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Trendlyne Marketwatch
Trendlyne Marketwatch
09 Apr 2025
Market closes lower, Prestige Estates launches four projects with a GDV of Rs 1,613 crore
By Trendlyne Analysis

Nifty 50 closed at 22,399.15 (-136.7, -0.6%), BSE Sensex closed at 73,847.15 (-379.9, -0.5%) while the broader Nifty 500 closed at 20,356.75 (-124.1, -0.6%). Market breadth is in the red. Of the 2,381 stocks traded today, 827 were on the uptrend, and 1,519 went down.

Indian indices closed lower after falling in the morning session. The Indian volatility index, Nifty VIX, rose 5.5% and closed at 21.5 points. The Reserve Bank of India (RBI) cut the repo rate by 25 bps to 6% and shifted its stance to ‘Accommodative’ from 'Neutral' during the Monetary Policy Committee (MPC) meeting.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower. Nifty PSU Bank and Nifty IT Indices were among the top index losers today. According to Trendlyne’s sector dashboard, Pharmaceuticals & Biotechnology emerged as the worst-performing sector of the day, with a fall of 2.2%.

Asian indices closed mixed. European indices are trading in the red. US index futures are trading lower, indicating a negative start to the trading session. Brent crude futures are trading lower as US President Donald Trump’s latest tariffs raise concerns that a prolonged trade war could weaken global energy demand and push the global economy toward recession.

  • Housing and Urban Development Corp sees a long buildup in its April 24 futures series, with open interest increasing by 28.4% and a put-call ratio of 0.4.

  • Prestige Estates launches four projects across Bengaluru, Mumbai, and Hyderabad in Q4FY25, with a total developable area of 14 million sq. ft. and an aggregate gross development value (GDV) of Rs 1,613 crore.

  • Mphasis secures a US patent for a system that improves the speed and efficiency of quantum machine learning. It converts complex data into a format better suited for quantum systems, using fewer quantum bits and enabling faster data processing.

  • Jefferies initiates coverage on Vishal Mega Mart with a ‘Buy’ call and a target price of Rs 125 per share. The brokerage highlights the company's strong presence in Tier-2 cities and beyond. It expects the firm's earnings to grow at a CAGR of 27% over FY25-27.

  • Metal stocks fall up to 18% a week after the implementation of Trump's reciprocal tariffs. Nomura notes that metals made up 6.7% of India’s exports to the US before the tariffs. Although the direct impact of the tariffs on the domestic metal industry might be minimal, a global slowdown could potentially drive down metal prices.

  • Epack Durables rises as it plans to set up a washing machine manufacturing plant with a capacity of 6 lakh units per annum and an investment of Rs 50 crore.

  • Sasken Technologies' subsidiary, Sasken Design Solutions, Singapore, acquires a 100% stake in BORQS International Holding Corp for $40 million (approximately Rs 338 crore). Following this acquisition, BORQS International will become a step-down subsidiary of the company.

  • Emkay Global initiates coverage on Fino Payments Bank with a ‘Buy’ call and a target price of Rs 300 per share. The brokerage highlights the company's digital-first banking model, which has driven CASA growth by over 40% and lower funding costs. It believes Fino's diversification into digital payment services will boost its margins and profitability by FY28.

  • RBI lowers its CPI inflation forecast for FY26 to 4% from its previous projection of 4.2%. This revision reflects a more optimistic outlook for price stability, primarily due to easing food inflation pressures, assuming normal monsoon conditions and no major supply-side disruptions.

  • Axis Direct maintains its 'Buy' call on KEC International with a target price of Rs 742 per share. This indicates a potential upside of 13.3%. The brokerage remains positive on the stock due to its strong order book, improving margins, and industry tailwinds. It expects the company's revenue to grow at a CAGR of 15.2% over FY25-27.

  • Symphony's board of directors schedules a meeting for April 12 to consider and approve the sale of technology and Intellectual Property Rights (IPRs) by its Chinese subsidiary, Guangdong Symphony Keruilai Air Coolers (GSK), to IMPCO for approximately $5.1 million (around Rs 43.5 crore). The board will also authorise GSK to use the sale proceeds to repay its loan to Symphony, India.

  • Mahindra & Mahindra's subsidiary, Mahindra Aerostructures, bags an order from Airbus to manufacture and assemble the main fuselage of the H130 light single-engine helicopter.

  • RBI's MPC revises its FY26 GDP growth forecast downwards by 20 bps to 6.5%, citing challenges from global trade and inflation. For the coming quarters, GDP growth is projected at 6.5% in Q1, 6.7% in Q2, 6.6% in Q3, and 6.3% in Q4. The central bank notes that economic activity slowed to a four-year low of 6.5% in FY25, primarily due to declining urban demand, persistent inflation, and lower loan disbursals due to stricter regulatory measures.

  • Phoenix Mills reports a 15% YoY increase in consumption sales to Rs 3,262 crore in Q4FY25, supported by strong performance at Phoenix Palassio and continued ramp-up at Phoenix Mall of the Millennium, Phoenix Mall of Asia, and the Phoenix Palladium expansion. For FY25, consumption rises 21% YoY to Rs 13,762 crore.

  • Garden Reach Shipbuilders & Engineers bags an order worth Rs 490 crore from the Geological Survey of India to design, construct, and deliver two coastal research vessels in the next 36 months.

  • Muthoot Finance, Manappuram Finance, and IIFL Finance fall sharply as the Reserve Bank of India plans uniform gold loan guidelines for banks and non-banking financial companies (NBFCs) to bring clarity and fairness. Gold loans account for 98% of Muthoot Finance’s assets under management (AUM), 50% for Manappuram, and 21% for IIFL Finance.

  • RBI Governor Sanjay Malhotra says the shift from ‘Neutral’ to ‘Accommodative’ means future moves will likely be a rate cut or status quo. He highlights ongoing trade talks with the US and notes that the dollar has weakened amid global uncertainty from new tariffs.

  • Shyam Metalics and Energy falls sharply as its aluminium foil sales decline 2% YoY to 1,991 million tonnes (MT) in March. However, the company's stainless steel sales grow 13% YoY to 6,619 MT.

  • NTPC commissions the second part of its 150 MW Dayapar Wind Energy Project Phase-I, adding 90 MW in Bhuj, Gujarat. The first part of 50 MW became commercially operational in November 2023. With this, NTPC Group’s total installed and commercial capacity reaches 80,020 MW.

  • Dr. Reddy's Laboratories, Aurobindo Pharma, and Gland Pharma are falling as US President Trump announces plans to impose tariffs on the pharma sector.

  • The Reserve Bank of India (RBI) cuts the repo rate by 25 bps to 6%. The central bank also shifts its stance to ‘Accommodative’ from 'Neutral' during the Monetary Policy Committee meeting.

  • Home First Finance rises sharply as its board of directors approves a Rs 1,250 crore qualified institutional placement (QIP) of equity shares at a floor price of Rs 1,019.3 per share.

  • IRB Infrastructure Developers is rising as its toll collections increase 15.8% YoY to Rs 556.8 crore in March. Toll revenue for FY25 surges 23% YoY to Rs 6,360 crore.

  • Senco Gold's revenue grows 19.1% YoY in Q4FY25, with retail growth of 23% YoY, driven by robust wedding season demand.

  • Vodafone Idea allocates 3,695 crore shares worth Rs 36,950 crore to the Department of Investment and Public Asset Management (DIPAM). This comes after the Ministry of Communications directs the company to convert outstanding dues from the spectrum auctions into equity shares.

  • Indian markets slumped today. Nifty 50 was trading at 22,410.55 (-125.3, -0.6%) , BSE Sensex was trading at 73,772.13 (-455.0, -0.6%) while the broader Nifty 500 was trading at 20,365.30 (-115.5, -0.6%)

  • Market breadth is sharply down. Of the 1,929 stocks traded today, 416 were on the uptrend, and 1,457 went down.

Riding High:

Largecap and midcap gainers today include Max Healthcare Institute Ltd. (1,123.15, 4.6%), Godrej Consumer Products Ltd. (1,242.35, 3.8%) and Max Financial Services Ltd. (1,167.50, 3.1%).

Downers:

Largecap and midcap losers today include Muthoot Finance Ltd. (2,139.95, -6.7%), Ipca Laboratories Ltd. (1,290, -5.1%) and Phoenix Mills Ltd. (1,493.05, -5.0%).

Movers and Shakers

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

Top high volume gainers on BSE included Jyothy Labs Ltd. (379.60, 10.3%), Mastek Ltd. (2,137.30, 8.3%) and Route Mobile Ltd. (975.40, 5.6%).

Top high volume losers on BSE were Muthoot Finance Ltd. (2,139.95, -6.7%) and RHI Magnesita India Ltd. (458.60, -1.2%).

Ramkrishna Forgings Ltd. (740.40, 1.5%) was trading at 36.3 times of weekly average. Sundram Fasteners Ltd. (892.65, 5.2%) and Home First Finance Company India Ltd. (1030, 4.3%) were trading with volumes 9.9 and 5.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52 week highs, while 3 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Chambal Fertilisers & Chemicals Ltd. (638.05, 1.0%), InterGlobe Aviation Ltd. (5,193.75, 0.7%) and Narayana Hrudayalaya Ltd. (1,689.50, 0.5%).

Stocks making new 52 weeks lows included - Elgi Equipments Ltd. (402.20, -3.8%) and NMDC Ltd. (61.31, -0.4%).

17 stocks climbed above their 200 day SMA including Ujjivan Small Finance Bank Ltd. (39.03, 4.0%) and Hindustan Petroleum Corporation Ltd. (379.30, 2.8%). 11 stocks slipped below their 200 SMA including Piramal Pharma Ltd. (208.37, -6.0%) and Authum Investment & Infrastructure Ltd. (1,566.50, -5%).

 
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The Baseline
09 Apr 2025
By Omkar Chitnis

India’s two-wheeler market is caught up in a high-speed race, with a diverse lineup of models competing for the spotlight. Two-wheeler volume grew 30%, reaching 18.7 million units in FY25, up from 13.8 million units in FY13. 

Over the past decade, Indian two-wheeler manufacturers have launched new models across all segments to stay competitive. Strategic global collaborations have further fueled innovation, enabling Indian players to bring fresh, premium offerings to consumers. 

Hero MotoCorp collaborated with Harley-Davidson to develop the X440 series motorcycles, while TVS partnered with BMW Motorrad to launch premium bikes over 300cc. Similarly, Bajaj Auto joined Triumph Motorcycles to introduce mid-capacity bikes. These partnerships and new launches helped the Indian companies tap the growing demand for mid-capacity and premium bikes.

