stock to Buy?
Analysts remain bullish on Coal India, citing robust demand, stable earnings outlook, and attractive valuations. Motilal Oswal Financial Services has a ‘Buy’ rating on the stock with a target price of ₹480, implying a 27% upside from its previous close. The brokerage expects Coal India’s production to grow at a 6% CAGR from FY24 to FY27, benefiting from increased e-auction sales and higher margins.
Coal India, which produces over 75% of India’s coal supply, is well-positioned to benefit from the country’s growing energy demand as it moves towards a $5 trillion economy. The stock, currently trading at 3.3x FY27E EV/EBITDA, remains below its 10-year historical average, making it an attractive investment.
Technical Analysis and Key Levels to Watch
The stock is showing a bullish reversal, trading near ₹382, with key resistance at ₹385. Analysts suggest a breakout above ₹385 could push the stock toward ₹400, while a failure to hold above this level may result in a retracement to ₹370.
Long-Term Outlook
Experts highlight Coal India’s expansion plans, including coal gasification projects and renewable energy ventures, as key growth drivers. The stock also offers a dividend yield of around 7%, making it an appealing option for income-focused investors.
With strong fundamentals, technical support, and positive brokerage outlooks, Coal India remains a top pick in the PSU sector, with analysts recommending buying on dips for long-term gains.
Published on: March 17, 2025
Vedanta Ltd. Chairman Anil Agarwal on Monday expressed confidence that each of the four demerged entities—aluminium, oil and gas, power, and base metals—could evolve into a $100 billion business. In a letter to stakeholders, he emphasized that the restructuring aims to enhance operational efficiency, create sector-focused independent companies, and unlock significant shareholder value.
Agarwal likened Vedanta to a banyan tree, stating that the independent entities would grow faster and stronger. He assured investors that shareholders would receive one share in each newly formed company, maintaining the overall shareholding structure. Additionally, Vedanta Limited will retain major stakes in Hindustan Zinc, Zinc International, and technology ventures.
He cited India's economic trajectory, predicting the country will become the world’s third-largest economy by 2027, with rising demand for aluminium, copper, and zinc. The de-merger, backed by shareholder and creditor approval, aligns with India's push for critical minerals and transition metals, helping reduce import dependence.
Agarwal highlighted Vedanta’s 4.7x return on investment over the past five years and an 81% dividend yield. He stressed that government support will further strengthen global competitiveness and maximize the potential of India’s natural resources, similar to Australia, Chile, and Guyana.
Published on: March 17, 2025
The Bombay High Court on Monday discharged Gautam Adani, chairman of Adani Enterprises Limited (AEL), and Rajesh Adani, managing director of AEL, from a Serious Fraud Investigation Office (SFIO) case that accused them of manipulating AEL's share prices and violating market regulations, amounting to Rs 388 crore. The court quashed the sessions court’s order that had refused to clear the Adanis and AEL from the charges.
The ruling followed a legal challenge by the Adanis, represented by senior advocates Amit Desai and Vikram Nankani, who argued that there was no merit in the proceedings. In 2012, SFIO had filed a chargesheet alleging that the Adanis, in collaboration with stockbroker Ketan Parekh, manipulated share prices, linking the case to the 1999-2000 stock market scandal involving Parekh.
While a magistrate court discharged the Adanis and AEL in 2014, a sessions court reversed this in November 2019, citing unlawful gains of Rs 388.11 crore by the Adani promoters and Rs 151.40 crore by Ketan Parekh. The sessions court ordered the case to proceed, but the Bombay High Court stayed the proceedings and extended the stay until Monday’s decision.
In February 2023, the high court questioned the SFIO about delays in the case, particularly after the Hindenburg Research report accused the Adani Group of stock manipulation and accounting fraud, drawing widespread public scrutiny.