Published on: March 3, 2025
Shares of TVS Motor, Mahindra & Mahindra (M&M), Ashok Leyland, and Eicher Motors surged up to 4% in early trade on March 3, as investors reacted positively to robust February auto sales numbers. The Nifty Auto index rose nearly 1%, driven by strong performances from these companies, even as weaker sales from Tata Motors, Hyundai, Maruti Suzuki, Bajaj Auto, and Hero MotoCorp led to selling pressure.
Ashok Leyland exceeded estimates, reporting 17,903 units sold in February, a 2% YoY increase. TVS Motor outperformed expectations, with 10% YoY growth to 4.03 lakh units, fueled by a 34% surge in EV sales and a 26% rise in exports. Eicher Motors’ Royal Enfield sales jumped 19.4% to 90,670 units, while exports climbed 23.2%. M&M posted a 14.8% YoY growth, selling 83,702 vehicles, with passenger vehicle (PV) sales up 19% and exports nearly doubling. The company's tractor sales also rose 18%, supported by strong demand.
Despite the strong performance of select automakers, Emkay Institutional Equities observed that overall auto sector volume momentum slowed in February after festive-driven growth, with two-wheeler declines being less pronounced than PV and CV declines. The firm noted that TVS Motor and Eicher Motors continue to gain market share due to strong product offerings and disciplined pricing, along with a revival in export demand.
Emkay’s top OEM picks include TVS Motors and Eicher Motors in the two-wheeler segment, Maruti Suzuki in passenger vehicles, and Escorts in tractors. The firm expects Maruti Suzuki to benefit from upcoming ICE SUV launches, while most other automakers remain focused on electric vehicle (EV) expansion.
Published on: March 3, 2025
The Nifty Auto index snapped a two-day losing streak, rising nearly 2% on Monday, driven by strong monthly sales data. However, as broader markets erased gains, the index pared some of its rise, closing down 0.39%. Despite its worst performance in six months on Friday, Mahindra & Mahindra (M&M), Eicher Motors, and TVS Motors led Monday’s rebound, while Tata Motors, Bajaj Auto, and Exide declined.
Among the top performers, TVS Motors surged 4.62%, followed by M&M (+4.29%) and Ashok Leyland (+3.12%). Apollo Tyres and Eicher Motors also gained nearly 3%. Meanwhile, Bajaj Auto, Bharat Forge, Bosch, and Samvardhana Motherson posted moderate gains of over 1%, while Maruti Suzuki, Hero MotoCorp, MRF, and Tata Motors remained largely unchanged.
In terms of sales performance, M&M reported a 15% YoY increase, selling 83,702 units in February, with utility vehicle sales up 19% and tractor sales up 17.8%. Maruti Suzuki’s sales rose just 1%, while Tata Motors’ sales fell 8% YoY, with 79,344 units sold. In the two-wheeler segment, Eicher Motors (Royal Enfield) saw a 19% rise, reaching 90,670 units.
According to Morgan Stanley, retail sales remained weak throughout the month, with passenger vehicles and two-wheelers experiencing YoY declines of 6-9%. Wholesale trends showed Eicher, TVS, and M&M outperforming, while Maruti and Hero Moto met expectations, and Tata Motors underperformed.
On the electric vehicle (EV) front, electric passenger vehicle penetration improved by 50 basis points month-on-month to 2.9%. However, Tata Motors' market share in the electric PV segment fell 3% to 42%, while MG’s share declined 2% to 36%.
Published on: March 3, 2025
Adani Group is reportedly reconsidering its $10 billion investment plans in the United States, following a major policy shift under President Donald Trump. The ports-to-energy conglomerate had previously put its US expansion on hold after the US Department of Justice (DOJ) indicted Chairman Gautam Adani and seven associates in an alleged $265 million bribery scheme linked to Indian solar energy contracts.
However, the recent suspension of Foreign Corrupt Practices Act (FCPA) enforcement in the US has raised optimism within the group. According to the Financial Times, Adani Group is now revisiting potential investments in nuclear power, utilities, and an East Coast port project.
