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The Baseline
21 May 2025
What CEOs are saying about FY26 | Screener: Stocks gaining momentum after Q4 results
By Tejas MD

Financial markets have a way of surprising you. Just when everyone was talking about the Nifty 50 being stuck in a correction, the index pulled a fast one, breaking through the psychological 25,000 mark on May 15 and now hovering around 5% of its all-time highs.

A sharp 14% rebound from April lows is a reminder of how fast momentum can flip.

Not everyone is celebrating yet. As Q4 earnings come in and global trade concerns grow, especially with renewed talks about US tariffs, many CEOs are showing more caution than confidence. Volatility remains high, and most CEOs seem to be in a “wait-and-watch” mode as they look ahead to FY26.

It’s a bit like getting stuck in Bangalore traffic after a downpour—you know you’ll start moving at some point, but for now, all you can do is sit tight and hope the road clears soon.

In this Week’s Analyticks,

  • Cautious but not quiet: What CEOs are betting on for FY26
  • Screener: Stocks gaining momentum after net profit and operating profit margin improvements in Q4FY25

Uncertain times, cautious optimism: What CEOs are saying about FY26

Caution has been the dominant tone in Q4FY25 earnings calls, as global uncertainties—especially US tariff developments—cast a shadow over an otherwise strong financial performance by Indian companies. 

Despite good Q4 results, management commentary was quite guarded, even when analysts pushed management to stick their necks out. CEOs across sectors signaled the need for more “clarity” in economic developments.

We used Trendlyne’s ‘Discover’ tool to track the key concerns CEOs raised in these earnings calls.

Many leaders have pinned hopes on a sharp turnaround in the second half of FY26. Bajaj Finserv’s President, S. Sreenivasan, put it plainly, “We believe the geopolitical and external environment will be volatile in the first half of FY26, but we are very cautiously optimistic about H2 of the coming year when we should come back to growth”. 

Uncertainty and caution lead earnings call themes in Q4

Optimism hasn’t entirely vanished. CEOs highlighted strong demand trends—especially in FMCG, paints, and chemicals—as reasons for confidence. Domestic demand is proving resilient.

Most FMCG companies are upbeat about demand in FY26, thanks to softer food inflation, tax and interest rate cuts, and expectations of a good monsoon.

When asked about the outlook, Dabur CEO Mohit Malhotra said, “We are seeing green shoots in the business. So, I think food inflation is moderating. Going forward, sequential improvement is what we expect”. 

While firms like JBM Auto, L&T, and Happiest Minds raised their FY26 guidance on strong Q4 results, tech majors Infosys, HCL Tech, and Wipro cut their growth forecasts, citing global uncertainty and weak client demand. 

Tariff fog hangs over Q4 earnings calls

Top CEO talking points: Trump and tariffs

CEOs were on edge the previous quarter, but expected clarity on US tariffs by April 1st. But that clarity never came. As Q4 unfolded, Trump’s shifting stance on trade has kept the outlook murky.

Many CEOs pointed to tariffs and delays in trade agreements as a drag on decision-making, with order bookings either delayed or paused altogether. Companies like Jindal Stainless and UltraTech Cement have responded by shifting focus to domestic markets.

While explaining the dip in EBITDA per tonne, Jindal Stainless’s MD pointed to rising trade tensions as a factor. “Trade uncertainty picked up with Mr. Trump taking over. Many of our export bookings came under pressure or were put on hold, so we had to divert more volumes into the domestic market.”

CEOs are concerned about macro issues

Tech CEOs echoed these challenges. TCS CEO K. Krithivasan highlighted the inflationary impact of tariffs and the toll on IT spending: “Client IT budgets have remained flat.” CEOs are also raising slowdown and recessionary fears.

FY26: CEOs are hopeful about lower inflation and a capex push

Some CEOs sounded upbeat about FY26, pointing to easing inflation in India and early signs of a rebound in manufacturing and services. Management teams aren’t just talking up the outlook – they are backing it with spending.

FY26 key priorities: what CEOs are focusing on

Tata Steel, for instance, has announced a massive Rs 15,000 crore capital expenditure plan for FY26, which aims to drive expansion and launch new projects.

Companies like Polycab are looking at exports to fuel the next growth phase. After a slowdown in the US, Polycab is actively targeting Europe, the Middle East and Australia, with plans to ramp up revenue from these regions in the coming year.

CEOs highlighted growth pockets—especially in government contracts and pharma. For example, public sector demand has rebounded, benefiting firms like Blue Star and Netweb Technologies, after a Q3 slowdown due to elections. Blue Star’s CFO noted, “While the Industrial and BFSI sectors remained muted, government orders showed signs of revival during this quarter.”

Industry opportunities: what are CEOs bullish about?


In pharma, the spotlight was on new product launches. Cipla and Dr. Reddy’s focus on complex generics, while Alembic Pharma and Aarti Drugs are gaining momentum in API.

Meanwhile, Trump’s May 12 executive order to make US prescription drug prices the lowest globally has sparked concern. But Indian generic drug makers aren’t too worried. 

Morepen Lab’s CEO, Sushil Suri, said, “Thankfully, we’re in the generics space. These rules mainly target patented drugs, not us.” He added, “Even if President Trump wants to shake things up, the US has no alternative. They simply don’t have domestic manufacturing for generics—they rely on India.”

One thread runs through commentary by CEOs across major companies: until there’s clarity on trade policy, management teams will delay some big decisions.

Screener: Stocks gaining momentum after improvements in net profit and operating profit margin in Q4FY25

Capital markets stocks’ operating margins rise in Q4

As the Q4FY25 results season comes to a close, we look at stocks where profitability has improved YoY. This screener shows stocks with rising Trendlyne momentum scores MoM after YoY growth in net profit and operating profit margins in Q4FY25.

The screener is dominated by stocks from the finance, healthcare services, capital markets, electric utilities, and electrical equipment/products. Major stocks that show up in the screener are BSE, Reliance Power, 360 One Wam, Premier Energies, IDBI Bank, Inventurus Knowledge Solutions, and IndiaMART InterMESH.

BSE’s net profit surged 361.9% YoY during Q4FY25, with its operating profit margin expanding 32.5 percentage points to 60.5%. This capital markets company’s Trendlyne momentum score jumped MoM to 73.2. According to analysts at HDFC Securities, a 44.5% YoY reduction in regulatory fees and a Rs 109.4 crore return from provisions for the Settlement Guarantee Fund (SGF) helped improve profitability. 

Reliance Power also shows up in the screener after its net profit grew 131.5% YoY in Q4FY25, with operating profit margin expanding 20 percentage points. This electric utilities company’s Trendlyne momentum score increased MoM to 63.7 post results. Its net profit and operating margin improved due to lower fuel consumption, finance, depreciation & amortisation, and generation & administration expenses. 

You can find some popular screeners here.

Signing off this week,

The Trendlyne Team

 
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The Baseline
20 May 2025
Five stocks to buy from analysts this week - May 20, 2025
By Omkar Chitnis

1. Tata Steel:

ICICI Securities maintains its ‘Buy’ rating on this steel company and raises the target price to Rs 190, indicating an upside of 19%. Tata Steel’s EBITDA/tonne increased by Rs 1,000 QoQ in Q4FY25, up from Rs 600, due to higher selling prices and lower fixed costs.

In Q4FY25, sales volume grew 3.3% YoY to 5.6 million tonnes, driven by higher production at the Odisha facility. Tata Steel Netherlands (TSN) reported a profit of Rs 120 crore in Q4FY25, compared to a loss in the same quarter last year.

Analysts Amit Dixit and Mohit Lohia expect Tata Steel’s overall EBITDA to grow 47% to Rs 37,100 crore in FY26, driven by improvements in the UK business. They also expect profits to rise in Q1FY26 due to higher selling prices of Rs 3,000 per tonne in India and a reduction of fixed costs by Rs 1,800-2,000 per tonne.

The management aims to reduce fixed costs by Rs 11,500 crore by FY27 across India, UK, and Netherlands operations. It expects cost reductions to help its Netherlands and the UK businesses break even by Q2FY26. The company plans to invest Rs 15,000 crore in capital expenditure in FY26 and reduce debt by Rs 3,000 crore.

2. V-Guard Industries:

Anand Rathi retains its ‘Buy’ rating on this electrical appliance company with a target price of Rs 475, indicating an upside potential of 25.1%. The company’s Q4FY25 revenue rose 14.5% YoY to Rs 1,538.1 crore, driven by strong growth in the electrical and electronics segments. Net profit grew 19.6% to Rs 91.1 crore due to lower interest costs.

Analyst Prasheel Gandhi expects the company’s electronics vertical to maintain strong momentum, led by stabilizers, inverter batteries, and the solar rooftop segment. He anticipates the solar rooftop business will contribute significant revenue over the next 4–5 years.

V-Guard Industries’ battery business revenue grew in double digits YoY in FY25. The management aims to increase battery capacity with an investment of Rs 50 crore and expects a revenue potential of Rs 300–400 crore in 2.5 years. The analysts project the company’s revenue and net profit to grow at a CAGR of 14.2% and 28.8%, respectively, over FY26–27.

3. Bank of Baroda:

Sharekhan maintains a ‘Buy’ rating on this bank with a target price of Rs 260, indicating an upside of 10%. In Q4FY25, Bank of Baroda’s net profit rose 3.3% YoY to Rs 5,048 crore. Treasury gains more than doubled to Rs 1,559 crore, supporting overall profitability and pushing return on assets (RoA) to around 1.2%. The analysts said, “We believe the bank is likely to sustain RoAs at ~1.0% in FY26 led by recoveries and higher treasury gains.”

Net interest income (NII) declined 7% YoY in Q4FY25, while net interest margin (NIM) fell by 33 basis points due to lower loan yields and higher cost of funds. The analysts believe the pressure on NIMs and asset quality volatility can be managed through recoveries, treasury gains, and a better mix of loans and deposits. They also highlighted the bank’s focus on growing current account savings account (CASA) and retail term deposits, while cutting back on bulk deposits to support long-term growth.

The bank’s gross non-performing assets (NPA) fell 10 bps YoY to 2.3% in the quarter. Analysts expect NII and net profit to grow by 8.5% and 2.8% over FY26–27, aided by stable asset quality.

4. Vijaya Diagnostic Center:

Emkay reiterates its ‘Buy’ rating on this healthcare services provider chain with a target price of Rs 1,150, indicating an upside of 24.6%. Analysts Anshul Agrawal and Abin Benny believe the next 2–3 years look promising, supported by the timely commissioning of new labs in non-core geographies (such as Pune, Kolkata) and management’s guidance of over 15% sales CAGR during FY26–28, despite the asset-heavy model.

In Q4FY25, Vijaya Diagnostic’s revenue rose 12% YoY to Rs 173 crore, led by a 20% growth in the wellness segment, which contributed 15% of total revenue. However, the EBITDA margin declined by 90 bps YoY to 39.8% due to expansion-related costs. Agrawal and Benny expect margins to improve to 40.5% by FY28, backed by the management’s target to achieve breakeven within 12 months for each new lab.

The company has commissioned two new labs in Q1FY26 and plans to add three more in the next 3–4 months. Analysts believe growth will also be supported by the management’s plan to increase prices by 1–2% across various test categories during FY26.

5. Blue Jet Healthcare:

Motilal Oswal reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 965, implying an upside of 21%. In Q4FY25, the company’s revenue grew 85.1% YoY to Rs 3,404 crore, driven by higher sales in pharmaceutical intermediates. Net profit rose 177% to Rs 1,101 crore, helped by new capacity additions and improved plant efficiency.

