Published on: March 12, 2025
Jaguar Land Rover (JLR) has suspended plans to build electric vehicles (EVs) at Tata Motors’ upcoming $1 billion factory in Tamil Nadu, citing cost challenges in sourcing local EV components and slowing global demand for electric cars, according to sources familiar with the matter.
The decision, made about two months ago, also affects Tata Passenger Electric Mobility’s (TPEM) premium Avinya EV models, which were planned to share components with JLR’s EV lineup. Originally, JLR aimed to manufacture over 70,000 electric cars at the plant, while Tata’s EV unit planned 25,000 units. However, those plans have now been put on hold, raising concerns about potential delays in Avinya’s launch beyond its already postponed FY27 timeline.
Tata Motors, the market leader in India’s EV sector, is facing increasing competition from JSW MG Motor, Mahindra & Mahindra, and Tesla, which is finalizing its India entry. EV sales in India account for only 2% of total car sales, making it a tough market for high-end electric models.
Economic and supply chain issues have stalled discussions with local suppliers, who were initially approached in November 2024 for component pricing. Tata is now reworking its product designs after JLR’s withdrawal impacted its cost structure. Despite the setback, Tata Motors stated that it will align production timelines and model selection at the Tamil Nadu plant with market needs and strategic goals.
While construction of the new facility continues, with full capacity expected to reach 250,000 vehicles annually in 5-7 years, JLR’s EV exit raises uncertainties over Tata’s premium electric mobility roadmap and potential further delays in the Avinya project.
Published on: March 12, 2025
Tata Motors announced that its upcoming greenfield manufacturing facility in Ranipet, Tamil Nadu, will ramp up production to 250,000 vehicles annually over the next five to seven years. The plant will manufacture next-generation cars and SUVs for both Tata Motors and Jaguar Land Rover (JLR), with a focus on Indian and international markets.
The company emphasized that production timelines and specific models will align with Tata Passenger Electric Mobility (TPEM) and JLR’s broader strategic goals, ensuring world-class quality and efficiency. Tata Motors is also exploring ways to optimize the supply chain for both brands.
Meanwhile, a Reuters report suggested that JLR has scrapped plans to build EVs at the Ranipet plant due to challenges in sourcing cost-effective, high-quality electric vehicle components. This development is expected to delay Tata’s premium Avinya EV models, which were set to share components with JLR’s EV lineup.
However, a Tata Motors spokesperson reaffirmed that Avinya remains on track for a FY27 launch, as confirmed at the Bharat Mobility Global Expo. The company continues to evaluate its supply chain strategies to meet future production and market demands.
Published on: March 12, 2025
A significant number of highly tracked Indian stocks are trading well below their lowest target prices, raising questions about potential market movements or the need for analyst revisions. According to research by NDTV Profit, out of 5,608 listed Indian companies, only 309 stocks are actively tracked by more than 10 analysts. Among these, 101 stocks are currently trading below their lowest assigned target prices, with 20 stocks down over 15% from their lowest targets.
The five stocks trading at the steepest discounts (over 25%) include:
>Sunteck Realty Ltd. – Strong portfolio expansion and debt-free status, but high exposure to the Mumbai Metropolitan Region poses risks.
>Sonata Software Ltd. – Strong order book and AI-driven growth, but March quarter revenue is expected to decline.
>Dhanuka Agritech Ltd. – Robust pipeline and healthy volumes, yet lowered revenue and EBITDA guidance weigh on sentiment.
>REC Ltd. – Steady asset growth and profitability, but faces competition and soft power demand.
>Mold-Tek Packaging Ltd. – Capacity expansion and high-value product entry are positives, but elevated costs and weak paint segment performance remain concerns.
Other stocks trading at a 15-20% discount from their lowest target prices include Adani Ports, Hindustan Aeronautics Ltd., Power Finance Corp., Prestige Estates, and Krishna Institute of Medical Sciences.
The current market scenario raises two key questions—will analysts revise their target prices, or are these stocks poised for a potential rebound? Investors are closely watching whether these steeply discounted stocks present buying opportunities or indicate deeper structural challenges.