The DOJ and the Securities and Exchange Commission (SEC) have accused Adani and top executives—including Sagar Adani and Vneet S Jaain—of securities fraud, wire fraud conspiracy, and misleading American investors. The SEC has also sought assistance from Indian regulators in its probe. In response, Adani Green Energy Ltd (AGEL) denied violations of the FCPA, emphasizing that the charges relate only to securities fraud allegations.
This legal scrutiny comes after the 2023 Hindenburg Research report, which alleged stock manipulation and corporate fraud, triggering a steep decline in Adani Group’s market valuation. The controversy also led to strained global partnerships, with Total Energies—a key investor in Adani’s renewable ventures—reportedly reassessing its association due to reputational risks.
While Adani Group still faces legal hurdles, Trump’s decision to halt FCPA enforcement has fueled speculation that the case against the company may weaken. Additionally, six Republican congressmen have urged US Attorney General Pam Bondi to reconsider the DOJ’s actions, citing concerns over US-India relations and foreign investment deterrence.
Despite the ongoing investigations, Adani Group is actively reassessing its US expansion, with the shifting regulatory landscape potentially providing a more favorable environment for its long-term business ambitions.
Published on: March 3, 2025
Adani Green Energy Ltd (AGEL) announced on Monday that it has successfully refinanced its $1.06 billion construction facility, originally secured in 2021 for India’s largest solar-wind hybrid project in Rajasthan. The long-term financing comes with a 19-year tenor and fully amortized debt structure, ensuring financial stability for the company’s asset portfolio.
This marks Adani Group’s first major fundraising effort since the US Department of Justice (DOJ) indicted Chairman Gautam Adani and other executives on alleged bribery charges. The DOJ accused Adani and his team of making illicit payments to Indian officials to secure solar energy contracts. Following the indictment, AGEL had to cancel a $600 million bond issuance in November 2024, along with a previous bond offering due to unfavorable market conditions.
Despite the governance and regulatory concerns that led to a sharp decline in Adani Group’s US dollar bonds, the conglomerate has denied the allegations, calling them baseless and stating that it will pursue all legal options. The group has reiterated its commitment to high governance standards and transparency.
Meanwhile, reports suggest that Adani Group is reconsidering its US investment plans, following a policy shift under US President Donald Trump. In early February 2025, Trump ordered a halt to Foreign Corrupt Practices Act (FCPA) enforcement, a move that analysts believe could weaken the legal case against Adani executives and pave the way for renewed business expansion in the US.
Published on: March 3, 2025
Adani Green Energy Ltd (AGEL), India’s largest renewable energy company, announced a key milestone in its capital management strategy by successfully refinancing its maiden $1.06 billion Construction Facility, originally secured in 2021 to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan. The long-term financing comes with a door-to-door tenor of 19 years and a fully amortized debt structure, aligning with the asset’s lifecycle.
With this refinancing, AGEL has completed its capital management program for the underlying asset portfolio, ensuring long-term financial stability and access to diverse capital sources. This strategic move supports AGEL’s growth trajectory and sustainable value creation for stakeholders.
The refinancing facility has been rated AA/Stable by three leading domestic rating agencies—ICRA, India Ratings, and CareEdge Ratings—reinforcing AGEL’s strong operational performance and creditworthiness.
As India’s largest renewable energy player, AGEL currently operates a 12.2 GW portfolio across 12 states and has set a target of reaching 50 GW by 2030, contributing to India's clean energy transition and decarbonization goals. The company remains focused on leveraging technology to lower the Levelized Cost of Energy (LCOE), enabling large-scale adoption of affordable renewable power.
Published on: March 3, 2025
IndusInd Bank shares tumbled 4.1% in intraday trade on the BSE, hitting a low of ₹947.8 per share, following a bulk deal by Integrated Core Strategies (Asia) Pte, which offloaded 50.86 lakh shares at ₹986.74 per share. By 11:42 AM, the stock had pared some losses but was still down 2.96% at ₹959.65, underperforming the broader BSE Sensex, which was down 0.5%. The bank’s market capitalization stood at ₹74,750.18 crore, with its 52-week high and low at ₹1,576 and ₹923.4, respectively.