But the road hasn’t been smooth for Hero. Hero’s pole position has been under threat since 2013, while Honda and TVS Motors are expanding their market presence. Changing consumer preferences, innovative product strategies, and a growing focus on premium motorcycles and electric models are reshaping the industry.

Before Hero and Honda parted ways in 2011, Hero Honda dominated the two-wheeler space with a 68.9% market share. The split created an opportunity for other manufacturers to expand and challenge Hero’s leadership. Today, four major players – Hero MotoCorp, Honda, TVS Motor, and Bajaj Auto – control nearly 80% of the market, and the landscape is shifting fast.

Honda is going after Hero for the top spot. Minoru Kato, Executive Officer at Honda Motor Co., said, “We have launched highly competitive products of all kinds. With the advantage of 6,000 dealers and service networks covering all the geographies of India, we have increased unit sales. Now, the number one position is well within our sight.”

In this edition of Chart of the Week, we analyze Hero MotoCorp’s declining market share, the rise of its competitors, shifting consumer preferences, and the growth of the electric two-wheeler segment.

Hero’s market share dips amid limited product portfolio

Hero MotoCorp has remained India and the world’s largest two-wheeler manufacturer for 24 years. However, its market share declined from 48% in CY13 to 28% in FY25. The company sold 58.9 lakh two-wheelers in FY25, recording a 5.5% increase from the previous year. Hero's sales growth has been slow, with a 5-year CAGR of just 2.2%. In contrast, TVS sales have grown at a CAGR of 14.2% over the same period. 

Hero generates 93% of its revenue from motorcycles, with 80% from just the Splendor and HF Deluxe models. Scooters contribute just 7% to their total revenue. The company faces intense competition from Honda, TVS, and Suzuki. 

Hero is mainly recognized as a commuter brand focused on entry-level motorcycles, making it difficult to establish its credibility in the premium segment, priced above Rs 2 lakh. This positioning has restricted its ability to build a strong brand presence for models above 150cc, as its new models accounted for only 7% of sales in the first nine months of FY25.

TVS Motors has strengthened its market position, increasing its share from 13% in FY13 to 17.4% in FY25. Its scooter market share rose from 32% to 46% during the same period.

TVS maintains a balanced revenue mix, generating 49% of its revenue from motorcycles, 38% from scooters, and the rest from mopeds. In motorcycles, new models have significantly contributed to growth. The Apache series and Raider accounted for 70% of total motorcycle sales, while models launched in 9MFY25 accounted for 20% of the segment’s sales.

TVS gained a foothold in the premium segment early by launching multiple variants in the Apache series in 2016. Hero entered this category in Q3FY25 with six premium models, including the Xpulse 200, Xtreme 160R, and Mavrick 440. Honda holds a 25.3% market share, supported by its presence in both the scooter and motorcycle segments. 

Peers challenge Hero’s rural presence

Hero remains a dominant player in rural markets due to its affordable, fuel-efficient motorcycles designed for local needs, with over 55% of its sales coming from rural areas. Its commuter motorcycles, including the Splendor, Passion, and HF Deluxe, continue to lead the segment. In FY24, the Splendor held a 26.5% market share among commuter bikes, while the HF Deluxe maintained an 8.3% share.

TVS and Bajaj have also expanded their presence in rural India. TVS increased its rural market share from 15.5% in FY18 to 45% in FY24, driven by entry-level models like Star City, Jupiter, and Radeon, priced between Rs 75,000 and Rs 1 lakh. Bajaj's rural market share rose from 12.7% to 13.9% as it focused on entry-level motorcycles. The company introduced Discover, Platina, CT series, and CNG-powered Freedom 125 for rural buyers.

Honda, on the other hand, generates 70% of its sales from urban areas. The Activa remains the top-selling urban commuter model, contributing 38.8% of Honda’s sales. In FY24, Honda sold four Activa scooters every minute. But over the past decade, Honda has expanded its rural and semi-urban network from 1,950 outlets in 2013 to 6,000 in 2025. This growth, supported by models like the Shine 100 and SP125, strengthened its presence in urban and rural markets. 

Royal Enfield leads the shift to premium bikes

A decade ago, the premium motorcycle segment was relatively overlooked. It is now growing rapidly, with more consumers choosing bikes above 250cc for better performance and advanced features. The shift towards aspirational, higher-capacity motorcycles is driven by rising disposable income, a younger demographic, and evolving consumer preferences. 

Royal Enfield continues to dominate the premium motorcycle segment. In the 250–700cc category, it holds an 88.2% market share, led by models like the Classic, Meteor, and Himalayan. 

Bajaj Auto is expanding in the 350–500 cc category through partnerships with KTM and Triumph, introducing models like the KTM 390 and the Bajaj Dominar 400. Hero MotoCorp entered the premium segment in Q3FY25 with six models, including the Karizma XMR and Mavrick, along with collaborations with Harley-Davidson. 

Honda plans to launch three new premium bikes in India next year under the Rebel series through its BigWing network in the 300cc and 500cc segments to compete with Royal Enfield’s dominance in this market.

TVS has also gained traction in the premium segment. Its partnership with BMW Motorrad has increased its motorcycle volume above 310cc, rising from 1.1% of total sales in FY20 to 11.8% in FY24. In the 150–200cc category, TVS holds a 40% market share, led by the Apache series, Ronin, and Commando.

Government push is reshaping the electric two-wheeler segment

India’s electric two-wheeler market grew 33% YoY in CY24 to 19 lakh units. Despite this growth, EVs account for only 5% of total two-wheeler sales. Government initiatives like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme and lower GST rates continue to support adoption, especially in rural and semi-urban areas.

Ola Electric leads the EV segment with a 30% market share and a 1.9% share of the overall two-wheeler market. However, its market share has dropped from 52% in early 2024 to 30% in FY25. Bajaj Auto’s Chetak electric scooter holds a 20% market share, benefiting from the FAME II subsidy, which has helped lower costs and expand its reach.

TVS Motor is the second-largest electric scooter manufacturer, holding a 21% market share. It sold 2.3 lakh iQube in FY25, a 30% year-on-year growth. The company has benefited from the Production-Linked Incentive (PLI) scheme, which supports the iQube scooter and TVS X production.

Hero MotoCorp entered the EV market in late 2022 and has grown rapidly. Management expects support for its Vida electric scooter under the PLI scheme. Vida’s sales surged 174% year-on-year to 48,673 units in FY25. Additionally, Hero owns a 40% stake in Ather Energy. Its sales rose 20% YoY to 1.3 lakh units in FY25, supported by EMPS 2024 incentives.

In Q3FY25, Honda Motorcycle & Scooter entered the EV segment with its Activa E and QC models. The company plans to introduce 30 electric models globally by 2030, signaling its long-term commitment to the space

 
Trendlyne Marketwatch
Trendlyne Marketwatch
08 Apr 2025
Market closes higher, Info Edge's standalone billings grow 19% YoY in Q4FY25
By Trendlyne Analysis

Nifty 50 closed at 22,535.85 (374.3, 1.7%) , BSE Sensex closed at 74,227.08 (1,089.2, 1.5%) while the broader Nifty 500 closed at 20,480.80 (375.1, 1.9%). Market breadth is ticking up strongly. Of the 2,421 stocks traded today, 2,010 were gainers and 384 were losers.

Indian indices closed higher, rebounding from Monday’s decline. The Indian volatility index, Nifty VIX, plunged 10.3% and closed at 20.4 points. Info Edge closed 3.9% higher as its standalone billings grew 19% YoY to Rs 983.8 crore in Q4FY25, recruitment billings rose over 18% YoY, while 99acres reported a 22% YoY jump.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty PSU Bank were the highest-performing indices of the day. According to Trendlyne’s sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 4.8%.

European indices are trading higher. Major Asian indices closed in the green, except Indonesia’s IDX Composite and Thailand’s SET indices, which closed 8.4% and 4.5% lower. US index futures are trading higher, indicating a positive start to the session, as investors expect U.S. Trade Representative Jamieson Greer to reveal several countries that have approached the White House to negotiate on tariffs.

  • Siemens sees a short buildup in its April 24 futures series, with open interest increasing by 16.5% and a put-call ratio of 0.5.

  • Brigade Enterprises is rising as it signs a deal to develop premium residential projects on 10 acres of prime land in Mysuru. The project has a gross development value of around Rs 225 crore and a total development potential of 3.7 lakh square feet.

  • Info Edge rises sharply as its standalone billings grow 19% YoY to Rs 983.8 crore in Q4FY25. The company’s recruitment billings rise over 18% YoY, while 99acres reports a 22% YoY jump.

  • Indo Tech Transformers falls sharply as its Chief Executive Officer (CEO), Shridhar Gokhale, tenders his resignation, effective April 7.

  • Goldman Sachs cautions that Brent crude could fall below $40 a barrel by late 2026 in extreme cases like a global GDP slowdown and complete reversal of OPEC+ production cuts. While this is not a base-case scenario, it forecasts Brent to reach $55 by next December. The bank cites downside risks due to escalating trade war tensions and increasing global supply.

  • Housing and Urban Development Corp is rising as it signs a memorandum of understanding (MoU) with the Mumbai Metropolitan Region Development Authority (MMRDA) to provide funding of up to Rs 1.5 lakh crore over five years for infrastructure projects in the Mumbai Metropolitan Region.

  • Tata Motors rises as Jaguar Land Rover (JLR) wholesales increase 1.1% YoY to 1.1 lakh units in Q4FY25, driven by higher sales across the Range Rover, Range Rover Sport, and Defender models. However, JLR wholesales remains flat YoY for FY25, largely due to weak performance in China.

  • Paisalo Digital is rising as its board of directors approves raising Rs 2,700 crore by issuing shares, foreign currency bonds, or other securities via a preferential issue, private placement, qualified institutional placement (QIP), or other modes.

  • Analysts expect RBI's MPC to announce a 25 bps rate cut on April 9. G Chokkalingam, founder of Equinomics Research, believes a 25 bps cut won't significantly impact markets due to global tariff concerns, but a 50 bps cut could boost market sentiment. He cites sluggish credit growth, weak corporate earnings, and trade tensions as bigger investor concerns.

  • Keystone Realtors is rising as its collections grow 11% to Rs 746 crore, and pre-sales increase 1% to Rs 854 crore in Q4FY25. The growth is driven by the completion of two RERA projects in Mumbai and the addition of three new projects with a gross development value (GDV) of Rs 1,487 crore.

  • Mahindra & Mahindra's wholesales increase 19.3% YoY to 79,751 units in March. Commercial vehicle sales rise 14.4% YoY, while exports jumps 2.6X during the month.

