Published on: March 4, 2025
Bharti Airtel has urged the Telecom Regulatory Authority of India (TRAI) to expand its regulatory oversight to include over-the-top (OTT) messaging platforms like WhatsApp and Telegram to curb the rising menace of spam and fraud. In a letter to TRAI secretary Atul Kumar Chaudhary, Airtel’s Vice-Chairman and MD, Gopal Vittal, proposed:
✔ Extending the Digital Consent Acquisition (DCA) framework to OTT platforms.
✔ Enforcing Know Your Customer (KYC) verification for OTT users.
✔ Integrating OTT services into the centralised spam blacklist system.
Airtel argues that while regulations have curbed spam via SMS and voice calls, fraudsters are increasingly misusing OTT communication platforms, which currently operate with minimal oversight.
Industry Pushback & Regulatory Challenges:
>Telecom operators, including Airtel, Reliance Jio, and Vodafone Idea, have criticized TRAI’s latest spam-control measures, stating they do not address the growing issue of spam via OTT platforms.
>Financial fraud via messaging apps has surged, with telcos warning that phishing scams, identity theft, and security breaches are becoming more common due to the lack of regulatory checks on OTT platforms.
>TRAI officials clarified that OTT platforms fall under the jurisdiction of the Ministry of Electronics and IT (MeitY), which has been alerted to these concerns.
Penalty Hike & Airtel’s Proposed Solutions:
>Under TRAI’s new spam-control framework, telecom operators face hefty fines starting at ₹2 lakh for an initial violation, escalating to ₹5 lakh for a
>second offence and ₹10 lakh for repeated breaches. Persistent non-compliance could lead to service suspensions.
>Vittal urged TRAI to introduce global standards to prevent Calling Line Identification (CLI) spoofing, a common fraud tactic.
>Airtel also advocated for stricter licensing rules and penalties for telemarketers (TMs) and principal entities (PEs), arguing that telecom service providers act as intermediaries, while TMs and PEs generate the actual spam content.
With spam and fraud increasingly shifting to OTT platforms, telecom operators are pushing for a comprehensive regulatory framework to ensure user security, accountability, and a level playing field between traditional telecom services and digital messaging apps.
Published on: March 4, 2025
Jio Financial Services (JFS) shares surged 3.5% on the BSE, reaching an intraday high of ₹208 per share, after the company’s board approved the acquisition of 7.9 crore equity shares of Jio Payments Bank (JPBL) from the State Bank of India (SBI). The acquisition, valued at ₹104.54 crore, will make Jio Payments Bank a wholly-owned subsidiary of JFS.
At 2:59 PM, JFS stock was up 3.14% at ₹207.25, while the BSE Sensex was down 0.11% at 73,005.56. The company’s market capitalization stood at ₹1,31,668.86 crore. Over the past year, JFS shares have declined 37.7%, underperforming the Sensex’s 1% drop.
Key Highlights of the Deal:
✔ JFS currently holds 82.17% of Jio Payments Bank’s equity.
✔ Post-acquisition, JPBL will become a wholly-owned subsidiary of JFS.
✔ The deal is not a related party transaction, and none of JFS’s promoters or group companies have any interest in it.
✔ The acquisition is subject to RBI approval and is expected to be completed within 45 days after clearance.
Jio Financial Services, a subsidiary of Reliance Industries, is a key player in the digital financial ecosystem, offering a range of financial products and services. This move further strengthens Jio’s position in the financial sector, leveraging its vast digital and telecom infrastructure.
Published on: March 4, 2025
The State Bank of India (SBI) has decided to divest its entire 17.8% stake in Jio Payments Bank to Jio Financial Services (JFS) for ₹104.5 crore, making the payments bank a wholly-owned subsidiary of JFS.
JFS, which currently holds an 82.17% stake, confirmed the acquisition in an exchange notification on Tuesday, stating that its Board of Directors approved the purchase of 79 million equity shares from SBI at ₹13.22 per share. At this valuation, Jio Payments Bank’s total equity value stands at ₹586 crore.
The deal is subject to Reserve Bank of India (RBI) approval and is expected to be completed within 45 days post-approval. Following the announcement, JFS shares closed 3.02% higher at ₹716.15 on Tuesday.
Jio Payments Bank & Industry Overview:
>Jio Payments Bank commenced operations in April 2018 and, as of December 2024, has 1.89 million CASA customers.
>It is one of five payments banks in India, alongside Airtel Payments Bank, Fino Payments Bank, India Post Payments Bank, and NSDL Payments Bank.
