Published on: March 17, 2025
Bank of America (BofA) has stated that the potential 10% tariff on Indian pharma imports will be manageable, as manufacturers could pass on the cost to distributors and payers in the generic (Gx) value chain. The brokerage expects limited impact on Apollo Hospitals and Divi’s Labs, despite near-term volatility in the sector.
Concerns around a flat March quarter for the pharma sector are seen as overdone, and while a steep 25% tariff could be significant, BofA highlights portfolio optimization and better generic pricing as potential offsets. Since generic manufacturer margins are below 20%, increased costs could lead to wider drug shortages, supporting a stronger pricing environment for longer than the expected six months.
Stock Market Reaction:
>Dr. Reddy’s Labs surged 4.03% intraday to ₹1,149.7 before trading 3.33% higher at ₹1,142 as of 11:51 AM, outperforming the Nifty 50’s 0.49% gain. Analysts remain divided, with 15 out of 40 recommending a ‘buy’, while 11 suggest ‘hold’ and 14 advise ‘sell’. The 12-month target price of ₹1,346.6 implies a 17.8% upside.
>Cipla, Sun Pharma, Lupin, and Mankind Pharma gained over 2% intraday, with Cipla leading at 2.76% (₹1,494.4), followed by Sun Pharma at 2.03% (₹1,710) as of 11:59 AM.
>Apollo Hospitals, Divi’s Labs, and Alkem Labs traded flat, with Nifty 50 advancing 0.53% as of 12:01 PM.
BofA’s outlook suggests short-term volatility but long-term resilience for the Indian pharma sector, especially for companies with a strong generic drug portfolio and US exposure.
Published on: March 17, 2025
Tata Steel Ltd.’s share price climbed over 1% on Monday, continuing its upward momentum from the previous session. The stock gained after JPMorgan reiterated its 'overweight' rating and raised its target price to ₹180, signaling a 20% upside potential.
JPMorgan’s bullish stance is driven by optimistic earnings growth projections for Tata Steel's European operations, boosted by Germany’s infrastructure fund news and a strong increase in steel price spreads. The brokerage forecasts EBITDA breakeven for Tata Steel Europe in Q1 FY26 and has raised its EBITDA estimates for FY26 and FY27 by 8–11%.
Additionally, expectations of a potential steel output cut from China could serve as a key catalyst for Tata Steel’s growth, though it is yet to be factored into JPMorgan’s estimates. The brokerage also highlighted risks from US tariff policies but noted that rising tensions between Russia and Ukraine could boost European steel prices.
Tata Steel’s stock rose 1.17% intraday to ₹152.6 per share on the NSE before trading at ₹151.5, up 0.47% at 10:48 AM, outperforming the Nifty 50’s 0.35% gain. Over the last 12 months, Tata Steel has risen 6.83%, with a Relative Strength Index (RSI) of 62.21, indicating bullish momentum.
According to Bloomberg data, out of 35 analysts tracking Tata Steel, 21 recommend a ‘buy’, 8 suggest a ‘hold’, and 6 advise a ‘sell’. However, the 12-month consensus target price stands at ₹149.8, implying a potential downside of 0.9%.
Published on: March 17, 2025
Strides Pharma shares climbed 2.8% on the BSE, reaching an intraday high of ₹603 per share in Tuesday's trade. The surge in buying interest followed the announcement that Strides Pharma Global Pte. Ltd., a subsidiary of Strides Pharma, plans to acquire 100% stake in Amexel Pte. Ltd., Singapore.
At 10:30 AM, the stock was trading at ₹599.10, up 2.23%, while the BSE Sensex rose 0.43% to 74,145.46. The company's market capitalization stood at ₹5,521.47 crore, with a 52-week high of ₹804.12 and a low of ₹329.76.
The acquisition is part of Strides Pharma’s strategy to establish a business platform that will facilitate collaborations, procurement, and business engagement between pharmaceutical manufacturers and suppliers in India, China, and Southeast Asia.
Amexel Pte. Ltd., incorporated in Singapore in March 2023, has yet to commence operations. Strides Pharma, a leading global pharmaceutical company based in India, specializes in generic medicines, injectables, and specialty products. With operations in over 100 countries, including the US, Europe, and Australia, the company has a strong presence in anti-retrovirals, oncology, antibiotics, and high-value injectables.
Strides Pharma operates FDA-approved manufacturing facilities and has expanded its capabilities through strategic acquisitions like Agila Specialties. It continues to invest in R&D for complex generics and specialty drugs, positioning itself for growth despite challenges in the competitive pharmaceutical sector.