The stock decline comes amid weak financial performance in Q3, where the private lender reported a 39% year-on-year drop in net profit to ₹1,401 crore. Rising provisions and contingencies, which surged 87% to ₹1,744 crore, weighed on earnings, while gross non-performing assets (NPA) worsened to 2.25% from 1.92% a year ago.
Microfinance NPAs climbed to ₹2,432 crore, making up 9% of the bank’s total loan book. Additionally, net interest income fell to ₹5,228 crore from ₹5,296 crore a year earlier. Over the past year, IndusInd Bank shares have plummeted 35%, significantly underperforming the Sensex, which declined just 0.91% in the same period.
Published on: March 3, 2025
Indian equity markets continued their downward trajectory on March 3, with the Sensex and Nifty slipping 0.5% around noon, dragged by oil & gas and financial stocks. This decline followed a broader market selloff triggered by concerns over slowing domestic growth and aggressive U.S. tariffs. Despite opening higher in an attempt to rebound from their longest monthly losing streak since 1996, indices erased early gains as global uncertainties loomed large.
At 11:50 AM, the Sensex was down 330 points at 72,865, while the Nifty dropped 100 points to 22,015. Market breadth remained weak, with 2,280 stocks declining against just 337 advancing on the NSE. The broader small- and mid-cap indices fell over 20% from record highs, officially entering bear market territory.
Foreign institutional investors (FIIs) have been relentless sellers, offloading ₹58,988 crore worth of Indian equities in February, while domestic investors stepped in with net buying of ₹64,853 crore. Analysts attribute the FII outflows to high valuations and attractive U.S. bond yields, though recent declines in U.S. 10-year bond yields to 4.2% could ease selling pressure.
Despite concerns, India’s GDP growth for Q3 improved to 6.2% from 5.6% in Q2, with expectations of above 7% growth in Q4, signaling a cyclical recovery. Market experts believe the ongoing correction presents a buying opportunity for long-term investors.
Sectorally, Nifty Oil & Gas was the worst-hit, shedding 2% due to declines in Reliance Industries, ONGC, and GAIL. Reliance fell 3% to a 16-month low, dragged by reports of potential fines related to its battery cell plant. On the Nifty 50, Adani Enterprises, Bajaj Finserv, IndusInd Bank, RIL, and Coal India were among the biggest losers, slipping 2-4%.
Meanwhile, IT stocks outperformed, with Infosys, Wipro, and Grasim gaining close to 2%. Market analysts expect further volatility, with key support levels at 22,000 and 21,281 on the Nifty.
Published on: March 3, 2025
Reliance Group companies witnessed a significant erosion of market capitalization on Monday, losing ₹40,511.91 crore as market-wide weakness weighed on stocks. The total market cap of these companies declined to ₹17.46 lakh crore, with Sterling & Wilson Renewable Energy Ltd. leading the losses, followed by Just Dial Ltd. and Balaji Telefilms Ltd.
Reliance Industries Ltd. (RIL), the flagship company of the group, was the third biggest loser in the NSE Nifty 50 and the second largest dragger in terms of point contribution. RIL, which holds the second highest weightage in the benchmark index, extended its losing streak, marking its second consecutive session in the red. Barring Thursday’s session, the stock has fallen in three of the last four trading days.
On Monday alone, RIL’s market capitalization dropped by ₹35,319.49 crore to ₹15.89 lakh crore, contributing significantly to the overall decline in Reliance Group stocks.
Published on: February 28, 2025
India’s G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, has strongly advocated for India's leadership in the electric vehicle (EV) sector, emphasizing that domestic automakers like Tata Motors and Mahindra will not allow Tesla to dominate the Indian market.
Speaking at BS Manthan, Business Standard’s flagship thought leadership summit, Kant highlighted the need for India to electrify its two-wheeler and three-wheeler segments, which already hold a strong export base. “If India fails to electrify these segments, it risks losing its market dominance,” he warned.
EV Growth & Tesla’s Challenge
Kant believes India has a major opportunity to lead the global EV market if the government acts decisively. He called for:
>A complete shift to EVs, starting with government adoption—“The government should not buy any fossil fuel cars and should be the first driver of EV adoption.”