>Payments banks can accept deposits up to ₹2 lakh but cannot provide credit. They operate branches with employees and business correspondents but are not required to issue passbooks for customer deposit accounts.
This strategic move will give Jio Financial Services full control over Jio Payments Bank, potentially paving the way for expansion and deeper integration with Reliance’s digital financial ecosystem.
Published on: March 4, 2025
Prudential Plc is considering seeking a $12 billion valuation for ICICI Prudential Asset Management Co. (ICICI Pru AMC) in a potential initial public offering (IPO), according to sources familiar with the matter. The company may file its initial draft prospectus as soon as May 2025, though discussions are still ongoing and may not necessarily result in a share sale.
As reported by Bloomberg News on February 13, Prudential has hired Citigroup Inc. to assist with the IPO, which could raise around $1 billion. The listing is expected to involve a partial divestment of Prudential’s stake, with the proceeds likely to be returned to shareholders.
ICICI Pru AMC is a joint venture between ICICI Bank Ltd., India’s second-largest private sector lender, and UK-based Prudential Plc. While Prudential has confirmed that it is evaluating a public listing for the asset management arm, a representative declined to comment on further details.
If the IPO proceeds, it could be one of the largest asset management listings in India, reflecting the growing investor interest in the country’s booming mutual fund industry.
Published on: March 4, 2025
India’s total credit card spending in January 2025 reached ₹1,841 billion, reflecting a 14% year-on-year (YoY) growth, despite a 2% month-on-month (MoM) decline due to seasonal factors, as per data analyzed by Asit C. Mehta Investment Intermediates. The decline in spending compared to December 2024 was attributed to a post-festive slowdown and increased consumer caution over rising delinquencies.
Key Credit Card Market Trends:
📉 Transaction Volume & Spending Per Card:
>Total transactions stood at 430 million, up 31% YoY but down 1% MoM.
>Outstanding credit cards declined by 1.2 million from December 2024, bringing the total count to 109 million.
>Average spending per card fell 1% MoM to ₹16,911, but showed a slight 1% YoY increase.
>Average spend per transaction dropped to ₹4,282, down 15% YoY, indicating shifts in consumer behavior.
Market Share Gains Among Leading Banks:
>HDFC Bank expanded its market share to 21.5% (from 20.2% a year ago) through aggressive customer acquisition.
>SBI saw a recovery, increasing its share to 18.8%, adding 240,000 new cards in January alone.
>ICICI Bank improved its position, growing from 16.3% to 16.6%.
>Mid-sized banks showed mixed trends, with IDFC First Bank increasing its market share to 3.1%, while Yes Bank stagnated at 2.2%.
🚨 Regulatory Developments:
The RBI lifted its 10-month ban on Kotak Mahindra Bank’s credit card issuance in February 2025, allowing it to re-enter the market. Kotak’s current market share stands at 4.6%, with expectations of future growth as it resumes card issuances.
Expert Take:
"Although the industry saw moderation in new card issuances and spending, leading banks like HDFC and SBI gained market share through higher card disbursements. Meanwhile, mid-sized banks are adopting a more cautious approach," said Akshay Tiwari, AVP - Equity Research Analyst, Asit C. Mehta Investment Intermediates Ltd.
Despite short-term fluctuations, the credit card industry remains on a strong growth trajectory, with evolving consumer spending patterns and cautious lending practices shaping the market in the coming months.
Published on: March 4, 2025
The Indian equity markets continued their downward trend, with the Nifty 50 index logging its longest losing streak in history—falling for the tenth consecutive session. The Nifty ended down by 37 points at 22,083, while the Sensex slipped 96 points to 72,990. However, the Nifty Bank index managed to buck the trend, closing 131 points higher at 48,245, supported by gains in SBI and HDFC Bank.
Despite overall market weakness, broader markets outperformed, with the Midcap index rising 24 points to 48,008. The advance-decline ratio stood at 3:2, indicating selective buying interest despite the bearish sentiment.
Key Sectoral Highlights:
✅ Oil Marketing Companies (OMCs) rallied 3-4% as crude oil prices fell sharply.
✅ Defence and railway stocks remained strong, with Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL) among the top gainers.
✅ India Cements surged 15%, making it one of the best-performing midcap stocks.
✅ Swiggy & Zomato gained 2-7%, boosted by positive brokerage reports.
Biggest Losers:
🔻 Auto stocks struggled, with Bajaj Auto (-5%) and Hero MotoCorp (-3%) hitting 52-week lows.
🔻 Midcap IT stocks saw selling pressure, with LTIMindtree, Persistent Systems, and Oracle Financial Services Software (OFSS) leading the losses.