Over the past year, Strides Pharma shares have surged 53%, significantly outperforming the Sensex’s modest 1.4% gain. Investors will closely monitor how this acquisition supports the company’s expansion plans in Asia.
Published on: March 17, 2025
Shares of IndusInd Bank surged 5% to ₹707 on the BSE in Monday’s intra-day trade following the Reserve Bank of India’s (RBI) assurance about the lender’s financial stability. The private bank had suffered a steep 32% decline between March 6 and March 11, driven by an accounting error that resulted in an estimated ₹1,500-2,000 crore capital loss.
RBI emphasized that IndusInd Bank remains well-capitalized with a Capital Adequacy Ratio of 16.46% and a Provision Coverage Ratio of 70.2% as of Q3FY25. Additionally, the Liquidity Coverage Ratio (LCR) stood at 113% as of March 9, 2025, exceeding the regulatory requirement of 100%. RBI also confirmed that the bank has engaged an external audit team to review its systems and ensure a comprehensive resolution.
Despite RBI’s reassurance, analysts remain cautious due to leadership uncertainty and potential regulatory scrutiny. ICICI Securities and Mirae Asset both downgraded the stock from Buy to Hold, citing concerns over corporate governance, risk management lapses, and uncertainty in leadership, especially as the MD & CEO received only a one-year extension instead of three years.
At current valuations (~0.7x FY27E ABV), IndusInd Bank appears undervalued, but risks related to microfinance exposure, internal control lapses, and regulatory oversight weigh on its investment case. Analysts suggest that key turnaround catalysts include no further negative surprises from the external audit, leadership stability, regulatory clarity, and asset quality improvements in microfinance/unsecured lending.
While the bank continues to recover from last week’s steep decline, investors will closely monitor upcoming developments, particularly regarding audit outcomes, RBI actions, and CEO succession planning.
Published on: March 17, 2025
Indian stock markets are set to open higher today, March 17, 2025, following an extended Holi weekend, with GIFT Nifty futures trading 133.25 points higher at 22,577.5 as of 7:08 AM. The Nifty and Sensex are expected to gain amid strong global sentiment, as Asian and US markets surged last Friday.
Asian indices such as Nikkei (+1.18%), Topix (+1.30%), Kospi (+1.5%), and ASX 200 (+0.67%) saw strong gains, while US markets closed at 2025 highs, with the Dow Jones up 1.65%, S&P 500 up 2.13%, and Nasdaq soaring 2.61%.
Investors will remain focused on US Federal Reserve's monetary policy meeting this week, amid continued uncertainty over President Donald Trump’s tariff policies.
Key Stocks to Watch:
✅ IndusInd Bank: RBI reassures investors about the bank's financial health, citing a Capital Adequacy Ratio of 16.46% and a Provision Coverage Ratio of 70.2%.
✅ Infosys: The IT firm has reached a $17.5 million settlement agreement for its McCamish Systems subsidiary.
✅ Welspun Specialty Solutions: Won a ₹231.78 crore contract from BHEL to supply 4,050 tonnes of stainless steel seamless boiler tubes.
✅ NMDC: Board meeting scheduled today to consider an interim dividend for FY25.
✅ Muthoot Finance: Crossed the ₹1-trillion AUM milestone on March 13, 2025.
✅ KEC International: Secured ₹1,267 crore worth of new orders, including PGCIL transmission projects.
✅ Tata Communications: Appointed N. Ganapathy Subramaniam as Chairman of the Board.
✅ IRFC & Power Grid: Board meetings today to consider interim dividend (IRFC) and ₹341.57 crore investment in two transmission projects (Power Grid).
✅ Zydus Lifesciences: Received USFDA approval for Eluxadoline Tablets (for IBS-D treatment) and cleared an inspection at its API Unit 1 (Ankleshwar) with zero observations.
✅ Shilpa Medicare: USFDA cleared its Raichur plant with no observations.
✅ SignatureGlobal (India): Plans to invest ₹4,000 crore to expand in Gurugram, Haryana.
✅ Brigade Enterprises: Launched Brigade Eternia in Bengaluru with a ₹2,700 crore revenue potential.
✅ Kolte Patil Developers: Blackstone to acquire a 40% stake for ₹1,166 crore via preferential allotment and share purchase agreement.
✅ Tejas Networks: Won a ₹123.45 crore PLI incentive for FY24.
✅ Strides Pharma: Subsidiary in Singapore to acquire 100% stake in Amexel Pte. Ltd. to strengthen India-China pharma ties.
