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1. Hindustan Aeronautics:

This defence company surged 9.4% over the past week as it received the first of 99 engines for the Tejas Mk 1A Fighter Jet after a two-year delay. Analysts view this as a crucial step in allaying execution risks.

Air Chief Marshal A.P. Singh emphasizes the urgency of addressing the jet shortage, stating that the Indian Air Force must add up to 40 jets annually. He adds that HAL has committed to produce 24 Tejas jets annually starting next year. Analysts note that production will scale up gradually and reach full capacity by 2030.

With HAL expecting twelve jet engines this year, analysts believe they can deliver ten jets in 2026. Forecaster expects revenue growth to be flat this fiscal year due to supply bottlenecks leading to production delays. However, it expects revenue growth of over 18% in FY26. HAL shows up in a screener of stocks where FIIs/FPIs have increased their shareholding over the past quarter.

HAL currently holds an order book of Rs 1.2 lakh crore. The company is also pursuing contracts for another 97 Tejas jets and 156 light combat helicopters (Prachanda). These contracts are expected to be finalised in the next six months. Thanks to this, management projects an order inflow of Rs 1 lakh crore in FY26, bringing the total order book to Rs 2.2 lakh crore, targeted for execution by 2030.

ICICI Securities upgrades HAL to ‘Buy’ and calls the delivery of the first F-404 jet engine “a monumental milestone.” The brokerage forecasts revenue growth of around 25% over FY26-27, and an EPS CAGR of 39% during the same period. With a target price of Rs 5,000, HAL has a potential upside of around 20%.

2. Bharat Forge:

This forging company has gained 12.6% over the past month, supported by multiple positive developments. On March 27, the company secured an order of over Rs 4,000 crore from the Ministry of Defence (MoD) to supply advanced towed artillery gun systems (ATAGS). Earlier this month, Bharat Forge’s subsidiary, Kalyani Powertrain, partnered with Taiwan’s Compal Electronics to manufacture servers in India.

Analysts believe the possibility of higher tariffs from the US remains a key risk for the company’s core business growth in the medium term. Bharat Forge is focusing on expanding its non-auto businesses, such as aerospace, defence, and other industrial sectors. Recently, it also entered an agreement with a European company to set up a new aerospace manufacturing facility. However, analysts note that the uneven pace of order execution in these segments could affect its overall growth. 

During Q3FY25, the company’s revenue fell by 10.1% YoY, mainly due to weak performance in its European business and a slowdown in the defence segment. The forgings segment, which contributes 85% to the company’s total revenue, reported an 8.9% decline. Trendlyne’s Forecaster estimates the company’s revenue will remain flat in FY25 and grow by 9.7% in FY26 as investments materialise.

Amit Kalyani, Joint Managing Director and Vice Chairman, said, “For FY26, we expect a capital expenditure of around Rs 300 crore. The capex for our US operations is complete. Going forward, investments will only be in Indian subsidiaries and will not exceed Rs 250 crore.” He also said the company aims to improve its profit margins by 250-300 bps over the next 2-3 years through a better product mix and operating leverage.

Geojit BNP Paribas has downgraded the stock to a ‘Hold’ rating with a target price of 1,302. The brokerage expects steady positive momentum in domestic defence and auto businesses, with overseas operations supporting long-term growth. It also expects the defence order book to grow further, which could help improve profitability.

3. Kalpataru Projects International:

This construction & engineering company has risen by 3.8% over the past week after it received new orders worth Rs 2,366 crore in the transmission & distribution (T&D), and buildings & factories (B&F) businesses in India and overseas on March 25. Kalpataru Projects (KPIL) features in a screener of companies where mutual funds increased shareholding in the past month.

KPIL handles the end-to-end execution of projects in power transmission, water supply, railways, oil & gas, urban mobility, highways, and airports. During March, the company also secured orders worth Rs 2,306 crore across its businesses for projects in India and abroad.

During Q3FY25, KPIL reported a 0.8% YoY increase in net profit at Rs 142 crore. Revenue grew 17.1%, reaching Rs 5,732.5 crore. EBITDA margin stood at 8.4% for the quarter. Sluggish execution in the water business due to delayed collections weighed on overall growth. However, with Rs 1,000 crore infused in 9MFY25 and the Union Budget’s push for 100% tap water coverage, faster collections and execution should boost momentum.

The company’s order book stood at Rs 61,429 crore in Q3, with 38% coming from T&D, 22% from B&F, and 16% from water segments. With these new orders, the company’s order inflow stands at Rs 24,850 crore YTD in FY25, providing strong visibility for improved execution and growth. Trendlyne’s Forecaster projects KPIL’s revenue to grow around 27% YoY in Q4FY25.