🔻 Other major midcap losers included Adani Green, Supreme Industries, Paytm, Jubilant Foodworks, and Coromandel International.
Market Outlook:
While benchmark indices continue to face selling pressure, select pockets of strength in defence, oil marketing companies, and midcap stocks offer some stability. Investors remain cautious as the Nifty extends its record losing streak, with sentiment weighed down by global uncertainties and sector-specific weakness.
Published on: March 4, 2025
Indian equity benchmarks Sensex and Nifty 50 attempted to recover from selling pressure on March 4, following global risk aversion triggered by fresh trade tariffs imposed by US President Donald Trump on China, Canada, and Mexico. At the close, Nifty 50 fell by 0.17%, while Sensex slipped 0.13%. Broader market indices were mixed, with the BSE Midcap index ending flat and the BSE Smallcap index rising over 1%. Both Sensex and Nifty 50 have now retreated 18% and 19%, respectively, from their September 2024 record highs.
Key Gainers:
☑ Coffee Day Enterprises surged 20% after the NCLAT ruled in its favor, dismissing IDBI Trusteeship’s Rs 228 crore bankruptcy plea.
☑ Defence stocks rallied amid increased global demand, with GRSE (+9.6%), Cochin Shipyard (+7.4%), Mazagon Dock (+5.5%), Hindustan Aeronautics Ltd (HAL) (+4.5%), Bharat Electronics, and Paras Defence (up to +3%) gaining. The rally followed Trump's remarks on European security, prompting a reassessment of defence spending.
☑ Tata Motors & Tata Investment gained up to 3% on reports that Tata Capital is targeting an $11 billion IPO valuation, benefiting Tata Group stocks.
☑ SBI rose 3% after Citi upgraded it to 'Buy' from 'Sell' and raised its price target by 15% to Rs 830, citing cost efficiencies and stable Net Interest Margins.
☑ Jupiter Wagons climbed 5% after launching a new e-mobility plant in Indore and unveiling its flagship electric LCV, JEM TEZ.
Key Losers:
🔻 Gensol Engineering tumbled 20%, hitting the lower circuit after CARE Ratings downgraded it to ‘default’ due to delays in loan repayments.
🔻 Bajaj Auto fell 5%, hitting a 52-week low as domestic sales declined 14% YoY, offsetting a 23% export surge.
🔻 Titan declined 2% after Macquarie slashed its price target to Rs 4,000, citing weaker jewellery demand amid rising gold prices.
🔻 Indian Energy Exchange (IEX) lost 2%, despite a 9% YoY rise in traded electricity volume, as lower market clearing prices weighed on sentiment.
🔻 Pharma stocks struggled, with Sun Pharma (-2%) leading losses due to export concerns from Trump’s trade policies. Gland Pharma, Mankind Pharma, Cipla, and others traded lower.
The market remains under pressure, with global trade uncertainties impacting investor sentiment, while selective sectoral strength—especially in defence and financials—offers resilience.
Published on: March 4, 2025
Paytm UPI has launched a new feature that enables stock traders to block funds directly in their bank accounts while trading on brokerage platforms. This eliminates the need to transfer large sums to brokerage accounts, enhancing both security and convenience.
With this feature, traders can use Paytm UPI to set aside a specific amount in their bank accounts instead of moving funds to brokers. The blocked amount continues to earn interest until a trade is executed. Once the trade is completed, the brokerage app automatically deducts the required amount without needing a UPI PIN. Users can also track and manage their blocked funds directly through the Paytm app.
Currently, this feature is available for UPI handles of Axis Bank (@ptaxis) and Yes Bank (@ptyes). Soon, it will extend to State Bank of India (@ptsbi) and HDFC Bank (@pthdfc), making it accessible to a larger user base.
Key Benefits:
✅ No Large Transfers: Funds remain in the user’s bank account, eliminating the need to transfer large sums to brokerage accounts.
✅ Interest Earnings: The blocked amount continues to earn interest until used.
✅ Transparency: Users can track and manage blocked funds via the Paytm app.
✅ Automatic Deductions: Once a trade is executed, funds are deducted without requiring a UPI PIN.
How to Enable UPI Trading Blocks:
1️⃣ Log in to your brokerage account.
2️⃣ Go to the ‘Add Funds’ section.
3️⃣ Select ‘Single Block Multiple Debits.’
4️⃣ Choose Paytm UPI as the payment option.
5️⃣ Enter your UPI PIN to complete the setup.