✅ GR Infraprojects: Secured ₹4,262.78 crore Agra-Gwalior Greenfield Road project from NHAI.
✅ Kranti Industries: Received a new export order from Canada’s CGL Manufacturing Inc. for industrial machinery parts.
With strong global cues, investors will closely track sector-specific movements and corporate developments, while keeping an eye on US Fed’s policy stance and global trade uncertainties.
Published on: March 17, 2025
Asian markets rallied on Monday after China pledged new measures to boost consumption, with stocks in Australia, Japan, and South Korea posting early gains. Hong Kong futures also pointed to a higher open following Friday’s 2.1% surge in the S&P 500 and Nasdaq 100, as the US government averted a shutdown. The Golden Dragon Index climbed 2.7% on expectations of Chinese policy support.
Investor attention is now on China’s industrial production and retail sales data for February, as well as government plans to stabilize the stock and real estate markets, lift wages, and boost the birth rate. "These initiatives aim to revive consumer sentiment in China, supporting the global market rally," said Tony Sycamore, analyst at IG Sydney.
Meanwhile, US equity futures dipped as Treasury Secretary Scott Bessent described recent market weakness as "healthy." The 10-year Treasury yield fell 1 basis point to 4.30%, while global investors prepared for key central bank meetings this week, including:
>Bank of Japan (BOJ) – Expected to hold rates after last month’s hike.
>Federal Reserve (FOMC) – Likely to adjust economic growth and inflation forecasts but keep the dot plot unchanged.
>Bank of England (BOE) – Expected to maintain rates.
In commodities, oil prices climbed for a second day on China’s stimulus push, while gold edged higher after a four-day winning streak ended on Friday.
Market Moves:
Stocks:
>S&P 500 futures fell 0.5%
>Hang Seng futures rose 0.6%
>Japan’s Topix gained 1.1%
>Australia’s S&P/ASX 200 advanced 0.8%
>Euro Stoxx 50 futures climbed 1.4%
Currencies:
>Euro: $1.0881
>Japanese Yen: 148.52 per dollar
>Offshore Yuan: +0.1% to 7.2304 per dollar
Crypto:
>Bitcoin: Down 0.6% to $82,679
>Ethereum: Down 0.2% to $1,890.7
Bonds:
>US 10-year yield: Down 2 bps to 4.29%
>Australia 10-year yield: Down 2 bps to 4.40%
Commodities:
>WTI Crude: Up 0.7% to $67.67 per barrel
>Gold: Up 0.2% to $2,990.14 per ounce
With central bank decisions, economic data, and geopolitical developments in focus, markets are bracing for potential volatility in the coming days.
Published on: March 17, 2025
Indian benchmark indices Nifty and Sensex maintained gains on March 17, driven by strong performances in pharma, auto, and banking stocks, though IT and FMCG sectors limited the upside. At 2:45 PM, the Sensex was up 270.30 points (0.37%) at 74,099.21, while the Nifty rose 90.30 points (0.40%) to 22,487.50.
Broader markets outperformed, with mid-cap and small-cap indices gaining 0.7% each, although they remain down 15-20% year-to-date. Analysts predict a stable market with a positive bias, supported by strong macroeconomic indicators, a rebound in GDP growth to 6.2% in Q3 FY25, and cooling retail inflation at 3.61% in February.
Among sectors, Nifty Pharma led with over 1% gains, driven by Dr Reddy’s and Cipla, while Nifty Auto, Bank, Metal, and Infra traded 0.7% higher. On the downside, FMCG, IT, and Oil & Gas saw marginal losses of 0.2-0.3%.
Key Stock Movements:
>Top Gainers: Bajaj Finserv, Dr Reddy’s, Trent, SBI Life Insurance, and Axis Bank.
>Top Losers: Britannia Industries, BPCL, Wipro, Hero MotoCorp, and ITC.
>SpiceJet surged 7% intraday, later paring gains to 2% after CEO Ajay Singh infused ₹294.09 crore via promoter group Spice Healthcare.
>IndusInd Bank rose 2% as RBI reassured investors about its financial stability.
>Mobikwik fell 6% after its IPO lock-in period ended, unlocking 5 million shares worth $16 million.
Market Outlook:
Technical indicators suggest further upside if Nifty surpasses 22,587-22,633, with a potential move toward 23,000. However, a drop below 22,319 could push it down to 21,700, according to Anand James, Chief Market Strategist at Geojit Financial Services.
Published on: March 17, 2025
The State Bank of India (SBI) has decided to postpone its planned ₹15,000 crore ($1.7 billion) bond issuance for the current fiscal year, discouraged by persistently high bond yields despite the Reserve Bank of India's (RBI) policy rate cut and liquidity infusion, sources familiar with the matter said on Monday.