Published on: March 12, 2025
Rapido, India’s popular bike-taxi and ride-sharing platform, is exploring a foray into food delivery, aiming to disrupt the Zomato-Swiggy duopoly, according to a report by The Economic Times. The company is in talks with restaurateurs to design a business model that challenges the high commission structure of existing food delivery giants.
The discussions, though still in early stages, align with Rapido’s broader growth strategy. The startup recently crossed $1 billion in annualized gross merchandise value (GMV) and plans to expand from 100 to 500 cities by 2025. Rapido, which already provides delivery services for individual restaurants using its two-wheeler fleet, is now considering a full-scale entry into online food delivery.
Notably, Swiggy is an investor in Rapido, and while Rapido already facilitates food deliveries for Swiggy, there is no exclusivity clause preventing the startup from launching its own competing service.
The food delivery market in India is facing a slowdown, with restaurateurs pushing back against high aggregator commissions. Zomato’s founder Deepinder Goyal recently attributed the slowdown to systemic challenges in the sector. Rapido’s entry could bring new competition and disrupt existing pricing models in the industry.
Published on: March 12, 2025
The Nifty Metal index fell 0.82% to 8,824.75 on March 12, 2025, as JSW Steel and Tata Steel led the decline following US President Donald Trump’s decision to impose a 25% tariff on steel and aluminum imports. The move, which lacks exemptions, has raised concerns about global metal prices and trade tensions.
The index briefly rose 0.85% to 8,972.60 at market open, but selling pressure intensified. APL Apollo Tubes (-2.91%), Jindal Stainless (-3.10%), and Ratnamani Metals (-1.17%) were among the worst performers. The combined market capitalization of metal stocks declined by ₹12,830 crore to ₹15.77 lakh crore.
Despite the broader downturn, Hindustan Copper and Welspun Corp. bucked the trend, trading in the green. The Nifty 50 also slipped 0.40%, reflecting broader market weakness. Kotak Securities noted that Trump’s executive order to review copper imports could accelerate trade restrictions, adding further uncertainty to the metal sector.
While aluminum prices initially surged after Trump announced a 50% tariff on Canadian shipments, he later retracted the decision, downplaying recession risks. The uncertainty surrounding US trade policy continues to weigh on investor sentiment, with market participants closely watching further developments.
Published on: March 12, 2025
Q3 FY25 earnings released on February 14, 2025, showcased significant profit declines across multiple companies due to rising costs, weakening demand, and macroeconomic challenges.
>Manappuram Finance reported a 52% drop in consolidated net profit to ₹278.46 crore, down from ₹575.31 crore a year ago. However, standalone net profit grew 5% to ₹453.39 crore, with net interest income (NII) rising 13% YoY to ₹1,160 crore.
>IIFL Finance saw an 85% plunge in consolidated profit to ₹81.71 crore, compared to ₹545.19 crore in Q3 FY24. NII declined 14% to ₹947 crore, reflecting weak financial performance.
>Deepak Nitrite Ltd (DNL) suffered a 51% profit decline, posting ₹98 crore in net earnings due to higher input costs and slowing agrochemical demand. Revenue fell 5% to ₹1,924 crore, while EBITDA dropped 40% to ₹190 crore, shrinking margins from 16% to 10%.
Despite challenges, Deepak Nitrite remains optimistic about a demand rebound in the agrochemical sector. Other companies, including Signpost India and Senco Gold, also reported weaker earnings.
More Q3 earnings updates are expected from Reliance Infra, Hindalco, Glenmark, Titagarh Rail, IPCA Labs, and other major firms later today. Investors are closely watching revenue trends, cost structures, and sector-specific headwinds impacting corporate profitability.
Published on: March 12, 2025
Lupin Ltd’s shares fell 2.8% to ₹2,008 on March 12, despite reporting a strong 38.8% year-on-year (YoY) rise in net profit to ₹8,589 crore for Q3 FY25. The company’s revenue surged 102.7% YoY to ₹57,677 crore, driven by robust demand across key markets. EBITDA rose 25.1% to ₹14,096 crore, with margins improving slightly to 21.1% from 21% a year ago.
Despite these strong financials, broader market weakness and recent stock volatility weighed on Lupin’s performance. The stock has gained 29.7% over the past year, but it fell 3.6% in the last five trading sessions and is down 3.7% over the past six months.