Blue Jet's capex for FY25 stood at Rs 300 crore on research and development (R&D) and expansion of production capacity. Analysts Aman Chowdhary and Sumant Kumar expect strong revenue visibility in FY26, driven by rising demand for pharma intermediates and active pharmaceutical ingredients (APIs). They project the revenue share from the pharma intermediates to rise to 25% by FY27, up from 17% in FY25, aided by expansion into new markets such as Canada, the US, and Europe.

Analysts expect strong revenue growth from the API segment in FY26, driven by new product launches and increased production capacity. They project Blue Jet’s revenue and net profit to grow at a CAGR of 27% and 25%, respectively, over FY26–27.

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

(You can find all analyst picks here)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
20 May 2025
Market closes lower, Hindalco Industries's Q4 net profit beats Forecaster estimates by 24%
By Trendlyne Analysis

Nifty 50 closed at 24,683.90 (-261.6, -1.1%), BSE Sensex closed at 81,186.44 (-873.0, -1.1%) while the broader Nifty 500 closed at 22,585.60 (-280.2, -1.2%). Market breadth is highly negative. Of the 2,430 stocks traded today, 743 were in the positive territory and 1,662 were negative.

Indian indices closed in the red after falling throughout the session. The Indian volatility index, Nifty VIX, declined 0.1% and closed at 17.3 points. DLF rose 2.2% as its net profit grew 39.3% YoY to Rs 1,282.2 crore in Q4FY25. Its revenue increased by 46.5% YoY, driven by strong development business and record bookings from luxury launches during the quarter.

Nifty Midcap 100 & Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty India Defence & Nifty Auto were among the top index losers today. According to Trendlyne’s Sector dashboard, Telecommunications Equipment emerged as the worst-performing sector of the day, with a fall of 2.6%.

Asian indices closed mixed, while European indices are trading in the green except Russia’s MOEX & RTSI indices. US index futures traded lower, indicating a cautious start to the trading session. The People's Bank of China reduced the one-year loan prime rate (LPR) by 10 basis points to 3%, while the five-year LPR was reduced by the same margin to 3.5%. This marks the first rate cut since the 25 bps reduction in October 2024. Meanwhile, JPMorgan lowered the odds of a US recession in 2025 to below 50% from 60%, citing recent US-China trade policy shifts.

  • Relative strength index (RSI) indicates that stocks like SKF, Schaeffler, Intellect Design Arena, and Bharat Electronics are in the overbought zone.

  • Hindalco Industries rises as its Q4FY25 net profit grows 66.4% YoY to Rs 5,283 crore, led by lower power & fuel and finance costs, inventory destocking and deferred tax returns of Rs 273 crore. Revenue jumps 16.4% YoY to Rs 65,590 crore, attributed to improvements in the Novelis, aluminium upstream & downstream, and copper segments. It features in a screener of strong-performing, under-the-radar stocks.

  • Kirloskar Industries' net profit rises 22.3% YoY to Rs 141.8 crore in Q4FY25, helped by lower raw materials, employee benefits and depreciation & amortization expenses. Revenue grows 1.1% YoY to Rs 1,747.8 crore during the quarter. The company appears in a screener of stocks with book value per share improving over the last two years.

  • ACME Solar Holdings is falling as its net profit declines 76.8% YoY to Rs 123.4 crore in Q4FY25 due to an exceptional items loss of Rs 14.1 crore. However, revenue increases 65% YoY to Rs 486.9 crore, driven by higher electricity sales during the quarter. The company appears in a screener of stocks with increasing profits every quarter for the past two quarters.

  • India is reportedly negotiating a US trade deal in three phases and aims to finalise an interim agreement before July, ahead of the expected implementation of President Donald Trump’s reciprocal tariffs. The deal may include market access for industrial goods, select farm products, and non-tariff issues like quality standards.

  • Zydus Lifesciences is falling as its Q4FY25 net profit declines 1% YoY to Rs 1,170.9 crore due to higher inventory, employee benefits, finance, and depreciation & amortisation expenses. However, revenue grows 16.1% YoY to Rs 6,608.5 crore, helped by improvements in the pharmaceuticals and consumer products segments. It appears in a screener of stocks where insiders sold shares.

  • JK Paper falls as its net profit falls 72.4% YoY to Rs 76.2 crore in Q4FY25 due to higher raw materials, employee benefits, finance, and other expenses. Revenue declines 1.7% YoY to Rs 1,689.5 crore owing to weak performance in the paper and packaging segment. It features in a screener of stocks with an increasing trend in non-core income.

  • Petronet LNG is falling as its revenue declines 10.7% YoY to Rs 12,315.8 crore in Q4FY25. However, net profit increases 43.2% YoY to Rs 1,094.9 crore, helped by the recovery of past 'Use or Pay' dues during the quarter. The company appears in a screener of stocks that benefit from lower crude oil prices.

  • Morgan Stanley projects ITC’s cigarette business to see 4% YoY volume growth and 5% value growth, with EBIT rising 2% YoY in Q4FY25. However, it notes that tobacco inflation may pressure margins. FMCG revenue is expected to grow 2% YoY, with EBIT margin improving to 6% from 5.9% in Q3FY25. The FMCG business is likely to deliver price-led mid-single-digit growth due to price hikes in atta, biscuits, and snacks.

  • Nuvama maintains its 'Buy' call on Data Patterns and raises the target price to Rs 3,700 per share. The brokerage expects revenue growth of 20–25% in FY26, helped by a Rs 1,000 crore order inflow, and expects the company to continue to benefit from high-value, high-volume repeat orders. It projects the firm's revenue to grow at a CAGR of 30% over FY26-27.

  • GMR Power and Urban Infra falls as its Q4FY25 net profit declines 73% YoY to Rs 43.7 crore due to higher fuel consumption, raw materials, inventory, and employee benefits expenses. However, revenue grows 5.4% YoY to Rs 1,863 crore, driven by improvements in the power and smart meter infrastructure segments. It shows up in a screener of stocks with high interest payments compared to earnings.

  • PI Industries' Q4FY25 net profit falls 10.6% YoY to Rs 330.5 crore due to higher inventory build-up. However, revenue increases 2.7% YoY to Rs 1,787.1 crore, driven by higher sales from the agro chemicals and pharma segments during the quarter. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Vivek Lohia, MD of Jupiter Wagons, projects FY26 revenue of around Rs 5,000 crore with 14–15% margins. He expects the wheelset business to stabilise in the coming months and anticipates securing a sizeable tender from the Indian Railways.

  • Borosil rises as its Q4FY25 grows 119.3% YoY to Rs 11.1 crore, helped by lower finance costs and inventory destocking. Revenue increases 15.7% YoY to Rs 272.5 crore during the quarter. It features in a screener of stocks gaining versus previous close, open price and relative strength index (RSI).

  • IRB Infrastructure Developers' net profit rises 13.4% YoY to Rs 214.7 crore in Q4FY25, helped by lower road work & site expenses and finance costs. Revenue increases by 4.3% YoY to Rs 2,149.2 crore during the quarter. It appears in a screener of stocks with high promoter pledges.

  • DLF rises sharply as its net profit grows 39.3% YoY to Rs 1,282.2 crore in Q4FY25. Revenue increases 46.5% YoY to Rs 3,127.6 crore, driven by strong development business and record bookings from luxury launches like The Dahlias and Privana West during the quarter. The company appears in a screener of stocks with improving ROE over the past two years.

  • Antique Stock Broking maintains a 'Buy' rating on Arvind Fashions with a higher target price of Rs 672. The brokerage cites margin expansion driven by a better channel mix and lower discounting. It expects improved performance driven by power brand scale-up, product innovation, premiumisation, retail growth, and higher marketing spends. The brokerage has raised FY26/27 EBITDA estimates by 1%.

  • Pfizer surges more than 10% as its Q4FY25 net profit jumps 85% YoY to Rs 330.9 crore, helped by lower raw material costs and an exceptional gain of Rs 172.8 crore from the sale of lease in Thane. Revenue grows 2.4% YoY to Rs 636.5 crore during the quarter. It appears in a screener of stocks with dividend yields greater than their sector dividend yield.

  • HFCL secures an order worth Rs 173.7 crore to supply 5G telecom equipment to a domestic service provider.

  • Gujarat Gas' Q4FY25 net profit beats Forecaster estimates by 20% despite falling 29.9% YoY to Rs 287.9 crore, due to higher raw materials, finance, depreciation & amortisation, and excise duty expenses. Revenue grows marginally by 0.3% YoY to Rs 4,176.4 crore during the quarter. It features in a screener of stocks outperforming their industries in the past quarter.

  • Aluminium prices dip as London Metal Exchange (LME) inventories rise to 343,000 tonnes and weak economic data emerges from China. China’s aluminium output hits record levels, nearing its 45 million tonne annual capacity cap, with 2024 production estimated at 43 million tonnes, up 2% YoY.

  • RVNL secures an order worth Rs 178.6 crore from Ircon International to commission signalling and telecommunications systems at 10 new railway stations.

  • Power Grid Corp of India is falling as its net profit declines 0.6% YoY to Rs 4,142.9 crore in Q4FY25. However, revenue increases 2.5% YoY to Rs 12,275.4 crore, driven by higher sales from the transmission and telecom segments during the quarter. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • Karur Vysya Bank is rising as its Q4FY25 net profit grows 12.6% YoY to Rs 513.4 crore, driven by lower employee benefits expenses. Revenue increases 7.5% YoY, owing to improvements in the corporate and retail banking segments. The bank's asset improves as its gross and net NPAs decline 64 bps YoY and 20 bps YoY, respectively.

  • Bharat Electronics is rising as its net profit grows 18.4% YoY to Rs 2,127 crore in Q4FY25, helped by lower consumption of stock-in-trade. Revenue increases 6.8% YoY to Rs 9,149.6 crore during the quarter. The company appears in a screener of stocks with increasing revenue every quarter for the past three quarters.

  • Nifty 50 was trading at 24,976.15 (30.7, 0.1% , BSE Sensex was trading at 82,205.11 (145.7, 0.2%) while the broader Nifty 500 was trading at 22,861.65 (-4.2, 0.0%)

  • Market breadth is neutral. Of the 1,998 stocks traded today, 968 showed gains, and 968 showed losses.

Riding High:

Largecap and midcap gainers today include DLF Ltd. (753.50, 2.2%), IDBI Bank Ltd. (90.93, 1.4%) and Ipca Laboratories Ltd. (1,457.20, 1.4%).

Downers:

Largecap and midcap losers today include Bajaj Holdings & Investment Ltd. (12,932, -7.5%), Eternal Ltd. (228.28, -4.1%) and Indian Overseas Bank (37.74, -4.1%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Newgen Software Technologies Ltd. (1,334.55, 16.3%), Pfizer Ltd. (4,949.80, 10.8%) and CCL Products India Ltd. (830.70, 9.6%).

Top high volume losers on BSE were Easy Trip Planners Ltd. (11.52, -4.7%), Aditya Birla Fashion and Retail Ltd. (277.45, -3.0%) and Gujarat Gas Ltd. (458.70, -1.8%).

NLC India Ltd. (240.56, 1.8%) was trading at 17.5 times of weekly average. Zensar Technologies Ltd. (840.60, 6.8%) and BASF India Ltd. (5,304.30, 8.2%) were trading with volumes 14.9 and 12.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Redington Ltd. (282.65, 0.9%), Shree Cements Ltd. (31,445, -0.5%) and APL Apollo Tubes Ltd. (1,799, -0.4%).