The bank had intended to raise ₹5,000 crore through Basel III-compliant additional Tier-I perpetual bonds and ₹10,000 crore via 15-year infrastructure bonds before the end of March. However, elevated yields on 'AAA'-rated 10-year corporate bonds—up 15 basis points since early February—have prompted SBI to delay its plans until the next financial year starting in April.
"SBI has been monitoring the market, but yields have remained high, making fundraising less attractive," a source said. Despite board approvals, the bank opted to reassess its funding needs in the next fiscal year after reviewing its asset-liability position.
In contrast, state-run peers like Bank of India, Punjab National Bank, and Bank of Maharashtra managed to raise ₹7,252 crore through infrastructure bonds in February—just over half of their intended target. SBI previously raised ₹5,000 crore in October via perpetual bonds at a 7.98% yield.
Published on: March 17, 2025
The Indian rupee surged 20 paise against the US dollar on Monday, closing at 86.80—its strongest level since February 24—driven by back-to-back positive economic data. Intraday, the rupee touched 86.76 before settling higher, according to Bloomberg data.
The domestic unit opened stronger at 86.91 as India's foreign exchange reserves jumped by $15.27 billion to reach $653.97 billion for the week ending March 7. A decline in the US dollar index (DXY), which was down 0.12% at 103.59, also supported the rupee.
India’s merchandise trade deficit for February came in at $14.05 billion, significantly lower than the expected $21.35 billion and down from $19.51 billion a year ago. This, along with softer inflation and robust industrial production data, reinforced investor confidence in India's economic resilience.
Analysts expect the USDINR pair to trade between 86.80 and 87.40 in the near term. "A breakout beyond this range could trigger an additional move of 30–50 paise in the same direction, keeping market participants on high alert for potential volatility," said Amit Pabari, Managing Director of CR Forex Advisors.
Published on: March 17, 2025
JM Financial, in its latest report on the utilities and power equipment sector, highlighted the Modi government's continued push to achieve its ambitious 500GW renewable energy target by 2030. The brokerage noted that while significant progress has been made in resolving grid connectivity and Power Purchase Agreement (PPA) issues, land availability remains a key challenge, particularly in states like Karnataka.
The report emphasized that global trends in renewable energy policies are likely to influence India's regulatory landscape, with increasing efforts to integrate renewable energy into the grid while maintaining pricing stability. The Central Electricity Regulatory Commission (CERC) has proposed restricted injection rights to improve renewable energy integration, benefiting wind power projects. Additionally, the Ministry of Power has amended TBCB guidelines to expedite PPA signings, aiming to clear the backlog of over 40GW worth of renewable projects.
JM Financial maintained its 'Buy' ratings on stocks such as Tata Power, Suzlon Energy, BHEL, Inox Wind, and Power Grid, while setting price targets for key players in the sector. The brokerage also issued a 'HOLD' rating for Coal India and a 'SELL' recommendation for SJVN. With continued government support and policy adjustments, the renewable energy sector is expected to see accelerated capacity additions in the coming years.
Published on: March 17, 2025
Tata Power Delhi Distribution (Tata Power-DDL) has signed a Memorandum of Understanding (MoU) with FSR Global to enhance smart grid innovation and policy research. This partnership will focus on conducting in-depth research, publishing technical papers, and sharing industry knowledge to promote best practices in the power sector.
The collaboration aims to accelerate the deployment of smart grid technologies, improving the reliability, efficiency, and resilience of India's power infrastructure. Additionally, the initiative will extend beyond technological advancements, emphasizing capacity building across Indian utilities and sharing India's experiences with other Global South nations.
As part of this partnership, Tata Power-DDL and FSR Global will work together on key projects, including the Smart Grid Observatory (SGO) Community, to demonstrate innovative smart grid use cases.
Tata Power-DDL, a joint venture between Tata Power and the Government of NCT of Delhi, serves around 9 million people in North Delhi. FSR Global, an independent regulatory hub, focuses on advancing energy transitions in the Global South.
Published on: March 13, 2025
The worst of the US stock market correction may be over, with credit markets signaling a lower risk of recession, according to JPMorgan Chase & Co. While small-cap stocks are pricing in a 50% probability of a US recession, credit markets imply just 9% to 12%, strategists Nikolaos Panigirtzoglou and Mika Inkinen wrote in a March 12 note.