  • Arkade Developers rises sharply as it enters an agreement for cluster redevelopment in Borivali, with an estimated gross development value (GDV) of Rs 865 crore. The company will redevelop Satya Shreepal Nagar A, B & C Co-operative Housing Society (CHS), Sheetal Shreepal CHS, and Sai Shreepal CHS with a total saleable carpet area of 2.4 lakh square feet.

  • Goldman Sachs upgrades its ratings on PNB Housing Finance and Axis Bank to 'Buy' and 'Neutral' on State Bank of India. The brokerage notes that Axis Bank is a beneficiary of liquidity infusion in the system, which should support its loan growth trajectory. For PNB Housing, Goldman Sachs expects the lender's improving outlook to result in strong loan growth and healthy profitability. It also sees a balanced risk/reward scenario for SBI.

  • Goldman Sachs initiates coverage on Suven Pharma with a ‘Buy’ call and a target price of Rs 1,350. The brokerage expects a strong rebound and structural growth this fiscal year, driven by new drug approvals and a turnaround in AgChem macros.

  • Bank of Maharashtra is rising as its deposits grow by 13.5% YoY to Rs 3.1 lakh crore, and gross advances increase 17.8% YoY to Rs 2.4 lakh crore in Q4FY25. The bank's CASA deposits grow by 17.8% YoY during the quarter.

  • Dolly Khanna cuts stake in India Metals & Ferro Alloys to below 1% in Q4FY25. She held a 1.2% stake in the company in Q3FY25.

  • India's Commerce Minister, Piyush Goyal, says India will withhold market access to BYD, citing strategic concerns and caution over investments from China. This move could have significant implications for M&M in the competitive EV market as it continues to expand its electric vehicle portfolio. M&M still relies on BYD's blade battery for its current EV lineup.

  • Godrej Properties' bookings grow 7% YoY to Rs 10,163 crore in Q4FY25, selling 3,703 homes, led by new launches like Godrej Riverine in Noida, Godrej Astra in Gurugram, and Godrej Madison Avenue in Hyderabad.

  • Sobha is rising as its Q4FY25 sales value increases by 22.1% YoY to Rs 1,835.7 crore. Its average price realisation improves by 4.9% YoY to Rs 11,781 per square foot.

  • PN Gadgil Jewellers is rising as its Q4FY25 revenue grows 5.1% YoY, helped by a 50% YoY jump in the retail segment and a 243.8% YoY surge in the e-commerce segment.

  • The Indian Government hikes excise duty on petrol and diesel by Rs 2 per litre. The duty on diesel now stands at Rs 10 per litre and on petrol at Rs 13. The public won't be impacted by the hike, as OMCs have announced to absorb the cost. However, this will reduce their marketing margin by Rs 2 per litre, though their overall retail fuel margin still exceeds Rs 11.

  • Nuvama Wealth Management promoter PAG employs JP Morgan and Morgan Stanley to exit its 54.9% stake, worth Rs 10,579 crore.

  • KPI Green Energy terminates its order from Sai Bandhan Infinium for a 66.2 MW hybrid power project under the captive power producer (CPP) segment due to changes in technical requirements after receiving the order.

  • Titan is rising as its revenue grows by 25% YoY in Q4FY25, driven by improvements in the jewellery, watches & wearables, CaratLane, and eyecare segments. The company adds 72 new stores during the quarter, expanding its total store network to 3,312.

  • Bharat Electronics secures a contract worth Rs 2,210 crore from the Ministry of Defence to supply Radar Warning Receivers (RWR), Missile Approach Warning Systems (MAWS), and Counter Measure Dispensing Systems (CMDS) for the Indian Air Force’s Mi-17 V5 helicopters.

  • Upbeat trading today, as Nifty 50 was trading at 22,524.35 (362.8, 1.6%), BSE Sensex was trading at 74,013.73 (875.8, 1.2%) while the broader Nifty 500 was trading at 20,461.75 (356.1, 1.8%).

  • Market breadth is overwhelmingly positive. Of the 1,959 stocks traded today, 1,818 were gainers and 113 were losers.

Riding High:

Largecap and midcap gainers today include GlaxoSmithKline Pharmaceuticals Ltd. (2,728.40, 6.0%), PB Fintech Ltd. (1,531.95, 6.0%) and Cholamandalam Investment & Finance Company Ltd. (1,463.30, 5.6%).

Downers:

Largecap and midcap losers today include Indraprastha Gas Ltd. (180.16, -4.1%), Siemens Ltd. (2,763.45, -1.7%) and Mankind Pharma Ltd. (2,347.50, -1.5%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Cholamandalam Financial Holdings Ltd. (1,718.45, 10.2%), Five-Star Business Finance Ltd. (713.25, 6.7%) and Esab India Ltd. (4,601.25, 5.7%).

Top high volume losers on BSE were Delhivery Ltd. (248.90, -7.3%) and Craftsman Automation Ltd. (4,398.50, -1.1%).

AIA Engineering Ltd. (3,100, 0.3%) was trading at 8.5 times of weekly average. Bharti Hexacom Ltd. (1,427.90, 2.0%) and Sonata Software Ltd. (305.50, 1.5%) were trading with volumes 4.0 and 3.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock hit their 52 week highs,

Stock touching their year highs included - InterGlobe Aviation Ltd. (5,157.05, 3.4%).

20 stocks climbed above their 200 day SMA including Cholamandalam Financial Holdings Ltd. (1,718.45, 10.2%) and Authum Investment & Infrastructure Ltd. (1,640, 8.4%). 15 stocks slipped below their 200 SMA including Aegis Logistics Ltd. (778.35, -2.0%) and Redington Ltd. (201.24, -1.1%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
07 Apr 2025
Market closes lower, Jubilant Foodworks' revenue grows 33.9% YoY to Rs 2,107 crore in Q4
By Trendlyne Analysis

Nifty 50 closed at 22,161.60 (-742.9, -3.2%), BSE Sensex closed at 73,137.90 (-2,226.8, -3.0%) while the broader Nifty 500 closed at 20,105.70 (-699.7, -3.4%). Market breadth is overwhelmingly negative. Of the 2,461 stocks traded today, 167 showed gains, and 2,276 showed losses.

Indian indices closed sharply lower, driven by Trump tariffs. The Indian volatility index, Nifty VIX, surged 65.6% and closed at 22.8 points. Tata Motors fell 5.3% to a new 52-week low of Rs 555.6 as its UK-based subsidiary, Jaguar Land Rover, temporarily halted vehicle shipments to the US due to a 25% import tariff on all automobiles.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Metal and Nifty Realty closed lower. According to Trendlyne’s sector dashboard, General Industrials emerged as the worst-performing sector of the day, with a fall of 5.8%.

European indices are trading lower, while major Asian indices closed in the red. US index futures are trading lower, indicating a negative start to the session, as the Trump administration maintains its stance on tariffs. After China, the EU may retaliate with tariffs on $28 billion worth of US goods. Meanwhile, Goldman Sachs raised its US recession forecast to 45%, up from 35%, marking its second increase in a week.

  • Phoenix Mills sees a short buildup in its April 24 futures series, with open interest increasing by 18.8% and a put-call ratio of 4.2.

  • Jubilant Foodworks' revenue from operations grows 33.9% YoY to Rs 2,107 crore in Q4FY25. Domino’s India posts a 12.1% YoY like-for-like sales growth. The company adds 56 new stores during the quarter, taking the total store count to 3,316.

  • Aavas Financiers' asset under management (AUM) rises 18% YoY to Rs 20,420 crore in Q4FY25. The company’s disbursements grow 7% YoY to Rs 2,020 crore during the quarter.

  • Indian Bank's Q4FY25 total business reaches Rs 13.3 lakh crore, up 8.4% YoY. Total deposits grow 7.1% to Rs 7.4 lakh crore, and gross advances rise 10.1% YoY during the quarter.

  • Nuvama highlights that Godrej Consumer Products' Q4FY25 performance was broadly in line with its expectations. The brokerage estimates 8.5% YoY value growth for GCPL’s India operations but notes that its volume growth fell 5% YoY, below the expected 3-4% rise. Meanwhile, a strong recovery in home care helped offset softness in personal care, especially soaps.

  • Tata Steel's India steel production grows 2% YoY to 5.5 million tonnes (MT) in Q4FY25. Its delivery volumes improve by 3.3% YoY to 5.6 MT. For FY25, the company's production rises 4.7% YoY to 21.8 MT.

  • JSW Steel's consolidated steel production grows 12% YoY to 76.3 lakh tonnes in Q4FY25. Capacity utilisation at its Indian operations stands at 93% for the quarter.

  • Indraprastha Gas (IGL) raises CNG prices by Rs 1/kg in Delhi and Rs 3/kg in other markets. Delhi accounts for 70% of IGL’s total CNG sales, while the remaining 30% comes from other regions.

  • HSBC Sec maintains a 'Buy' rating on Dixon Technologies with a target price of Rs 20,000. The brokerage highlights the company's growth, driven by the domestic market through import substitution, customer addition, and increased market share. It views Trump's announcement of higher tariffs on China, Vietnam, and Thailand as a blessing in disguise.

  • Oil and Natural Gas Corp (ONGC) and Oil India fall over 4% in trade as Brent crude drops nearly 4% to $63.2 a barrel, hitting a four-year low after an 11% decline last week, pressuring oil-linked stocks.

  • Dr. Reddy's Laboratories is falling as it receives a show cause notice from the Income Tax Department for Rs 2,396 crore. The notice is related to the merger of Dr. Reddy’s Holding.

  • IndusInd Bank's net advances rise 1.4% YoY to Rs 3.5 lakh crore in Q4FY25, and deposits grow by 6.8% YoY to Rs 4.1 lakh crore. However, the bank's CASA ratio contracts by 510 bps YoY to 37.9%, indicating a higher cost of funds and lower margins.

  • The National Company Law Tribunal (NCLT) dismisses IDBI Bank's insolvency plea against Zee Entertainment, filed in December 2022 to recover Rs 149.6 crore. The tribunal rejected the plea, stating the default occurred during the period covered by Section 10A of the IBC, which blocks insolvency proceedings for defaults between March 25, 2020, and March 25, 2021.

  • Bajaj Housing Finance reports a 26% YoY rise in assets under management to Rs 1.1 lakh crore in FY25. Its disbursements grow 25% YoY to Rs 14,250 crore. The company appears in a screener of stocks with improving book value per share over the past two years.

  • Mazagon Dock Shipbuilders plunges as the Government of India decides to sell an additional 47.7 lakh shares (1.2% stake) through the oversubscription option in the offer for sale. The floor price for the OFS is set at Rs 2,525 per share.