Stock making new 52 weeks lows included - Aether Industries Ltd. (732.60, -1.2%).

25 stocks climbed above their 200 day SMA including Newgen Software Technologies Ltd. (1,334.55, 16.3%) and Pfizer Ltd. (4,949.80, 10.8%). 24 stocks slipped below their 200 SMA including Rites Ltd. (275.45, -6.6%) and Alembic Pharmaceuticals Ltd. (968, -5.9%).

 
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The Baseline
20 May 2025
Which stocks did superstar investors sell in Q4FY25?
By Melissa Koshy

The portfolio changes of superstar investors like RARE Enterprises, Ashish Kacholia, Sunil Singhania, and Vijay Kedia offer valuable insights into the market, especially during periods of volatility. Their buys and sells help investors identify potentially profitable sectors and stocks. Let’s take a look at the sells made by these superstar investors in Q4FY25.

The chart below shows changes in superstar investors' current portfolio net worth (note that net worth reflects share price changes in current holdings and new buys and sells).

Most superstars see a fall in their net worth in Q4FY25

Previously, we focused on the key superstar buys in Q4FY25. Now, let's analyse their sells. The last quarter of FY25 turned volatile - most superstar investors remained cautious and increased stake sales, continuing the trend from the previous quarter. The chart below highlights their biggest sells during this period.

Biggest sells by superstars in Q4FY25

RARE Enterprises cuts a 2.1% stake in an edible oils maker

Rakesh Jhunjhunwala’s portfolio, currently managed by Rekha Jhunjhunwala and investment firm RARE Enterprises, reduced holdings in three companies during Q4. The portfolio’s net worth has risen by 24.4% to Rs 62,580 crore as of May 19, primarily due to the infusion from Inventurus Knowledge Solutions. It disclosed a 49.3% stake in the company when its IPO was listed on December 19.

RARE Enterprises trims stake in three firms

In the January-March quarter, the late big bull’s portfolio reduced its stake in Sundrop Brands by 2.1%. The portfolio held a 7% stake in the firm for two consecutive quarters. This edible oils maker has gained 13.3% in the past year, but underperformed its industry by 5.8% points.

During the latest quarter, RARE reduced its stake by 0.3% in the department stores chain Baazar Style Retail, taking its holding to 3.4%. The company has declined by 26.7% over the past year, underperforming its industry by 38.5%. It also has an expensive valuation, scoring only 20.8 as per Trendlyne’s Valuation score.

RARE Enterprises also cut its stake in Nazara Technologies by 0.2%, and now holds 7.1% in the internet software & services company. The portfolio has reduced its stake in the company for the past six quarters. Nazara has surged 102.9% in the past year. Trendlyne’s DVM score classifies it as an Expensive Rocket as it trades in the PE Sell Zone.

Ashish Kacholia adjusts holdings in key sectors

Ashish Kacholia’s net worth declined by 14.9% to Rs 2,670 crore as of May 19 as he dialled back on multiple stocks.

Ashish Kacholia pares stakes in multiple companies in Q4

During the latest quarter, Kacholia cut a 1.4% stake in Awfis Space Solutions, a special consumer services company. The company has weak financials and features in a screener of stocks with low Piotroski scores. The company is trading at an expensive valuation, suggested by Trendlyne’s valuation score of below 30, and is displaying a neutral momentum with Trendlyne’s momentum score of 39.

The marquee investor reduced his stake in industrial machinery maker Walchandnagar Industries by 0.6%, taking his holding to 2.6%. Trendlyne classifies the company as an Expensive Performer. The company posted a loss of Rs 41.8 crore in FY24 and Rs 29.8 crore during 9MFY25. It has been reporting losses since FY13, except in FY23.

High valuations, sustained FII selling, and weak market sentiment in mid- and small-cap stocks likely prompted Kacholia’s portfolio trimming in Q4.

Kacholia cut a 0.2% stake in specialty chemical firm Yasho Industries during the quarter, and now holds 3.9%. The company’s share price has declined by 8% over the past year, underperforming its industry by 20.9% points. It has a low Durability score of 35 and an expensive valuation, scoring 10.3.

During Q4, Kacholia offloaded 0.1% each in Vasa Denticity and Ami Organics. He held 3.8% and 1.8% stakes in the healthcare supplies and pharma companies in Q3FY25. Both companies feature in a screener of stocks with high PE (PE > 40).

The ace investor also sold 0.1% each in Universal Autofoundry and Sanjivani paranteral. The auto parts & equipment maker and pharma stock feature in a screener of bearish stocks. Universal Autofoundry has underperformed its industry by 59.6% points in the past year. Sanjivani is currently trading in the Strong Sell Zone, indicating it is trading above its historical PE. 

Sunil Singhania’s Abakkus Fund cuts stakes in two firms to below 1%

Sunil Singhania’s Abakkus Fundsaw its net worth fall by 14.9% to Rs 2,535.2 crore. The fund cut its holdings in two companies to below 1% and trimmed minor stakes in four others during Q4FY25.

Singhania reduces holdings in BirlaNu, Uniparts and others

Singhania’s fund reduced its holdings to below 1% each in cement & cement products maker BirlaNu and heavy electrical equipment firm Uniparts India. BirlaNu features in a screener of profit-to-loss companies (companies that moved from profit to loss QoQ). It has declined by 10.4% in the past year, underperforming its industry by 23.5% points. Uniparts ranks medium in Trendlyne’s checklist. It is currently trading in the Sell Zone.

During Q4, Abakkkus Fund lowered its stake in Sarda Energy & Minerals by 0.3% and now holds 1.5% in the steel products maker. The company is a Mid-range Performer and also features in a screener of stocks where mutual funds decreased their holdings last quarter. 

Singhania’s fund cut 0.1% each inauto parts makerShriram Pistons,specialty retail firmEthos,industrial machinery companyAnup Engineering, andIT consulting playerMastek in the March quarter. He now holds a 1% stake each in Shriram Pistons and Ethos, 3.6% in Anup Engineering and a 2.8% stake in Mastek. All four companies have declining net cash flows. Ethos and Anup Engineering have expensive valuation scores, while Shriram Pistons and Mastek have technically neutral momentum scores. 

Vijay Kedia makes minor stake sales during Q4

Vijay Kedia’s net worth decreased by 24.1% to Rs 1,440.2 crore as of May 19. During the quarter, he reduced his stake in auto parts maker Precision Camshafts from 3.2% in Q3 to 2.1%. Over the past year, the company’s share price fell 10.8%, underperforming its industry by 15.8% points.

Kedia cuts his stake in Precision Camshafts, Tejas Networks and others

During the quarter, Kedia also cut a 0.3% stake in telecom equipment maker Tejas Networks. He held a 1.9% stake for five consecutive quarters before reducing it to 1.3% in Q3FY25. The company’s share price declined by 38.4% over the past year and is classified as a Slowing Down Stock by Trendlyne.

The ace investor further reduced his stakes in Global Vectra Helicorp and Sudarshan Chemical Industries by 0.3% and 0.2%, respectively, bringing his holdings to 4.9% and 1.3%. Global Vectra posted a loss of Rs 13.3 crore in 9MFY25 and a marginal profit of Rs 1.2 crore in FY24, while Sudarshan Chemicals is considered overvalued based on its current PE.

Kedia also sold a minor stake in Elecon Engineering, now holding 1.1% in the industrial machinery manufacturer.

Dolly Khanna cuts stakes in multiple companies

Dolly Khanna reduced her holdings in eight companies during Q4FY25, including four where her stake fell below 1%. Despite the reductions, her net worth rose by 22.5% to Rs 557 crore as of May 19, supported by new additions and stake increases. She added two new companies, Polyplex Corp and GHCL, and increased her stake in seven others during the quarter.

She lowered her stake in steel products maker Indian Metals & Ferro Alloys and oil exploration company Selan Exploration from 1.2% to below 1%. Over the past year, Indian Metals’ share price declined by 11.5%, while Selan Exploration dropped by 12.1%.

Dolly Khanna cuts stakes in four companies to below 1%

Khanna also reduced her stake in Nile and POCL Enterprises to below 1%. Both companies are currently in the PE Sell zone and appear in a screener of stocks with declining net cash flow.

During the quarter, she trimmed her stake in Zuari Industries by 1.3%, bringing it down to 1.6%. Trendlyne classifies this sugar company as a Mid-range Performer due to its medium financial strength, valuation, and a neutral Momentum score.

She also cut her stake in packaging firm Rajshree Polypack by 0.1%, now holding 1.1%. The company’s share price has fallen 27.5% over the past year, underperforming its industry by 74.5% points.

Khanna made a minor reduction in Rajshree Sugars & Chemicals as well during the quarter.

Porinju Veliyath reduces stake in an IT consulting firm to below 1%

Porinju V Veliyath’s net worth fell 33.7% to Rs 196.2 crore as of May 19. During the quarter, he reduced his stake in IT consulting firm RPSG Ventures to below 1%, down from 1.4% in Q3. The company’s share price has fallen 6.1% over the last six months but is up 32.2% over the past year.

Porinju pares stake in RPSG Ventures to below 1%; reduces holding in Kaya

He also cut his stake in Kaya, a skincare clinic chain, to 1.3% after consistently holding 2.9% for the past three quarters. Kaya holds a medium rank on the Trendlyne Checklist and has a neutral momentum score of 47.8. Its share price has underperformed its industry by 48% points over the past year.

Additionally, during the quarter, Veliyath marginally reduced his stake in Max India, a holding company.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
19 May 2025
Market closes lower, Zydus Wellness' Q4 net profit grows 14.4% YoY to Rs 171.9 crore
By Trendlyne Analysis

Nifty 50 closed at 24,945.45 (-74.4, -0.3%), BSE Sensex closed at 82,059.42 (-271.2, -0.3%) while the broader Nifty 500 closed at 22,865.80 (-5.1, 0.0%). Market breadth is in the green. Of the 2,464 stocks traded today, 1,532 were in the positive territory and 887 were negative.

Indian indices closed lower after falling in the afternoon session. The Indian volatility index, Nifty VIX, rose 4.9% and closed at 17.4 points. Vodafone Idea closed 8.8% lower after the government rejected its plea for over Rs 45,000 crore in relief on adjusted gross revenue (AGR) dues, following an earlier Rs 36,950 crore support through equity conversion.

Nifty Smallcap 100 closed higher, while Nifty Midcap 100 closed flat. Nifty India Digital and Nifty India Defence Indices were among the top index losers today. According to Trendlyne’s sector dashboard, Realty emerged as the top-performing sector of the day, with a rise of 1.7%.

Asian indices closed lower, except for Indonesia’s IDX Composite and Sri Lanka’s CSE All-Share, which closed higher. European indices are trading lower, except for Russia’s RTSI and MOEX indices, which are trading lower. US index futures are trading lower, indicating a negative start to the trading session as investors react to Moody’s downgrade of the country’s credit rating to "Aa1" from "AAA". Brent crude futures are trading lower after rising 1.4% on Friday.

  • Money flow index (MFI) indicates that stocks like SKF, Apar Industries, Intellect Design Arena, and Aster DM Healthcare are in the overbought zone.

  • Mahindra Lifespace Developers rises as its board of directors sets May 23 as record date for its Rs 1,500 crore rights issue.