This new feature is set to simplify trading transactions, offering a seamless, secure, and efficient experience for stock market investors. 🚀
Published on: March 4, 2025
IT stocks fell sharply in early trades on Tuesday, with the Nifty IT index emerging as the worst-performing sectoral index, dropping over 2% to an intra-day low of 36,797.40. By 9:52 AM, the sector had pared some losses but was still trading 1.24% lower.
According to market analysts, the decline in IT stocks is driven by concerns over a US economic slowdown, exacerbated by tariff threats from President Donald Trump. Investors fear that potential tariffs on IT services could disrupt order flows, leading to weaker revenue growth for Indian IT companies.
Key Market Drivers:
📉 Global Factors:
>Wall Street closed sharply lower overnight, with the tech-heavy Nasdaq Composite falling 2.64% to 18,350.19, dragged down by an 8% slump in Nvidia’s shares.
>Trump’s tariff threats on Canada, Mexico, and China add uncertainty, raising fears of inflationary pressures and a US economic slowdown.
📊 Top IT Losers (at 10:08 AM):
>LTIMindtree (-2.96%)
>Persistent Systems (-2.11%)
>HCLTech (-1.62%)
>Infosys (-1.48%)
>Tech Mahindra (-1.26%)
>L&T Technology Services, Mphasis, Wipro, and Coforge were also trading lower.
✅ Only Gainer:
>TCS edged up 0.5%, trading at ₹3,510.55.
Market experts warn that further downside risks remain, given the uncertainty surrounding US trade policies and slowing demand for IT services. Investors will closely watch global cues and IT earnings for signs of stability in the sector.
Published on: March 3, 2025
Indian Railways Finance Corporation (IRFC) Ltd. extended its losing streak to five consecutive sessions on March 3, falling over 3% to ₹109.5. With this continued decline, IRFC has now plunged over 50% from its all-time high of ₹229 in July 2024. The stock has already dropped 27% in 2024 so far, significantly eroding investor wealth.
Despite this sharp correction, IRFC's market capitalization remains at ₹1.43 lakh crore, still higher than 13 Nifty 50 companies, including Tata Consumer, Dr. Reddy’s, and Eicher Motors. However, technical indicators suggest further downside, as the stock’s Relative Strength Index (RSI) is at 24, placing it in oversold territory. IRFC is also trading below all key moving averages, signaling bearish momentum.
Analyst Warnings:
>Investec has a "sell" rating on IRFC, with a price target of ₹50, implying another 50% downside from current levels.
>Jigar Patel of Anand Rathi noted that IRFC has broken below the crucial ₹115 support level. If it fails to reclaim ₹115, the stock could enter a lower trading range of ₹90-₹115, with ₹90 as the next key support.
Adding to the pressure, IRFC is on the government’s potential divestment list to meet Minimum Public Shareholding (MPS) norms, as the government currently holds an 86.36% stake.
IRFC recently entered the Futures & Options (F&O) segment, but lacks significant analyst coverage, with only one analyst actively tracking the stock. Market participants are closely watching its technical levels to gauge whether buyers step in or further downside unfolds.
Published on: March 3, 2025
Hero MotoCorp reported a 17% year-on-year decline in total sales for February 2025, selling 3,88,068 units compared to 4,68,410 units in the same month last year. The decline was primarily driven by lower domestic demand, with dispatches to dealers falling to 3,57,296 units, down from 4,45,257 units in February 2024.
However, exports saw a positive trend, rising to 30,772 units, up from 23,153 units a year ago. Despite the weak domestic performance, Hero MotoCorp remains optimistic about a rebound in sales in the coming months, citing the upcoming marriage season and new product launches as key growth drivers.
Published on: March 3, 2025
Ola Electric Mobility Ltd. is laying off over 1,000 employees and contract workers, marking its second round of job cuts in under five months, as the SoftBank-backed EV maker grapples with rising losses, declining market share, and regulatory scrutiny. The layoffs, spanning procurement, fulfillment, customer relations, and charging infrastructure, amount to over 25% of its 4,000-strong workforce as of March 2024.
Ola is automating parts of its customer relations operations and restructuring logistics and showroom staffing to improve margins and cut costs. A company spokesperson confirmed the restructuring but did not specify the number of layoffs, stating that the changes aim to "improve productivity while enhancing customer experience."
The layoffs come as Ola Electric’s stock has plunged over 60% from its peak since its IPO debut in August 2024. In the December quarter, losses surged by 50%, and the company fell from its position as India's top electric two-wheeler maker. Bajaj Auto and TVS Motor have now surpassed Ola in sales, with Bajaj overtaking Ola as the market leader in December.