  • Goldman Sachs retains its ‘Buy’ rating on Trent but lowers the target price to Rs 6,760, citing weaker-than-expected sales growth. For FY25, Trent's standalone gross revenue grew 39% YoY, below the brokerage's forecast of 42%.

  • Kawaljeet Saluja, Head of Research at Kotak Institutional Equities, forecasts low-to-mid single-digit earnings growth for Tier-1 IT companies like TCS, Infosys, and Wipro in FY25. This cautious outlook is driven by a sluggish US economy, with subdued discretionary spending amid macroeconomic uncertainties and the potential risks of a recession.

  • Siemens plunges sharply to a new 52-week low of Rs 2,450 as it trades on the record date for the demerger of its energy business into a separate entity, Siemens Energy India.

  • Kalyan Jewellers' India operations report a revenue growth of 39% YoY in Q4FY25, driven by robust wedding demand. The company opens 25 new showrooms in India during the quarter.

  • Godrej Properties signs an agreement to develop a residential project in Versova, Mumbai, with a saleable area of 4.4 lakh square feet and a revenue potential of Rs 1,350 crore.

  • Global benchmark Brent crude falls around 4% to $63.2 per barrel, a four-year low, after an 11% drop last week. West Texas Intermediate stood at $59.8. The decline follows Saudi Aramco’s decision to cut Arab Light crude by $2.3 for deliveries to Asian buyers in May after a surprise announcement from OPEC+ last week of a significant increase in output.

  • Delhivery's board of directors approves the acquisition of around 99.4% stake in Ecom Express for a consideration of up to Rs 1,407 crore. Following the completion of the acquisition, Ecom will become a subsidiary of the company.

  • Force Motors falls sharply as its monthly exports drop 77.6% YoY to 94 units in March. Meanwhile, monthly wholesales rise 0.9% YoY to 3,700 units.

  • Tata Motors plunges to a new 52-week low of Rs 555.6 as its UK-based subsidiary, Jaguar Land Rover (JLR), announces a temporary halt in vehicle shipments to the United States. This comes after the US government imposes a 25% tax on all car and auto part imports.

  • ITC acquires 2.6 lakh shares of Ample Foods for Rs 131 crore, raising its stake to 43.8%. The company plans to raise its shareholding to 62.5% by April 2027, with an additional investment of Rs 56 crore.

  • Gloom in markets in early trading. Nifty 50 was trading at 21,888.35 (-1016.1, -4.4%), BSE Sensex was trading at 72,293.28 (-3071.4, -4.1%) while the broader Nifty 500 was trading at 19,773.20 (-1032.2, -5.0%)

  • Market breadth is sharply down. Of the 2,107 stocks traded today, 38 were on the uptick, and 2,047 were down.

Riding High:

Largecap and midcap gainers today include GMR Airports Ltd. (82.22, 1.8%), Linde India Ltd. (5,885, 1.6%) and Adani Wilmar Ltd. (269.75, 1.4%).

Downers:

Largecap and midcap losers today include Siemens Ltd. (2,812.45, -42.9%), Trent Ltd. (4,740.95, -14.8%) and Mazagon Dock Shipbuilders Ltd. (2,317.30, -8.9%).

Volume Rockets

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

Top high volume gainers on BSE included Delhivery Ltd. (268.35, 3.7%), Vedant Fashions Ltd. (784, 2.4%) and Linde India Ltd. (5,885, 1.6%).

Top high volume losers on BSE were Siemens Ltd. (2,812.45, -42.9%), Trent Ltd. (4,740.95, -14.8%) and Cholamandalam Financial Holdings Ltd. (1,550, -8.5%).

Anupam Rasayan India Ltd. (707.20, -7.4%) was trading at 13.3 times of weekly average. Godrej Consumer Products Ltd. (1,160.10, 0.3%) and Torrent Pharmaceuticals Ltd. (3,221.25, -2.0%) were trading with volumes 6.4 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

132 stocks tanked below their 52 week lows.

Stocks making new 52 weeks lows included - AIA Engineering Ltd. (3,105, -2.7%) and Atul Ltd. (5,166.80, -3.7%).

2 stocks climbed above their 200 day SMA including Aegis Logistics Ltd. (794.50, 2.2%) and Rainbow Childrens Medicare Ltd. (1,397.95, -0.8%). 75 stocks slipped below their 200 SMA including BLS International Services Ltd. (350.60, -9.0%) and Mazagon Dock Shipbuilders Ltd. (2,317.30, -8.9%).

 
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The Baseline
04 Apr 2025
Five Interesting Stocks Today - April 4, 2025
By Trendlyne Analysis

1.Larsen & Toubro:

This construction conglomerate is up 2% over the past month after receiving orders worth over Rs 30,000 crore. In late March, L&T secured its largest order to date, worth over Rs 15,000 crore from QatarEnergy LNG, to establish two offshore complexes.

L&T continues to reduce orderbook risks from domestic fluctuations in recent quarters, with a growing number of orders now coming from international clients. L&T Management has expressed confidence in easily surpassing the 10% order inflow growth target set for FY25, as they anticipate that capital expenditures in India will pick up starting in Q4, supported by a strong international pipeline.Forecaster projects revenue to increase by 18.4% YoY in Q4, with net profit expected to rise by 8%.

The company’s net working capital to sales ratio improved significantly, declining by 390 bps in December 2024, driven by robust customer collections during the quarter.  P. Ramakrishnan, Head of Investor Relations, expects the ratio to remain at this level in FY25. The company appears in a screener of stocks that efficiently utilise their capital to enhance return on employed capital.

Thanks to free cash flow generation over the past couple of years, Ramakrishnan says, “The company is stepping up capital allocation into newer business areas like green energy, data centres and semiconductor design.” These initiatives are expected to bear fruit in the company’s upcoming Lakshya plan for FY27-31.

Geojit BNP Paribas maintains a ‘Buy’ rating on L&T. The brokerage anticipates that a strong order pipeline will drive revenue growth at a CAGR of 16% over FY25-27. With a target price of Rs 3,863, the stock has a potential upside of over 18%.

2. Tata Motors:

This car and utility vehicle manufacturer dropped 8.2% in the past week due to concerns over new US tariffs. On April 2, US President Trump imposed a 25% tariff on foreign auto products. Tata Motors is the most affected among Indian automakers as Jaguar Land Rover (JLR) sales in the US contribute over 20% of its revenue.

JLR, the luxury vehicle arm of Tata Motors, contributed most of the company's revenue in FY24. Its wholesale volume in the US increased from 26% in FY24 to 33% in 9MFY25. Analysts estimate a 5-10% drop in JLR’s volume due to US tariffs, which could reduce its earnings per share (EPS) by 15-20%.

JLR’s North America sales grew 48% YoY in Q3FY25. JLR’s CFO Richard Molyneux set a 10% EBIT margin target for Q4FY25 but cautioned that macroeconomic challenges could make it difficult. Recently, Tata Motors’ management reaffirmed its 10% EBIT margin target for Q4 and its plan to be net debt free by FY25.

Tata Motors’ India business reported an 8.4% YoY drop in commercial vehicle (CV) revenue due to weak demand, while passenger vehicle (PV) revenue fell 4.3% YoY in Q3FY25. Shailesh Chandra, MD of Tata Passenger Vehicles and Electric Mobility, said, “We saw 2% growth in 9MFY25 and expect the same for FY25. Demand has been unpredictable, rising in some months and falling in others due to macroeconomic factors.” He added that if economic conditions improve and the budget provides support, the industry could return to 6-7% growth in FY26. Tata Motors, like other auto majors, is facing competition from Chinese players in the international markets and from domestic competitors like M&M and Maruti in the Indian market, as new launches ramp up.

ICICI Securities has a ‘Buy’ rating for the stock with a target price of Rs 831, implying an upside of 35.4%. The brokerage expects Tata Motors' new PV launches and the revamp of its small commercial vehicle (SCV) business to drive growth. It projects a 7.2% revenue CAGR and 19.2% net profit CAGR over FY25-27.

3. Mazagon Dock Shipbuilders:

This aerospace & defence company declined by over 7% today. On April 3rd the company’s promoter, the President of India, proposed to sell a total of around 1.9 crore equity shares (4.8% stake) in the firm via an offer for sale (OFS) issue at Rs 2,525 per share.

On April 2nd, the company began production of a Multi-Purpose Vessel (MPV) for M/s Navi Merchants Denmark. Mazagon will design, build and deliver six MPVs at a value of approximately $14 million (approx. Rs 119 crore).

The company’sQ3FY25 results saw net profit rise 28.8% YoY to Rs 807 crore, on the back of declines in raw material and project related costs. Its revenue increased by 30.4%but missed forecaster estimates by 2.2% due to a 9% YoY decline in its order book to Rs 34,800 crore. It appears on the screener for stocks lying in the ‘Sell’ zone.

Morgan Stanley highlighted that naval contracts for submarines and warships involve substantial, long-lead-time projects. The company's strong Q3 profit margins were driven by cost efficiencies on existing, older contracts. However, as new, specifically assigned orders come in, the company will not be able to maintain similar  cost efficiency. Consequently, the brokerage believes that profit margins will return to normal levels within approximately 2.5 years, coinciding with the completion of the current order backlog.

Sanjeev Singhal, Chairman & MD of Mazagon Dock, commented on the order book,  “ We are executing the existing orders. So the FY25 normalized margin for our industry should be around 12-15% level. Except for the exceptional items like reversal of Liquidated Damages (LDs) and depending upon the D-448 (the acceptance documents for the delivery of ‘Vaghsheer’ submarine) execution, so we don't see much change for the existing orders.”

Geojit BNP Paribas notes that the stock was trading at a 61% premium to its 5 year average last week. Considering this expensive valuation coupled with its likely moderation in earnings growth the brokerage has assigned a ‘Sell’ rating to the stock with a target price of Rs 2,318, based on an expected 24.5x FY27 adjusted EPS.

4. PNB Housing Finance:

Thishousing finance company surged 20.3% over the past month, driven by 202% YoY growth in its affordable-segment loan book to Rs 5,000 crore in FY25 and two upgrades from credit rating agencies. 

On March 29,CARE Ratings upgraded the company’s long-term bank facilities to 'CARE AA+' with a 'Stable' outlook, citing stronger asset quality and an improved market position. In reaction, the stock rose 5% on April 1.

Meanwhile,ICRA also upgraded the PNB Housing Finance’s rating to '[ICRA]AA+' with a 'Stable' outlook due to improved asset quality, strong capital resilience, and the stock’s inclusion in the futures and options segment. This upgrade also drove the rise in share price.