>Competing with global EV players, stating “Tatas and Mahindras will not allow Tesla to succeed. Their prices are very competitive.”
>India’s potential to dominate the EV supply chain, just as China controls 70% of the global EV market, 80% of critical minerals, and 78% of solar energy production.
Currently, Tesla holds only 11% of the global EV market, while China’s BYD leads with 20%. Kant emphasized that India must seize this opportunity through strong government policies and industrial support.
Policy Reforms Needed for Faster Growth
While acknowledging the government’s progress, Kant urged faster implementation of policies, particularly at the state level, and criticized bureaucratic inefficiencies: “Our economists are communists, and our bureaucrats have a socialist mindset.”
His key policy recommendations included:
>Accelerating India’s GDP growth to 8.5-9% instead of the usual 6%.
>Simplifying state regulations to create a more business-friendly environment.
>Faster urbanization, as 46% of India’s workforce is still in agriculture and needs opportunities in cities.
>Expanding the Production-Linked Incentive (PLI) scheme to build large-scale domestic companies.
>Scrapping outdated rules to unleash private sector potential.
Kant concluded that India must act decisively to compete with China and global EV players, using the US’ retreat from UN climate commitments as an opportunity to establish itself as a clean energy leader.
Published on: February 28, 2025
Tata Motors shares continued their downward spiral, hitting a 52-week low of ₹630.15 on Friday, February 28, amid persistent selling pressure. The stock has now fallen for nine consecutive sessions, losing over 46% from its peak, wiping out nearly ₹2 lakh crore in market value.
The decline is driven by weak demand for Jaguar Land Rover (JLR) in key markets like China and the UK, coupled with softness in India’s domestic passenger vehicle (PV) segment. Additionally, potential US import tariffs on European-made vehicles pose a risk to JLR’s US sales, which account for 25% of its total retail volumes.
According to Motilal Oswal Financial Services, Tata Motors’ total auto sales for February 2025 are expected to drop 5.7% YoY to 81,505 units from 86,406 units last year.
>Passenger Vehicle (PV) sales are projected to fall 7.3% YoY to 47,560 units.
> Commercial Vehicle (CV) sales are likely to decline 3.3% YoY to 33,945 units.
Technical Analysis: More Downside Ahead?
On the technical charts, Tata Motors failed to sustain its breakout at ₹1,065 and has now tested key support levels.
Anshul Jain, Head of Research at Lakshmishree Investment and Securities, pointed out that Tata Motors hit its downside target of ₹659, but selling pressure remains strong.
The next major support lies at ₹589, a critical weekly and monthly level. If this level breaks, further downside is likely.
Stock Performance:
Past Month: Down 13%
Year-to-Date (YTD): Down 15%
Past Six Months: Down 41%
Past Year: Down 34%
Past Two Years: Up 50%
Past Five Years: Up 390% (Multibagger Returns)
At 10:20 AM, Tata Motors was trading 2.18% lower at ₹634.10, with a market capitalization of ₹2.33 lakh crore. Investors are advised to monitor key support levels, as further downside could emerge if selling pressure persists.
Published on: February 28, 2025
The Production-Linked Incentive (PLI) scheme for automobiles and auto components is likely to witness a subdued response in FY26, as per the Outcome Budget 2025-26 data. Despite its goal of boosting advanced automotive technology production, the strict qualification criteria, policy uncertainty, and regulatory challenges have made it difficult for companies to meet eligibility requirements.
Launched in 2021, the PLI Auto scheme offers incentives for automakers investing in next-generation vehicle technologies. The first round of payouts was made in January 2025, with Mahindra & Mahindra and Tata Motors receiving nearly ₹246 crore for FY24. However, for FY26, the government expects to disburse only ₹336.77 crore, a fraction of the ₹2,818.85 crore allocated to the scheme.
According to Alok Rai, Director of Public Affairs at the Society of Manufacturers of Electric Vehicles (SMEV), the scheme’s restrictive qualification norms limit participation to select companies, slowing sales growth and delaying compliance. EV makers, in particular, face uncertainty over fiscal policies, making long-term investment decisions difficult.