  • Zydus Wellness is rising as its Q4FY25 net profit grows 14.4% YoY to Rs 171.9 crore, driven by inventory destocking and lower finance costs. Revenue increases 16.2% YoY to Rs 913.9 crore, attributed to improvements in the food & nutrition and personal care segments. It features in a screener of stocks with rising net cash flow and cash from operating activities.

  • Container Corp of India is rising as its board of directors schedules a meeting on May 22 to consider a proposal for issuing bonus shares. The board will also announce the company's Q4FY25 and FY25 results during the meeting.

  • Nuvama initiates coverage on BHEL with a 'Buy' rating and a target price of Rs 360. The brokerage highlights BHEL's strong position in India's thermal capex revival. With 40–50 GW of orders expected between FY26–28, BHEL could secure 7–8 GW annually over the next 2–3 years as it has a market share of 60–70%.

  • Heritage Foods falls sharply as its Q4FY25 net profit declines 5.8% YoY to Rs 38.2 crore due to higher raw materials, employee benefits, finance, and depreciation & amortisation expenses. However, revenue grows 10.5% YoY to Rs 1,055 crore, led by improvements in the dairy and feed segments. It appears in a screener of stocks with declining profits for the past three quarters.

  • Ratnamani Metals & Tubes is rising as its net profit grows 7.8% YoY to Rs 207.1 crore in Q4FY25. Revenue increases 14.7% YoY to Rs 1,715.2 crore, driven by higher sales from the steel tubes & pipes, and pipe spools & auxiliary support systems segments during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding in the past quarter.

  • Texmaco Rail & Engineering's Q4FY25 net profit declines 12.2% YoY to Rs 39.8 crore due to higher raw materials, inventory, power & fuel, employee benefits and finance costs. However, revenue grows 17.1% YoY to Rs 1,363 crore, driven by improvements in the freight car and electrical infrastructure segments. It appears in a screener of stocks with an increasing trend in non-core income.

  • Jairam Sampath, CFO of Kaynes Technology, projects a revenue of Rs 4,525 crore for FY26, along with a 50 bps margin expansion. He adds that revenue from the Printed Circuit Board (PCB) and Outsourced Semiconductor Assembly & Test (OSAT) facilities will commence in FY26 and see a significant contribution from FY27 onwards.

  • Vodafone Idea falls sharply after the government rejects its latest plea for relief on adjusted gross revenue (AGR) dues. The firm had sought over Rs 45,000 crore in relief, following an earlier Rs 36,950 crore support via equity conversion.

  • PNC Infratech rises as it receives an arbitration award of Rs 485 crore from the National Highways Authority of India (NHAI). The award relates to a 2019 EPC project for constructing a four-lane Agra Bypass in Uttar Pradesh.

  • Hyundai Motor India's Q4FY25 net profit declines 3.7% YoY to Rs 1,614.3 crore due to higher raw materials, inventory, and employee benefits expenses. However, revenue grows 0.8% YoY to Rs 18,149.8 crore, driven by improvements in exports. It shows up in a screener of stocks with expensive valuations, according to Trendlyne's valuation score.

  • Global sugar prices have fallen below 18 cents per pound, even as the International Sugar Organization (ISO) forecasts a production shortfall for the 2024–25 season. The ISO now projects a global sugar deficit of 5.5 million metric tonnes, with total output revised down to 174.8 million tonnes. India’s sugar production is estimated at 26.1–26.2 million tonnes during the same period.

  • Zen Technologies rises to its 5% upper limit as its net profit surges 1.9X YoY to Rs 101.1 crore in Q4FY25, helped by lower material costs and higher sales. Revenue increases 1.3X YoY to Rs 325 crore during the quarter. The company appears in a screener of stocks with improving ROE over the past two years.

  • Inox Green Energy Services rises sharply as it signs operation and maintenance (O&M) deals for 285 megawatt peak (MWp) solar projects with two leading renewable energy firms across multiple sites in India.

  • HEG rises sharply after Japan's graphite electrode producer Resonac Holdings plans to shut production in China and Malaysia due to margin pressure. HEG exports over 70% of its production to more than 30 countries.

  • IDFC FIRST Bank shareholders reject Warburg Pincus’ proposal for a board seat via Currant Sea Investments, as the special resolution fails to secure the required 75% majority. The proposal sought to amend the bank’s Articles of Association to grant Currant Sea Investments the right to appoint a board member.

  • KEC International is rising as it secures an order worth Rs 1,133 crore from Power Grid Corporation of India (PGCIL) for development of high voltage direct current (HVDC) transmission line.

  • RPP Infra Projects rises as it secures a Rs 154.4 crore order from BHEL to supply fabricated boiler structures for the Koderma project in Jharkhand.

  • Divi's Laboratories rises sharply as its net profit grows 23.1% YoY to Rs 662 crore in Q4FY25, helped by a forex gain of Rs 10 crore. Revenue increases 12.2% YoY to Rs 2,585 crore during the quarter. The company appears in a screener of stocks with book value per share improving over the last two years.

  • Reliance Power rises as it announces a Rs 2,000 crore joint venture with Bhutan's Druk Holding and Investments (DHI). This partnership aims to develop the largest solar power project in Bhutan, a 500 MW facility. The 50:50 partnership, under a Build-Own-Operate model, marks the largest private sector foreign direct investment in Bhutan’s solar energy sector.

  • Shipping Corp of India's Q4FY25 net profit declines 39.7% YoY to Rs 185.1 crore due to higher employee benefits and depreciation & amortisation expenses. Revenue decreases 7.3% YoY to Rs 1,400.6 crore, caused by reductions in the bulk carrier, tanker, and technical & offshore segments. It appears in a screener of stocks with declining cash flow from operations over the past two years.

  • Data Patterns rises sharply as its net profit surges 60.5% YoY to Rs 114.1 crore in Q4FY25 due to higher sales. Revenue increases 1.2X YoY to Rs 396.2 crore, driven by strong order pipeline during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Delhivery rises sharply as its reports a net profit of Rs 72.6 crore in Q4FY25 compared to a net loss of Rs 68.5 crore in Q4FY24 due to improvements in freight, handling and servicing costs. Revenue increases 5.6% YoY to Rs 2,191.6 crore during the quarter. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Kalpataru Projects International's Q4FY25 net profit grows 36.6% YoY to Rs 225.4 crore, helped by lower inventory and finance costs. Revenue rises 18.2% YoY to Rs 7,079.9 crore, driven by improvements in the engineering, procurement & construction (EPC) and development projects segments. It features in a screener of stocks with high trailing twelve-month (TTM) earnings per share (EPS) growth.

  • Nifty 50 was trading at 25,046.30 (26.5, 0.1%), BSE Sensex was trading at 82,354.92 (24.3, 0.0%) while the broader Nifty 500 was trading at 22,929.40 (58.5, 0.3%).

  • Market breadth is overwhelmingly positive. Of the 2,062 stocks traded today, 1,601 were in the positive territory and 399 were negative.

Riding High:

Largecap and midcap gainers today include Bajaj Holdings & Investment Ltd. (13,973, 6.6%), Rail Vikas Nigam Ltd. (431.50, 5.4%) and Divi's Laboratories Ltd. (6,580, 4.8%).

Downers:

Largecap and midcap losers today include GMR Airports Ltd. (87.43, -4%), PB Fintech Ltd. (1,694.50, -3.5%) and Mazagon Dock Shipbuilders Ltd. (3,409.90, -3.2%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Graphite India Ltd. (568.20, 16.8%), Alembic Pharmaceuticals Ltd. (1,028.65, 12.7%) and G R Infraprojects Ltd. (1,329.20, 10.0%).

Top high volume losers on BSE were CreditAccess Grameen Ltd. (1,120.50, -7.0%), Jupiter Wagons Ltd. (411.20, -2.6%) and Procter & Gamble Hygiene & Healthcare Ltd. (14,296, -0.4%).

Delhivery Ltd. (351.25, 9.5%) was trading at 16.8 times of weekly average. HEG Ltd. (528.70, 7.8%) and Usha Martin Ltd. (334.85, 7.5%) were trading with volumes 14.3 and 12.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks made 52 week highs,

Stocks touching their year highs included - Bajaj Holdings & Investment Ltd. (13,973, 6.6%), Bharat Electronics Ltd. (363.75, 0.0%) and Divi's Laboratories Ltd. (6,580, 4.8%).

41 stocks climbed above their 200 day SMA including Graphite India Ltd. (568.20, 16.8%) and Alembic Pharmaceuticals Ltd. (1,028.65, 12.7%). 3 stocks slipped below their 200 SMA including PB Fintech Ltd. (1,694.50, -3.5%) and LIC Housing Finance Ltd. (601.65, -3.1%).

 
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The Baseline
16 May 2025
Five Interesting Stocks Today - May 16, 2025
By Trendlyne Analysis

1. Titan:

This gems and jewellery major has seen a 7.8% increase in its share price over the past week. The rise is due to its Q4FY25 results, in which it reported an 18.8% YoY growth in revenue to Rs 15,032 crore, helped by higher sales across segments. Net profit grew 13% YoY to Rs 871 crore, driven by inventory destocking. 

For the full year, Titan’s revenue was up 18.4% YoY at Rs 60,456 crore, beating Trendlyne’s Forecaster estimates by 3.4%. However, net profit declined 4.6% to Rs 3,337 crore, due to higher raw material, employee benefits, depreciation, and advertising expenses.

In Q4, the jewellery segment (which contributes over 88% to the total revenue) rose 25% YoY, driven by growth in ticket size. Meanwhile, Titan’s watches and wearables segment grew 20%, led by improved domestic analogue watch sales and strong growth in the Helios retail channel.

Gold prices have surged around 35% YoY in FY25, prompting consumers to rethink jewellery purchases. Commenting on this, Ajoy Chawla, the CEO of the jewellery division, said, “Sentiment has weakened, especially in the sub-Rs 50,000 range, as more products move above that mark. I think more and more customers are going to be open to lower caratage as they adjust to higher prices.”

Amid surging gold prices, consumers are opting for lightweight and lower carat jewellery (14K, 18K), with CaratLane launching 9K (9 carat gold is 37.5% pure gold, combined with metals like silver, copper, and zinc) pieces to attract value-focused buyers. Titan expects strong growth in its jewellery division, targeting 15–20% revenue growth in FY26. Tailwinds like more wedding dates and income-tax cuts are also expected to support demand.

The company added 72 stores on a net basis during the quarter, taking its retail store count to 3,312. Titan holds an 8% market share in the Indian jewellery market and has been working on expanding its retail footprint. 

JM Financial hasupgraded its rating on Titan to ‘Buy’ and set a higher target price of Rs 3,725. The brokerage believes the rise in gold prices has shifted consumer preference toward lower carat, lightweight jewellery with relatively lower making charges. A correction in gold prices could revive demand and support margin improvement.

2. Berger Paints:

This paints company has risen 7% in the past week after announcing its Q4FY25 results. Its revenue grew 7.3% YoY to Rs 2,720 crore, driven by strong performance in the decorative segment. It outperformed key rivals in revenue growth, with Asian Paints reporting a 4.3% decline and Kansai Nerolac posting just 2.7% growth. The company saw a 7.4% increase in sales volume and a 190 bps YoY rise in EBITDA margin, as strong demand for premium paints and lower raw material costs helped offset the impact of last year’s price cuts.