Lupin’s net debt stood at ₹1,027 million, with a net debt-equity ratio of just 0.01, reflecting a strong financial position. The company’s board approved the transfer of its OTC consumer healthcare business to a newly formed subsidiary, LupinLife Consumer Healthcare, through a slump sale to expand its consumer health footprint.
Additionally, the USFDA granted Lupin approval for its generic Ipratropium Bromide Nasal Solution (0.03%), which will be manufactured at its Pithampur facility in India. The drug, a generic version of Boehringer Ingelheim’s Atrovent Nasal Spray, is used for symptomatic relief of rhinorrhea in adults and children aged six and older.
Analyst sentiment remains mixed. According to Trendlyne, 19 out of 36 analysts have a "buy" rating, while 10 recommend holding and seven suggest selling. The average target price of ₹2,249 indicates a 12% potential upside from current levels.
Published on: March 12, 2025
Hiring in India’s IT sector is expected to remain subdued until the end of FY26, as companies focus on investments in Generative AI (GenAI) for productivity gains and cost efficiency, according to an ICRA report. The report estimates moderate revenue growth of 4-6% for the industry in the near term.
Major IT firms have ramped up GenAI-based service offerings, training a significant portion of their workforce in AI-driven solutions. Healthcare and BFSI are among the early adopters, fueling AI-related deal inflows, which are expected to rise over the medium term, according to Deepak Jotwani, VP & Sector Head at ICRA.
The attrition rate in the IT sector is expected to stabilize at 12-13%, aligning with historical averages. Meanwhile, employee costs as a percentage of operating income declined to 56.2% in Q3 FY25 from 57% a year ago, driven by moderate wage hikes and cost optimizations. Operating profit margins remained stable at 22.5-23%, a trend expected to continue in FY26.
The report analyzed IT firms including Infosys, TCS, Wipro, HCL Tech, Tech Mahindra, LTIMindtree, Mphasis, Coforge, Persistent Systems, and Zensar Technologies. As GenAI adoption accelerates, companies are expected to optimize costs and improve employee utilization rates, leading to measured hiring and stable profitability in the coming years.
Published on: March 12, 2025
Indian stock markets closed in the red on March 12, 2025, as IT heavyweights Infosys, TCS, and HCL Tech dragged the indices lower. The Sensex fell 73 points to 74,029.76 (-0.10%), while the Nifty 50 dropped 27 points to 22,470.50 (-0.12%). Mid and small-cap stocks underperformed, with the BSE Midcap slipping 0.57% and the Smallcap index down 0.48%. The overall market capitalization of BSE-listed firms fell by over ₹1 lakh crore, dropping below ₹393 lakh crore.
Key Market Drivers:
>Global Uncertainty: Concerns over US President Donald Trump’s trade policies, economic slowdown fears, and rupee depreciation kept investor sentiment weak.
>Sectoral Impact: The Nifty IT index plunged 2.91%, marking its fourth straight day of decline, amid worries about a US recession.
>Advance-Decline Ratio: Market breadth remained weak, with 1,830 declining stocks vs. 993 advancing stocks on the NSE.
Top Gainers & Losers:
>Losers: Infosys (-4.26%), Wipro (-3.31%), Tech Mahindra (-2.77%), Nestle (-2.48%), TCS (-1.93%), HCL Tech (-1.74%)
>Gainers: IndusInd Bank (+4.38%), Tata Motors (+3.12%), Kotak Mahindra Bank (+2.45%), Bajaj Finance (+1.73%)
Market Highlights:
>52-Week Highs: 63 stocks, including Kotak Mahindra Bank, Sarda Energy & Minerals, and Welspun Corp, hit fresh highs.
>52-Week Lows: 274 stocks, including IndusInd Bank, Titan, Dr. Reddy’s, LTIMindtree, and YES Bank, hit new lows.
>Most Active Stocks (by volume): Vodafone Idea (53.94 crore shares), IndusInd Bank (10.87 crore shares), Zomato (8 crore shares).
>Biggest Gainers (>10%): SEPC (+20%), CARYSIL (+19.99%), OCCL (+16.56%), ITDC (+12.46%), NACL Industries (+12.32%).
