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Trendlyne Marketwatch
Trendlyne Marketwatch
26 Mar 2025
Market closes lower, Maruti Suzuki approves a Rs 7,410 crore investment for capex
By Trendlyne Analysis

Nifty 50 closed at 23,486.85 (-181.8, -0.8%), BSE Sensex closed at 77,288.50 (-728.7, -0.9%) while the broader Nifty 500 closed at 21,275.45 (-162.3, -0.8%). Market breadth is overwhelmingly negative. Of the 2,464 stocks traded today, 435 were on the uptrend, and 2,008 went down.

Nifty 50 closed lower after paring its gains in the morning session. The Indian volatility index, Nifty VIX, fell 1.3% and closed at 13.5 points. NCC closed 1.7% higher as it secured a Rs 10,804.6 crore order from BSNL for developing BharatNet's middle-mile network in the Uttarakhand Telecom Circle and the Madhya Pradesh, DNH, and DD telecom circles.

Nifty Smallcap 100 closed in the red, while Nifty Midcap 100 closed flat. Nifty Media and Nifty Metal closed lower. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 3.5%.

European indices are trading mixed. Major Asian indices closed higher, except for India’s Nifty 50. US index futures are trading mixed, indicating a cautious start to the session. President Trump revealed plans to limit exceptions to his proposed trade tariffs as the April 2 deadline for reciprocal duties nears. Meanwhile, Chewy, Dollar Tree, and Paychex are set to report their earnings later today.

  • Money flow index (MFI) indicates that stocks like HEG, Avenue Supermarts, Manappuram Finance, and Sanofi India are in the overbought zone.

  • Bharti Airtel and its subsidiary, Bharti Hexacom, prepay an additional Rs 5,985 crore spectrum liabilities to the Department of Telecom related to the 2024 auctions. Airtel has prepaid Rs 25,981 crore in spectrum liabilities for FY25, bringing the total cumulative prepayment to Rs 66,665 crore.

  • Maruti Suzuki approves an investment of Rs 7,410 crore to set up its third plant in Kharkhoda, Haryana. The new facility will increase production capacity by up to 2.5 lakh vehicles annually.

  • Bharat Dynamics is rising as it signs a contract worth Rs 4,362.2 crore with the Ministry of Defence (MoD) to supply armaments to the Indian Armed Forces.

  • Godrej Properties acquires three adjacent land parcels on lease from the City and Industrial Development Corporation (CIDCO) for Rs 717 crore to develop a group housing project in Navi Mumbai’s Kharghar. The land spans 6.5 acres, and all agreements have a 60-year tenure.

  • Indian Railway Finance Corp (IRFC) signs a Rs 5,000 crore rupee term loan agreement with NTPC Renewable Energy (NTPC REL). The funds will support capacity expansion projects and refinance existing debt.

  • Brainbees Solutions' board of directors approves an investment worth Rs 146 crore in its subsidiary, Globalbees Brands, by subscribing to its compulsory convertible preference shares. The board also approves an AED 9 million (~ Rs 21 crore) investment in its arm, Firstcry Management DWC LLC, UAE.

  • Siemens rises as the National Company Law Tribunal (NCLT) approves its demerger with Siemens Energy India, effective March 25. Siemens shareholders will receive shares in a 1:1 ratio, with the record date set for April 7, 2025.

  • S&P Global Ratings forecasts India's economy will grow 6.5% in FY26, slightly down from the previous estimate of 6.7%. The firm expects lower inflation and improved borrowing costs to boost consumption, with a planned rate cut likely supporting growth further. Inflation is predicted to fall to 4.4% in FY26, down from 4.7% the previous year.

  • REC's board of directors approves a Rs 1.7 lakh crore borrowing plan for FY26. The plan includes Rs 1.6 lakh crore from domestic bonds, loans, and external commercial borrowings (ECBs), Rs 10,000 crore from short-term loans, and Rs 5,000 crore from commercial papers.

  • Larsen & Toubro’s hydrocarbon arm secures an order of over Rs 15,000 crore from QatarEnergy LNG. The company will develop two offshore compression complexes with power generation facilities on the northeast coast of Qatar.

  • GAIL (India) receives approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) for the capacity expansion of its Dahej-Uran-Dabhol-Panvel natural gas pipeline to 22.5 million metric standard cubic meters per day (MMSCMD) from 19.9 MMSCMD.

  • Star Health and Allied Insurance Co reaches a new 52-week low of Rs 339.9 following reports that the Insurance Regulatory and Development Authority of India (IRDAI) flagged lapses in the company’s claim settlement practices, with potential action expected.

  • Oil and Natural Gas Corp's (ONGC) board of directors approves a Rs 3,300 crore investment in its subsidiary ONGC Green through a rights issue. The funds will be utilised to acquire a 100% stake in Ayana Renewable Power.

  • Manappuram Finance is falling as its board of directors schedules a meeting on March 29 to consider and approve a borrowing plan to raise debt for FY25-26.

  • Indian Overseas Bank receives an income tax demand order worth Rs 559 crore from the Assessment Unit, Income Tax Department, for AY23-24. Meanwhile, the bank's board approves a qualified institutional placement (QIP) of shares worth Rs 1,436.9 crore to Life Insurance Corp of India, IIFL Finance, and the SBI Pension Fund Scheme.

  • Nuvama Alternative & Quantitative Research notes that the inclusion of Zomato and Jio Financial in the Nifty 50 index during the semi-annual rejig on March 27 will bring inflows of up to $391 million (Rs 3,250 crore) and $200 million (Rs 1,660 crore), respectively. The brokerage believes the exclusion of stocks like Britannia Industries and BPCL will result in outflows of $238 million (Rs 1,980 crore) and $225 million (Rs 1,870 crore), respectively.

  • Stylam Industries is rising as the Government imposes an anti-dumping duty on imports of Acrylic Solid Surfaces from China for five years. Stylam Industries accounts for nearly 70-80% of Acrylic Solid Surfaces produced in India.

  • DLF's subsidiary, DLF Home Developers, acquires a 50% stake in DLF Urban for a cash consideration of Rs 496.7 crore from Reco Greens Pte.

  • SIS' board approves a Rs 150 crore buyback of up to 37.1 lakh equity shares (2.6% stake) at Rs 404 per share.

  • Reports suggest that the technology transfer (ToT) deal between General Electric (GE) and Hindustan Aeronautics (HAL) for 80% of the GE F414 engine technology is unlikely to be finalized this month, contrary to HAL's earlier projections. This indicates that negotiations may extend into the coming months, potentially impacting the timelines for India’s indigenous fighter programs, including Tejas MkII and the Advanced Medium Combat Aircraft (AMCA).

  • Minda Corporation is rising as its board of directors schedules a meeting on March 28 to consider and approve raising funds through the issue of one or more instruments/ securities.

  • NCC is rising as it secures a Rs 10,804.6 crore work order from Bharat Sanchar Nigam for designing, supplying, constructing, installing, upgrading, operating, and maintaining BharatNet's middle-mile network in the Uttarakhand Telecom Circle and the Madhya Pradesh, DNH, and DD telecom circles.

  • Welspun Enterprises is rising as its joint venture (JV) with Aaradhyaa & Co, Welspun Michigan Engineers, bags an order worth Rs 328.1 crore from the Brihanmumbai Municipal Corp (BMC). The order involves upgrading the Haji Ali Storm Water Pumping Station in Mumbai.

  • Waaree Renewable Technologies is rising as it secures a Rs 232.3 crore order from Waaree Energies for engineering, procurement, and construction (EPC) of a ground-mounted solar power project. The contract includes turnkey execution and operation and maintenance (O&M) for a 170 MW AC / 255 MW DC capacity.

  • Nifty 50 was trading at 23,701.80 (33.2, 0.1%) , BSE Sensex was trading at 77,983.28 (-33.9, 0.0%) while the broader Nifty 500 was trading at 21,462.85 (25.1, 0.1%)

  • Market breadth is in the green. Of the 2,013 stocks traded today, 1,192 were on the uptrend, and 767 went down.

Riding High:

Largecap and midcap gainers today include Siemens Ltd. (5,418.25, 5.8%), Honeywell Automation India Ltd. (33,732.70, 3.3%) and JSW Infrastructure Ltd. (316, 3.1%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (1,122.55, -4.3%), Indian Renewable Energy Development Agency Ltd. (162.92, -4.1%) and REC Ltd. (425.60, -3.9%).

Volume Rockets

13 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Capri Global Capital Ltd. (194.86, 16%), Siemens Ltd. (5,418.25, 5.8%) and ZF Commercial Vehicle Control Systems India Ltd. (12,689.15, 5.8%).

Top high volume losers on BSE were Amara Raja Energy & Mobility Ltd. (1,039.90, -1.5%), Akzo Nobel India Ltd. (3,325, -0.8%) and LMW Ltd. (16,018.20, -0.5%).

Ashok Leyland Ltd. (214.98, 2.4%) was trading at 4.4 times of weekly average. NCC Ltd. (208.30, 1.7%) and Exide Industries Ltd. (359.10, -0.3%) were trading with volumes 4.1 and 4.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks hit their 52 week highs, while 3 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Chambal Fertilisers & Chemicals Ltd. (618.05, 0.6%), Aavas Financiers Ltd. (2,013.60, 2.9%) and SBI Cards and Payment Services Ltd. (868.60, 1.1%).

Stocks making new 52 weeks lows included - Equitas Small Finance Bank Ltd. (54.91, -3.8%) and Happiest Minds Technologies Ltd. (623.30, -2.3%).

7 stocks climbed above their 200 day SMA including Capri Global Capital Ltd. (194.86, 16%) and HEG Ltd. (499.25, 3.4%). 23 stocks slipped below their 200 SMA including Lemon Tree Hotels Ltd. (131.86, -3.4%) and Suven Pharmaceuticals Ltd. (1,113.10, -3.3%).