For the full year, Berger Paints' revenue grew 3.1%, and net profit rose 1.1%, surpassing Forecaster estimates. The company gained market share, increasing from 19.5% in FY24 to 20.3% in FY25. MD & CEO Abhijit Roy highlighted that the fading impact of past price cuts is expected to narrow the gap between volume and value growth, supporting stronger value growth going forward.

Speaking on expansion plans, Roy said, “We have a capex plan of around Rs 850 crore over the next two years. About Rs 400 crore will go towards commissioning our Hindupuram plant and phase-1 of the Panagar operations (new paint manufacturing facility) in FY26. Another Rs 250 to 350 crore is expected to be spent in FY27.”

The company appears in a screener of stocks that benefit from lower crude oil prices. It rose 1.9% on May 5 after crude prices dropped nearly 4% on oversupply concerns following OPEC+’s production hike. Despite falling oil prices, the management isn’t in favour of price cuts, as rutile prices (a mineral used in paint pigments) are expected to rise due to the government’s new anti-dumping duty.

Over the past year, Berger Paints' stock has risen 18.8%, outperforming its industry and the Nifty 50 index. The company's 5-year average P/E and forward P/E suggest the stock is undervalued. Its current price-to-earnings (PE) ratio of 56.5 is well below its 5-year average of 75.4. Based on analyst estimates, its forward PE is 58, suggesting potential for further upside.

Post results, Dolat Capital assigned an ‘Accumulate’ rating with a target price of Rs 616. The brokerage expects Berger’s revenue to grow 11.4% over FY26–27, supported by a rebound in demand. This recovery will likely be driven by higher disposable incomes, easing inflation, and an above-average monsoon.

3. Coromandel International:

This fertilizers company surged 7.6% over the past week after its subsidiary, Coromandel Chemicals, entered into a joint venture with Sakarni Plaster to manufacture and market green building materials using phospho gypsum. The stock has been hitting new highs following its inclusion in MSCI’s Global Standard Index as part of the May 2025 review. Due to this inclusion, IIFL Alternate Research and JM Financial estimate passive inflows of over Rs 1,800 crore.

In FY25, Coromandel reported a 10% YoY increase in revenue and 26% net profit growth, surpassing Forecaster estimates. This performance was aided by 15% volume growth and a decline in raw material costs. The company gets around 5% of its revenue from exports, mainly in the crop protection segment.

Although margins per tonne of fertiliser produced dipped marginally this year to Rs 4,150, Coromandel has maintained its FY26 guidance of Rs 5,000. To achieve this, the company is focusing on backward integration to ease supply bottlenecks. As part of this strategy, it acquired a majority stake in Baobab Mining and Chemicals Corporation in Senegal, which supplies rock phosphate and is expected to meet one-third of the company’s requirements.

Coromandel is scaling up its Nano DAP product, which can reduce the per acre usage of traditional DAP (a fertiliser) by half when mixed with one litre of Nano DAP. The company aims to increase sales of Nano DAP bottles 15-fold over the next 2–3 years, banking on rising domestic acceptance and export opportunities.

Commenting on the outlook for FY26, MD & CEO Sankarasubramanian S said, “Our turnover for the next year can be on the high double-digit side, supported by a healthy profit margin, with the changing portfolio towards high-margin products.” 

Motilal Oswal maintains its ‘Buy’ rating on Coromandel and projects revenue growth of 12% and net profit growth of 23% in FY26, supported by stable agrochemical prices, improved inventory levels, and favourable weather across key regions. The brokerage also expects margins to improve over the next 2–3 years, driven by backward integration, higher demand, product innovation, and a strategic shift toward high-margin offerings in the crop protection segment.

4. Canara Bank:

This bank rose 13% over the past week after announcing its Q4FY25 results. During the quarter, the company’s net profit grew 28.3% YoY to Rs 5,070 crore and revenue increased 7.6%, driven by lower provisions and higher other income. The bank appears in a screener of stocks with decreasing provisions.

Revenue rose 9.6% in FY25, and profit increased 14.8%, exceeding Forecaster estimates. Despite the rising profit, the net interest margin (NIM) contracted by 25 bps YoY to 2.8% in Q4, led by higher deposit costs and a decline in net interest income (NII).

Canara Bank’s loan-to-deposit ratio (LDR) improved by 47 bps YoY to 73.6% in Q4FY25 as deposit growth outpaced loan growth. Loans grew 11%, driven by housing and vehicle loan growth. The bank also improved its asset quality by reducing the non-performing assets (NPA) ratio by 57 bps to 0.7% in FY25, driven by lower slippages and higher loan recoveries.

The company’s retail loan book increased 42.8% YoY, driven by a rise in retail gold loans from metropolitan customers after the bank discontinued agriculture gold loans. In April 2024, the RBI mandated that banks reclassify agriculture gold loans as retail gold loans.

The bank’s decision to reduce its lending rate by 10 bps across home, personal, and auto loans, effective May 12, also drove the stock price higher.

During the Q4 earnings call, Satyanarayana Raju, MD & CEO, outlined the growth roadmap for FY26. He said, “We are targeting 10–11% loan growth and 9–10% deposit growth in FY26. We aim to reduce gross NPAs to 2.5% and grow the retail gold loan portfolio to Rs 70,000 crore by the end of FY26, up from the current Rs 48,000 crore.”

Post results, Emkay Global retains its ‘Buy’ rating on the bank. The broker expects stronger treasury gains and lower provisions to drive an ROA of 0.9–1.1% over FY27–28.

5. Tata Elxsi:

This IT consulting & software company rose over 8% in the past week due to the free-trade agreement between India and the UK. On May 14, Mercedes-Benz Research and Development India selected the company for Vehicle Software Engineering and Software-Defined Vehicles (SDV) development. 

The company announced its Q4FY25 and full-year results on April 17. It reported a 12.5% YoY decline in net profit for Q4FY25, reaching Rs 172.4 crore, due to a rise in raw material and employee benefit expenses. Its revenue rose by 1.3% YoY and beat Forecaster's estimate by 3.9% due to strong growth in the domestic business. Tata Elxsi appears in a screener of stocks where mutual funds have increased shareholding in the past month.

In FY25, the company saw a decline in revenue from the US, while contributions from India and other global markets grew. Manoj Raghavan, MD and CEO, Tata Elxsi, regarding this said, “We have been investing and actually building relationships in the emerging markets over more than 4-6 quarters. This is not a knee jerk reaction; it is part of a well planned strategy. Our focus on exploring new markets has proven valuable in navigating the current challenges in both the US and Europe.”

ICICI Securities upgraded Tata Elxsi to a ‘Reduce’ rating with a target price of Rs 4,250. The brokerage notes that while new deals offer short-term relief, structural and macroeconomic challenges persist amid tariff-related uncertainties. It expects margins to recover as growth rebounds in Q1FY26, with the onsite-offshore mix and contract structures (fixed price, time, and material) likely to remain stable.

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
16 May 2025
Market closes lower, Center plans to allocate a defence budget of Rs 7 lakh crore by FY27
By Trendlyne Analysis

Nifty 50 closed at 25,019.80 (-42.3, -0.2%), BSE Sensex closed at 82,330.59 (-200.2, -0.2%) while the broader Nifty 500 closed at 22,870.90 (82.1, 0.4%). Market breadth is surging up. Of the 2,436 stocks traded today, 1,626 were on the uptrend, and 768 went down.

Indian indices closed lower after opening flat, with the Indian volatility index, Nifty VIX, falling 2% and closing at 16.6 points. Crompton Greaves closed 7.4% higher as its Q4FY25 net profit grew 22.5% YoY to Rs 169.5 crore, helped by lower raw materials and finance costs. Revenue increases 5% YoY to Rs 2,076.6 crore during the quarter.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. S&P BSE Industrials and Nifty PSE were among the best-performing indices of the day. According to Trendlyne’s sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a rise of 3.1%.

European indices are trading higher. Major Asian indices closed mixed. US index futures are trading mixed, indicating a cautious start to the session, with investors expecting further developments in the US tariff situation.

  • Relative strength index (RSI) indicates that stocks like Ceat, Apar Industries, RR Kabel and Intellect Design Arena are in the overbought zone.

  • HAL and Mazagon Dock Shipbuilders rise sharply following reports that the Indian Government plans to allocate more than Rs 7 lakh crore towards defence spending by FY27, up from the current Rs 6.8 lakh crore.

  • PB Fintech's (PolicyBazaar) revenue grows 38.4% YoY to Rs 1,507.9 crore in Q3FY25, driven by improvements in insurance brokerage services. Net profit surges 181.6% YoY to Rs 170.6 crore, beating Forecaster estimates by 31%. It appears in a screener of stocks with book value per share improving over the last two years.

  • LT Foods is rising as its Q4FY25 net profit grows 7.9% YoY to Rs 160.5 crore, owing to lower inventory expenses. Revenue increases 8% YoY to Rs 2,259.6 crore, driven by improvements in the basmati and other specialty rice and organic segments. It appears in a screener of stocks with high momentum scores.

  • Jefferies notes that India’s valuations are “expensive again,” after rising 14% from their March lows and approaching last September’s peaks. The brokerage expects moderate earnings and believes the US-India trade deal is a potential near-term catalyst. Jefferies adds defence firm BEL and cement major Ambuja Cements to its Model Portfolio while dropping Shriram Finance and Coal India.

  • Waaree Renewable is rising as it secures an engineering, procurement, and construction (EPC) order worth Rs 114.2 crore from the Government of Maharashtra to develop a 131.6 MW solar power plant under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0).

  • ZF Commercial Vehicle Control Systems India is falling as its Q4FY25 net profit misses Forecaster estimates by 11.5% despite growing 26.5% YoY to Rs 126.7 crore, driven by inventory destocking. Revenue increases 5.6% YoY to Rs 1,011.9 crore during the quarter. The company appears in a screener of stocks with increasing profits every quarter for the past three quarters.

  • South Indian Bank's Q4FY25 net profit grows 19.2% YoY to Rs 342.4 crore, helped by lower employee benefits expenses. Revenue rises 12.4% YoY to Rs 2,945.8 crore, driven by improvements in the treasury operations, retail and commercial banking segments. The bank's asset quality improves as its gross and net NPAs decline 130 bps YoY and 54 bps YoY, respectively.

  • According to data from the Ministry of Commerce and Industry, India's trade deficit widens to $26.4 billion in April from $21.5 billion in March. Barclays attributes the rise primarily to an unexpected increase in oil imports. While overall exports underperform, shipments to the US show strong double-digit growth, and imports from China increase noticeably in March-April.

  • Patanjali Foods' Q4FY25 net profit grows 73.8% YoY to Rs 358.5 crore, helped by inventory destocking. Revenue increases 16.7% YoY to Rs 9,744.7 crore during the quarter, attributed to an improvement in the edible oils segment. It features in a screener of stocks underperforming their industry price change in the quarter.

  • Crompton Greaves Consumer Electricals rises sharply as its Q4FY25 net profit grows 22.5% YoY to Rs 169.5 crore, helped by lower raw materials and finance costs. Revenue increases 5% YoY to Rs 2,076.6 crore, led by improvements in the electric consumer durables and Butterfly products segments. It appears in a screener of stocks with the highest foreign institutional investor (FII) holdings.

  • Balrampur Chini Mills' Q4FY25 net profit grows 12.7% YoY to Rs 229.1 crore, helped by lower material costs and inventory destocking. Revenue increases 4.8% YoY to Rs 1,503.7 crore, driven by higher sales from the sugar segment during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Chanchal Agarwal, Chief Investment Officer at Equirus Credence Family Office, says India’s economic outlook is improving as the RBI shifts from earlier monetary tightening. With inflation cooling, she expects the central bank to cut rates by another 50 basis points and maintain surplus liquidity over the next two policy meetings, paving the way for a stronger recovery.