InQ3FY25, the company reported a 42.8% YoY increase in net profit, reaching Rs 483.3 crore. A 31% rise in retail disbursements and a 17.5% increase in retail loan assets drove growth. The net NPA improved by 34 basis points YoY, reaching 0.8% in Q3FY25.

Girish Kousgi, MD & CEO,said, “We are confident of achieving our target of a Rs 1 lakh crore retail book by the end of FY27, with the affordable segment contributing 15%, or Rs. 15,000 crore; emerging markets contributing 25%, or Rs. 25,000 crore; and the remaining from the Prime business.”

Management aims to achieve an NIM above 4% and plans to expand into Tier 2 and Tier 3 cities, growing its network to 500 branches by FY27. It also projects its corporate loan book to reach Rs 7,000-8,000 crore by FY27 and expects the retail loan book to grow by 17-18% annually. Management plans to introduce Loan Against Property (LAP) as a separate segment from FY26.

Motilal Oswal reiterates its ‘Buy’ rating on PNB Housing with a target price of Rs 1,160. The brokerage expects retail loan CAGR of approximately 18% by FY27 and projects an improvement in NIM from FY26, driven by lower credit costs and recoveries from previously written-off loans.

5. Shaily Engineering Plastics:

Thisplastics and health products company has nosedived in share price over the past week, falling 20% after ending FY25 on a high note with a year gain of over 250%. The stock has been hit by US President Trump's tariff announcements on Wednesday. 

Shaily's relatively new pharma product line has been key to its dramatic growth momentum in the past two years. While revenues for Shaily's consumer and industrial segmentsgrew by 20% and 13% respectively YoY, its pharma segment has been the big outperformer for 9MFY24, growing at 57%. The company appears in a screener of stocks with high TTM EPS growth. 

Shaily has ridden the massive growth wave in GLP weight-loss drugs, as a manufacturer of medical pens. The company has built a moat manufacturing insulin pens and auto injector pens (the latter is used to deliver doses of weight loss drugs). These pens are highly regulated, with a long approval process in the US and Europe. Shaily has received the requisite approvals and faces limited competition here. 

The management identified this space early on, and the company’s UK R&D center has helped Shaily rapidly ramp up its innovation efforts over the past two years. In February, Managing Director Amit Sanghvi talked about the company's plans to grow aggressively in pen manufacturing, with a focus on auto-injectors. "From having about 35 million capacity right now, we're looking at adding another 50 million to 80 million over a short period of time", he said. 

The new tariff regime announced by Trump however, may ruin the party. For Shaily’s clients, 60-70% of end-customers are in the US. Trump's ‘Liberation Day’ announcements are therefore a complicating factor for its business outlook. 

Monarch Capital is among the brokerages with an accumulate call on Shaily (with a target price of Rs. 1,600). The analysts note that Shaily aims to increase its healthcare segment revenue contribution to 25% by FY27E vs. 18.6% currently.

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
04 Apr 2025
Market closes lower, L&T Finance's loan book expands 18.8% YoY in Q4FY25
By Trendlyne Analysis

Nifty 50 closed at 22,904.45 (-345.7, -1.5%) , BSE Sensex closed at 75,364.69 (-930.7, -1.2%) while the broader Nifty 500 closed at 20,805.35 (-438.1, -2.1%). Market breadth is highly negative. Of the 2,439 stocks traded today, 469 showed gains, and 1,926 showed losses.

Indian indices closed in the red, pulled down by sharp losses in metal, pharma and IT stocks. The Indian volatility index, Nifty VIX, rose 1.1% and closed at 13.8 points. India's Services PMI declined marginally to 58.5 in March, down from 59 in February, driven by a slight slowdown in sales due to softer demand and easing inflationary pressures.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. Nifty Metal & BSE Metal were among the top index losers today. According to Trendlyne’s Sector dashboard, Metals & Mining emerged as the worst-performing sector of the day, with a fall of 5.8%.

Asian indices closed in the red, while European indices are trading lower. US index futures traded in the red, indicating a cautious start to the trading session. Nasdaq and S&P 500 faced their steepest weekly losses since September 2024, marking a sixth down week in seven. JPMorgan estimates the likelihood of a global recession will rise to 60%, up from 40%, if Trump's tariff plan moves forward as initially proposed. Meanwhile, investors will be eyeing a speech by Federal Reserve Chair Jerome Powell on the economic outlook, set to be delivered later today.

  • Money flow index (MFI) indicates that stocks like Vardhman Textiles, Hindustan Aeronautics, and Solar Industries are in the overbought zone.

  • Ujjivan Small Finance Bank's Q4FY25 total deposits rise 19.7% YoY to Rs 37,617 crore and gross advances grow by 7.9% YoY to Rs 32,122 crore. Its CASA ratio stands at 25.6% as against 26.5% in Q4FY24.

  • Goldman Sachs maintains a 'Buy' rating on Zomato with a lower target price of Rs 310. The brokerage believes the pessimism surrounding the stock is exaggerated and that the risk-reward is tilted towards the upside. However, it also points out that Zomato's current market price suggests either its food delivery business is worthless or Blinkit's margins have halved structurally.

  • L&T Finance's retail loan book expands 18.8% YoY to Rs 95,100 crore in Q4FY25. The company's retail disbursements drops 1.1% YoY due to a decline in rural demand. Its features in a screener of stocks with increasing trend in non-core income.

  • Shares of upstream oil companies, including ONGC and Reliance Industries, decline as crude oil prices fall below $70 per barrel. Although oil, gas, and refined product imports were excluded from the recently implemented US tariffs, concerns remain that these measures could fuel inflation, slow economic growth, and escalate trade tensions—all of which may weigh on oil prices.

  • GR Infraprojects secures an arbitration award of Rs 106.5 crore against Bihar’s Road Construction Department. The dispute was over claims related to a road project under an engineering, procurement, and construction (EPC) contract.

  • CLSA initiates coverage on Federal Bank with a ‘Buy’ rating and a target price of Rs 230. While the brokerage expects a muted near-term outlook, it projects RoE to improve to 14% by FY27–28, up from the 10-year average of 11%.

  • Union Bank falls sharply as it misses its FY25 guidance. Loan growth came in at 8.6%, below the guided ~13%, while deposit growth stood at 7.2%, missing the projected 9%–11% range.

  • CSB Bank’s Managing Director and CEO, Pralay Mondal, forecasts continued AUM growth of over 25%. He expects net interest margins (NIMs) to remain in the 4–4.3% range for the next quarter. By 2030, the bank aims to achieve a balanced portfolio distribution of 30% wholesale, 30% retail, 20% gold loans, and 20% MSME lending.

  • Power Grid Corp's board approves raising up to Rs 6,000 crore for FY26 via unsecured, non-convertible bonds through private placement.

  • YES Bank's deposits grow by 6.8% YoY to Rs 2.8 lakh crore, and advances increase 8.2% YoY to Rs 2.5 lakh crore in Q4FY25. The bank's CASA ratio stands at 34.3%, as against 30.9% in Q4FY24.

  • Angel One falls sharply as its average daily turnover (ADTO) drops 17.3% YoY to Rs 36.4 lakh crore in March. Its gross client acquisition drops 43.6% YoY to 4.7 lakh during the month. The company appears in a screener of stocks underperforming their industry price change in the quarter.

  • India's Services PMI declines marginally to 58.5 in March, down from 59 in February, staying well above the 50-mark. The decline was driven by a slight slowdown in sales due to softer demand and easing inflationary pressures.

  • Morgan Stanley downgrades Bharat Forge to ‘Equal Weight’ and lowers its target price to Rs 1,170 per share. The brokerage believes the 25–27% tariff burden could weigh on revenue growth. While it expects the costs to be gradually passed on to customers, Bharat Forge could face a 200 basis point margin impact in the near term.

  • Bandhan Bank’s deposits grow by 11.8% YoY to around Rs 1.5 lakh crore in Q4FY25. The bank's advances also increase 10.6%, while its CASA ratio declines by 570 bps YoY.

  • Bajaj Finance is rising as its AUM grows by 26% YoY to Rs 4.2 lakh crore in Q4FY25. New loans booked also improve 36% YoY to 1.1 crore in the quarter. It appears in a screener of stocks with book value per share improving for two years.

  • Indian Energy Exchange reports a 29% YoY increase in traded electricity volume for March 2025 to 11,215 million units (MU). For Q4FY25, the traded electricity volume gained 18% YoY to 31,747 MU. The company traded 13 lakh Renewable Energy Certificates (RECs) in March, achieving a growth of 18% YoY.

  • Pharma stocks like Lupin, Aurobindo Pharma, Ipca Labs, and Marksans Pharma fall over 6% in trade after US President Trump signals upcoming tariffs on the sector, stating it is under review and will be announced soon.

  • Oil India and ONGC falls sharply as crude oil prices drops overnight by nearly 7%. Brent and WTI crude fell after OPEC+ unexpectedly decided to increase production to 4.1 million barrels per day (mbpd) in May instead of the planned 1.4 mbpd

  • CLSA downgrades Tata Motors to an ‘Outperform’ rating from ‘High Conviction Outperform’ and lowers the target price to Rs 765 per share. The brokerage believes the 25% import tariffs in the US and the discontinuation of Jaguar models will reduce Jaguar Land Rover (JLR) volumes by 14% year-on-year in financial year 2026. It also expects Tata Motors' EBIT margins to decline to 7% in financial year 2026-2027 from the 9% anticipated this year due to a lower scale.

  • The Life Insurance Corporation of India (LIC) issues a clarification in response to a United States Trade Representative (USTR) report, refuting allegations of receiving preferential treatment from the Indian government and regulators.

  • UltraTech Cement's board of directors approves the acquisition of Wonder WallCare for up to Rs 235 crore. The deal is set to close in 90 days and gives UltraTech access to a 6 lakh metric ton (MT) per annum wall putty plant in Rajasthan.

  • Mazagon Dock Shipbuilders falls sharply as the central government plans to divest up to 4.8% stake via an offer for sale (OFS) on April 4 for non-retail investors and April 7 for retail investors. The floor price is set at Rs 2,525 per share, a 7.8% discount to Thursday’s close.

  • Avenue Supermarts' (D-Mart) standalone revenue grows 16.7% YoY to Rs 14,462 crore in Q4FY25. The company adds 28 new stores during the quarter, bringing its total store count to 415.

  • HDFC Bank rises as its gross advances grow 5.4% YoY to Rs 25.1 lakh crore in Q4FY25, helped by increase in domestic retail, commercial, and rural banking loans. Its deposits also grow by 14.1% to Rs 23.8 lakh crore during the quarter.