 
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The Baseline
25 Mar 2025
Five stocks to buy from analysts this week - March 25, 2025
By Divyansh Pokharna

1. Jindal Stainless:

ICICI Securities maintains a ‘Buy’ rating on this steel manufacturer with a target price of Rs 760. This indicates an upside of 29.2%. Analysts Amit Dixit, Mohit Lohia, and Pritish Urumkar believe the new US tariffs, which apply to all countries, create a level playing field for Jindal Stainless (JSL) to compete in the US market. Additionally, unlike carbon steel players facing a 25% safeguard duty, there is no change in the stainless steel quota for Europe. As a result, they expect the company to maintain its market share in Europe while seeing higher volumes in the US.

The company's 1.2 million tonnes per annum (MTPA) greenfield stainless steel plant in Indonesia, developed with an investment of Rs 1,500 crore, is progressing as planned. JSL’s share in the project is Rs 715 crore, while Singapore’s New Yaking is the other partner. Upon completion, JSL’s total stainless steel capacity will expand from 3 MTPA to 4.2 MTPA.

Dixit, Lohia, and Urumkar believe the low capex required for the 1.2 MTPA project in Indonesia will help maintain JSL’s return on equity (RoE) at 16-18% in the near to medium term. They project the company’s revenue and net profit to grow at a CAGR of 12.6% and 14.6%, respectively, over FY25-27.

2. Bajaj Holdings & Investment:

Sharekhan maintains its ‘Buy’ rating on this holding company with a target price of Rs 14,346. This indicates an upside potential of 14.6%. Analysts highlight that Bajaj Holdings & Investment (BHIL) holds significant stakes in Bajaj Auto (34.21% stake) and Bajaj Finserv (39.03% stake).

Bajaj Finserv owns Bajaj Finance, Bajaj Allianz General Insurance, and Bajaj Allianz Life Insurance. Recently, Allianz SE has decided to divest its entire 26% stake in Bajaj Allianz Life and Bajaj Allianz General Insurance to Bajaj group companies. 

Bajaj Holdings & Investment will acquire a 20% stake in both life insurance and general insurance arms for Rs 18,553 crore, while Bajaj Finserv and Jamnalal Sons will acquire the remaining stake. The deal is expected to close by early FY26. Following the acquisition, the company may explore listing its insurance businesses, potentially unlocking value in the future.

Analysts note that BHIL’s performance depends upon the performance of its key group companies, which ultimately drive its valuations. With most of the key associates performing well, they expect a healthy outlook for all businesses to drive earnings growth, resulting in a healthy dividend income for the holding company.

3. Varun Beverages:

KRChoksey maintains its ‘Buy’ rating on this non-alcoholic beverages company, with a target price of Rs 657, indicating an upside potential of 27%. Analyst Dipak Saha highlights the company's strong CY24 performance was driven by 23.2% volume growth, a better product mix, and strategic acquisitions. Revenue rose 24.7% YoY to Rs 20,008 crore, while net profit increased 25.3% to Rs 2,634 crore.

The company's sales mix was dominated by Carbonated Soft Drinks (CSD), which contributed 74.2% to total sales, followed by packaged water and Juice-Based Drinks (JBD), which accounted for 19.6% and 6.2%, respectively. The company's net capex stood at Rs 4,500 crore, primarily for new plant setups in India and Africa.

Varun Beverages has now become net debt-free after repaying loans using QIP proceeds. Saha mentions that the company has expanded its partnership with PepsiCo, strengthening its snack segment with exclusive Cheetos chips manufacturing and distribution rights in Morocco, Zimbabwe, and Zambia. Additionally, it has increased its footprint in South Africa, Tanzania, and Ghana, further solidifying its presence in the African market.

4. Aurobindo Pharma:

BOB Capital Markets reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 1,451. This indicates a potential upside of 21.4%. Aurobindo’s Eugia Unit 3 operated at over 70% peak capacity in FY24 but dropped to 50% in Q3FY25, leading to US injectable sales hitting an all-time low of $77 million. Analyst Foram Parekh expects capacity utilization to improve to ~65% in Q4 and exceed 70% in FY26, driving US injectable sales recovery to $100-125 million over the next two to three quarters.

The company's Pen-G plant in Andhra Pradesh is currently facing a loss of Rs 60 crore due to a slow ramp-up, and a temporary maintenance shutdown. Its production yield dropped to 170 tonnes per month. Parekh expects this to increase to 350 tonnes per month by the end of March 2025 and 650 tonnes per month in FY26.

Parekh believes increasing market share in the US, higher utilisation at Eugia Unit 3, improved yield at the Pen-G plant, and a strong pipeline of biosimilar products will drive growth. He projects the EBITDA margin to rise from 20.1% in FY24 to 22.4% by FY27.

5. Voltas:

Motilal Oswal maintains its ‘Buy’ rating on this air conditioner manufacturer with a target price of Rs 1,710, indicating a potential upside of 20.3%. The company's management notes that the current demand for room air conditioners (RAC) remains strong. Voltas aims to focus on market share by cutting costs instead of raising prices for profitability.

Analysts Sanjeev Singh, Mudit Agarwal, and Abhishek Sheth note that Voltas lost some market share in January 2025. The company is working to regain its position and expects improvements as production at its Chennai plant scales up. The plant is currently operating at 40-45% capacity and is expected to reach full capacity by FY26.

Singh, Agarwal, and Sheth highlighted that from April 2024 to January 2025, the industry grew 30% YoY, while Voltas' RAC volumes increased by 35% YoY. They expect strong demand for room air conditioners during the summer season of CY25 to boost the company’s growth in Q4FY25. Over the past year, the company's share price has risen by 33.5%.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
25 Mar 2025
Market closes flat, JSW Steel's board approves Rs 1,677 crore buyback at Rs 75 per share
By Trendlyne Analysis

Nifty 50 closed at 23,668.65 (10.3, 0.0%), BSE Sensex closed at 78,017.19 (32.8, 0.0%) while the broader Nifty 500 closed at 21,437.75 (-100.4, -0.5%). Market breadth is highly negative. Of the 2,459 stocks traded today, 493 were in the positive territory and 1,940 were negative.

Indian indices closed flat, with the benchmark Nifty 50 index failing to hold early gains. The Indian volatility index, Nifty VIX, rose 0.7% and closed at 13.8 points. Kalpataru Projects International rose 3.7% as it secured orders worth Rs 2,366 crore in the transmission & distribution (T&D) and buildings & factories (B&F) businesses in India and overseas.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty IT & BSE IT Sector were among the top index gainers today. According to Trendlyne’s Sector dashboard, Retailing emerged as the best-performing sector of the day, with a rise of 1.5%.

Asian indices closed lower, while European indices are trading mixed. US index futures traded in the red, indicating a cautious start to the trading session. The S&P Global Flash US PMI Composite Index rose to a 3-month high of 53.5 in March, up from 51.6 in February, showing stronger business activity. The service sector saw its best growth this year, fueled by higher demand. However, the US Manufacturing Output Index dropped to a 3-month low of 48.8 from 54.5, due to tariff concerns and slower new orders growth.

  • Relative strength index (RSI) indicates that stocks like Aavas Financiers, ICICI Bank, Kotak Mahindra Bank, and Solar Industries are in the overbought zone.

  • JSW Steel rises to its all-time high of Rs 1,074.9 per share as its board of directors approves a buyback of 22.3 crore shares worth Rs 1,676.5 crore at a floor price of Rs 75.3 per share.

  • Bajel Projects secures an order worth Rs 100-200 crore from the Madhya Pradesh Power Transmission Corporation (MPPTCL). The contract involves supplying materials and building 132kV overhead and underground transmission lines along with related infrastructure. It also includes installing power transformers at substations to support the Bhopal Metro Rail Project.

  • Brigade Enterprises acquires a 4.4 acre land parcel in Bengaluru for a residential project. The project has a gross development value (GDV) of around Rs 950 crore.

  • Reports suggest that India may cut tariffs on over half of US imports worth $23 billion (Rs 1.9 lakh crore) in the first phase of a trade deal to avoid reciprocal tariffs. Under the agreement, India is open to reducing tariffs on 55% of US goods it imports, currently taxed between 5% and 30%.

  • Ashiana Housing books 293 units in Jaipur’s Ashiana Nitara project, with a sale value of Rs 173.4 crore. The project consists of 336 units, including 2BHK and 3BHK apartments.

  • KPI Green Energy's subsidiary, Sun Drops Energia, bags multiple orders to develop solar power projects with a total capacity of 13.8 MW under the captive power producer (CPP) segment.

  • Alkyl Amines and India Pesticides are falling after the Directorate General of Trade Remedies (DGTR) imposes an anti-dumping duty on Pretilachlor and Acetonitrile imports from China, Russia, and Taiwan. Pretilachlor, a widely used herbicide for weed control in rice and paddy fields, is produced in significant quantities by both companies in India.

  • Motilal Oswal initiates coverage on Suzlon Energy with a 'Buy' rating and a target price of Rs 70. The brokerage anticipates growth in net cash position through FY27, driven by minimal capex requirements. The company projects India’s wind energy installations to hit 4GW in FY25, 6GW in FY26, and 7-8GW annually from FY27. This outlook presents strong growth potential for its EPC and OMS businesses.

  • SBI Life Insurance receives an income tax order from the Faceless Assessment Unit for AY 2023-24, demanding Rs 431 crore in tax. The company claims the demand arises from an incorrect addition of allowable expenses and exemptions.

  • NBCC (India) receives work orders worth Rs 658.4 crore from two clients. These include a Rs 440 crore order from the Uttarakhand Investment and Infrastructure Development Board (UIIDB) for redevelopment projects in Haridwar and a Rs 219.4 crore from the Centre for Development of Telematics (C-DOT) for construction and project management at its New Delhi campus.