  • LIC Housing Finance's net profit rises 25.4% YoY to Rs 1,368 crore in Q4FY25, surpassing Forecaster estimates by 2.1%. Revenue grew 5% YoY to Rs 7,283.3 crore, driven by higher interest income and gain on fair value changes. It appears in a screener of stocks with prices above short, medium, and long-term moving averages.

  • Balmer Lawrie falls sharply after the board of directors rejects the proposal of a bonus, buyback, and stock split in its May 15 meeting. According to an April 28 exchange filing, the company announced that its board would consider these proposals at the meeting.

  • Endurance Technologies is rising as its net profit grows 16.6% YoY to Rs 245.1 crore in Q4FY25, helped by lower inventory buildup and finance costs. Revenue increases 10.4% YoY to Rs 2,963.5 crore during the quarter. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Sharad Mehta, Director & CEO of JSW Energy, says the company closed FY25 with 10.9 GW capacity, supported by organic and inorganic growth. Under its 3.0 strategy, JSW aims to scale up to 30 GW of operational capacity by 2030. He adds that the green hydrogen project is in its final phase and is expected to be operational by June-July 2025. The company has outlined a capex plan of around Rs 1.3 lakh crore over FY26-30.

  • Abbott India is rising as its Q4FY25 net profit grows 27.9% YoY to Rs 367 crore, led by lower inventory and depreciation & amortisation expenses. Revenue increases 10.6% YoY to Rs 1,680.6 crore during the quarter. It appears in a screener of stocks with rising returns on equity (RoE), momentum and earnings yield.

  • JSW Infrastructure falls as 4.2 crore shares (2% equity) worth approximately Rs 1,239 crore reportedly change hands in a block deal at an average price of Rs 290.6 per share. The Sajjan Jindal family trust is likely the seller in the transaction.

  • IndusInd Bank falls sharply as its internal audit department (IAD) reveals Rs 674 crore wrongly recorded as interest in its microfinance portfolio over 9MFY25, later reversed by January 10. The IAD also discovered Rs 595 crore in unsubstantiated balances in the other assets account, adjusted against other liabilities in January 2025.

  • JM Financial maintains a 'Buy' rating on Crompton Greaves Consumer Electricals with a lower target price of Rs 420. The brokerage notes weak demand in Q4 but remains confident in the company’s direction. It highlights the firm's entry into the solar rooftop segment, which complements its solar pump business. JM Financial trims EPS estimates for FY26 by around 4% due to ongoing earnings challenges in the consumer sector.

  • Bharti Airtel falls as 3.1 crore shares (1.3% stake) worth approximately Rs 8,500 crore reportedly change hands in a block deal at an average price of Rs 1,820 per share. Private equity firm Pastel is likely the seller in the transaction.

  • Godrej Industries is rising as it posts a net profit of Rs 183.1 crore in Q4FY25 compared to a net loss of Rs 311.8 crore in Q4FY24. Revenue grows 25.4% YoY to Rs 6,399.8 crore, driven by improvements in the chemicals, vegetable oils, estate & property development, finance & investments, and crop protection segments. It features in a screener of growth stocks where promoters are increasing stakes.

  • Rail Vikas Nigam is rising as it receives an order worth Rs 115.8 crore from Central Railways for overhead equipment (OHE) modification work. The contract involves upgrading the existing electric traction system in the Itarsi–Amla section of the Nagpur division to support a 3,000 MT loading target.

  • JSW Energy is rising as its net profit surges 16.1% YoY to Rs 408.1 crore in Q4FY25, helped by lower fuel costs. Revenue increases 15.7% YoY to Rs 3,189.4 crore, driven by higher sales from the thermal and renewables segments during the quarter. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • Nifty 50 was trading at 25,002.20 (-59.9, -0.2%), BSE Sensex was trading at 82,392.63 (-138.1, -0.2%) while the broader Nifty 500 was trading at 22,780.60 (-8.2, 0.0%).

  • Market breadth is in the green. Of the 1,966 stocks traded today, 1,188 were in the positive territory and 729 were negative.

Riding High:

Largecap and midcap gainers today include Mazagon Dock Shipbuilders Ltd. (3,522.40, 10.7%), Rail Vikas Nigam Ltd. (409.60, 8.9%) and Star Health and Allied Insurance Company Ltd. (450.90, 7.3%).

Downers:

Largecap and midcap losers today include JSW Infrastructure Ltd. (288.25, -3.0%), Bharti Airtel Ltd. (1,814, -2.9%) and HCL Technologies Ltd. (1,659.90, -2.1%).

Volume Rockets

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

Top high volume gainers on BSE included IFCI Ltd. (51.77, 15.7%), Rites Ltd. (286.99, 15.6%) and Titagarh Rail Systems Ltd. (912.85, 12.8%).

Top high volume losers on BSE were Garware Technical Fibres Ltd. (886.30, -3.8%), Global Health Ltd. (1,203.50, -3.2%) and JSW Infrastructure Ltd. (288.25, -3.0%).

Bharti Airtel Ltd. (1,814, -2.9%) was trading at 15.4 times of weekly average. Jubilant Pharmova Ltd. (945.60, 4.4%) and SKF India Ltd. (4,565, 5.6%) were trading with volumes 9.7 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks hit their 52 week highs,

Stocks touching their year highs included - Bajaj Holdings & Investment Ltd. (13,111, 3.8%), Bharat Electronics Ltd. (363.90, 3.9%) and Coromandel International Ltd. (2,450.90, -0.8%).

29 stocks climbed above their 200 day SMA including Rites Ltd. (286.99, 15.6%) and Sapphire Foods India Ltd. (331, 7.7%). 3 stocks slipped below their 200 SMA including ZF Commercial Vehicle Control Systems India Ltd. (13,200, -2.1%) and UNO Minda Ltd. (989.50, -0.5%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
15 May 2025
Market closes higher, Saregama India's Q4 net profit grows 11.8% YoY to Rs 60.1 crore
By Trendlyne Analysis

Nifty 50 closed at 25,062.10 (395.2, 1.6%), BSE Sensex closed at 82,530.74 (1,200.2, 1.5%) while the broader Nifty 500 closed at 22,788.80 (289.3, 1.3%). Market breadth is surging up. Of the 2,421 stocks traded today, 1,631 were in the positive territory and 743 were negative.

Indian indices closed higher after US President Trump claimed that India has proposed zero tariffs on US goods. The Indian volatility index, Nifty VIX, fell around 2% and closed at 16.9 points. Kalpataru Projects closed 4.1% higher as it secured orders worth Rs 2,372 crore across its transmission & distribution (T&D) and buildings & factories (B&F) businesses in India and overseas.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Auto and Nifty Metal closed higher. According to Trendlyne’s sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 2.6%.

European indices are trading mixed. Major Asian indices closed mixed. US index futures are trading lower, indicating a negative start to the session. Investors look ahead to producer price and retail sales data, as well as remarks from Fed Chair Jerome Powell. Meanwhile, Walmart, Alibaba, and Deere & Co are set to report their earnings later today.

  • Muthoot Finance sees a short buildup in its May 29 futures series, with open interest increasing by 56.7% and a put-call ratio of 0.5.

  • Vodafone Idea rises as it files a plea with the Supreme Court seeking a Rs 30,000 crore waiver on adjusted gross revenue (AGR) dues. The company has urged the court to hold a hearing on its application on May 19.

  • Caplin Point Laboratories falls as its Q4FY25 revenue misses estimates by 1.9% despite rising 10.9% YoY to Rs 502.5 crore, helped by improvements in the US, regulated, and emerging markets. Net profit grows 17.3% YoY to Rs 142.6 crore during the quarter. It shows up in a screener of stocks with an increasing trend in non-core income.

  • Saregama India is rising as its Q4FY25 net profit grows 11.8% YoY to Rs 60.1 crore, driven by lower media content, contract manufacturing, advertisement & sales promotion, royalty, and employee benefits expenses. However, revenue declines 8% YoY to Rs 258.5 crore, caused by reductions in the music and video segments. It features in a screener of stocks with consistently high returns over the past five years.

  • Nuvama reiterates its 'Reduce' rating on Tata Motors with a target price of Rs 380. The brokerage highlights several short to medium-term challenges, particularly in the domestic passenger vehicle segment and ongoing electrification capex. It also cautions that chip shortages, softening EV demand in Europe, and pricing pressure may weigh on JLR’s margins going forward.

  • Brigade Enterprises is falling as its revenue declines 14.2% YoY to Rs 1,460.4 crore in Q4FY25 due to weak performance in the real estate segment. Net profit rises 19.7% YoY to Rs 246.8 crore during the quarter. Both revenue and net profit miss Forecaster estimates by 15% and 14%, respectively. It appears in a screener of stocks where promoters are decreasing their shareholding.

  • KRN Heat Exchanger rises as its subsidiary, KRN HVAC Products, secures Rs 141.7 crore under the production-linked incentive (PLI) scheme for white goods, including air conditioners and LED products.

  • Piramal Pharma is falling sharply as its Q4FY25 net profit misses Forecaster estimates by 31.7% despite growing 51.6% YoY to Rs 153.5 crore due to lower raw materials and finance costs. Revenue increases 8.4% YoY to Rs 2,796.1 crore, driven by improvements in the contract development & manufacturing organisation (CDMO), complex hospital generics (CHG), and India consumer healthcare (ICH) segments. It shows up in a screener of stocks with expensive valuations according to Trendlyne valuation scores.

  • Citi retains a 'Sell' rating on Petronet LNG with a target price of Rs 265 due to regulatory uncertainty. The PNGRB has criticised Petronet for allegedly earning excessive profits at its Dahej terminal by annually increasing regasification tariffs despite high utilisation (over 90%) and capacity additions. The PNGRB is pushing to regulate regasification activities, which Citi warns could negatively impact Petronet's earnings and pricing flexibility.

  • Hitachi Energy India's Q4FY25 net profit surges 61.8% YoY to Rs 183.9 crore, driven by lower material costs and notional forex gains on export order delivery. Revenue increases 11.1% YoY to Rs 1,883.7 crore during the quarter. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Karnataka Bank falls sharply as its Q4FY25 net profit declines 8% YoY to Rs 252.4 crore due to higher employee benefits and interest expenses. However, revenue grows 2.5% YoY to Rs 2,686.7 crore, led by improvements in treasury operations and retail banking segments. The bank's asset quality improves as its gross and net NPAs decline 45 bps YoY and 27 bps YoY, respectively.

  • Muthoot Finance's revenue grows 42.4% YoY to Rs 4,854.4 crore in Q4FY25, beating Forecaster estimates by 34.8%. Net profit increases 42.7% YoY to Rs 1,507.8 crore during the quarter. It appears in a screener of stocks with increasing revenue every quarter for the past eight quarters.

  • According to the Society of Indian Automobile Manufacturers (SIAM) data, domestic two-wheeler sales stood at 14.6 lakh units in April. Passenger vehicle sales reached 3.5 lakh units, including 2 lakh utility vehicles and 91,148 cars.

  • Transport Corporation of India's Q4FY25 net profit grows 11.9% YoY to Rs 114.2 crore. Revenue increases 9.3% YoY to Rs 1,178.8 crore, driven by higher sales from the freight, supply chain solutions, and seaways segments during the quarter. The company appears in a screener of stocks with increasing revenue every quarter for the past three quarters.