On February 7, CEO Bhavish Aggarwal set a 50,000-unit monthly sales target for Ebitda breakeven, but Ola sold only 25,000 units in February, far below expectations. The company also informed investors that vehicle registrations were impacted as it renegotiates vendor agreements to reduce costs.
In December, Ola launched 3,200 outlets in an effort to improve customer service, following reports of up to 80,000 complaints per month. However, despite aggressive expansion, the firm has lost its leadership position in nine of India’s top 10 EV markets, signaling ongoing struggles in a fiercely competitive sector.
Published on: March 3, 2025
The Nifty 50 index has declined 16% from its all-time high of 26,277 on September 27, 2024, leading to a significant contraction in valuation multiples. The index’s trailing price-to-earnings (P/E) ratio has fallen from 40.3 times in March 2021 to 19.7 times, while the price-to-book (P/B) ratio has dropped from 4.2 times to 3.3 times, according to NSE data.
Market veteran Raamdeo Agrawal of Motilal Oswal Financial Services pointed out that valuation multiples tend to overshoot in both directions, warning that further declines could signal an overshoot to the downside rather than just a normal correction.
Among sectoral losers, auto stocks have been hit the hardest, with Hero MotoCorp, Bajaj Auto, and Tata Motors each plunging around 40% since September. However, Agrawal sees this six-month market downturn as a healthy correction following four years of a relentless rally rather than a structural collapse.
Meanwhile, foreign portfolio investors (FPIs) have aggressively sold Indian equities, citing rich valuations and slowing economic growth. On February 28, overseas investors offloaded another ₹12,000 crore worth of shares, bringing total FPI outflows to ₹1.2 lakh crore in 2024 alone. This persistent selling pressure has further weighed on market sentiment, raising concerns over near-term volatility.
Published on: March 3, 2025
Tata Motors Ltd. extended its losing streak to six consecutive sessions, hitting a one-year low of ₹606.20 on Monday before recovering slightly to ₹617.75. The stock has plummeted 43.09% over the past six months, pressured by weak domestic sales, falling EV demand, and Jaguar Land Rover (JLR) headwinds in China.
The company’s domestic sales declined 9% YoY in February to 46,435 units, while electric vehicle (EV) sales dropped 23% YoY to 5,343 units. Analysts believe Tata Motors could continue to underperform in the short term, with support levels between ₹550-575. The listing of Hyundai Motor and Mahindra’s new vehicle launches have further intensified competition, adding to Tata’s challenges.
JLR, which contributes 67% of Tata Motors' revenue, is seeing weaker demand, particularly in China, which accounts for 27% of JLR’s volumes. Despite these headwinds, some analysts remain optimistic about Tata Motors’ long-term growth potential, citing strong fundamentals and undervaluation.
Technically, the stock remains oversold with an RSI of 26.17, trading below its 5-, 10-, 20-, 30-, 50-, 100-, 150-, and 200-day moving averages. Tata Motors has a P/E ratio of 36.75, a P/B value of 7.44, and a return on equity (RoE) of 20.24%.
As of December 2024, promoters held a 42.58% stake in the company. While near-term volatility remains, experts suggest investors with a long-term view may consider holding the stock.
Published on: March 3, 2025
Reliance New Energy Ltd., a unit of Mukesh Ambani-led Reliance Industries, faces potential penalties of up to ₹125 crore ($14.3 million) for failing to meet deadlines for setting up a battery cell plant under India's Production-Linked Incentive (PLI) scheme. The initiative was part of Prime Minister Narendra Modi’s push to reduce import dependence and boost local electric vehicle (EV) battery production. Rajesh Exports Ltd., another company selected under the scheme, also faces similar fines for stalling progress.
The PLI program was designed to create 30 GWh of battery storage capacity, with companies required to achieve a minimum committed capacity and local value addition targets. However, while Ola Cell Technologies, led by Bhavish Aggarwal, has made progress and is set to begin commercial lithium-ion cell production between April and June, Reliance has shifted its focus toward green hydrogen instead.
Experts cite high capital investment requirements ($60-80 million per GWh), global overcapacity, and falling lithium-ion battery prices as key reasons for the slowdown in domestic battery production. This has made importing batteries more cost-effective than manufacturing them in India, dampening investments.
Although Reliance New Energy acquired sodium-ion battery maker Faradion in 2021 and Lithium Werks in 2022, these remain small investments compared to the scale required for large-scale battery cell manufacturing. The delays highlight challenges in India’s manufacturing ambitions, despite PLI success in smartphone production.