  • Interarch Building Products is rising as it signs a memorandum of understanding (MoU) with Mold-Tek Technologies (MTTL) to expand its international business. As per the MoU, MTTL will provide engineering design and detailing services. Interarch will handle manufacturing, shipping, erection, and related services for pre-engineered metal building (PEMB) and structural steel projects.

  • Central Bank of India declines over 4% after its board approves a qualified institutional placement (QIP) issue. The floor price for the QIP is Rs 42.6 per share, a discount of 9% from Monday's close.

  • Restaurant Brands Asia falls as it sets the floor price for its qualified institutional placement (QIP) at Rs 62.3 per share, a 3.2% discount to Monday's close. The company aims to raise up to Rs 500 crore through the QIP.

  • Kalpataru Projects International is rising as it secures orders worth Rs 2,366 crore in the transmission & distribution (T&D) and buildings & factories (B&F) businesses in India and overseas.

  • Jupiter Life Line Hospitals' subsidiary, Jupiter Hospitals Projects, enters an agreement with HDFC Bank for a Rs 350 crore term loan.

  • Macquarie analysts see higher discretionary incomes driving QSR sector recovery, making it an appealing investment opportunity. They are optimistic about Devyani International and Westlife Foodworld but remain cautious about food delivery players like Zomato and Swiggy, citing concerns over profitability, competition, and a shift towards dining out.

  • Engineers India secures two contracts worth Rs 730 crore from Middle East clients for project management consultancy (PMC) and engineering services.

  • SG Finserve rises sharply as Madhusudan Kela buys 9.5 lakh shares (1.7% stake) worth Rs 33.2 crore through a bulk deal on Monday. The transaction was executed at an average price of Rs 350 per share.

  • Ola Electric Mobility's subsidiary, Ola Electric Technologies, settles its debts with Rosmerta Group, prompting the group to withdraw its bankruptcy plea against Ola from the National Company Law Tribunal (NCLT).

  • UBS upgrades UltraTech Cement, Dalmia Bharat, and Ambuja Cements to a 'Buy' rating with target prices of Rs 13,000, Rs 2,100, and Rs 620, respectively. The brokerage anticipates a strong recovery in cement demand in the upcoming fiscal year. It believes the sector's recent challenges, including weak demand, declining prices, and slow volume growth, are likely to subside.

  • Seamec rises sharply as it signs a subcontract worth $5.6 million (~ Rs 48.1 crore) with Posh India Offshore to carry out installation work for ONGC. The contract includes installing riser clamps, bowstrings, and other equipment for ONGC’s Pipeline Replacement Project and Daman Upside Development Project (DUDP).

  • Garden Reach Shipbuilders & Engineers is rising as it bags a contract from Carsten Rehder Schiffsmakler and Reederei GmbH, Germany, to manufacture and deliver two multi-purpose vessels (MPVs) of 7,500 deadweight tonnage (DWT) capacity. This contract comes under the option agreement signed between the companies to build eight vessels at an order value of $108 million (~ Rs 925.5 crore).

  • Rail Vikas Nigam is rising as it secures an order worth Rs 115.8 crore from Central Railway to upgrade the electric traction system in the Itarsi-Amla section of the Nagpur Division.

  • Hyundai Motor India is rising as its board of directors approves a Rs 694 crore investment to manufacture stamping tools and panels for vehicles.

  • Nifty 50 was trading at 23,727.60 (69.3, 0.3%), BSE Sensex was trading at 78,288.44 (304.1, 0.4%) while the broader Nifty 500 was trading at 21,606.25 (68.2, 0.3%).

  • Market breadth is surging up. Of the 2,055 stocks traded today, 1,460 were on the uptrend, and 541 went down.

Riding High:

Largecap and midcap gainers today include Bharti Hexacom Ltd. (1,441.10, 3.7%), UltraTech Cement Ltd. (11,421.20, 3.4%) and Thermax Ltd. (3,567.40, 3.0%).

Downers:

Largecap and midcap losers today include Dixon Technologies (India) Ltd. (13,624.50, -6.7%), Zomato Ltd. (209.81, -5.8%) and IndusInd Bank Ltd. (637.05, -4.8%).

Volume Rockets

12 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included HEG Ltd. (483, 11.9%), Blue Dart Express Ltd. (6,516.25, 8.5%) and Graphite India Ltd. (495.90, 7.8%).

Top high volume losers on BSE were Dixon Technologies (India) Ltd. (13,624.50, -6.7%) and Carborundum Universal Ltd. (999.50, -1.3%).

Hatsun Agro Products Ltd. (987, 2.5%) was trading at 21.4 times of weekly average. Punjab & Sind Bank (46.74, 4.7%) and Piramal Pharma Ltd. (226.72, 3.5%) were trading with volumes 12.4 and 9.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks took off, crossing 52 week highs, while 4 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Bajaj Finance Ltd. (9,067.25, -0.3%), Chambal Fertilisers & Chemicals Ltd. (614.35, -0.8%) and JSW Steel Ltd. (1,061.70, 0.0%).

Stocks making new 52 weeks lows included - Colgate-Palmolive (India) Ltd. (2,378.40, -2.0%) and Honeywell Automation India Ltd. (32,649.80, -1.8%).

16 stocks climbed above their 200 day SMA including HEG Ltd. (483, 11.9%) and Graphite India Ltd. (495.90, 7.8%). 16 stocks slipped below their 200 SMA including Dixon Technologies (India) Ltd. (13,624.50, -6.7%) and Home First Finance Company India Ltd. (1,027.80, -5.4%).

 
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The Baseline US
24 Mar 2025
Superstar investors become cautious as warning signs grow

One could picture the stock market as a high-level chess match. Some players take bold risks, pushing their queen out early. Others play it safe, holding back their key pieces, and waiting for the perfect moment to strike.

Warren Buffett is playing defense. His cash reserves have hit a record $330 billion, signaling he’s waiting for a deeper correction. More than 80% of this capital sits in Treasury bills.

This doesn't mean his love for stocks has faded. Even as he nears ninety-five, he insists his appetite for risk is unabated. “Despite what some commentators view as an extraordinary cash position at Berkshire, the great majority of your money remains in equities,” Buffett wrote to his shareholders in his 2024 annual letter. “That preference won’t change”.

Meanwhile, the Nasdaq plunged into correction territory, down over 10% from its peak. The S&P 500 teeters on the edge of a similar drop, and the Dow is slipping as economic fears mount. Treasury Secretary Scott Bessent calls the correction a “healthy reset.”

Fisher doubles down, while others sell

Warren Buffett calls tariffs “an act of war”. So Trump's approach to global trade can't be encouraging. Buffett's net worth is down by 36% over the past two years, mostly driven not by losses but by the stake cuts in his top bets. Berkshire Hathaway’sApple stake has shrunk to 2%, down from around 6% in September 2023.

In contrast, Ken Fisher steadily accumulated Apple, NVIDIA, and Microsoft. His portfolio of over 750 stocks, mostly dominated by market leaders, has fueled a 30% surge in his net worth over the past two years. Ray Dalio, on the other hand, cut stakes in Alphabet, Meta Platforms and NVIDIA - a move that, combined with market corrections, dragged his net worth down 4%. 

Buffett & Cathie lose over 35%; Fisher & Ackman make strong gains

Diversification is key, but over-diversification doesn't necessarily over-deliver. Ken Griffin holds over 4,000 stocks, but his portfolio has gained just 10% over the past two years. Meanwhile, Jim Simons, with over 3,000 stocks, has seen his portfolio drop 20% since June 2023. 

Top investors’ net worth fall from their peak in 2024

Cathie Wood, a Tesla bull, has seen her portfolio take a beating (No surprise then, that she's talking up the stock). Tesla, Roku and Palantir Technologies, her top holdings, are down at least 30% from December highs.

Warren Buffett’s portfolio plunged over 25% from its peak in June 2024 after he cut stakes in his top long-term holdings. From over 13% in June last year, Berkshire’s stake in Bank of America is down to just under 9% as of December-end.

Who are the big winners and losers across superstar portfolios?

AppLovin Corp drives gains for both Griffin and Dalio

In Buffett's portfolio, broadcasting company Sirius XM Holdings has been the top performer over the past year, surging 505%. In Fisher's case, internet retail Alibaba Group leads with an 87% gain. Packaged software firm AppLovin in Ken Griffin’s holdings soared 341%, while broking firm Robinhood Markets and Spotify, which are in Cathie Wood’s and Jim Simons’ portfolios gained 142% and 126%.

Intel and AMD drag Griffin, Fisher & Dalio’s portfolios

If we look at the top losers, Occidental Petroleum, an oil production company in Warren Buffett’s portfolio slid 25%, while semiconductor firm AMD in Ken Fisher’s holdings fell 41% over the past year. Intel in Ken Griffin’s portfolio plunged 43%, while biotechnology company CRISPR Therapeutics and AMD in Cathie Wood’s and Jim Simons’ holdings dropped 42% and 41%, respectively. Nike in Bill Ackman’s portfolio also slid 27%.

Buffett bets $1 billion on booze

Q4 was relatively quiet in terms of new bets taken by superstar investors. Warren Buffett took a position in Constellation Brands, an alcoholic beverage maker, with a current holding value of $1 billion. He also nearly doubled his holding in Dominos Pizza, another consumption-driven stock, to $1 billion.

Superstar investors take new stakes in mass consumption stocks

Meanwhile, top investors like Steve Mandel, Frank Sands, and Ole Andreas Halvorsen each grabbed over 1% of Flutter Entertainment, a major player in sports betting and gambling.

Tariff-led actions are squeezing some sectors

Rising tariffs are squeezing banks and businesses alike. Higher interest rates are slowing capital demand, making it tougher for banks to grow. Over the past quarters, Warren Buffet has been offloading his stake in Bank of America and Citigroup.