  • Nifty 50 was trading at 23094.45 (-155.7, -0.7%) , BSE Sensex was trading at 76128 (-167.4, -0.2%) while the broader Nifty 500 was trading at 21073.50 (-169.9, -0.8%)

  • Market breadth is overwhelmingly negative. Of the 2015 stocks traded today, 480 were in the positive territory and 1485 were negative.

Riding High:

Largecap and midcap gainers today include Procter & Gamble Hygiene & Healthcare Ltd. (13,983.40, 2.8%), Marico Ltd. (677.30, 2.5%) and Torrent Pharmaceuticals Ltd. (3,309.65, 1.9%).

Downers:

Largecap and midcap losers today include Vedanta Ltd. (401.45, -8.7%), Tata Steel Ltd. (140.39, -8.6%) and Bharat Forge Ltd. (1,026.05, -8.2%).

Movers and Shakers

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

Top high volume gainers on BSE included Rainbow Childrens Medicare Ltd. (1,409.55, 2.6%) and Castrol India Ltd. (203.28, 1.2%).

Top high volume losers on BSE were Vedanta Ltd. (401.45, -8.7%), Tata Steel Ltd. (140.39, -8.6%) and Coforge Ltd. (6,607.90, -7.7%).

Asahi India Glass Ltd. (607.10, -2.3%) was trading at 5.6 times of weekly average. Signatureglobal (India) Ltd. (1,118, 0.0%) and Laurus Labs Ltd. (574.45, -7.4%) were trading with volumes 4.5 and 3.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks hit their 52 week lows.

Stocks making new 52 weeks lows included - Zydus Lifesciences Ltd. (868.45, -3.7%) and Central Bank of India (36.17, -1.8%).

6 stocks climbed above their 200 day SMA including Rainbow Childrens Medicare Ltd. (1,409.55, 2.6%) and Federal Bank Ltd. (195, 0.4%). 30 stocks slipped below their 200 SMA including Vedanta Ltd. (401.45, -8.7%) and Tata Steel Ltd. (140.39, -8.6%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
03 Apr 2025
Market closes lower, Bank of Baroda's deposits rise 9.3% YoY in Q4FY25
By Trendlyne Analysis

Nifty 50 closed at 23,250.10 (-82.3, -0.4%) , BSE Sensex closed at 76,295.36 (-322.1, -0.4%) while the broader Nifty 500 closed at 21,243.40 (-22.3, -0.1%). Market breadth is overwhelmingly positive. Of the 2,447 stocks traded today, 1,782 showed gains, and 632 showed losses.

Indian indices closed in the red, dragged down by IT and auto stocks, reacting to the US tariff announcement. The Indian volatility index, Nifty VIX, declined 0.1% and closed at 13.6 points. Hero MotoCorp's monthly wholesales rose 12% YoY to 5.5 lakh units in March due to higher scooter sales and domestic business. Exports surged 26.8% YoY during the month.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. S&P BSE Utilities & S&P BSE SME IPO were among the top index gainers today. According to Trendlyne’s Sector dashboard, Telecommunications Equipment emerged as the best-performing sector of the day, with a rise of 2.9%.

Asian indices closed in the red, while European indices are trading lower except Russia’s RTSI & MOEX indices. US index futures traded in the red, indicating a cautious start to the trading session. UBS warned that Trump's new tariffs could dampen near-term growth, increase market volatility, and prompt significant rate cuts by the Federal Reserve later this year. Mark Haefele, CIO of UBS Global Wealth Management, believes that the resulting uncertainty may slow the US economy and reduce growth in 2025 to around or below 1%.

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

  • Tejas Networks rises as BSNL plans to expand its 4G and 5G infrastructure. Tejas Networks supplies 4G/5G radio access network (RAN) equipment to BSNL. In the first nine months of FY25, 94% of its revenue came from BSNL’s 4G shipments.

  • Bank of Baroda rises as its global business grows 11.4% YoY to Rs 27 lakh crore, and domestic deposits increase 9.3% YoY to Rs 12.4 lakh crore in Q4FY25. The bank's domestic advances expands 13.7% YoY during the quarter.

  • Bharat Forge falls as its Class 8 truck orders from North America hit a seven-month low in March, declining 14% YoY to 15,700 units.

  • The central government receives a record Rs 74,016.7 crore in dividend receipts from central public sector enterprises (CPSEs) in the FY25, surpassing the Rs 63,749.3 crore collected in FY24. Coal India and Oil & Natural Gas Corporation (ONGC) were the top dividend-paying CPSEs for the year.

  • IDBI Bank rises as its total deposits rise 12% YoY in Q4FY25 to Rs 3.1 lakh crore and net advances grow by 16% YoY to Rs 2.2 lakh crore. Its CASA deposits rose by 3% to Rs 1.4 lakh crore.

  • Gokaldas Exports rises sharply as the US imposes a 27% reciprocal tariff on Indian imports, the lowest among major garment-exporting countries. Vietnam faces a 46% tariff, Bangladesh 37%, and China 54%. The US accounted for 76% of Gokaldas Exports' total revenue in FY24.

  • Qatar Energy LNG includes Man Industries in its approved vendor list. With this inclusion, the company will be able to supply line pipes to the critical energy sector in Qatar.

  • JP Morgan notes that Indian equity markets are better positioned than their Asian counterparts to withstand the impact of the US's sweeping tariffs. India's exports to the US account for just 2% of its GDP, which is lower than that of its regional peers. Economists estimate that tariff hikes will have only a slight impact on GDP growth, reducing it by up to 50 basis points.

  • Poonawalla Fincorp rises sharply as its assets under management grow 42.2% YoY to around Rs 35,550 crore in Q4FY25.

  • IDFC First Bank rises sharply as its total deposits rise 22.7% YoY in Q4FY25 to Rs 4.8 lakh crore while loans & advances surge 20.3% YoY to Rs 2 lakh crore. Its CASA ratio stands at 46.9%, as against 47.2% in Q4FY24.

  • Hero MotoCorp's monthly wholesales rise 12% YoY to 5.5 lakh units in March due to higher scooter sales and domestic business. Exports surge 26.8% YoY to 39,518 units during the month. For FY25, its wholesales grow 4.9% YoY.

  • Bajaj Finance declines as it reportedly receives a 'letter of displeasure' from the RBI over its co-branded credit cards. The letter highlights the company's failure to proactively identify gaps and vulnerabilities, raising concerns about significant risks to customers. It also criticises Bajaj Finance for its reactive approach and inadequate internal controls.

  • Avanti Feeds plunges as the United States imposes a 27% tariff on Indian shrimp imports. In the December quarter, the company derived 69% of its total revenue from the North American market.

  • Dabur India falls sharply as it expects flat revenue in Q4 and a YoY margin decline of up to 175 bps as it deleverages operations amid high inflation. The company states that its 'Homemade' and 'Badshah' brands performed well, but overall, the FMCG business may decline due to weak urban demand and a shorter winter season.

  • AU Small Finance Bank rises sharply as its total deposits rise 27.2% YoY in Q4FY25 to Rs 1.2 lakh crore, and gross advances surge 25.8% YoY to Rs 1.1 lakh crore. Its CASA ratio stands at 29.2% as against 32.2% in Q4FY24.

  • Ashok Chandak, President of the India Electronics and Semiconductor Association (IESA), warns that the 27% tariffs imposed by the United States could harm domestic industries, disrupt trade flows, and squeeze profit margins, particularly affecting India's exports of automotive components and electronics. He suggests that India adopt a dual-track approach, combining negotiations with countermeasures to protect its economic interests.

  • Mahindra Lifespace Developers secures the redevelopment of two residential societies in Andheri West, Mumbai. The project is expected to generate sales revenue of Rs 1,200 crore.

  • Interarch Building is rising as it receives a letter of award (LoA) worth Rs 300 crore for design, engineering, manufacturing, and erection of pre-engineered steel building systems.

  • IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, and Tech Mahindra fall over 2.7% in trade as Trump's reciprocal tariff raises US inflation fears. Higher inflation could lead US companies to cut IT spending, impacting Indian IT firms reliant on US clients.

  • Chemical stocks like SRF and Navin Fluorine decline following the US announcement of a 27% tariff, significantly higher than the previous 3.5% import rate for chemicals. However, other key chemical exporters to the US, such as China (34%), the EU (20%), Japan (24%), and South Korea (25%), also face higher tariffs. As a result, India is either better positioned or at par with other chemical-exporting countries.

  • Kirloskar Oil Engines is rising as it secures a Rs 270 crore order from the Indian Navy to design and develop a 6MW medium-speed marine diesel engine under the Make-I scheme.

  • Bharat Electronics secures a contract worth Rs 593.2 crore from the Indian Air Force to provide maintenance services for the Akash Missile System

  • Gland Pharma, Marksans Pharma, Aurobindo Pharma, and Lupin rise by more than 6% in trade as US President Trump exempts the pharmaceutical sector from the 27% reciprocal tariff imposed on India.

  • Punjab National Bank rises as its Q4FY25 domestic business reaches Rs 25.8 lakh crore, up 13.2% YoY. Domestic deposits grow 13.3% to Rs 15.1 lakh crore, while global deposits reach Rs 15.7 lakh crore, up 14.3% YoY.

  • Markets fell in early trading. Nifty 50 was trading at 23214.80 (-117.6, -0.5%) , BSE Sensex was trading at 75811.86 (-805.6, -1.1%) while the broader Nifty 500 was trading at 21194.45 (-71.2, -0.3%)

  • Market breadth is horizontal. Of the 1987 stocks traded today, 1004 were in the positive territory and 924 were negative.

Riding High:

Largecap and midcap gainers today include Ipca Laboratories Ltd. (1,497.60, 5.8%), IDFC First Bank Ltd. (60.35, 5.5%) and Mazagon Dock Shipbuilders Ltd. (2,737.55, 5.1%).

Downers:

Largecap and midcap losers today include Persistent Systems Ltd. (4,793.35, -9.9%), Coforge Ltd. (7,157.40, -7.8%) and Dabur India Ltd. (465.40, -6.1%).

Volume Rockets

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

Top high volume gainers on BSE included Vardhman Textiles Ltd. (476, 18.4%), Tejas Networks Ltd. (876.35, 9.1%) and Trident Ltd. (27.19, 7.7%).

Top high volume losers on BSE were Persistent Systems Ltd. (4,793.35, -9.9%), KPIT Technologies Ltd. (1,211.10, -7.7%) and Dabur India Ltd. (465.40, -6.1%).

