Published on: March 12, 2025
Shares of Ola Electric Mobility surged up to 3.28% on March 12, 2025, reaching an intraday high of ₹52.58, following the company’s announcement of significant operational improvements and cost reductions. The electric two-wheeler maker stated that its Network Transformation and Opex Reduction Programme, launched in November 2024, has successfully lowered monthly costs by ₹90 crore, reduced vehicle inventory from 35 days to 20 days, and cut delivery times from 12 days to just 3-4 days.
As a result of these measures, Ola Electric expects to achieve EBITDA breakeven in its Automotive segment by Q1 FY26, with full financial benefits materializing by April 2025. The company also reported an increase in daily vehicle registrations, now exceeding 800 per day, surpassing average sales in early 2025.
Despite these operational improvements, Ola Electric posted a net loss of ₹564 crore in Q3 FY25, widening from ₹376 crore in Q3 FY24. Revenue from operations fell 19.4% year-on-year to ₹1,045 crore. Kotak Institutional Equities, in its February 8 report, noted that higher warranty provisions, employee rationalization, and discounts impacted EBITDA but expects losses to narrow from FY26 due to cost efficiencies and the shift to the Gen-3 platform.
Ola Electric, led by Bhavish Aggarwal, holds approximately a 35% market share in India's electric two-wheeler market. The company is focused on vertical integration in EV production, including battery and component manufacturing. As of March 12, its market capitalization stood at ₹22,781.94 crore. At 11:45 AM, Ola Electric shares were trading 1.45% higher at ₹51.65, while the BSE Sensex was down 0.60% at 73,657.26.
Published on: March 12, 2025
The Reserve Bank of India (RBI) stepped in to ensure IndusInd Bank disclosed its forex derivative losses after the lender delayed provisioning for over a year, according to a Business Standard report. The bank's stock had plunged over 27% on March 11 following its disclosure of discrepancies in its forex derivative portfolio, potentially impacting 2.35% of its net worth. However, the stock recovered 3% on March 12, trading at around ₹676 on the NSE.
IndusInd Bank reportedly classified forex derivative losses as receivables and intangible assets instead of provisioning for them, as required by RBI’s 2023 investment portfolio norms. The bank hired PwC to audit its derivative exposure in November 2024, which may have drawn regulatory scrutiny. The RBI heightened its vigilance after the bank failed to comply with the norms until February 2025, ultimately leading to the public disclosure on March 10.
The bank's stock decline was further fueled by brokerages downgrading the stock after the RBI granted MD & CEO Sumant Kathpalia only a one-year tenure extension instead of the board’s recommended three years. Despite the estimated ₹1,500 crore impact, Kathpalia reassured investors that the bank expects to remain profitable in Q4 FY25. Meanwhile, IndusInd Bank’s promoter, Ashok Hinduja, expressed confidence in the lender’s stability and indicated a willingness to inject capital if needed.
Published on: March 12, 2025
Singapore’s sovereign investment firm, Temasek, has finalized a deal to acquire a nearly 10% stake in Haldiram’s snacks division for approximately $1 billion, according to Reuters. This marks one of the biggest recent investments in India’s fast-moving consumer goods (FMCG) sector, highlighting the growing interest of global investors in the country’s booming snack industry.
Temasek outbid American private equity giant Blackstone, which had offered to acquire a 20% stake at a lower valuation. With Haldiram’s promoters reportedly considering an IPO within the next year, the deal could further enhance the company’s market standing.
Haldiram Snacks Foods, the merged FMCG business of Haldiram’s Delhi and Nagpur branches, holds a significant 13% share in India's $6.2 billion savoury snacks market, according to Euromonitor International. In FY24, Haldiram Foods International recorded net sales of ₹4,551 crore ($550 million), marking an 11% year-on-year growth, with net profits rising to ₹597 crore ($72 million).
Following the transaction, Haldiram Snacks Foods Private Ltd (HSFPL) will oversee the consumer product operations of the entire Haldiram group. With its extensive packaged snacks business and restaurant chain, Haldiram’s continues to attract strong global investor interest, positioning itself for future growth in India’s thriving FMCG landscape.
Published on: March 12, 2025
Indian equity markets remained flat on Tuesday amid rising volatility and subdued global cues. The BSE Sensex slipped 12.85 points to close at 74,102.32, while the Nifty50 gained 37.60 points to settle at 22,497.90. As markets prepare for Wednesday’s session, several corporate developments are expected to drive stock movements.