>Biggest Losers (>8%): Industrial Investment Trust (-9.99%), Indegene (-9.52%), Compucom Software (-9.30%), Cinevista (-8.82%).
While Nifty Bank (+0.42%) and Private Bank index (+0.73%) provided some support, market sentiment remains fragile. Analysts believe valuation corrections and policy measures could stabilize equities in the coming months, but global headwinds remain a concern.
Published on: March 12, 2025
Infosys shares fell nearly 4% on March 12, hitting an intraday low of ₹1,578.35, after Morgan Stanley downgraded its rating to ‘equal-weight’ from ‘overweight’. The brokerage slashed its target price to ₹1,740 from ₹2,150, citing slowing revenue growth and valuation risks in the Indian IT sector.
Morgan Stanley warned of emerging headwinds for Indian IT firms, including slower US GDP growth, an ongoing tech transition cycle, and trade policy uncertainties. Despite a weakening rupee, which usually benefits IT exporters, the Nifty IT index has declined 14% year-to-date in 2025, making it one of the worst-performing sectors.
Infosys remains 21% below its 52-week high of ₹2,006.80 (December 2024) but has gained 16% from its 52-week low of ₹1,359.10 (June 2024). Over the past year, the stock has added 4%, though March alone has seen a 6% decline, following a 10% drop in February.
In Q3 FY25, Infosys posted an 11.46% rise in net profit to ₹6,806 crore, with revenue increasing 7.58% to ₹41,764 crore. Despite raising its revenue guidance, investor sentiment remains cautious.
Morgan Stanley now prefers TCS over Infosys, Tech Mahindra over HCL Tech, and Coforge over Mphasis. The brokerage lowered price targets across the sector, cutting TCS to ₹3,950 (from ₹4,660) and Tech Mahindra to ₹1,550 (from ₹1,750), reflecting broader challenges in the IT industry.
Published on: March 12, 2025
Shares of Indus Towers Ltd fell 8% intraday on Wednesday, closing 4.89% lower at ₹324.80 on the BSE, as market sentiment weakened following Bharti Airtel and Jio’s partnerships with SpaceX to introduce Starlink’s satellite internet services in India. The stock's market capitalization dropped to ₹85,687 crore, reflecting concerns over potential disruptions to traditional telecom infrastructure posed by Starlink’s Low-Earth Orbit (LEO) satellite technology.
Additionally, Vodafone Idea shares slipped 3.54% to ₹7.08, after hitting an intraday low of ₹6.87, as the company continues to lose subscribers, with 1.71 million users exiting in December. Analysts at Motilal Oswal caution that Vodafone Idea's survival depends on stabilizing subscriber losses and securing debt financing for its capital expenditure plans, which aim to bridge the network gap with competitors. However, the success of these plans hinges on financial restructuring and potential government relief.
With Starlink's satellite internet expansion set to reshape India's telecom sector, investors are closely watching how Indus Towers, Vodafone Idea, and other infrastructure-dependent telecom firms navigate this evolving landscape.
Published on: March 12, 2025
Motilal Oswal Financial Services (MOFSL) believes that Indian equities are in the final stages of the current market correction, presenting attractive buying opportunities in fundamentally strong companies. The brokerage firm expects FY25’s modest earnings growth to accelerate into double digits in FY26, driving market recovery once weak sentiment and risk aversion subside.
MOFSL’s top large-cap picks include Reliance Industries (RIL), Bharti Airtel, Hindustan Unilever, L&T, Maruti, Titan, Adani Ports, Bharat Electronics, LTIM, Shriram Finance, JSW Energy, and Polycab. Meanwhile, its preferred small and midcap stocks include HDFC AMC, Coforge, Page Industries, AU Small Finance Bank, JK Cements, Ipca Labs, Godrej Properties, Brigade, Angel One, and Happy Forgings.
The firm highlights that Nifty-50 is trading at a 10% discount to its long-term average, making large-cap valuations more attractive. Additionally, India’s fiscal and monetary policies have turned stimulative, with measures like the ₹1 lakh crore allocation in the FY26 Union Budget to boost consumption. A retracement in global pressures, including easing US bond yields, the dollar index, and the S&P 500, further adds to optimism for a market rebound.