Gland Pharma Ltd. (1,559.50, 1.6%) was trading at 22.5 times of weekly average. Jubilant Pharmova Ltd. (970.55, 6.7%) and Syngene International Ltd. (747.15, 3.2%) were trading with volumes 9.8 and 9.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock took off, crossing 52 week highs, while 7 stocks hit their 52 week lows.

Stock touching their year highs included - Coromandel International Ltd. (2,060.50, 0.5%).

Stocks making new 52 weeks lows included - Central Bank of India (36.84, -0.1%) and Dabur India Ltd. (465.40, -6.1%).

29 stocks climbed above their 200 day SMA including Vardhman Textiles Ltd. (476, 18.4%) and Jubilant Pharmova Ltd. (970.55, 6.7%). 6 stocks slipped below their 200 SMA including Coforge Ltd. (7,157.40, -7.8%) and Vedanta Ltd. (439.50, -4.0%).

 
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The Baseline
03 Apr 2025
By Omkar Chitnis

As uncertainty jumped across global markets in FY25, Indian stocks turned volatile. In the first half, the Nifty 50 surged 16.98%, and reached a record high of 26,277.3 on 27 September 2024, supported by market momentum and investor enthusiasm. The trend turned in the second half, however, and portfolios turned red as India’s growth disappointed. Foreign investors pulled their money out, as highly valued Indian stocks posted disappointing corporate earnings in Q2 and Q3. 

Hard questions about valuation, which always get postponed when markets are on a bull run, cropped up again. This led to an 8.8% decline in the second half of FY25, limiting the index’s overall return to just 5.3% for the overall financial year.

Despite these challenges, the market showed resilience towards the end of FY25. In March 2025, the Nifty 50 rose 6.3%, with early signs of government spending and improving economic indicators. Foreign investors returned as US stocks lost momentum. But Abhishek Jain, Head of Research, Arihant Capital, cautioned, “Investors should moderate their return expectations, as the market is shifting towards a stock-specific phase rather than broad-based rallies.”

In FY25, finding multibagger stocks proved trickier than usual. In FY24, 215 stocks (with market cap of Rs 5,000 crore and above) gave multibagger returns, but in this fiscal year it dropped to just 38. Similarly, among Nifty 500 stocks, 157 gave multibagger returns in FY24, but only 18 managed to do so in FY25.

Jai Balaji Industries, GE Vernova, and Aurionpro Solutions saw the highest returns of 2,031%, 640%, and 650% in FY24 but could not maintain that performance in FY25. Among the top multibaggers in FY24 and FY25, BSE was the only stock to feature in both years, delivering returns of 516% and 122.5%, respectively. 

PG Electroplast, Shakti Pumps, V2 Retail, and Shaily Engineering are among the top stocks that outperformed the market trend in FY25. In this edition of Chart of the Week, we analyze the top multibagger stocks in FY25 and why they beat the market index.

Government incentivesgive defense, energy, and electronics industries a boost

The government’s 'Make in India' push gave electronics, defense, and renewable energy industries momentum in FY25. Increased spending and initiatives like the PLI scheme for white goods and electronics also drove growth in these sectors.

PG Electroplast, the largest supplier of plastic-molded components for the consumer electronics industry, saw its share price rise by over 476% in FY25. Increased demand for electronics, production shifts from China, and PLI benefits for white goods contributed to this growth. 

Shakti Pumps, a market leader in solar pumps within the industrial machinery industry, saw a 335% stock gain. The company capitalized on its 40% share in solar PV water pumping systems and government schemes, securing orders of Rs 2,070 crore, including from the Maharashtra, Uttar Pradesh, and Rajasthan state governments under PM-KUSUM for FY25. A QIP and a bonus issue contributed to the stock price jump.

Mazagon Dock Shipbuilders, a leading manufacturer of defense warships and submarines within the defense industry, saw its stock price increase by 179% in FY25. Government orders and increased defense investments expanded its order book to Rs 34,787 crore in Q3FY25, supported by major contracts, including those for ONGC and submarine projects.

Some cyclical stocks rise on better operational and financial performance

Cyclical stocks in FY25 fluctuated due to economic slowdowns, commodity price changes, and supply chain disruptions. Sectors such as power, engineering, automotive, metals, and gold saw higher volatility. But companies like Shaily Engineering and GMR Power outperformed the broader market.

Shaily Engineering, a high-precision engineered plastic products exporter, saw its shares rise by 252% in FY25. Growth was supported by a 94% increase in healthcare sales and a 56% YoY rise in EBITDA. The company expects medical devices to contribute 25% of its revenue within three years.

GMR Power, an electric utilities company, saw its shares rise 160% after securing a Rs 7,593 crore smart meter order, reducing debt, and improving thermal plant efficiency. Asset monetization strengthened liquidity and drove a strong financial turnaround, pushing Q3FY25 operating revenue up 46.1% YoY.

PC Jeweller, a Gems & Jewelry company, rose 150%, driven by a Rs 3,760 crore debtsettlement and Rs 646 crore fundraise, strengthening its balance sheet. The company turned profitable in FY25, with net profit surging 174.7% YoY and revenue soaring 1471.8% in Q3FY25.

Expansion and investments lift industrial, healthcare, and consumer stocks

Consumer discretionary spending is increasing, particularly among high-income households, despite inflation and higher interest rates. In response, industries are expanding their production capabilities. This shift has resulted in improved financial performance, positively impacting investors in these companies.

JSW Holdings, the holding company of the JSW Group, saw its share gain 217%, rising to Rs 22,985 in FY25. This growth was driven by investments in EV ventures, a $1.5 billion battery plant, non-ferrous metals, steel, and green energy. Strong Q2 and Q3FY25 performance contributed to the share price growth.

Transformers & Rectifiers, a heavy electrical equipment company, saw its shares rise 184% in FY25. This growth was supported by the energy expansion and a 145% YoY rise in work orders to Rs 3,686 crore by Q3FY25. 

Wockhardt, a pharmaceutical firm, soared 154% to an eight-year high after reporting positive clinical results for its cancer drug Zaynich in the US and planning an India launch at an 85-90% discount. The company also reduced pledged shares from 69% to 37% and returned to a Rs 14 crore profit in Q3FY25.

Higher customer engagement boosts retail and telecom stocks

Indian companies have been using discounts and promotions to expand their customer base.  A growing focus on digital platforms and personalized services is boosting stock performance for some players in retail and telecom.

V2 Retail Ltd, specializing in fashion retail, saw its shares surge by 300% in FY25. This was backed by a 58% rise in operating revenue, Rs 590.9 crore in Q3FY25, and a 117.2% YoY profit rise to Rs 51 crore. Sales per square foot improved to Rs 1,219 from Rs 1,085, reflecting better space utilization.

Bharti Hexacom, a telecom service company, rose 159.3%. The stock’s initial rise was driven by 'Buy' ratings from brokerage firms. Growth was supported by a higher mobile ARPU, which increased to Rs 241 in Q3FY25 from Rs 200 due to tariff hikes. Net profit grew 23% to Rs 261 crore, while operating revenue rose 25%. Mobile service revenue increased to 25.5%, supported by network expansion.

 
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The Baseline
02 Apr 2025
Former multibaggers: The top ten disappointments of FY25
By Swapnil Karkare

Ever jumped on a trend that didn’t last? It could be a fitness craze (the "five minute workout"), a fashion fad (low-rise jeans - thank god that's over), or even an app (is anyone still using Threads?).

Stocks work the same way. Some rally on hype, only to crash when reality kicks in. A winner today can easily become a loser tomorrow. 

As we say goodbye to FY25, we look back at stocks that were multibaggers in FY24 but fell on their faces in FY25. 

We used this screener, along with the screener rewind feature, to shortlist Nifty500 stocks that outperformed in FY24 but saw the highest declines (over 25%) in FY25. We focused on the top 10 by market capitalisation.

Here are the ten stocks that went from market darlings to big disappointments. 

Let's take a closer look.

Tata Motors (Rose 147% in FY24, fell 32% in FY25)

For several quarters, Tata Motors rode a wave of positive media coverage, after launching its Nexon EV in 2020. In FY24 it achieved its highest-ever revenue, EBITDA and free cash flow. Operational efficiency was up, it was seeing strong demand for JLR and great India sales. It also reduced its net debt from Rs. 43,700 crore to Rs. 16,000 crore.

But the management predicted weakness in H1 FY25 due to dying pent-up demand, rising inventory, elections and the heatwave. Then came Emkay’s downgrade last year. Indian demand slowed, JLR revenue was flat in Europe and China as customers turned to Chinese cars. 

Rising competition in India didn't help. Tata Motors saw a marginal revenue increase of just 1.6% YoY in 9MFY25. Trump’s announcement of 25% tariffs on automobiles has also put pressure on the stock. 

CLSA is optimistic due to a potential JLR recovery, EV plans, attractive valuations, and a cyclical rebound in the CV segment. But competition looms from every side, and it's a rocky road.


Indian Overseas Bank (Rose by 184% in FY24, fell by 35% in FY25)

Between July and September 2023, Indian Overseas Bank (IOB) nearly doubled its stock price, marking its best quarter since 2001. 

But in September 2024, Goldman Sachs downgraded bigwig PSU bank SBI, citing slower loan growth and rising credit costs, especially in MSME, agricultural, and unsecured portfolios. This sparked negative sentiment across PSU banks. And a broader market correction hit IOB hard.

Despite ongoing improvements in asset quality and margins, IOB’s high valuation, trading at a 2.7x price-to-book (PB) ratio, second only to HDFC Bank and Kotak Mahindra Bank at 2.9x, has deterred investors.

New India Assurance (Rose by 139% in FY24, fell by 32% in FY25)

According to HDFC Securities, RBI’s decision to raise risk weights for unsecured lending in 2023, led to a shift in investor interest from banks to insurance companies. Cheaper PSU insurers, some trading below their issue price, became more attractive.

New India Assurance is a market leader in general insurance, with around 45% of premiums coming from the health & personal accident sub-segment.

However, several catastrophic claims in FY24, rising competition from new-age players, and a muted H1FY25 have put the brakes on the company’s growth. Weak Q1FY25 results led FIIs and mutual funds to dump 13 PSU stocks, including New India Assurance.

Mangalore Refinery And Petrochemicals (Rose by 331% in FY24, fell by 38% in FY25)

Gross refining margins (GRMs) – the difference between the purchase and selling price of petroleum products - is a key growth driver for this oil & gas company. Higher margins mean better profitability for MRPL. Its turnaround between Q2FY23 and Q2FY24 saw MRPL's GRM jump from $-4.5 to $17.1 per barrel, as improved debt-to-equity ratio drove share price gains.

But narrowing discounts on Russian oil and falling petro-product prices as China demand weakened, have caused GRM estimates to fall. That led to a ‘Sell’ call from Motilal Oswal in January last year.