Reliance Jio added 39.06 lakh subscribers in December, continuing its strong growth momentum. Tata Consultancy Services (TCS) announced a ₹2,250 crore acquisition of commercial real estate firm Darshita Southern India Happy Homes to expand its delivery centers. Bharti Airtel partnered with SpaceX to offer Starlink’s high-speed internet in India, marking a significant step in satellite broadband expansion.
Adani Green Energy commissioned a 250 MW solar project in Andhra Pradesh, taking its total renewable capacity to 12,591 MW. ONGC NTPC Green received CCI approval for a 100% acquisition of Ayana Renewable Power. Meanwhile, PB Fintech’s board approved an investment of ₹696 crore in its healthcare subsidiary.
Other key developments include Rail Vikas Nigam emerging as the lowest bidder for an NHAI project worth ₹554.64 crore, Vodafone Idea losing 17.15 lakh subscribers in December, and Canara Bank reducing MCLR rates across multiple tenures. Godrej Agrovet will fully acquire Creamline Dairy for ₹930 crore, and Tamilnad Mercantile Bank is set to challenge a ₹58.91 crore tax demand.
As global and domestic factors continue to influence market sentiment, investors are advised to monitor key corporate actions and economic indicators for potential market trends.
Published on: March 12, 2025
ICICI Bank and its brokerage arm, ICICI Securities, have confirmed the completion of the delisting process, with March 24, 2025, set as the record date for issuing ICICI Bank shares to eligible ICICI Securities shareholders. As per the approved swap ratio of 67:100, shareholders will receive 100 ICICI Bank shares for every 100 ICICI Securities shares held.
The delisting follows the National Company Law Appellate Tribunal (NCLAT) dismissing petitions challenging the move, citing a lack of shareholding threshold to block the process. The proposal saw strong backing, with 93.82% of equity shareholders and 71.89% of public shareholders voting in favor. However, some retail investors continue to raise concerns about potential undervaluation in the swap ratio.
Shares of ICICI Securities rose 1% to ₹837.90, with a market cap above ₹27,000 crore, while ICICI Bank shares declined slightly to ₹1,239, bringing its market cap below ₹8.8 lakh crore. Despite opposition from minority shareholders, ICICI Bank sees this move as a strategic step to integrate ICICI Securities, enhance corporate governance, and optimize operational efficiency in the financial services sector.
Published on: March 12, 2025
Indian equity markets opened on a cautious note Wednesday, with the Sensex trading marginally higher at 74,123.35 (+0.03%) while the Nifty edged down to 22,486.90 (-0.05%). Technology stocks faced significant selling pressure, with Infosys, Wipro, HCL Tech, and TCS leading the losses amid concerns over the impact of new U.S. tariff policies on global trade.
Auto and banking stocks displayed mixed trends, with Tata Motors surging 3.10% and IndusInd Bank rebounding 2.44% after a sharp fall in the previous session. HDFC Bank and Kotak Mahindra Bank also gained. Meanwhile, BPCL advanced 1.34%, reflecting strength in the energy sector.
Global markets remained volatile following Donald Trump’s return as U.S. president, with U.S. stocks experiencing their worst start to a presidential term since 2009. Trade tensions and geopolitical developments, including Ukraine’s willingness for a 30-day ceasefire with Russia, further influenced market sentiment.
Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 2,823 crore, while Domestic Institutional Investors (DIIs) provided some support by purchasing over Rs 2,000 crore in equities. Analysts advise traders to remain cautious amid ongoing volatility, implementing strict stop-loss strategies and avoiding overnight positions.
Published on: March 11, 2025
Crizac Ltd., a Kolkata-based student recruitment solutions provider, has received final approval from the Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore through an initial public offering (IPO). The IPO consists solely of an offer for sale (OFS) by promoters, with ₹841 crore worth of shares being sold by Pinky Agarwal and ₹159 crore by Manish Agarwal, as per the draft red herring prospectus (DRHP).
Since the IPO is entirely an OFS, the company will not receive any proceeds from the offering. The shares will be listed on the BSE and NSE, with Equirus Capital Pvt. and Anand Rathi Advisors Ltd. serving as book-running lead managers.
Crizac operates as a B2B education platform, connecting global higher education institutions with student recruitment agents in key markets, including the UK, Canada, Australia, Ireland, and New Zealand. As of September 30, 2024, it had over 7,900 registered agents worldwide, processing 5.95 lakh student applications across 135 global universities. With a strong presence in India, the company also has operations in London and consultants in countries like China, Kenya, Ghana, and Cameroon.