Meanwhile, Bill Ackman trimmed his stake in Chipotle Mexican Grill, which sources most of its avocados and tomatoes from Mexico. With tariffs driving up costs, serving the same menu at the same price is getting harder. Analysts expect this to hit Chipotle’s gross margins this quarter and beyond.

AUM of money market funds top $7 trillion

If investors are pulling out of the stock market, you might wonder where all the money is going. Rising asset under management (AUM) of money market funds, which invest in bonds maturing in less than a year, can be one place investors are parking their money.

Constant inflow into money market funds pushes AUM to over $7 trillion

US money-market funds now have more than $7 trillion in AUM, a milestone for an industry that’s skyrocketed in popularity among investors over the past two years. The top three managers — Fidelity, JP Morgan and Vanguard — control over 40% of the total AUM. 

Gold has also surged to record highs of over $3,000 per ounce as investors flock to safe havens. According to Macquarie Group analysts, its burgeoning allure as a safe haven could push it up another $500 during the third quarter.

 
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The Baseline
24 Mar 2025
IPOs This Week: Grand Continent Hotels, Active Infra & Rapid Fleet, Plus Six New Public Issues
By Divyansh Pokharna

The Indian stock market recorded its best weekly gain in over four years, with both the Nifty 50 and Sensex rising over 4% last week. The surge was driven by strong domestic investor buying and reduced selling by foreign institutions. Foreign Institutional Investors (FIIs) turned net buyers for the first time in 13 weeks, purchasing equities worth Rs 5,819.1 crore over the week, while Domestic Institutional Investors (DIIs) bought Rs 4,337.9 crore worth of stocks.

FIIs were selling Indian equities earlier this month, but the pace slowed. VK Vijayakumar, Chief Investment Strategist at Geojit Investment Services, said, “It can be argued that positive domestic fundamentals like pick up in growth, easing inflation, and a weaker dollar have contributed to the change in FII strategy.”

The mainboard IPO segment has seen no new launches for over a month, but the SME segment remains active. This week, six new SME IPOs are set to open, while three companies will make their market debut, following four listings last week.

Three SME IPOs are set for listing this week

Grand Continent Hotels, a hotels chain, will close its IPO on March 24 and list on the NSE SME platform on March 27. By day 2 of bidding, the IPO remained undersubscribed at 0.5X. In FY24, the company’s revenue grew 86% YoY, while net profit rose 3.9X.

Grand Continent and Active Infra draw HNI bids; Rapid Fleet lags behind

Active Infrastructures and Rapid Fleet Management will close their IPO bidding on March 25 and list on March 28. By the end of day 1, both remained undersubscribed at 0.2x and 0.1x, respectively.

Six SME IPOs to open for subscription this week

Desco Infratech is the first IPO to open this week, with the subscription period from March 24 to 26. The issue size is Rs 30.8 crore, with a price band of Rs 147-150 per share. The IPO is expected to list on the BSE SME platform on April 1.

Desco Infratech and Indentixweb’s net profit more than double in FY24

Other IPOs opening for subscription this week:

  • ATC Energies System (March 25-27) has an issue size of Rs 63.8 crore, with a price band of Rs 112-118 per share.
  • Shri Ahimsa Naturals (March 25-27) plans to raise Rs 72.8 crore, with a price band of Rs 113-119 per share.
  • Indentixweb (March 26-28) aims to raise Rs 16.6 crore via a fresh issue, with a price band of Rs 51-54 per share.
  • Retaggio Industries (March 27-April 1) has an issue size of Rs 15.5 crore, with a fixed price of Rs 25 per share.
  • Infonative Solutions (March 28-April 3) is set to raise Rs 24.7 crore, with a price band of Rs 75-79 per share.

Four new companies listed last week; all declined post-listing

PDP Shipping & Projects listed on March 18 at a 19.8% discount to its issue price of Rs 135 and is now trading 31.2% lower.

PDP Shipping and Paradeep Parivahan see weak debuts; others list flat

Paradeep Parivahan debuted on March 24 at a 20% discount. Its IPO was subscribed 1.6 times the total shares on offer. The stock fell further, trading at a 22.4% discount.

Super Iron Foundry and Divine Hira Jewellers listed at their issue prices but have since declined. Super Iron Foundry is now down 14.2%, while Divine Hira Jewellers is trading 5% lower.

What buzzed in the primary market last week?

  • Edtech company PhysicsWallah has confidentially filed draft papers to raise Rs 4,600 crore through an IPO. The offering includes a fresh issue of shares along with an offer-for-sale (OFS) by existing investors. The company is reportedly targeting a valuation of $2.8 billion.
  • SEBI has approved the IPOs of LG Electronics India and Innovision. LG Electronics' IPO is completely an offer-for-sale of 10.2 crore equity shares with no fresh issue. Innovision, which provides manpower services and toll plaza management, plans to raise Rs 255 crore through a fresh issue, along with an offer-for-sale of 17.7 lakh shares.
  • US e-commerce giant Amazon is reportedly considering spinning off its Indian unit and listing it in India. The company is in the early stages of discussions and has engaged with JP Morgan while initiating talks with investment banks in India.
  • Saatvik Green Energy, a solar photovoltaic module manufacturer, has refiled its draft papers for a Rs 1,150 crore IPO after SEBI returned its earlier documents in February. The offering consists of a fresh issue of shares worth Rs 850 crore and an offer-for-sale of Rs 300 crore by promoters.
  • SEBI has put the IPO approvals for Hero FinCorp on hold for nearly eight months and HDB Financial Services, an HDFC Bank subsidiary, for four months. The delay is due to concerns that their share sales might not comply with pre-IPO share sale rules.
 
Trendlyne Marketwatch
Trendlyne Marketwatch
24 Mar 2025
Market closes higher, DLF to invest Rs 20,000 crore to expand its commercial portfolio
By Trendlyne Analysis

Nifty 50 closed at 23,658.35 (308.0, 1.3%), BSE Sensex closed at 77,984.38 (1078.9, 1.4%) while the broader Nifty 500 closed at 21,538.10 (264.2, 1.2%). Market breadth is in the green. Of the 2,491 stocks traded today, 1,533 showed gains, and 923 showed losses.

Indian indices closed higher after rising throughout the day, supported by FII buying. The Indian volatility index, Nifty VIX, rose 9% and closed at 13.7 points. NCC closed higher after securing an order worth Rs 1,480.3 crore from the Bihar Medical Services & Infrastructure Corporation.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher. Nifty PSU Bank and S&P BSE CPSE Indices were among the top index gainers today. According to Trendlyne’s sector dashboard, Hardware Technology & Equipment emerged as the top-performing sector of the day, with a rise of 3%.

Asian indices closed mixed. European indices are trading mixed. US index futures are trading higher, indicating a positive start to the trading session as investors assess reports that President Trump’s reciprocal tariffs may be less severe than expected and await key economic data this week. Brent crude futures are trading higher.

  • Money flow index (MFI) indicates that stocks like Aavas Financiers, AstraZenica Pharma India, ICICI Bank, and ICICI Securities are in the overbought zone.

  • Rajesh Exports, JBM Auto, and Garden Reach Shipbuilders rise 35.5%, 33.3%, and 30.6% over the past week, outperforming the Nifty 50 index by 29.9, 27.2, and 25.1 percentage points.

  • IIFL Capital Services surges as its board of directors appoints R. Venkataraman as Managing Director and Rekha Warriar as Chairperson. Meanwhile, MD Nemkumar H resigns and takes on the role of Chief Growth Officer.

  • The Petroleum and Natural Gas Regulatory Board (PNGRB) proposes amendments to its gas transmission tariff regulations, likely reducing operational expenses for IGL and MGL. However, these changes may lead to higher tariffs for GSPL and GAIL. Analysts believe these reforms could increase gas costs and household energy bills but may boost infrastructure and expand gas access over time.

  • Precision Wires India rises sharply as it receives approval from the Gujarat Pollution Control Board for recycling copper waste and copper scrap/refining plant at Zaroli with a Rs 188 crore investment.

  • Mahindra & Mahindra is reportedly in talks to acquire the entire promoter stake (approx. 44%) in SML Isuzu. The company is considering a valuation of Rs 1,400-1,500 per share, an 11-17% discount on the current price. The deal is expected to strengthen M&M’s truck and bus segment, and its board will likely meet this week to evaluate the proposal.

  • Diamond Power Infrastructure is rising as it receives an order worth Rs 214.7 crore from Adani Green Energy to supply conductors for the Khavda Power Project in Gujarat.

  • Kotak Institutional Equities expects muted volume and value growth for consumer staples in the coming quarters amid weak urban consumption. It anticipates persistent inflation in commodities like palm oil, tea, and coffee will pressure FMCG margins for another few quarters. The brokerage names Godrej Consumer as its top FMCG pick, and believes it can improve soap segment profitability through gradual price hikes.

  • Railtel Corp of India rises sharply as it bags an order worth Rs 25.2 crore from Hindustan Petroleum Corp for multiprotocol label switching (MPLS) and internet leased line (ILL) links for five years.

  • DLF rises as it announces a Rs 20,000 crore investment to expand its commercial portfolio. The company will develop office and retail properties over the medium term through its joint venture, DLF Cyber City Developers (DCCDL).

  • J Kumar Infraprojects is rising sharply as it bags an order worth Rs 1,020.7 crore from the City & Industrial Development Corp of Maharashtra (CIDCO) to design and construct a coastal road from Kharghar to Nerul.

  • HSBC's Flash India Composite PMI stands at 58.6 in March, slightly down from February's 58.8. The index has remained above 50 for the 44th consecutive month. Pranjul Bhandari, Chief India Economist at HSBC, notes that manufacturers faced margin pressures due to input price inflation, while factory gate prices rose at the slowest pace in a year. Additionally, growth in new export orders moderated amid tariff announcements.