Then, in Q1FY25, MRPL's net profit declined by 93% YoY despite a 10% YoY increase in revenue. Since then, the stock has not recovered.

Ircon International (Rose by 314% in FY24, fell by 29% in FY25)

Government capex has turned railway stocks into multibaggers in recent years. Ircon’s stock had a good run for a few years thanks to strong fundamentals: Between FY18 and FY24, investors noticed as its revenue tripled from around Rs. 4,200 crore to over Rs. 12,800 crore.

The railway construction company was also diversifying into highway contracts and renewable energy, with highways accounting for 16% of operating income in FY24, up from 7% in FY22.

However, stock prices have declined recently due to surprisingly poor results. Domestic revenue fell 16% YoY while order books shrunk by 22% in Q4FY25 due to fewer orders, smaller project sizes, and intense competitive bidding.

According to Prashanth Tapse of Mehta Equities, weak earnings and steep valuations have triggered a sector-wide sell-off. Ircon director Ragini Advani said, “This is a cyclical area where we will need to survive. But growth may not be possible in this time.”

Cyient (Rose by 101% in FY24, fell by 37% in FY25)

Cyient’s share price rise in FY24 was driven by the AI boom, the resilience of Engineering Research and Development (ER&D) companies against macro challenges, a strong revival in the aerospace sector, and cheaper valuations relative to its peers. 

Axis Securities recognised Cyient as a strong long-term ER&D player but downgraded it to ‘hold’ after Q1FY25 results, citing Digital, Engineering & Technology (DET) revenue decline, which makes up over two-thirds of its revenue. Motilal Oswal downgraded it to ‘Sell’ after Q3FY25 results, anticipating a weak Q4 and slower FY26 revenue growth. 

Swan Energy (Rose by 220% in FY24, fell by 36% in FY25)

Swan Energy operates across sectors like Oil & Gas, Defense, Petrochemicals, Real Estate and Textiles. It acquired Veritas India, transforming it from a petrochemical trading company into a PVC and LPG processing company, and Reliance Naval & Engineering, boosting its defence and shipbuilding vertical.

Between FY22 and FY24, Swan's operating revenue surged 10x, turning losses of Rs. 158 crore into a Rs. 609 crore profit. Its stock price rose from Rs. 192 in April 2022 to Rs. 670 in March 2024, a 3.5x increase. In November 2023, Ventura predicted further growth due to Reliance Naval’s turnaround, Veritas’ transformation, and steady real estate rental income.

But that prediction didn't pan out. Results weakened over the next quarters. The company’s other income rose from Rs. 31 crore in Q2FY25 to Rs. 1,868 crore in Q3FY25, almost at the same level as its operating income due to the divestment of its LNG Floating Storage and Regasification Unit (FSRU). Its operating expenses have spiked almost 3X over the last two quarters. Rising operational expenses and inefficiencies have dragged down the stock in the last few months. 

Jyothy Labs (Rose by 138% in FY24, fell by 25% in FY25)

This FMCG company has evolved from a single-brand, ‘Ujala’, to fabric care, dishwash, household insecticide, and personal care categories with brands like Henko, Pril and Exo. Its stock price zoomed 20% on 25th July 2023, the day it announced its Q1FY24 results. In that quarter, its sales grew by 15% YoY while its profits doubled.

The company was confident about its growth prospects in FY24 due to lower inflation and improving demand. These results especially surprised the market because overall FMCG sales for the quarter fell by 4-5% YoY, according to retail intelligence firm, Bizom. 

Jyothy management changed its tune in the recent quarter, talking about subdued demand because of inflationary pressures and urban slowdown. It is also worried about margins, which fell from 19% in Q2FY25 to 16% in Q3FY25.  For the past few quarters, its net profit growth has been slowing down. In the previous quarter, its operating profit contracted by 2% YoY and net profit by 4% YoY. Most segments have recorded declining operating margins. 

Birlasoft (Rose by 195% in FY24, fell by 48% in FY25)

Leadership changes under Birlasoft CEO Angan Guha were aimed at bringing about stability and revenue growth. The company has long struggled with a low deal win-to-revenue conversion, and low annuity revenue.

But in August 2023, Nomura highlighted the company’s operational streamlining efforts and projected a 30% upside in stock price. The stock doubled in just six months.

In February 2024, however, the CEO expressed concerns about a weakening demand environment. Following this, the company reported a 2.7% QoQ revenue decline in constant currency terms in Q1FY25 as customers tightened their discretionary spending. 

Its Q3FY25 results further disappointed investors with low growth and deal wins. “Revenue is likely to decline further in Q4 due to furlough extensions and client ramp-down. The weak exit rate, along with smaller sized deals, paints a dismal picture for FY26 as well," said Nuvama Institutional Equities. 

Jammu & Kashmir Bank (Rose by 194% in FY24, fell by 31% in FY25)

The bank's share price witnessed a remarkable rise from around Rs. 36 in December 2021 to over Rs. 140 in March 2024, driven by a significant turnaround under the leadership of MD and CEO Baldev Prakash. Key factors included improvement in the state of affairs and economy of Jammu & Kashmir along with asset quality, with gross non-performing assets (GNPA) declining from 9.7% in FY21 to 4.1% in December 2024. 

However, the stock has faced pressures due to muted growth in 9MFY25, impacted by elections and severe winter conditions. Advances growth has been sluggish during Q3FY25, with net advances growing only 7% YoY, and GNPA reaching 4.08% from 3.95% in Q2. Slower recoveries due to strain on borrowers' repayment capacities have further weighed on investor sentiment. Despite these challenges, the bank expects a substantial improvement in Q4.

You can find the related screener here.


 
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The Baseline
02 Apr 2025
Five stocks to buy from analysts this week - April 02, 2025
By Divyansh Pokharna

1. Affle (India):

Sharekhan maintains a ‘Buy’ rating on this internet software firm with a target price of Rs 1,880, indicating an upside of 18.5%. Affle is a digital advertising company that helps brands reach customers via mobile marketing. Analysts note that while the company has no immediate challenges, it’s cautious about possible US tariff hikes that could affect some clients. The company is streamlining its US operations by merging its business units into one entity, to mitigate currency fluctuations and potential tariff risks.

In 9MFY25, the company’s revenue grew 24% YoY, while net profit rose 32%, driven by a 31.9% rise in revenue from converted users. Affle’s management expects over 20% net profit growth in FY25. They also project EBITDA margins to improve to around 23% in the medium term, up from 19.5% in FY24.

Analysts expect Affle to deliver steady and scalable results through client conversions, driving growth over the medium to long term. They project a revenue CAGR of 23.2% over FY25-27.

2. Titagarh Rail Systems:

Geojit BNP Paribas initiates coverage on this commercial vehicles manufacturer with a target price of Rs 1,050. This indicates a potential upside of 29.6%. The company’s 9MFY25 revenue rose 2% YoY to Rs 2,862 crore. Net profit increased by 6% to Rs 225 crore, helped by stable demand and cost control.

Analyst Sheen highlights that Titagarh Rail has strong revenue visibility, supported by an order book of Rs 25,333 crore. She notes that the company’s newly introduced verticals, signaling and safety systems, along with shipbuilding & maritime systems, are expected to contribute to revenue from FY26. This growth will be driven by increasing demand for advanced rail systems and maritime solutions.

Sheen notes that the medium-term growth prospects for Titagarh Rail are positive, supported by strong demand for passenger wagons, metro projects, and Vande Bharat production. This is backed by significant order inflows and expanding manufacturing capabilities.

3. Suven Pharmaceuticals:

ICICI Securities upgrades its rating to ‘Buy’ on this pharma company with a target price of Rs 1,400. This indicates an upside of 27.9%. In February 2024, PE firm Advent acquired a controlling stake in Suven and merged its entity, Cohance, with the company. Cohance makes cancer medicines and also produces a key ingredient used in cancer treatments. Analysts Abdulkader Puranwala and Nisha Shetty expect that the merger with Cohance will increase Suven’s revenue by 138% and its net profit by 108% in FY25.

In December 2024, Suven acquired a 56% stake in NJ Bio for $100 million. Cohance’s acquisition, along with NJ Bio’s capabilities, gives Suven a market opportunity in the antibody drug conjugates (ADC) sector, which has increased from $200 million to $1.4 billion. The company’s acquisition of Sapala Organics also marks its entry into the genetic medicines market.

Puranwala and Shetty expect the revenue share of the acquired entities to rise to 17% (currently at 10% of FY24 revenue) as the business gains momentum in the coming years. The company’s management aims for $1 billion in revenue by FY30, with plans to scale up to $2 billion by FY35.

4. Equitas Small Finance Bank:

BOB Capital Markets initiates coverage on this bank with a ‘Buy’ rating and a target price of Rs 73. This indicates an upside of 28.9%. Equitas Small Finance Bank’s loan book grew at a 22.5% CAGR between FY20-24. Analysts Niraj Jalan and Vijiya Rao note that the bank has shifted focus towards secured portfolios, with secured loans now making up 85.6% of the total (as of December 2024), up from 76.5% in March 2020. 

Equitas plans to reduce its microfinance (MFI) portfolio share to single digits, from 14.4% in December 2024. Jalan and Rao project advances to grow at 21% CAGR from FY25-27, mainly driven by the secured loan portfolio.

In 9MFY25, the bank set aside Rs 340 crore in additional provisions, due to stress in its MFI portfolio and to keep its NNPA below 1%, which impacted profitability. Over the past year, the bank’s stock price has fallen by 38.6%.

5. Brigade Enterprises:

Motilal Oswal reiterates its ‘Buy’ rating on this Bengaluru-based realty company with a target price of Rs 1,415, indicating a potential upside of 44.5%. The company has achieved a 36% CAGR in presales from FY20 to FY24.

Brigade’s management aims to develop 15 million square feet (msf) of projects by FY27. Analysts Abhishek Lodhiya and Yohan Batliwala expect that new launches will enhance the company’s pipeline. They project a 24% CAGR in presales growth by FY27, along with a 10% CAGR in the realization of Rs 10,700 per square foot.

In 9MFY25, Brigade Enterprises launched new projects in Bengaluru and Chennai, along with new phases of existing launches, covering 7.5 msf. The company has added 8 msf of land since January 2025 to its portfolio in YTD FY25 and plans to expand in Kerala and enter the Mysuru market by FY26.

Analysts expect the Bengaluru region to contribute 50-80% of Brigade's presales by FY27, and anticipate that the listing of Brigade Hospitality Portfolio (Brigade Hotel Ventures) will create long-term growth opportunities for the company.

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

(You can find all analyst picks here)