The market downturn, triggered by growth concerns and shifting trade policies under President Donald Trump, has pushed the S&P 500 down nearly 9% from its February peak, with tech stocks entering correction territory. Analysts from Goldman Sachs and Citigroup have downgraded their US equity outlooks, further fueling investor anxiety.
JPMorgan attributes the recent selloff more to quant fund position adjustments than to fundamental concerns over a recession. Macro hedge funds, such as Brevan Howard, are cutting risk after a performance slump erased last year’s gains.
Despite the turmoil, US equity ETFs continue to see inflows, and rebalancing by mutual funds, pension funds, and sovereign wealth investors could inject around $135 billion into the market. JPMorgan strategists believe this could provide stability and signal that most of the correction is behind us.
Published on: March 13, 2025
HDFC Mutual Fund has increased its stake in IndusInd Bank to 5.02% through various schemes, even as the bank’s stock faces selling pressure due to accounting discrepancies related to internal derivatives trading.
IndusInd Bank’s share price closed 1.84% lower at ₹672.10 on March 13, extending its losses after a 27.17% plunge on March 11 when the lender disclosed accounting inconsistencies. The bank estimates a net loss of ₹1,520 crore (₹1,970 crore gross) from the issue, impacting 2.35% of its net worth in Q4 results. However, it expects to still report a small profit.
Despite the turmoil, the stock rebounded 4.38% on March 12 after promoter Ashok Hinduja expressed full confidence in MD & CEO Sumant Kathpalia’s leadership.
On March 11, HDFC Mutual Fund acquired 15.92 lakh shares (0.20% stake) through open market transactions, increasing its total holding from 4.82% (3.75 crore shares) to 5.02% (3.91 crore shares). The move signals institutional confidence in the bank’s long-term prospects, even as its stock has plunged 32% in March.
Published on: March 13, 2025
Jio Finance, a wholly-owned unit of Jio Financial Services, has made its debut in the debt market with a ₹1,000 crore commercial paper (CP) issuance, ahead of its first bond sale later this month, according to merchant bankers familiar with the matter.
The company issued three-month CPs at a yield of 7.80%, with bids accepted for ₹1,000 crore ($114.95 million). The move is seen as a precursor to its upcoming ₹3,000 crore bond issuance, expected within the next 15 days, before the financial year-end (March 31, 2025). The five-year bonds are likely to carry a coupon rate of 7.75%.
Jio Finance’s debt instruments hold top-tier credit ratings, with its bonds rated ‘AAA’ and CPs rated ‘A1+’ by Crisil and Care Ratings. Analysts cite the company's strong capital structure, robust liquidity, and experienced management as key strengths, alongside its holding of 6.1% in Reliance Industries (RIL).
The bond issue is expected to be launched once Jio Finance secures commitments from key investors, marking an important step in its fundraising strategy and expansion in the non-banking financial services sector.
Published on: March 13, 2025
Tata Motors shares fell over 2% to ₹655 on March 13 after the company reported a 9% drop in domestic sales to 77,232 units in February, compared to 84,834 units a year ago. Investor sentiment was also impacted by muted auto sector growth as per the Society of Indian Automobile Manufacturers (SIAM) data and reports that Jaguar Land Rover (JLR) has suspended plans to build electric vehicles (EVs) in India.
According to Reuters, JLR has halted work on its India EV plans for the past two months due to difficulties in maintaining a price-quality balance for locally sourced EV parts. This slowdown in demand is also expected to delay Tata Passenger Electric Mobility’s premium Avinya EV launch. Tata Motors had begun constructing a $1 billion plant in Tamil Nadu in September 2024, which is set to produce 2.5 lakh cars annually at full capacity within the next 5-7 years.
SIAM’s February report showed passenger vehicle sales at 3.78 lakh units, marking a 1.9% year-on-year increase but a 5% decline from January 2025. While upcoming festivals like Holi and Ugadi could drive demand, overall sector performance remained subdued, particularly in two-wheelers, which saw a 9% drop.
Despite recent market weakness, Tata Motors shares have recovered from their 52-week low of ₹606 on March 3, but remain significantly below their 52-week high of ₹1,179. Analysts hold mixed views on the stock:
>Nomura: ‘Buy’ rating, target ₹861
>Macquarie: ‘Outperform,’ target ₹826
>CLSA: ‘High Conviction Outperform,’ target ₹930, citing confidence in JLR’s FY25 targets
>Nuvama: ‘Reduce’ call, target ₹720, noting that tariff concerns on JLR can be offset by price hikes.
Going forward, investors will be watching for signs of recovery in Tata Motors’ EV strategy and overall auto sales momentum.