  • Karur Vysya Bank receives a tax demand worth Rs 160.3 crore from the Income Tax (IT) Department for AY24.

  • Kotak Mahindra Bank surges as its board of directors appoints Bhavnish Lathia as Chief Technology Officer (CTO) and Vyomesh Kapasi as a member of the Group Management Council, effective March 22. The bank also appoints six other officials as Senior Management Personnel.

  • UCO Bank sets the floor price for its qualified institutional placement (QIP) at Rs 34.3 per share, a 9.2% discount to Friday's closing. The company aims to raise Rs 2,000 crore through the QIP.

  • Reports suggest that Larsen & Toubro is set to win a $4-4.5 billion (approximately Rs 33,000-37,000 crore) bid for Qatar Energy's expansion project. The project aims to boost Qatar's LNG capacity from 70 MTPA (million tonnes per annum) to 126 MTPA.

  • Ircon International receives a Rs 158.9 crore claim from Conarch Associates in an arbitral tribunal. The claim is related to the supply and stacking of 50mm Pakur Variety Machine Crushed Track Ballast for the Jayanagar-Bardibas Railway Project in Nepal.

  • EPACK Durables rises sharply as the Ministry of Commerce and Industry (MoCI) approves the disbursement of its second tranche of incentives under the PLI Scheme for White Goods. The company will receive Rs 30 crore from the Government of India for FY23-24 to manufacture room air conditioner (RAC) components, cross-flow fans (CFF), and heat exchangers.

  • Hindustan Copper is rising as the Ministry of Mines appoints Sanjiv Kumar Singh as its Chairman and Managing Director (CMD), effective June 30.

  • Nuvama maintains a 'Buy' rating on Jindal Stainless with a lower target price of Rs 723. The brokerage highlights weak exports and strong imports, pushing JSL to low-margin segments and hurting margins. It also notes a delay in downstream operations at Jajpur by 8-9 months. As a result, Nuvama reduces its FY26 and FY27 EBITDA forecasts by 10% and 13%, respectively.

  • Allied Blenders & Distillers is rising as it receives regulatory approval to increase its grain-based spirit production capacity by 15 lakh bulk litres (BL). This raises the company’s total capacity to 615 lakh BL at its Rangapur facility in Wanaparthy district, Telangana.

  • Hindustan Aeronautics receives a Rs 2,471 crore payment demand from the Commissioner of State Tax, Maharashtra, under the Amnesty Scheme for public sector undertakings (PSUs) announced by the Government of Maharashtra.

  • Larsen & Toubro is rising as its board of directors approves a long-term borrowing worth Rs 12,000 crore through external commercial borrowings, term loans, non-convertible debentures, or other instruments. The board also approves the appointment of Subramanian Sarma as its Deputy Managing Director and President.

  • NCC is rising as it secures an order worth Rs 1,480.3 crore from the Bihar Medical Services & Infrastructure Corporation (BMSICL) to redevelop the medical college, hospital, and other buildings at the existing Darbhanga Medical College & Hospital (DMCH) campus in Laheriasarai, Darbhanga.

  • Power Mech Projects is rising as it bags an order worth Rs 579 crore from Bharat Heavy Electricals (BHEL) for civil structural & architectural works including leveling & grading of the entire Power Block Area. The order is for Units 3 & 4 of the 2x800 MW Koderma Phase-II project, Jharkhand.

  • Markets opened high. Nifty 50 was trading at 23,514.05 (163.7, 0.7%), BSE Sensex was trading at 77,403.76 (498.3, 0.7%) while the broader Nifty 500 was trading at 21,464.20 (190.3, 0.9%).

  • Market breadth is highly positive. Of the 2,110 stocks traded today, 1,846 were on the uptick, and 221 were down.

Riding High:

Largecap and midcap gainers today include Indian Renewable Energy Development Agency Ltd. (170.04, 9.8%), Hindustan Aeronautics Ltd. (4,129.80, 6.1%) and Jubilant Foodworks Ltd. (660, 4.9%).

Downers:

Largecap and midcap losers today include Jindal Stainless Ltd. (591.35, -5.5%), Titan Company Ltd. (3,079.10, -2.6%) and IndusInd Bank Ltd. (669.45, -2.5%).

Volume Rockets

15 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included JBM Auto Ltd. (662.05, 16.6%), Rajesh Exports Ltd. (212.43, 13.5%) and Finolex Cables Ltd. (939.05, 11.9%).

Top high volume losers on BSE were Jindal Stainless Ltd. (591.35, -5.5%), Dr. Lal Pathlabs Ltd. (2,490.45, -1.7%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (1,125.60, -1.5%).

Finolex Industries Ltd. (185.37, 6.5%) was trading at 27.6 times of weekly average. Vinati Organics Ltd. (1,599, -0.2%) and Alkyl Amines Chemicals Ltd. (1,774.50, 10.6%) were trading with volumes 9.9 and 9.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks made 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Bajaj Finance Ltd. (9,090.05, 2.0%), Chambal Fertilisers & Chemicals Ltd. (619.50, 3.8%) and Coromandel International Ltd. (1,980, 0.2%).

Stock making new 52 weeks lows included - Honeywell Automation India Ltd. (33,495, -1.2%).

28 stocks climbed above their 200 day SMA including Chalet Hotels Ltd. (864.20, 5.9%) and PTC Industries Ltd. (13,872.45, 5%). 4 stocks slipped below their 200 SMA including Glenmark Pharmaceuticals Ltd. (1,493.80, -1.4%) and Aadhar Housing Finance Ltd. (413.15, -1.0%).

 
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The Baseline
21 Mar 2025
Five Interesting Stocks Today - March 21, 2025
By Trendlyne Analysis

1. BSE:

This exchange stock rose 22% over the past week after UBS initiated coverage with a ‘Buy’ rating and a target price of Rs 5,350. The brokerage anticipates a share price upside of around 12%, believing the market has not fully priced in the shift in trading volumes from NSE.

BSE fueled this rise in trading volume by shifting Sensex’s expiry day from Friday to Tuesday. This change increased its market share from just above 16% in December last year to over 22% in February.

BSE nearly doubled its Q3 revenue and net profit compared to the same period last year. Transaction charges, which form the bulk of its revenue, jumped 157% YoY. Operating expenses rose 86% YoY. This was mainly because of higher contributions to the core settlement guarantee fund – the exchange increased its contribution to the guarantee fund after SEBI introduced a new methodology for computing the minimum corpus requirement.

Discussing growth in the equity segment, MD & CEO Sundararaman R said, “We are working with market participants (discount brokers) to ensure a level playing field so clients can choose the exchange based on the best price for execution.” He emphasised that once fully implemented, this change will give BSE a 50-50 chance of handling retail orders.

Forecaster projects the firm’s revenue to grow by around 50%, driven by market share gains. Net profit is expected to rise four times in Q4 compared to the same period last year. UBS analysts see the company’s mutual fund distribution business as a key growth driver and project a 37% CAGR in revenue over FY25-27.

2. KEC International:

This heavy electrical equipment manufacturer made headlines today after CBI arrested its Deputy General Manager Suman Singh and Power Grid General Manager Uday Kumar for corruption. Kumar was caught taking a Rs 2.5 lakh bribe, while Singh allegedly favoured certain contractors. The FIR names five individuals, including KEC Vice President Jabraj Singh and the company itself.

Despite this, the company has surged by 24.9% over the past week after it received new orders worth Rs 1,267 crore across its businesses on March 15. 

KEC International’s transmission and distribution (T&D) business won 800 kV HVDC and 765 kV transmission line orders from Power Grid Corp, and supply of towers, hardware, and poles in the Americas. Its cables business won an order to supply various types of cables and conductors in India and overseas.

During Q3FY25, KEC International reported a 33.8% YoY increase in net profit at Rs 129.6 crore. Revenue grew 6.8%, reaching Rs 5,349.4 crore. EBITDA margin expanded by 85bps to 7%. 

The company’s order intake jumped 115.2% to Rs 8,600 crore in Q3, driven by strong growth in the T&D, civil, and renewables segments. YTD inflows now stand at Rs 25,000 crore, boosting revenue visibility. Trendlyne’s Forecaster projects KEC’s revenue to grow by 12.3% YoY in Q4FY25. 

Vimal Kejriwal, the MD & CEO, said, “With a solid and diversified order book and L1 (orders where the company is the lowest bidder) of over Rs 41,000 crore, better execution visibility, a stable cost environment, and a robust tender pipeline, we are well positioned for sustained growth in the coming quarters”.

With a strong order pipeline in place, the focus now falls on the execution of projects. KEC International also expects strong T&D opportunities in Saudi Arabia and Abu Dhabi to drive international orders while maintaining a wait-and-watch stance on US orders.

Axis Securities maintains its ‘Buy’ rating on KEC International and sets a target price of Rs 1,040. The brokerage believes the company’s strong order book offers healthy revenue visibility for the next 18-24 months. The government’s focus on T&D and the Jal Jeevan Mission extension till 2028 further support its growth prospects.

3. Steel Authority of India:

This PSU steel manufacturer has gained 8.9% in the past week following two major announcements. Steel Authority of India (SAIL) plans to invest Rs 30,000 crore to double the capacity of its Rourkela Steel Plant (RSP) to 9 million tonnes per annum (MTPA). After the expansion, RSP will produce about 25% of SAIL’s total target of 35 MTPA by 2030.

Meanwhile, the Directorate General of Trade Remedies (DGTR) has recommended a 12% safeguard duty on certain steel imports for 200 days, to support domestic producers. This decision follows the US imposing a 25% tariff on steel imports. With US export options becoming limited, major steel-producing countries like China, Japan, and South Korea may look to dump their excess steel into India. This could lead to a surge in imports and put pressure on domestic steel manufacturers. To counter this, the safeguard duty has been proposed.