While the PLI Auto scheme is in effect until FY29, challenges such as supply chain disruptions, regulatory delays, and frequent policy changes have further dampened industry enthusiasm. Despite its intended role in accelerating India’s automotive transition, the scheme’s impact remains limited, and further revisions may be necessary to improve industry participation.
Published on: February 28, 2025
Auto companies are bracing for a subdued sales report in February, with weak retail sentiment and sluggish footfalls in urban markets contributing to a challenging month. While wholesale sales data (from automakers to dealers) shows pressure across segments, certain players like Mahindra & Mahindra (M&M), Eicher Motors, and TVS are expected to post positive year-on-year growth.
Two-Wheelers: Rural Demand Helps, But Not Enough
The rural market outperformed urban areas in February, supported by agriculture-driven sentiment and seasonal marriage demand. However, Hero MotoCorp did not benefit much, while TVS Motors gained traction, especially in exports. TVS is clocking around 1 lakh export sales per month, with high demand for models like the TVS Jupiter 110 (2-week waiting period) and TVS Ronin. Meanwhile, Bajaj Chetak outperformed TVS iQube in select markets due to its metal body.
Eicher Motors (Royal Enfield), which shifted its Q2 strategy to prioritize volume growth over EBITDA margins, has gained momentum, making it the fastest-growing two-wheeler brand in the listed space.
Passenger Vehicles: Mahindra Stands Out, Others Struggle
The passenger vehicle segment witnessed sluggish demand, with M&M being the only exception. The company is expected to report mid-teen growth, while Maruti Suzuki and Hyundai Motor India may post flat to low single-digit sales growth. Tata Motors, which has seen a 3% decline in sales over the first 10 months of FY25, is expected to continue struggling in February.
Despite weak demand, most car manufacturers raised prices by about 1% this month, an interesting trend observed by Motilal Oswal. Rural footfalls continue to rise, while urban demand remains stagnant.
Commercial Vehicles: Demand Weak, But Eicher Motors Leads Growth
The commercial vehicle (CV) segment slowed down again in February after some momentum in January. Ashok Leyland and Tata Motors have both posted negative growth in FY25 so far, and February is unlikely to be different. The industry expects a 6-8% decline in retail sales compared to last year, driven by struggling small players and cautious financiers opting for selective lending.
However, Eicher Motors' commercial vehicle arm, VECV, is expected to buck the trend with high single-digit growth, making it the strongest performer among listed CV players.
Tractors: M&M Leads with Strong Momentum
Tractor demand outperformed commercial vehicles, with M&M forecasting 15% growth for the ongoing quarter. The company is expected to post near 10% growth in February, making it one of the few bright spots in the auto sector this fiscal year.
Outlook:
While February was a tough month for the auto sector, market participants expect some recovery in March, driven by agriculture-led demand and seasonal factors. However, urban demand and financing constraints in commercial vehicles remain key concerns for the sector’s near-term outlook.
Published on: February 28, 2025
Godrej Properties Ltd. (GPL) announced on Thursday, February 27, that it has sold 1,398 homes worth ₹1,000 crore in its newly launched residential project, Godrej Evergreen Square, located in Hinjewadi, Pune.
The project, launched in November 2024, has become GPL’s most successful residential launch in Pune, both in terms of sales value and volume. Spanning 1.23 million square feet of sold inventory, Godrej Evergreen Square has a total developable potential of 2.41 million square feet, with an estimated revenue potential of ₹2,045 crore.
Hinjewadi, a major residential and commercial hub, offers excellent connectivity to the Mumbai-Bangalore Highway, Mumbai-Pune Expressway, and key city areas. The upcoming metro line connecting Hinjewadi to Shivaji Nagar, with a station just two minutes from the project, is expected to boost demand further.
Gaurav Pandey, MD & CEO of Godrej Properties, expressed satisfaction with the project’s performance, stating, "We are delighted with the response to Godrej Evergreen Square. This has now become the best-ever launch in Pune residential real estate."
Godrej Properties is on track to exceed its FY25 bookings target of ₹27,000 crore, having already achieved 71% of its annual booking value guidance.