  • Jubilant Foodworks is falling as its Q4FY25 net profit declines 76.9% YoY to Rs 48 crore, caused by higher raw materials, inventory, employee benefits, and finance costs. However, revenue grows 32.6% YoY to Rs 2,113.9 crore, helped by new store additions and improvements in Domino's sales. It appears in a screener of stocks with a major fall in trailing twelve-month (TTM) net profit.

  • Precision Wires India is rising as its board of directors schedules a meeting on May 17 to consider raising funds by issuing equity shares or other securities.

  • Persistent Systems slips as its key client, UnitedHealth, faces challenges in its domestic market. According to Dolat Capital, UnitedHealth, part of Persistent’s $100 million-plus client group, is under investigation for potential Medicare fraud. The brokerage notes that 60% of Persistent Systems' FY25 revenue came from healthcare, but near-term growth is expected to be driven by non-healthcare clients.

  • Lupin's Q4FY25 net profit grows 114.9% YoY to Rs 772.5 crore. Revenue increases 14.7 % YoY to Rs 5,724 crore, driven by higher sales in North America and other developed markets. The firm appears in a screener of stocks where mutual funds increased their stakes in Q4FY25.

  • Tilaknagar Industries' Q4FY25 net profit surges 145.9% YoY to Rs 77.3 crore. Revenue increases 14.1% YoY to Rs 414.2 crore, driven by strong sales in southern markets. The firm appears in a screener of stocks where foreign institutional investors (FII) increased their stakes in Q4FY25.

  • Apollo Tyres' Q4FY25 net profit declines 47.9% YoY to Rs 184.6 crore due to higher raw materials, inventory and employee benefits expenses. However, revenue grows 1.9% YoY to Rs 6,451.1 crore, helped by improvements in the Asia Pacific, Middle East, and Africa (APMEA) and European markets. It shows up in a screener of stocks with high promoter pledges.

  • According to Bank of America's latest Asia Fund Manager Survey, India surpasses Japan as the most preferred equity market in Asia. With 42% of fund managers overweight on India, the country benefits from a global investment shift fueled by supply chain realignments and tariff-driven adjustments. Investors remain focused on infrastructure and consumption as the key investment themes.

  • Kalpataru Projects is rising after securing orders worth Rs 2,372 crore across its Transmission & Distribution (T&D) and Buildings & Factories (B&F) businesses in India and overseas.

  • Tata Power's Q4FY25 net profit grows 16.5% YoY to Rs 1,042.8 crore. Revenue increases 7.9% YoY to Rs 17,095.9 crore, driven by higher sales from the thermal & hydro, and transmission & distribution segments during the quarter. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Torrent Power's Q4FY25 net profit surges 146.3% YoY to Rs 1,059.6 crore, helped by lower fuel costs and tax returns of Rs 457.9 crore. However, revenue grows 0.8% YoY to Rs 6,570.7 crore due to reductions in the generation and renewables segments. It appears in a screener of stocks with high trailing twelve-month (TTM) earnings per share (EPS) growth.

  • Eicher Motors' Q4FY25 net profit grows 27.3% YoY to Rs 1,362.2 crore. Revenue increases 23.2% YoY to Rs 5,261.5 crore, helped by higher Royal Enfield sales. It features in a screener of stocks with high momentum scores.

  • Nifty 50 was trading at 24,622.70 (-44.2, -0.2%), BSE Sensex was trading at 81,354.43 (23.9, 0.0%) while the broader Nifty 500 was trading at 22,483.10 (-16.4, -0.1%).

  • Market breadth is in the green. Of the 2,004 stocks traded today, 1,231 were in the positive territory and 713 were negative.

Riding High:

Largecap and midcap gainers today include Hero MotoCorp Ltd. (4,325, 6.3%), Bajaj Holdings & Investment Ltd. (12,630, 5.1%) and Honeywell Automation India Ltd. (37,895, 5.0%).

Downers:

Largecap and midcap losers today include Muthoot Finance Ltd. (2,104.10, -6.9%), Tube Investments of India Ltd. (2,910.20, -4.2%) and Union Bank of India (132.17, -2.1%).

Volume Rockets

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

Top high volume gainers on BSE included Kirloskar Oil Engines Ltd. (862.30, 17.3%), eClerx Services Ltd. (3,156, 14.8%) and KEC International Ltd. (803.85, 9.0%).

Top high volume losers on BSE were Muthoot Finance Ltd. (2,104.10, -6.9%), Piramal Pharma Ltd. (208.61, -4.8%) and Easy Trip Planners Ltd. (11.92, -2.4%).

Prism Johnson Ltd. (142.70, 7.0%) was trading at 16.2 times of weekly average. Ramkrishna Forgings Ltd. (623.90, 7.0%) and Maharashtra Scooters Ltd. (12,330, 5.3%) were trading with volumes 13.3 and 7.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Bharat Electronics Ltd. (350.40, 1.8%), Coromandel International Ltd. (2,470, 2.8%) and ICICI Bank Ltd. (1,450.80, 1.7%).

28 stocks climbed above their 200 day SMA including eClerx Services Ltd. (3,156, 14.8%) and Cochin Shipyard Ltd. (1,812.10, 6.6%). 4 stocks slipped below their 200 SMA including Caplin Point Laboratories Ltd. (2,000.60, -0.7%) and Cipla Ltd. (1,502.20, 0.5%).

 
logo
The Baseline
15 May 2025
A car running on flat tires: Pakistan's economy is struggling
By Swapnil Karkare

India just had one those weeks that reminds me of the Lenin line: “There are decades where nothing happens, and weeks where decades happen.” A terrorist attack took two countries to the brink of full-blown war and back. The 2025 conflict between India and Pakistan was different, or “dangerously different” from previous ones, as The Economist put it. 

An unanswered question remains — why would Pakistan, with its economy on a ventilator, enter a fight it simply couldn't afford? Forget regional experts. Even checking with ChatGPT first would have helped:

A screenshot of a chat AI-generated content may be incorrect.

But this assumes that Pakistan's leaders are rational actors. It's no secret that its economy has been in a dire state for a while now, with high inflation and unemployment, falling GDP growth, soaring debt, and barely enough reserves to buy a few weeks of imports. The country has clung to the life-raft of international aid — just a day before the ceasefire, the IMF handed Pakistan a billion dollars.


A group of soldiers marching AI-generated content may be incorrect.

We take a closer look at what's happening with our troubled neighbour.

Is the IMF hurting Pakistan?

The IMF’s bailout of Pakistan made headlines on May 9. It released $1.3 billion, the second tranche of its $7 billion package. The Russia-Ukraine war has spiked commodity prices and pushed Pakistan’s import bill through the roof. With enough money for just two weeks of imports, the Pakistan rupee tumbled, and inflation surged past 30%, sending the government into panic mode.

Many Indians were taken aback by IMF's willingness to give money to a country that has a long history of sheltering terrorists, from Osama Bin Laden to the Pahalgam attackers. But IMF has kept funding Pakistan to avert its bankruptcy and prevent regional chaos.

Pakistan has been in a never-ending loop of crisis and bailout, rinse and repeat. This is the 24th bailout of its economy since 1958. Economist William Easterly has noted that bailouts to bad governments usually delay reforms and worsen poverty. Imagine giving a gambler a bottomless wallet: when a country knows that help will keep coming, it has little incentive to fix its root problems.

The IMF must approve Pakistan’s FY26 (July ending) budget, scheduled in the first week of June, for it to go forward. Reports suggest that Pakistan is planning an 18% increase in defence spending. The fund’s bailout programme comes with conditions such as increasing tax revenue, and reducing wasteful expenditure. It will be interesting to see how the fund views this spending increase. 

A grim comparison with India

On one side, we have a country that runs on bailouts. On the other side is India, which has not taken money from the IMF since 1991. Pakistan's economy is barely one-tenth the size of India's. India's foreign exchange reserves are nearly double Pakistan's GDP. 

The comparison between the two neighbours paints a harsh picture:

A car running on flat tires? Pakistan has structural issues that need repair 

High birth rates in Pakistan have led to a population boom, but it isn’t able to reap its benefits. For every 100 people working, 70 are dependents. This is a heavy load on family budgets, and has kept the national savings rate stubbornly low. 

High GDP growth could have absorbed this pressure. But growth has been sluggish, and Pakistan's labour productivity ranks amongst the lowest globally. Years of ignoring education and healthcare have only made things worse.

Pakistan has to import essentials like fuel, machinery, edible oils, and fertilisers, which make up nearly 60% of its total imports. To keep them affordable, it needs to stop the rupee from falling. That means selling dollars from its reserves. But instead of earning those dollars through exports, it borrows them from institutions like the IMF. And when it’s time to repay, it resorts to more bailouts and relief programs. 

Pakistan's stock market reflected the costs of escalation

Even if the IMF looked the other way, financial markets didn’t. The contrast was stark: relative calm in India, turmoil in Pakistan. That alone reflected the underlying difference in economic resilience. 

Before Operation Sindoor, India had suspended the Indus Water Treaty, closed borders, and halted exports. Pakistan depends on the Indus basin for 80% of its farm water. Shashi Tharoor, a former Foreign Minister, said that Pakistan could run dry within four days in the event of a full-scale conflict. Moody’s also flagged that escalation could destabilise the economy and freeze foreign lending. 

Between the Pahalgam attacks (April 22) and the ceasefire (May 9), Pakistan’s KSE-100 index dropped 13%, while India’s Nifty 50 stayed steady, up by 0.4%. On May 7, the day of Operation Sindoor, Indian markets opened lower – down by 0.6%, while KSE100 opened 6% lower. Post-ceasefire, both the markets rejoiced - Nifty 50 up by 3.8% from May 9, and KSE100 up by 13.3%, showing that the cost of conflict was simply too high for Pakistan.

Glimmers of hope

Indians shouldn't be rooting for Pakistan’s failure — a failed state tends to breed more terrorism, not less. The economy is very fragile right now, due to low productivity, poor human capital, and a dangerous dependence on imports and foreign lending.

With the help of the IMF, the Pakistani economy showed signs of revival in 2024, post-bailout. In March 2025, the fund noted, “Pakistan has made significant progress in restoring macroeconomic stability.” Prices and exchange rates were stabilising, interest rates softening. 

Fitch upgraded Pakistan from CCC+ to B- while projecting a stable outlook. In December 2024, the government even launched a five-year economic blueprint, focused on enhancing exports, and digital transformation. 

The vibes around Pakistan’s economy were getting better. Morgan Stanley listed it as an ‘unexpected winner’, as the KSE100 index gained 84% in 2024. Portfolio manager, Steven Quattry said, “You don’t have to stretch your imagination to make an investment case for Pakistan”. Investors like BlackRock, Eaton Vance Corporation, Legal & General, and Evli raised stakes in Pakistani companies. 

Guns vs. Butter

So it is surprising that leaders acted the way they did amidst the country’s economic revival journey. Pakistan has risked losing not just manpower, infrastructure, and investors, but also long-term faith in its capability to revive itself.

Pakistan is a classic case of the ‘guns vs. butter’ dilemma. Every rupee spent on defence is a rupee not spent on education, healthcare, or food. 

For example, in the late 1980s, Pakistan’s defence spending peaked at 7% of GDP. World Bank economist Parvez Hasan calculated that if just half of that had gone to development instead, Pakistan’s GDP growth from 1970 to 2010 could have been 2 percentage points higher, and the economy could’ve been twice its current size.