Published on: March 11, 2025
India’s electric bus (e-bus) market is expected to grow 3.6 times, reaching over 17,000 units by FY27 compared to 3,644 units sold in FY24, according to a report by CareEdge Ratings. This rapid growth is attributed to declining costs, better charging infrastructure, and strong government support through initiatives like the FAME schemes and PM e-Bus Sewa.
E-buses currently account for just 4% of annual bus registrations, but their penetration is expected to rise to 15% by FY27. Maharashtra, Delhi, and Karnataka are leading the adoption, with state transport undertakings (STUs) increasingly favoring the Gross Cost Contract (GCC) model over outright purchases due to its asset-light advantages. However, concerns remain over STUs’ weak financial health, requiring a robust payment security mechanism to ensure timely payments to operators.
Despite challenges, India’s e-bus market holds immense potential, with only six e-buses per million people compared to the global average of 85. Leading manufacturers—Tata Motors, Olectra, JBM, PMI, and Switch Mobility—dominate the market, holding 88% of the share and a collective order book of 20,000 e-buses. With battery costs decreasing and TCO (total cost of ownership) for AC e-buses already 15-20% lower than diesel buses over 12 years, private operators are also expected to accelerate adoption, expanding beyond intra-city to inter-city routes.
The report highlights that innovative business models will be essential to sustain long-term e-bus adoption in India, ensuring financial viability for both operators and manufacturers.
Published on: March 11, 2025
MK Jain, former Deputy Governor of the Reserve Bank of India (RBI), is set to join Reliance Industries as an advisor, aiding the conglomerate’s leadership in shaping its financial services strategy. Jain, known for his role in turning around IDBI Bank and Indian Bank, had recently chaired the RBI’s standing external advisory committee on bank licensing.
His appointment aligns with Reliance’s ongoing efforts to expand Jio Financial Services, which was spun off as a separate entity in July 2023. The firm, chaired by veteran banker KV Kamath, has been aggressively growing its digital financial services footprint, with subsidiaries like Jio Finance, Jio Payments Bank, and Jio Payment Solutions scaling operations nationwide.
Reliance’s financial services arm is also eyeing the asset management space, with its joint venture, Jio BlackRock Asset Management, awaiting SEBI’s final approval. Jain’s addition to Reliance comes at a time when major Indian conglomerates, including the Tatas, are ramping up investments in financial services, intensifying competition in the sector.
Published on: March 11, 2025
The Competition Commission of India (CCI) has approved ONGC-NTPC Green Pvt Ltd’s (ONGPL) ₹19,500 crore (USD 2.3 billion) acquisition of Ayana Renewable Power Pvt Ltd. ONGPL is a 50:50 joint venture between ONGC Green Energy Ltd (OGL) and NTPC Green Energy Ltd (NGEL).
Last month, ONGPL signed a share purchase agreement to acquire a 100% equity stake in Ayana, making this the second-largest renewable energy deal in India, after Adani Green Energy’s USD 3.5 billion acquisition of SB Energy India in 2021.
Ayana is a leading renewable energy platform with approximately 4.1 GW of operational and under-construction assets across resource-rich states. The acquisition is expected to significantly boost ONGC-NTPC Green’s footprint in India’s fast-growing clean energy sector.
Published on: March 11, 2025
Hitachi Energy India shares slipped 3.3% on Tuesday, hitting an intraday low of ₹12,289 on the BSE, following the launch of its Qualified Institutional Placement (QIP). The company set the floor price for the QIP at ₹12,112.5 per share, a discount of over 4% from the previous close of ₹12,715.35.
As of 11:35 AM, the stock was trading at ₹12,289, while the BSE Sensex was down 0.26% at 73,924.64. The company’s market capitalization stood at ₹52,082.84 crore. The stock has seen significant movement over the past year, surging 94%, compared to the Sensex's modest 0.8% gain.
In a regulatory filing, Hitachi Energy confirmed that the fundraise, approved in a board meeting on January 18, 2025, aims to raise up to ₹4,200 crore through equity issuance, convertible securities, and other financial instruments. The QIP issue follows SEBI’s pricing formula under Regulation 176(1) of the ICDR Regulations, with March 10, 2025, set as the "Relevant Date" for determining the price.
Despite the recent decline, the stock remains well above its 52-week low of ₹6,267.2, though significantly below its 52-week high of ₹16,534.5. Investors will closely watch the QIP's impact on the company’s financial position and stock performance in the coming weeks.
Published on: March 11, 2025
Gensol Engineering Ltd. saw its stock hit the lower circuit for the second consecutive day on Tuesday after promoters infused ₹28 crore through the conversion of warrants into equity at ₹871 per share. Despite the capital infusion, the stock remained under heavy selling pressure following recent financial challenges.