For the December quarter, GPL reported a 5% quarter-on-quarter increase in booking value to ₹5,446 crore, though it declined 5% year-on-year. The company also posted a consolidated net profit of ₹162.6 crore, a significant jump from ₹62.3 crore in the same quarter last year. Revenue surged to ₹968.9 crore, up from ₹330.4 crore year-on-year.
Despite the strong sales momentum, shares of Godrej Properties were trading nearly flat, down 0.54% at ₹1,975.40 on the BSE around 11 AM.
Published on: February 28, 2025
Adani Green Energy Ltd. (AGEL) announced on Friday that its wholly owned subsidiary, Adani Green Energy Twenty Five A Ltd., has commissioned a 275 MW solar power project at Khavda, Gujarat. In a regulatory filing, the company stated that power generation from the plant began on February 28, 2025, further expanding AGEL’s renewable capacity to 12,258.1 MW.
This development follows AGEL’s strong Q3 earnings performance, where the company reported an 85% surge in net profit to ₹474 crore, compared to ₹256 crore in the same period last year. Revenue rose 2.3% year-on-year to ₹2,365 crore.
Meanwhile, AGEL has withdrawn from its planned $1 billion wind energy project in Sri Lanka, despite having secured most approvals. The company cited delays, unresolved environmental clearances, and an ongoing Supreme Court case as key reasons for its decision.
In a letter to Sri Lanka’s Board of Investment (BOI), Adani Green stated that recent discussions with Ceylon Electricity Board (CEB) and government officials revealed plans to renegotiate the project through a newly formed Cabinet-appointed Negotiations Committee (CANC). Following internal deliberations, AGEL decided to withdraw, respecting Sri Lanka’s sovereign choices.
While AGEL continues to expand its footprint in India’s renewable energy sector, its exit from Sri Lanka marks a shift in its international strategy, focusing on projects with clearer regulatory and operational pathways.
Published on: February 28, 2025
India's renewable energy sector is witnessing rapid expansion, with a strong focus on localising the supply chain, developing a skilled workforce, and investing in R&D to sustain growth. Speaking at BS Manthan, industry leaders from Adani Green Energy, Tata Power Renewable Energy, and Suzlon Group shared insights on the sector’s progress, challenges, and opportunities.
Key Highlights:
Amit Singh, CEO, Adani Green Energy Ltd., stressed the importance of localisation in achieving India's ambitious renewable targets. “We need to localise the supply chain, whether for solar modules, wind turbines, or auxiliary equipment. A skilled workforce is equally crucial to drive growth,” he said.
Singh also emphasized the accelerating demand for renewable electricity, stating, “We have crossed 12 GW in total capacity and aim for 50 GW by 2030.”
On policy support, he noted that import duties and subsidies are essential for now but will phase out as the industry matures. He also highlighted the need for efficient plant operations over cost-focused pricing to optimize wind and solar energy production.
Girish Tanti, Founder & Vice-Chairman, Suzlon Group, emphasized that India has the potential to become a global leader in clean technology, but wind energy lacks government incentives, making it harder for OEMs to scale. He called for more support to develop a robust wind energy ecosystem.
Tanti highlighted that India’s wind energy sector has achieved 64% localisation, compared to just 20% in solar, and pushed for greater self-reliance in the renewable energy supply chain.
Deepesh Nanda, MD & CEO, Tata Power Renewable Energy Ltd., expressed confidence in achieving the 500 GW renewable energy target by 2030 and estimated that India could even reach 650 GW by 2032.
Tata Power is aggressively expanding with 6,000 MW operational and another 6,000 MW under construction, backed by government initiatives like the Production-Linked Incentive (PLI) scheme.
On balancing cost and sustainability, Nanda said complex tenders integrating solar, battery storage, and pumped hydro are making green energy cost-competitive with thermal power.
Investment in R&D is critical, Nanda stressed, as India generates 18-20 GW of solar energy annually, yet the sector has historically underinvested in innovation. The PLI scheme has provided ₹2,000 crore in incentives, a rare advantage that few other countries offer.
Tanti reiterated that “Make in India” and localisation are the only ways to create jobs and build India’s global leadership in renewables.
As India’s renewable energy sector grows, experts agree that policy support, talent development, and supply chain localisation will be crucial in achieving long-term sustainability and economic benefits.