SAIL’s earnings are highly sensitive to hot rolled coil (HRC) and coking coal prices. The company’s management expects coking coal costs to decline by Rs 1,000/t in Q4FY25 (current Rs 15,0000/t) due to lower imported coal prices. At the same time, HRC prices rose by over Rs 1,100/t (currently Rs 50,000/t) in early March. Higher HRC prices and lower coking coal prices boost profitability.

Meanwhile, the company aims to reduce debt and maintain a stable debt-to-equity (DE) ratio during its expansion. Executive Director of Finance Praveen Nigam said, “Borrowings will be reduced to around Rs 30,500 crore by FY25-end from the current Rs 32,600 crore, aligning with FY24 levels. We expect the DE ratio to remain at 1:1, peaking at 1.2:1 during the expansion phase.”

Axis Securities has upgraded its rating to ‘Buy’ with a target price of Rs 130. The brokerage noted that capital expenditure for the next phase of expansion will begin in H2FY26 and could peak in FY28-29. They expect steel price spreads (price-cost gap) to drive profitability.

4. Dr. Agarwals Health Care:

Thiseye hospital chain surged 3.9% on March 20 after Motilal Oswalinitiated a ‘Buy’ call with a target price of Rs 510, citing the significant market share shift from unorganized to organized players in the eye care industry.

Dr. Agarwals Health Care (DAHL) has anestimated 25% market share among organized players in FY24. The company provides eye care services, including cataract and refractive surgeries, diagnostics, consultations, and non-surgical treatments. The company also sells optical products such as glasses, contact lenses, and eye care-related pharmaceutical products.

InQ3FY25, the company reported a revenue growth of 28.7% YoY to Rs 443.4 crore and its net profit increased 12.7% YoY to Rs 22.3 crore. The growth was driven by an increase in surgical volumes, a shift towards high-end procedures, particularly in cataract surgeries, and a 19.3% YoY increase in patient footfall over 9MFY25. The company added 12 facilities in Q3, with a focus on expanding its reach in underpenetrated regions.

DAHL isactively expanding into underpenetrated regions like North India (Punjab, Jammu) and West India (Maharashtra, Gujarat) while also planning to enter non-core states such as Delhi-NCR, Uttar Pradesh, Odisha, and Madhya Pradesh. Adil Agarwal, Director and CEO of the company,said, “In the fourth quarter, we have already launched three new facilities. Looking ahead, in Q4, we are targeting to launch another 8 to 10 additional surgical facilities and seven primary facilities.” 

The brokerageexpects a CAGR of 21% in revenue and 23% in EBITDA over FY25-27, reaching Rs 2,490 crore and Rs 690 crore, respectively, driven by growth in surgical volumes and pharmacy revenue.

5. Welspun Corp:

This iron & steel pipes manufacturing company touched a new 52-week high of Rs 856 on 20th March. On March 17th, the company won new orders worth around Rs 2,400 crore for supply of coated pipes for gas pipeline projects in the USA. With these new orders, the company's consolidated order book stands at approx. Rs 20,000 crore, to be executed in FY26-27. On February 24, the company incorporated its new wholly owned subsidiary, Welspun Europe in Spain. The subsidiary will be focusing on all types of conduits and systems for the transport of fluids.

The company announced its Q3FY25 results on February 5. In the quarter, its net profit surged 131.7% YoY to Rs 674.7 crore, fueled by a reduction in raw material costs. However, its revenue decreased by 23.2% due to decline in plastic products segment revenue. The company’s revenue beat forecaster estimates by 12% due to growth in its steel products segment. It appears on the screener for stocks with strong momentum.

Vipul Mathur, Managing Director of Welspun Corp, said, “I would like to emphasize that for the first nine months, our consolidated EBITDA reached Rs 1,356 crore, compared to our full-year FY25 guidance of Rs 1,700 crore. This clearly shows that we are on track to exceed our guidance for the second consecutive year, despite global challenges and concerns. We have a strong order book exceeding Rs 15,000 crore as of Q3, and in line pipes, our combined order book for India and the USA stands at nearly 8,66,000 tons, valued at over Rs 12,000 crore. ”

The company has invested Rs 1,700 crore in Saudi Arabia for an LSAW (Longitudinal Submerged Arc Welding) plant that manufactures large-diameter pipes. Vipul Mathur said, “The main incentive in Saudi Arabia is its market. We're observing strong return ratios, and we're expecting a payback period of no more than three to four years for this investment.”

JM Financial recommended a ‘Buy’ rating on Welspun Corp with a target price of Rs 940, citing robust demand outlook from the US market. The brokerage highlighted that the company’s net debt in Q3FY25 sharply reduced to Rs 100 crore as compared to Rs 530 crore in Q2FY25 on the back of better operational cashflows. It notes that all the company’s projects including Saudi Arabia and US remain on track. 

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
21 Mar 2025
Market closes higher, CBI arrests Power Grid Corp's General Manager and KEC Intl's Deputy General Manager
By Trendlyne Analysis

Nifty 50 closed at 23,350.40 (159.8, 0.7%), BSE Sensex closed at 76,905.51 (557.5, 0.7%) while the broader Nifty 500 closed at 21,273.90 (203.9, 1.0%). Market breadth is surging up. Of the 2,466 stocks traded today, 1,760 were on the uptrend, and 668 went down.

Indian indices closed higher after rising throughout the day. The Indian volatility index, Nifty VIX, fell 0.2% and closed at 12.6 points. Ola Electric closed 8.4% higher after clarifying that a temporary vehicle registration backlog caused the discrepancies in its February sales data, rejecting claims of regulatory issues. The company stated that 40% of the backlog has been cleared and expects to fully resolve the issue by March end.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. BSE Oil & Gas and Nifty Media were among the best-performing indices of the day. According to Trendlyne’s sector dashboard, Telecommunications Equipment emerged as the highest-performing sector of the day, with a rise of 4.2%.

European indices are trading lower, except Russia’s RTSI and MOEX indices, which closed 0.3% higher each. Major Asian indices closed mixed. US index futures are trading in the red, indicating a cautious start to the session amid mixed signals from the Federal Reserve and Trump's reciprocal and additional tariffs set for April 2.

  • Relative strength index (RSI) indicates that stocks like Aavas Financiers, Tata Steel, AstraZeneca Pharma, and InterGlobe Aviation are in the overbought zone.

  • The Central Bureau of Investigation (CBI) arrests Power Grid Corp's General Manager Uday Kumar and KEC International's Deputy General Manager Suman Singh for corruption. Kumar was caught taking a Rs 2.5 lakh bribe, while Singh allegedly favour certain contractors.

  • SML Isuzu is surging as its board of directors approves the resignation of its Managing Director (MD) and Chief Executive Officer (CEO), Junya Yamanishi, effective April 16. The board also approves appointing Yasushi Nishikawa as the MD and CEO, effective April 17.

  • Ajanta Pharma is surging as it plans to expand the capacity of its liquid formulation facility in Pithampur by 12 million bottles per annum from 6 million bottles per annum with a capex of Rs 92 crore.

  • Motilal Oswal reiterates its ‘Buy’ rating on Gail India with a target price of Rs 195 per share. It expects GAIL to benefit from rising gas penetration in India and projects a 7% CAGR in transmission and marketing volumes over FY25-27. The brokerage sees limited downside at current levels, driven by robust transmission growth, a steady marketing outlook, and a diversified petrochemical portfolio.

  • Reliance Industries' (RIL) subsidiary, Reliance Strategic Business Ventures, acquires a 74% stake in Nauyaan Shipyard (NSPL) from Welspun Corp for Rs 382.7 crore. NSPL holds leasehold rights to 138 acres near RIL’s Dahej facility, proposed for energy and infrastructure projects.

  • Adani Energy Solutions is rising as it secures a power transmission project worth Rs 2,800 crore in Gujarat. The company will supply renewable energy for Green Hydrogen and Green Ammonia production in Mundra. It involves upgrading the Navinal (Mundra) substation and building a 75 km, 765kV transmission line to connect it to the Bhuj substation.

  • Reports suggest that 72.5 lakh shares of TBO Tek have changed hands in a bloc deal at a floor price of Rs 1,180. Augusta TBO and TBO Korea Holdings are likely the sellers in the transaction.

  • Unichem Laboratories rises sharply as it completes a 210 kilo litre (KL) capacity expansion of its active pharmaceutical ingredient (API) plant in Pithampur, with a capex of Rs 200 crore.

  • Embassy Developments is rising as its subsidiary, Embassy East Business Park, enters an agreement worth Rs 1,125 crore with Lam Research (India) to sub lease and divest a 25-acre land in Whitefield, Bangalore.

  • Larsen & Toubro's buildings & factories vertical secures an order worth Rs 2,500-5,000 crore from Brigade Group to construct residential and commercial towers in Hyderabad and Chennai.

  • Ola Electric rises sharply after clarifying that a temporary vehicle registration backlog caused the discrepancies in its February sales data, rejecting claims of regulatory issues. The company stated that 40% of the backlog has been cleared and expects to fully resolve the issue by March end.

  • Bharat Heavy Electricals rises as it secures a Rs 7,500 crore order from Gujarat State Electricity Corporation for an 800 MW power unit at Ukai in Gujarat. The order includes equipment supply, erection, commissioning, and civil works.

  • Hero MotoCorp rises sharply as its board of directors approves the acquisition of a 32.5% stake in Euler Motors for a cash consideration of Rs 525 crore. This acquisition is part of the company's plans to expand into the electric three-wheeler business.

  • Rail Vikas Nigam is rising as it receives an order worth Rs 554.6 crore order from the National Highway Authority of India (NHAI) to build a six-lane road connecting Sabbavaram bypass to Sheelanagar junction on National Highway 516C in Andhra Pradesh.