MOFSL remains confident that improving earnings momentum, favorable policy support, and stabilizing global factors will drive long-term upside for Indian equities, positioning them for a strong comeback in FY26.
Published on: March 12, 2025
Bharti Airtel's share price jumped 2% on March 12, 2025, after announcing a partnership with Elon Musk’s SpaceX to bring Starlink’s high-speed satellite internet to India. However, the stock later pared gains after reports emerged that Reliance Jio had also partnered with SpaceX for similar services.
At 9:20 AM, Airtel shares traded at ₹1,689.95, rallying over 5% on the NSE despite weak market sentiment. The non-exclusive nature of Airtel’s agreement with SpaceX was highlighted, as the deal presents a new revenue opportunity but remains subject to regulatory approvals for Starlink’s operations in India.
Airtel, which owns 21.2% of Eutelsat OneWeb, a Starlink competitor, is awaiting spectrum allocation for OneWeb’s India operations. Meanwhile, short-term benefits of the SpaceX deal remain limited, as Starlink has yet to obtain an operating license in the country.
Additionally, Bharti Airtel announced the transfer of a 69.94% stake in Airtel Payments Bank to its wholly owned subsidiary, Airtel Limited, as part of an internal restructuring. The share transfer was approved on March 11, 2025, and will be conducted on an arm’s length basis with necessary regulatory clearances.
Airtel’s Managing Director & Vice Chairman, Gopal Vittal, described the Starlink partnership as a major milestone in enhancing satellite broadband access across rural India, schools, healthcare centers, and businesses, reaffirming Airtel’s commitment to digital connectivity.
Published on: March 12, 2025
Bharti Airtel announced a strategic partnership with Elon Musk’s SpaceX to bring Starlink’s high-speed satellite internet services to India, marking a significant step in expanding broadband access to remote areas. The venture, however, is subject to regulatory approvals for SpaceX to operate Starlink within the country.
Following the announcement, Bharti Airtel’s stock surged 10% in pre-market trading to ₹1,827.30, continuing its strong momentum, with a 4% gain in 2025 so far and a 38% rise over the past year.
Gopal Vittal, MD & Vice Chairman of Bharti Airtel, emphasized that the collaboration would enhance Airtel’s broadband offerings by ensuring seamless and affordable connectivity, even in India’s most underserved regions. Gwynne Shotwell, President & COO of SpaceX, echoed similar sentiments, highlighting the transformative potential of Starlink and acknowledging Airtel’s role in India’s telecom growth.
With over 550 million customers across 15 countries, Airtel is a global leader in telecom services. The partnership with SpaceX reinforces its commitment to technological innovation and strengthening digital connectivity. If regulatory approvals are secured, the agreement is expected to expand Airtel’s service portfolio and revolutionize India's broadband landscape.
Published on: March 12, 2025
The Reserve Bank of India (RBI) has invited applications for a Self-Regulatory Organisation (SRO) to oversee the Account Aggregator (AA) ecosystem, aiming to enhance coordination and operational efficiency in financial data-sharing. Introduced in 2016, the AA framework facilitates secure exchange of financial data between regulated entities, including banks, insurance firms, and pension funds.
The SRO-AA will help standardise agreements, manage dispute resolution, and ensure smoother adoption of the AA framework, which involves multiple regulatory bodies, including RBI, SEBI, IRDAI, and PFRDA. Applications must be submitted via the PRAVAAH portal by June 15, 2025. The new Framework for Recognising SRO-AA, introduced by the RBI’s Department of Regulation, outlines eligibility criteria, governance structure, and operational responsibilities for the proposed body.
The Reserve Bank Information Technology Private Limited (ReBIT) will continue to set and publish technical standards for the AA ecosystem. The RBI has stated that its decision on SRO selection will be final unless a resubmission is required.
This move follows the August 2024 recognition of the Fintech Association for Consumer Empowerment (FACE) as an SRO for the FinTech sector. In February 2025, PhonePe Group announced its exit from the AA business, surrendering its NBFC-AA license to focus on other strategic priorities while partnering with existing aggregators.