Manish Mohnot, MD & CEO, said, “Our T&D order book continues to grow, driven by widening power demand-supply gap, grid upgrades, renewable push, and a focus on improvement of T&D infrastructure. This presents a strong growth opportunity for KPIL”.

Axis Securties maintains its ‘Buy’ rating on Kalpataru, and sets a target price of Rs 1,350. The brokerage believes the company is poised to benefit from a robust order book, favourable sectoral tailwinds, improved performance of international subsidiaries, and supportive government initiatives.

4. Mankind Pharma:

This pharmaceutical company rose by over 8% in the past week. On March 12th, the company launched generic versions of Empagliflozin, a diabetes drug in India. This launch was followed by the expiration of the patent for Empagliflozin in India, which led to an opening for domestic pharma companies to launch generic versions of the drug. The estimated market size for Empagliflozin and its combination therapies in India is around Rs 640 crore. Pharmarack data shows the drug's sales volume has grown at a 1% CAGR over the past five years, with a 3% value growth.

Regarding this launch, the company's Vice Chairman & MD, Rajeev Juneja, said, "By assigning two dedicated teams to promote these offerings under separate brands, we aim to enhance market penetration and expand our reach in this competitive segment."

The company announced its Q3FY25 results on January 23. Its net profit had declined by 16.2% YoY to Rs 380.2 crore due to a rise in employee expenses. However, its revenue increased by 23.5% due to strong growth across the domestic, consumer healthcare and export businesses. The company’s revenue beat forecaster estimates by 1% supported by the Bharat Serums and Vaccines (BSV) acquisition in October 2024. It appears on the screener for stocks with annual profit growth higher than sector profit growth.

Ashutosh Dhawan, Chief Financial Officer of Mankind Pharma, said, “Our capex spend for 9MFY25 was Rs 344 crore, accounting for 3.7% of total revenue, in line with our guidance of 4% to 5%. To maintain financial discipline and a healthy leverage ratio, we repaid Rs 3,000 crore of debt in Q3 using proceeds from the QIP. As of the quarter-end, our net debt to adjusted EBITDA stands at 2.2x, and we aim to reduce it to 2x by year-end.”

Geojit BNP Paribas recommended an ‘Accumulate’ rating on Mankind Pharma, anticipating positive fiscal outcomes from the restructuring of BSV's pharmaceutical segment. This acquisition is a major step for the company, positioning it as a potential leader in India’s women’s health and fertility drug market, while also granting access to high-entry barrier products in critical care. The brokerage notes that this deal has increased the company’s overall market share to 4.8%, from 4.4% before the acquisition.

5. Hero MotoCorp:

This two-wheeler manufacturer surged 3.5% over the past week following its March 20 announcement of an investment in the electric three-wheeler segment. The company is acquiring a 32.5% stake in Euler Motors for Rs 525 crore to diversify its portfolio.

Euler Motors builds and sells electric three-wheelers, and recently introduced its first electric commercial four-wheeler. This investment strengthens Hero MotoCorp’s position in the electric three-wheeler segment, where electric vehicles are projected to constitute 35% of total vehicle sales by 2030, up from 7.4% as of 2024. 

In Q3, the company’s revenue grew 5.3% YoY to Rs 10,566.3 crore, while net profit rose 1.3% YoY to Rs 1,107.6 crore, beating Forecaster estimates. The growth was driven by an 11.4% rise in retail sales, a 4.7% YoY increase in the average selling price to Rs 69,756 per vehicle, and an increase in revenue from parts, accessories, and merchandise.

Vivek Anand, CFO of the company, said, “For FY25, the guidance we have given is for double-digit revenue growth. Looking at our first nine months performance and at this quarter (fourth), we believe that this (a double-digit revenue growth) will repeat next year also.” The growth is expected to be driven by recovery in rural and urban markets, its 125cc motorcycle lineup expansion, and new product launches. The company’s 125cc segment’s market share has increased from 14% to over 21% as of Q3. 

Hero MotoCorp is expanding its premium portfolio with motorcycles like the Xtreme 250R and Xpulse 210 and premium scooters like the Xoom 125 and Xoom 160. The company’s EBITDA per vehicle has surpassed Rs 10,000 following the launch of Hero Premia stores, which focus on higher-value products. Trendlyne’s Forecaster projects the company's revenue to grow 3.3% YoY and its net profit to increase by 20.1% in Q4FY25.

Axis Direct maintains a ‘Buy’ rating on the stock and raises target prices to Rs 5,285, citing the company’s focus on core business growth, premium segment expansion, EV investments, and revenue diversification.