  • CLSA says premium motorcycles are outperforming, while entry-level bikes lag. Motorcycle volumes grew 5% YoY in FY25 YTD, with premium rising 8% and entry-level falling 11%. Bajaj Auto lost market share in the 125-250cc segment, but CLSA prefers the stock post its recent correction, seeing it well-positioned to benefit from rising demand in the category. The brokerage has an ‘Outperform’ rating on Bajaj Auto and Hero MotoCorp and ‘Hold’ on Eicher Motors and TVS Motor.

  • Citi upgrades United Spirits to a ‘Buy’ call and raises its target price to Rs 1,650. The brokerage expects moderate margin expansion for the company despite rising commodity costs. It believes the company is well-positioned to benefit from an easing regulatory environment and India’s growing organised liquor market. Citi forecasts 11% revenue, 15% EBITDA, and 16% EPS CAGR from FY25 to FY27.

  • Hindustan Construction (HCC) rises sharply as its joint venture (JV) with Tata Projects secures a Rs 2,470 crore order from Tata Power for a pumped storage project in Maharashtra. This involves constructing the Bhivpuri Off-Stream Open Loop Pumped Storage Project and infrastructure & electro-mechanical works for the 1,000 MW facility in Karjat.

  • RailTel is rising as it bags an order worth Rs 16.8 crore from the Ministry of Defence for optical fibre cable (OFC) laying work

  • Jefferies says Accenture’s Q2 revenue growth was healthy, driven by strong performance in North America and the BFSI segment. However, weak deal bookings and a lowered FY25 growth guidance of 5-7% pose risks for next year. In Indian IT, the brokerage lists Infosys and TCS among large-caps and Coforge among mid-caps as its top picks.

  • Bajaj Finance surges to its all-time high of Rs 9,089 per share as its board of directors appoints Raajeev Jain as the Vice Chairman and Anup Kumar as the Managing Director, effective April 1.

  • Va Tech Wabag rises sharply after signing a term sheet for a municipal platform worth approximately $100 million (~ Rs 863 crore) with a Norfund-led consortium to fund municipal water projects over three to five years.

  • Container Corp of India is rising as it places an order worth Rs 192 crore for the supply of 10 rakes of Bogie Low platform flat (BLSS) wagons over the next 10 years from GATX India.

  • Manappuram Finance is rising as Bain Capital plans to acquire an 18% stake for Rs 4,385 crore through a preferential allotment of shares and warrants. After the deal closes, Bain Capital will become a promoter of the company.

  • Nifty 50 was trading at 23,197.85 (7.2, 0.0%), BSE Sensex was trading at 76,155 (-193.1, -0.3%) while the broader Nifty 500 was trading at 21,100.85 (30.8, 0.2%).

  • Market breadth is surging up. Of the 2,005 stocks traded today, 1,449 were gainers and 500 were losers.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (445.35, 8.8%), IDBI Bank Ltd. (81.37, 8.1%) and Mankind Pharma Ltd. (2,415.05, 7.6%).

Downers:

Largecap and midcap losers today include Jindal Stainless Ltd. (625.70, -4.3%), Suzlon Energy Ltd. (56.50, -3.2%) and Voltas Ltd. (1,429.50, -2.8%).

Crowd Puller Stocks

57 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (135.53, 15.0%), Alembic Pharmaceuticals Ltd. (952.60, 14.1%) and Ramkrishna Forgings Ltd. (843.90, 13.2%).

Top high volume losers on BSE were TBO Tek Ltd. (1,207.25, -4.9%), Crisil Ltd. (4,233.80, -4.1%) and Campus Activewear Ltd. (241.90, -3.7%).

Gland Pharma Ltd. (1,585.40, -0.4%) was trading at 22.5 times of weekly average. Nuvoco Vistas Corporation Ltd. (325.55, 6.8%) and Jupiter Wagons Ltd. (347.90, 11.0%) were trading with volumes 15.6 and 13.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

8 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Bajaj Finance Ltd. (8,916.10, 2.7%), Chambal Fertilisers & Chemicals Ltd. (597.05, 3.0%) and Kotak Mahindra Bank Ltd. (2,079, 2.1%).

25 stocks climbed above their 200 day SMA including BLS International Services Ltd. (397.40, 9.9%) and Home First Finance Company India Ltd. (1,103.15, 9.2%). 5 stocks slipped below their 200 SMA including Aadhar Housing Finance Ltd. (417.45, -2.9%) and Garden Reach Shipbuilders & Engineers Ltd. (1,701.60, -1.3%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
20 Mar 2025
Market closes higher, Shakti Pumps' board approves a borrowing plan worth Rs 2,000 crore
By Trendlyne Analysis

Nifty 50 closed at 23,190.65 (283.1, 1.2%), BSE Sensex closed at 76,348.06 (899.0, 1.2%) while the broader Nifty 500 closed at 21,070.05 (205.6, 1.0%). Market breadth is in the green. Of the 2,450 stocks traded today, 1,426 were on the uptrend, and 993 went down.

Indian indices closed higher after rising throughout the day. The Indian volatility index, Nifty VIX, fell 5.3% and closed at 12.6 points. Companies like KEI Industries, Polycab, and Havells India plunged after Adani Enterprises announced its entry into the wires and cables business. The company’s arm, Kutch Copper, formed a JV, Praneetha Ecocables, to manufacture, market, and distribute metal products, cables, and wires.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Oil & Gas and Nifty FMCG closed higher. According to Trendlyne’s sector dashboard, Telecom Services emerged as the best-performing sector of the day, with a rise of 3.2%.

European indices are trading flat or lower. Major Asian indices closed mixed. US index futures are trading mixed, indicating a cautious start to the session. The US Federal Reserve held rates steady at its latest meeting and signalled two cuts in 2025. The central bank also revised its outlook, raising its 2025 inflation forecast to 2.7%. It lowered its GDP growth projection from 2.1% to 1.7% for the full year. Meanwhile, QXO entered a deal to acquire Beacon Roofing Supply for $11 billion.

  • KEI Industries sees a short buildup in its March 27 futures series, with open interest increasing by 92.4% and a put-call ratio of 1.

  • Bharat Forge rises sharply as the Cabinet Committee on Security (CCS) approves a Rs 7,000 crore order to acquire 307 Advanced Towed Artillery Gun Systems (ATAGS) for 15 artillery regiments. Bharat Forge will likely receive 60% of the order.

  • Adani Green's subsidiary, Adani Green Energy Twenty Four, commissions a 250 MW solar project in Bhimsar, Rajasthan. This raises Adani Green’s total operational renewable capacity to 12,841.1 MW.

  • Data from the Commerce Department reveals a 10.9% YoY decline in exports to $36.9 billion (approx. Rs 3,04,000 crore) in February, marking the steepest drop in 20 months. According to the Global Trade Research Initiative (GTRI), exports of key items such as petroleum products, iron ore, gems & jewellery, oilseeds, and ceramics contracted sharply in February, highlighting the need for "targeted support and strategic interventions" to stimulate recovery.

  • Insolation Energy secures a letter of intent (LoI) for a 38.4 MW solar project from Ajmer Vidyut Vitran Nigam and Jaipur Vidyut Vitran Nigam. The project involves an investment of Rs 134 crore and will be executed in FY26, including 25 years of operation and maintenance.

  • Shakti Pumps falls sharply as its board of directors approves a borrowing plan worth Rs 2,000 crore.

  • KPI Green Energy is rising as its subsidiary, Sun Drops Energia, secures a contract to develop 14.9 MW of solar power projects under the captive power producer segment for multiple clients.

  • Reports suggest that Adani Group is in advanced discussions to acquire the Indian arm of Dubai-based Emaar Group, with a potential enterprise value of $1.4 billion (approx. Rs 11,600 crore). Both groups are negotiating the transaction structure, which may involve an unlisted Adani unit contributing around $400 million (approx. Rs 3,300 crore) in equity.

  • Trent's subsidiary, Booker India, acquires a 100% stake in THPL Support Services (TSSL) from Trent Hypermarket (THPL) for a cash consideration of Rs 166.4 crore.

  • GPT Infraprojects rises sharply as it secures an order worth Rs 481.1 crore from South Eastern Railway, Kolkata. The project includes building a bridge over the Rupnarayan River, a viaduct on both sides and an elevated platform at Kolaghat Station on the Howrah-Kharagpur route.

  • CLSA maintains its ‘Outperform’ rating on Zee Entertainment with a target price of Rs 170. The brokerage believes the company's share price will likely double in the next 12-24 months. It expects the company's EBITDA and net profit to grow at a CAGR of 22% and 33%, respectively, over FY26-27, even if advertising revenue increases by 6% YoY.

  • The Directorate General of Trade Remedies (DGTR) recommends a 12% safeguard duty on certain steel products for 200 days to protect the domestic industry from rising import pressures. This recommendation, pending approval from the Department of Revenue, comes after the US imposed a 25% tariff on steel and aluminium on March 12.

  • NHPC's board approves raising up to Rs 6,300 crore in debt for FY26. The funds will be secured through corporate bonds, term loans, or external commercial borrowings in multiple tranches via private placement.

  • One97 Communications (Paytm) falls as Jefferies maintains its 'Hold' rating with a target price of Rs 850. The brokerage notes that the government incentives for low-value UPI P2M transactions have been halved to Rs 1,500 crore. It expects incentives to drop from 20 bps to 6 bps. Jefferies also warns that if the company’s incentives drop proportionately, its FY25 adjusted EBITDA could be 50% below estimates.

  • Syngene International's subsidiary, Syngene USA, acquires a biologics manufacturing facility from Emergent BioSolutions' arm, Emergent Manufacturing Operations Baltimore, for $36.5 million (~ Rs 314.9 crore).