The company recently witnessed the sale of 9 lakh shares (2.37% of total equity) by promoters to improve liquidity and strengthen financial stability. However, they continue to hold a controlling 59.70% stake in Gensol.
Adding to investor concerns, credit rating agencies ICRA and Care Ratings downgraded ₹2,050 crore of the company's debt—including ₹1,640 crore in long-term and ₹400 crore in short-term facilities—to default status.
Gensol Engineering’s stock has been in a free fall, dropping 5% to ₹290.55 per share on Tuesday, following a similar trend last week when it was locked in the lower circuit for three consecutive sessions. The stock has plummeted 68.41% over the past year and 65.80% year-to-date. Trading volumes were 1.9 times the 30-day average, while the relative strength index (RSI) stood at 14, indicating extremely oversold conditions.
Published on: March 11, 2025
Vodafone Idea has failed to submit a bank guarantee of ₹6,090.7 crore or make a cash payment of ₹5,493.2 crore to the Department of Telecommunications (DoT) by the March 10, 2025 deadline, according to The Economic Times. The shortfall pertains to spectrum payments from the 2015 auction, calculated under the pro-rata bank guarantee waiver scheme announced by the DoT in December 2024.
A government official stated that the DoT has not granted any extension and will assess potential actions in the coming days. While the government had waived ₹33,000 crore worth of bank guarantees for telecom operators, Vodafone Idea was required to furnish a guarantee or payment due to a partial shortfall. Unlike rivals Bharti Airtel and Reliance Jio, whose higher spectrum payments exempted them from additional guarantees, Vodafone Idea remains financially constrained.
Adding to its troubles, Vodafone Idea has received a Goods and Services Tax (GST) demand order of ₹16.73 crore from the West Bengal tax authorities. The notice, issued under the CGST Act, cites alleged overuse of Input Tax Credit and underpayment of taxes. The company has stated its disagreement with the order and plans to file an appeal.
With mounting financial pressures and regulatory scrutiny, Vodafone Idea faces critical challenges in navigating its recovery efforts.
Published on: March 11, 2025
Morgan Stanley expects the Sensex to potentially hit 105,000 by December 2025 in a bull-case scenario, marking a 41% gain from current levels. In a base-case scenario, analysts predict the index reaching 93,000, up 25%, while a bear-case outlook sees it sliding 6% to 70,000.
According to Ridham Desai, head of India research at Morgan Stanley, Indian markets are oversold and entering a stock-pickers' phase. Global factors, including US policies and economic growth, will play a key role in shaping market trends. Despite geopolitical tensions and Donald Trump’s tariff-related threats, Morgan Stanley believes valuations are at their most attractive levels since Covid.
As part of its portfolio strategy, the firm remains bullish on cyclicals, defensives, and stocks across all market capitalizations. It has an overweight stance on financials, consumer discretionary, industrials, and technology. Key stock picks include Jubilant FoodWorks, Mahindra & Mahindra, Maruti Suzuki, Trent, Bajaj Finance, ICICI Bank, Titan, L&T, Ultratech Cement, and Infosys.
Morgan Stanley also highlights India’s growing consumer market, energy transition, and rising credit-to-GDP ratio as long-term growth drivers. The firm expects inflation to moderate to 4.3% YoY by FY27, with broad-based consumption recovery supported by tax cuts and rural demand. However, trade policies, US Fed actions, and fiscal discipline at the state level remain critical risks to watch.
Published on: March 11, 2025
IndusInd International Holdings Ltd (IIHL) Chairman Ashok Hinduja has reassured investors that no margin calls have been triggered on pledged shares, emphasizing the promoter group's strong financial backing. He also stated that IIHL has sufficient liquidity to replace pledged shares if necessary, addressing transparency concerns following the recent stock slump.
IndusInd Bank’s shares crashed 23% on Tuesday, hitting a 51-month low of ₹695.25 on the BSE. The sharp decline follows the bank’s disclosure of accounting discrepancies in its forex derivatives portfolio, which could reduce its net worth by ₹1,530 crore (2.35%). The stock has now lost 56% from its 52-week high of ₹1,576 (April 2024) and is down 66% from its all-time high of ₹2,037.90 (August 2018), wiping out nearly ₹20,000 crore in market capitalization.
Investor concerns were further amplified by the Reserve Bank of India's (RBI) decision to approve only a one-year extension for CEO Sumanth Kathpalia, instead of the three-year term requested by the board. Kathpalia acknowledged RBI’s reservations about his leadership but assured that the bank’s growth strategy remains intact. The bank has appointed an external auditor for an independent review, with findings expected by the end of March.