Frustration on the ground has been growing year after year. “They talk a lot, but we don’t see much change. It feels like they don’t understand what people are going through,” said a Pakistani student.Unless something dramatically changes, Pakistan’s economy will remain hostage to violence, underperformance and social instability - and a constant threat to India.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
14 May 2025
Market closes higher, HAL's Q4 revenue beats Forecaster estimates by 13.5%
By Trendlyne Analysis

Nifty 50 closed at 24,666.90 (88.6, 0.4%), BSE Sensex closed at 81,330.56 (182.3, 0.2%) while the broader Nifty 500 closed at 22,499.50 (150.1, 0.7%). Market breadth is ticking up strongly. Of the 2,430 stocks traded today, 1,813 were on the uptrend, and 566 went down.

Indian indices closed in the green, led by metal, realty & defence stocks. The Indian volatility index, Nifty VIX, declined 5.6% and closed at 17.2 points. MSCI added Coromandel International and Nykaa in its global standard index during its May 2025 review, with no exclusions. Meanwhile, India’s CPI and WPI inflation for April declined MoM to 3.2% and 0.9%, respectively.

Nifty Midcap 100 & Nifty Smallcap 100 closed in the green, following the benchmark index. BSE Metal & Nifty Metal were among the top index gainers today. According to Trendlyne’s Sector dashboard, Metals & Mining emerged as the best-performing sector of the day, with a rise of 2.5%.

Asian indices closed higher, while European indices are trading in the red. US index futures traded lower, indicating a cautious start to the trading session. The annual inflation rate in the US declined to 2.3% in April, the lowest since February 2021, down from 2.4% in March and below the analyst expectations of 2.4%. Core consumer price inflation remained unchanged at 2.8%, marking a four-year low and matching market expectations.

  • Money flow index (MFI) indicates that stocks like RR Kabel, Ceat, Intellect Design Arena, and Schaeffler are in the overbought zone.

  • Berger Paints is rising as its Q4FY25 net profit grows 18% YoY to Rs 262.1 crore, driven by lower inventory and finance costs. Revenue jumps 7.3% YoY to Rs 2,721.1 crore, led by improvements in the decorative and industrial segments. It appears in a screener of stocks with high momentum scores.

  • Hindustan Aeronautics rises sharply as its Q4FY25 net profit beats Forecaster estimates by 86.1% despite declining 7.7% YoY to Rs 3,976.7 crore due to higher raw materials and depreciation & amortisation expenses. Revenue declines 6.4% YoY to Rs 14,351.4 crore during the quarter. It features in a screener of stocks with annual profit growth higher than sector profit growth.

  • Honeywell Automation India is rising as its Q4FY25 net profit beats Forecaster estimates by 4.5% despite falling 5.6% YoY to Rs 139.9 crore due to higher material costs and employee benefit expenses. However, revenue increases 17.2% YoY to Rs 1,114.5 crore during the quarter. The company appears in a screener of stocks with increasing revenue every quarter for the past four quarters.

  • SRF and Navin Fluorine decline after Chemplast Sanmar announces its entry into the R32 refrigerant gas segment. The company's MD, Ramkumar Shankar, unveils a greenfield investment of Rs 340 crore for setting up R32 production.

  • Max Financial Services rises sharply as it reports a net profit of Rs 31.3 crore in Q4FY25, compared to a loss of Rs 44 crore in Q4FY24, helped by a reduction in policyholders' insurance operations expenses. Revenue falls 16.8% YoY to Rs 12,396.1 crore, impacted by the life insurance segment. The company features in a screener of stocks with improving net cash flow over the past two years.

  • REC falls sharply as it cuts its assets under management (AUM) growth guidance to 11–13% for FY26, from the projected 15%–17%. The management expects net interest margins (NIM) to remain around 3.5-3.75% going forward.

  • Caplin Point Laboratories is rising as it receives final approval from the US FDA for its abbreviated new drug application (ANDA) for Haloperidol Decanoate injection. The drug is a generic therapeutic equivalent to Janssen Pharmaceuticals' HALDOL injection, used to treat schizophrenia. According to IQVIA, the drug has a market size of $16.4 million in the US as of March 2025.

  • India's wholesale price index (WPI) inflation declines to 0.9% in April as compared to 2.1% last month. This decline was primarily due to a moderation in food and primary articles prices, though manufactured products continued to exert some upward pressure.

  • Garden Reach Shipbuilders & Engineers surges as its Q4FY25 net profit jumps 118.9% YoY to Rs 244.2 crore, helped by inventory destocking, lower purchase of products, and sub-contracting expenses. Revenue grows 60.9% YoY to Rs 1,756 crore during the quarter. It appears in a screener of stocks with rising net cash flow and cash from operating activities.

  • KPI Green Energy rises sharply as its revenue grows 97.2% YoY to Rs 577.8 crore in Q4FY25, driven by higher power and solar power plant sales. Net profit surges 130.3% YoY to Rs 99.1 crore during the quarter. It shows up in a screener of stocks where mutual funds increased their shareholding over the past two months.

  • Dalmia Bharat Sugar rises sharply as its Q4FY25 revenue grows 35.2% YoY to Rs 1,038.5 crore, driven by increased ethanol and sugar sales. Net profit surges 120.9% YoY to Rs 206.3 crore due to higher net sales realisation (NSR). The company appears on a screener of stocks outperforming their industry’s price change in the quarter.

  • Crude oil prices rise for the fourth consecutive day, driven by a combination of a temporary US-China tariff truce and renewed sanction threats against Iran. The 90-day pause on new tariffs between the US and China, the world’s two largest oil consumers, has eased fears of a broader trade war that could dampen global oil demand.

  • Ask Automotive is rising as its Q4FY25 net profit grows 20.6% YoY to Rs 57.6 crore. Revenue increases 8.5% YoY to Rs 852.6 crore during the quarter, driven by improvements in the advanced braking systems and aluminium lightweighting precision segments. The firm appears in a screener of stocks where foreign institutional investors (FII) increased their stakes in Q4FY25.

  • Metropolis Healthcare falls sharply as its net profit declines 20% YoY to Rs 29.1 crore in Q4FY25 due to higher material costs and employee benefit expenses. However, revenue rises 4.3% YoY to Rs 345.3 crore during the quarter. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • ITD Cementation India surges as it secures a Rs 593 crore order for infrastructure works at Jaipur International Airport in Rajasthan.

  • MSCI includes Coromandel International and Nykaa in its Global Standard Index during its May 2025 review, with no exclusions. IIFL Alternate Research and JM Financial estimate passive inflows of Rs 1,800–1,890 crore for Coromandel and Rs 1,430–1,510 crore for Nykaa.

  • Motilal Oswal reiterates its ‘Buy’ rating on Suzlon Energy with a target price of Rs 75 per share. The brokerage notes that the draft Revised List of Models and Manufacturers of Wind Turbines (RLMM) notification mandating local content is positive for Suzlon. It expects Suzlon's share of engineering, procurement, and construction (EPC) contracts in the overall order book to rise from 20% to 50% in the medium term.

  • GE Vernova is rising as it plans to invest Rs 140 crore to expand its grid infrastructure facility. The expansion includes a new manufacturing line for high-voltage direct current (HVDC) valves at its existing facility in Chennai, and a new engineering and testing centre in Noida.

  • Bharti Airtel is rising as its Q4FY25 net profit surges 5.3x YoY to Rs 11,021.8 crore, helped by tax returns of Rs 2,891.9 crore. Revenue jumps 27.6% YoY to Rs 48,362 crore, driven by improvements in the mobile services, passive infrastructure services, and home services segments. It features in a screener of stocks with prices above short, medium, and long-term moving averages.

  • Nuvama upgrades Tata Steel to a 'Buy' rating with a higher target price of Rs 177. The brokerage notes that Q4FY25 results were in line with expectations. While the company’s European business remains loss-making, it expects a turnaround starting Q1FY26. It projects EBITDA per tonne to rise to around Rs 72,000/tonne in Q1FY26, driven by higher prices and lower coal costs.

  • PTC India is rising as it appoints Manoj Kumar Jhawar as its new Chairman and Managing Director (CMD), effective May 13.

  • GlaxoSmithKline Pharmaceuticals rises sharply as its net profit surges 35.2% YoY to Rs 262.9 crore in Q4FY25, driven by lower material costs, stock-in-trade purchases, and employee benefit expenses. Revenue increases 4.8% YoY to Rs 974.4 crore during the quarter. The company features in a screener of stocks with improving cash flow from operations over the past two years.

  • Siemens rises sharply as its Q4FY25 revenue beats Forecaster estimates by 3.5% despite falling 1.5% YoY to Rs 4,410.5 crore due to reductions in the mobility and digital industries segments. Net profit declines 27.5% YoY to Rs 582 crore due to higher raw materials, inventory, and employee benefits expenses. It features in a screener of stocks with improving returns on equity (RoE) over the past two years.

  • Tata Motors is falling as its net profit plunges 51.3% YoY to Rs 8,470 crore in Q4FY25 due to the absence of last year's one-time tax gain of over Rs 9,000 crore and an exceptional expense of Rs 566 crore this quarter. Revenue drops marginally by 0.4% YoY to Rs 1,19,503 crore during the quarter. The company appears in a screener of stocks outperforming their industry price change in the quarter.

  • Nifty 50 was trading at 24,660 (81.7, 0.3%), BSE Sensex was trading at 81,356.85 (208.6, 0.3%) while the broader Nifty 500 was trading at 22,419.35 (70.0, 0.3%).

  • Market breadth is highly positive. Of the 1,966 stocks traded today, 1,364 were in the positive territory and 556 were negative.

Riding High:

Largecap and midcap gainers today include Aditya Birla Capital Ltd. (218.33, 6.6%), Linde India Ltd. (6,834, 5.8%) and Steel Authority of India (SAIL) Ltd. (122.68, 5.8%).

Downers:

Largecap and midcap losers today include REC Ltd. (389.50, -3.1%), Patanjali Foods Ltd. (1,783.30, -2.0%) and Asian Paints Ltd. (2,282.30, -1.8%).

Volume Rockets

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

Top high volume gainers on BSE included Mishra Dhatu Nigam Ltd. (392.40, 15.0%), Garden Reach Shipbuilders & Engineers Ltd. (2,188, 14.3%) and TVS Holdings Ltd. (10,630.50, 12.9%).

Top high volume losers on BSE were Metropolis Healthcare Ltd. (1,614.50, -5.1%), REC Ltd. (389.50, -3.1%) and Krishna Institute of Medical Sciences Ltd. (640.05, -2.9%).

HBL Engineering Ltd. (569.05, 12.3%) was trading at 23.7 times of weekly average. KIOCL Ltd. (270, 6.9%) and Aether Industries Ltd. (748.85, -2.2%) were trading with volumes 14.0 and 12.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks took off, crossing 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Bharat Electronics Ltd. (344.35, 2.6%), Ceat Ltd. (3,890, 3.2%) and City Union Bank Ltd. (194.37, 1.9%).

Stock making new 52 weeks lows included - Aether Industries Ltd. (748.85, -2.2%).

19 stocks climbed above their 200 day SMA including Mishra Dhatu Nigam Ltd. (392.40, 15.0%) and HBL Engineering Ltd. (569.05, 12.3%). 6 stocks slipped below their 200 SMA including Poly Medicure Ltd. (2,352, -3.0%) and Patanjali Foods Ltd. (1,783.30, -2.0%).