  • Ola Electric Mobility declines by over 3% as the Ministry of Heavy Industries reportedly seeks clarification regarding the discrepancy between its reported sales and actual vehicle registrations. Ola Electric claimed it sold 25,000 vehicles last month, but data from the Vahan Portal shows that only 8,600 vehicles were registered.

  • Garden Reach Shipbuilders is rising as it signs a memorandum of understanding (MoU) with the Public Works Department (PWD), Nagaland, to supply eight sets of double-lane modular steel bridges.

  • SBFC Finance's promoter sells 1.3 crore shares (1.3% stake) for Rs 112 crore through an open market transaction at an average price of Rs 82 each. After this sale, the promoter's stake decreases to 53.4% from 54.7%

  • Hyundai Motor India announces a price hike of up to 3% for its vehicles, effective April 2025, due to rising input costs and higher commodity prices.

  • Cables & wires makers KEI Industries, Polycab India, and Havells India, among others, fall sharply after the Adani Group announces its foray into the space. Adani Group’s Kutch Copper forms a JV, Praneetha Ecocables, to manufacture, market, and distribute metal products, cables, and wires.

  • Avenue Supermarts (D-Mart) invests Rs 175 crore in its subsidiary, Avenue E-Commerce, by subscribing to 4.7 crore shares at an issue price of Rs 37.4 per share.

  • Adani Enterprises is rising as its subsidiary, Kutch Copper, forms a 50: 50 joint venture (JV), Praneetha Ecocables, with Praneetha Ventures. This JV helps Adani foray into the cables and wires business and will undertake the manufacturing, marketing, distribution, buying and selling of metal products, cables, and wires.

  • Paras Defence and Space Technologies rises sharply as it receives an order worth Rs 142.3 crore from the Centre for High Energy Systems & Sciences (CHESS), Defence Research and Development Organisation (DRDO), to develop a Laser Source Module and integrate it with a Beam Control System (BCS) on a mobile platform.

  • NCC is rising sharply as it bags an order worth Rs 2,129.6 crore from the Andhra Pradesh Capital Region Development Authority to construct roads, drains, water supply, sewage and other works in Amaravati Capital City.

  • Markets rise on early trading, Nifty 50 was trading at 23,022 (114.4, 0.5%), BSE Sensex was trading at 75,917.11 (468.1, 0.6%) while the broader Nifty 500 was trading at 20,998.35 (133.9, 0.6%).

  • Market breadth is overwhelmingly positive. Of the 2,027 stocks traded today, 1,794 showed gains, and 191 showed losses.

Riding High:

Largecap and midcap gainers today include Bharat Forge Ltd. (1,194.30, 5.1%), Max Healthcare Institute Ltd. (1,135.85, 4.5%) and Phoenix Mills Ltd. (1,624, 4.4%).

Downers:

Largecap and midcap losers today include Polycab India Ltd. (5,083.40, -6.5%), Havells India Ltd. (1,501.35, -3.6%) and UNO Minda Ltd. (978.30, -3.4%).

Movers and Shakers

22 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Rajesh Exports Ltd. (187.58, 18.2%), RHI Magnesita India Ltd. (461.60, 10.9%) and Sun Pharma Advanced Research Company Ltd. (144.49, 10.9%).

Top high volume losers on BSE were KEI Industries Ltd. (2,841.10, -13.5%), Polycab India Ltd. (5,083.40, -6.5%) and Havells India Ltd. (1,501.35, -3.6%).

Eris Lifesciences Ltd. (1,356.95, 1.2%) was trading at 29.2 times of weekly average. Fine Organic Industries Ltd. (3,997, 6.1%) and AstraZeneca Pharma India Ltd. (8,383.60, 6.1%) were trading with volumes 14.2 and 10.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks made 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - InterGlobe Aviation Ltd. (5,086.75, 2.1%), Muthoot Finance Ltd. (2,374.75, -1.7%) and Welspun Corp Ltd. (872.10, 7.7%).

Stock making new 52 weeks lows included - KEI Industries Ltd. (2,841.10, -13.5%).

26 stocks climbed above their 200 day SMA including KFIN Technologies Ltd. (1,050.30, 7.7%) and Garware Technical Fibres Ltd. (845.20, 6.0%). 1 stock slipped below their 200 SMA including Jubilant Foodworks Ltd. (627.60, -1.5%).

 
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The Baseline
20 Mar 2025
By Abdullah Shah

India's equity market has swung between gains and losses over the past year. While there have been moments of optimism, multiple global factors have pulled the market down, making it unpredictable.

In the first half of FY25, the Nifty 50 Index surged by 15.6%, but those gains were wiped out in the latter half due to global economic uncertainties, rising trade tensions, FII selling and weaker domestic spending. This downturn has affected several key indices. According to Reuters, Indian stocks have suffered their longest slump in nearly three decades, erasing almost $1 trillion in market value in the past five months. 

At an event, Radhika Gupta, CEO of Edelweiss Mutual Fund, said, “Nifty is like Shah Rukh Khan – he has had some bad patches but has delivered most of the time.”

In this edition of Chart of the Week, we look at the top four indices with the highest gains and losses over the past year.

Strong momentum driven by Government plans boosts SME growth

The BSE SME IPO Index has gained 58.2% over the past year. The top performers in the index include Mayank Cattle Food, Qualitek Labs, and Gabriel Pet Straps, with returns of 93.1%, 62.3%, and 46.9%, respectively.

The surge in SME IPOs is driven by a combination of government initiatives, such as the Mudra Scheme, tax benefits, and the Production Linked Incentive (PLI) program, which have created a favorable environment for small and medium enterprises. Additionally, rising investor interest and strong performance across various industries have further fueled growth in this segment.

The Nifty Midcap Liquid 15 Index includes the 15 most liquid mid-cap stocks listed on the NSE. Over the past year, the index has gained 15.3%, driven by strong performances from its key constituents. Dixon Technologies surged 90.9%, driven by its expansion in electronics manufacturing and collaborations with global brands. The growing shift towards diversifying manufacturing hubs beyond China further boosted its growth.

Indian Hotels Company gained 38.6%, supported by a strong recovery in domestic tourism and strategic expansion plans, including new hotel developments, contributing to higher earnings. 

Defensive indices grow in a bearish market

The BSE Healthcare Index includes companies involved in the pharmaceuticals & biotechnology, and healthcare equipment industries. Over the past year, the index has gained 18.3%. The top gainers in this sector include Blue Jet Healthcare, Wockhardt, and Suven Pharmaceuticals, with gains of 164.3%, 159.4%, and 84.3%, respectively.

The Centre’s PLI scheme drove growth in healthcare by boosting domestic manufacturing and reducing import dependence, particularly for critical active pharmaceutical ingredients (APIs). In addition, the sector has expanded its contract development & manufacturing organisations (CDMOs), as global pharmaceutical companies diversify supply chains beyond China. Over the past year, theNifty Financial Services index has gained 15.4%. The top performers in this index include Muthoot Finance, Cholamandalam Investment & Finance, and Bajaj Finance, with a gain of 72.9%,  38.6%, and 31.7%, respectively.

The index gained over the past year due to expectations of interest rate cuts, which boosted credit demand and improved liquidity. Rising domestic gold prices and increased collateral value supported strong demand for gold loans, further supporting earnings. 

Rising costs lead to a decline in the Nifty Energy and Nifty PSU Bank indices

The Nifty Energy Index has fallen 15.1% over the past year and contributes 10% to the Nifty 50, making it the third-largest contributor. The index includes companies from the oil & gas and utilities sectors. Firms like Adani Green Energy, Adani Total Gas, and Indian Oil Corporation saw the highest declines at 52.7%, 38.6%, and 22.5%, respectively, over the past year.

Oil & gas stocks fell due to higher purchase costs after the Centre reduced cheaper gas supplies. Energy price fluctuations, influenced by global demand, geopolitical tensions, and potential US policy changes, added to the pressure.

Oil and gas firms struggled with losses in the LPG segment as the government kept domestic LPG prices unchanged despite rising raw material costs. The narrowing discount on Russian crude also reduced the price gap between crude oil and refined products, directly impacting the Gross Refining Margins (GRMs) and earnings. The Nifty PSU Bank Index fell by 13.5% over the past year. Punjab National Bank, Canara Bank, and Indian Overseas Bank led the decline, dropping by 24.6%, 24.1%, and 29.9%, respectively, over the same period. Weak quarterly updates drove this decline, as many banks struggled with sluggish deposit growth, leading to concerns about slowing business momentum. 

Nifty200 Alpha 30 and Nifty Media plunged due to weak spending and a slower growth rate

The Nifty200 Alpha 30 consists of 30 stocks selected from the Nifty 200, based on ‘Jensen’s Alpha’. Jensen's alpha is used to evaluate the performance of an index or portfolio relative to a benchmark index. The weight of stocks in the index is determined by their alpha scores. The index has declined by 27.4% over the last year. Consumer services hold the highest weightage(16%) among sectoral weights, followed by capital durables (14.5%) and financial services (13.8%). Within the Nifty200 Alpha 30 index, IRFC, Zydus Lifesciences, and Bajaj Auto were among the worst performers, with a fall of 11.8%, 8.1%, and 9.4%, respectively.

The index’s underperformance was mainly due to the weak performance of its heavyweight sectors. Consumer Durables, which hold a significant weight in the index, struggled due to slower-than-expected economic growth in India. A weaker expansion in manufacturing and consumption, along with reduced government spending, pressured discretionary sectors. 

The Nifty Media index has declined by 20% over the past year. The beleaguered Zee Entertainment Enterprises (which saw the collapseof its $10 billion merger with Sony, and a $940 million legal dispute with Star India over the termination of a cricket broadcasting deal) holds the highest weight of 25.2% in the index and has fallen by 28.1%. PVR INOX has declined 28.3%, and Network18 Media has dropped 52.5% over the same period.

Media companies have faced margin pressure due to rising operating, production, and marketing costs.