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

In 2024, India became the world’s second-largest equity fundraising market after the US, driven by a surge in IPOs. Many new-age companies are listed at high valuations, attracting significant investments from both domestic and foreign investors. Experts predict that 2025 could be a record-breaking year, with IPOs expected to raise over $20 billion.

India's IPO market grew significantly in 2024, raising a record Rs 1.6 lakh crore. Many companies capitalized on investor enthusiasm and positive market sentiment, leading to inflated valuations. 

Aggressive marketing by teams pre-IPO, and high brand recognition for some companies - despite being loss-making – garnered high participation even with steep valuations. These companies saw their valuations fell post-listing as the rules of the public market kicked in: regular financial and sales disclosures, closer business scrutiny, and questions from analysts.

These companies discover that the valuation rules of venture capital and public markets are very different. Steptrade Share Service founder Kresha Gupta states, “Many new-age unicorns are 'loss-making' because their valuations are largely driven by market share and consumer dominance. However, retail investors start evaluating the company on the basis of fundamentals like revenue, profit margins, and debt when they go public.”

While some IPOs, like Zomato and PB Fintech, have successfully crossed the bridge into public markets, others such as Swiggy and Ola Electric, have seen significant declines in market value. In this edition of Chart of the Week, we analyze the valuations of top new-age IT companies before and after their IPOs and explore the factors influencing their current market performance.

Ola and Paytm face valuation decline amid regulatory hurdles

Ola Electric is facing mounting challenges with every news cycle. CEO Bhavish Aggarwal once stated, "Tesla is for the West, Ola for the rest." That quote has not aged well. Once valued at Rs 46,290 crore during its pre-IPO phase, Ola Electric has seen a significant valuation decline since its stock market debut. Since its IPO in August 2024, the company’s stock has fallen by 27.2%.

Ola Electric is grappling with operational inefficiencies, customer-related concerns and a PR debacle. Customer complaints on Ola scooters have ballooned and repair centers have been overwhelmed.

Sales have declined for three consecutive quarters, reducing its market share from 50% in May 2024 to 18% in January 2025. In February 2025, government data showed a market share of 11.4%, while Ola reported 28%, reflecting discrepancies due to sales delays and unregistered scooters, further impacting stock prices.

Falling revenue, delays in product launches and the exit of key executives contributed to the decline in performance, while legal and regulatory challenges have grown.

Paytm, once valued at Rs 1.4 lakh crore during its pre-IPO phase, has seen a sharp decline in valuation since its market debut in November 2021. Initially listed at Rs 1,950 per share, its stock dropped 27.7% on the first day, hitting the lower circuit. Since then, Paytm’s market capitalization has shrunk by nearly two-thirds, falling to Rs 47,000 crore. 

The real plunge occurred after the lock-in period ended, with major investors like SoftBank, Alibaba, and Berkshire Hathaway exiting.

In January 2024, the RBI ordered Paytm Payments Bank to cease operations due to regulatory violations, severely impacting its digital payments business. Monthly active users fell from 168 million to 68 million by September 2024. Additionally, rising competition from UPI and private players reduced its market share from 40% in 2018 to 5.5% in 2024, raising concerns about its long-term sustainability.

Swiggy and Nykaa see declining valuations due to margin pressures

Swiggy debuted on the Indian stock market in November 2024 with a pre-IPO valuation of $11.3 billion (~ Rs 96,008 crore), lower than its initial target of $15 billion (~ Rs 1.3 lakh crore). Since then, its stock has declined by 43.2%, erasing nearly Rs 60,000 crore in market capitalization, bringing its current valuation to Rs 78,889 crore. 

Swiggy faces rising cash burn, high competition in the quick commerce sector, and a slowdown in its core food delivery business. Operational expenses have surged due to dark store expansion and intense competition - both food delivery and quick commerce being cut-throat markets right now – contributing to increasing net losses.

Similarly, Nykaa, which was valued at Rs 53,204 crore during its pre-IPO stage, saw its market cap rise to Rs 99,481 crore on listing day. However, by March 2025, its valuation dropped to Rs 49,506.4 crore, with the stock falling 57%. Increased competition from Myntra, Ajio, and traditional retailers and higher marketing expenses have negatively impacted its performance.

Financially, Nykaa is struggling with slim margins and inconsistent profitability. To stay competitive, Nykaa is investing heavily in expanding its warehouse network. In the most recent quarter, the company allocated 13% of its capex to expanding its network in the first half of FY26. However, rising costs and intense competition have led to a significant drop in Nykaa's valuation and stock price. 

Zomato and Policy Bazaar’s valuations grow, helped by expansion and strong financials

Zomato debuted in 2021 with a Rs 1.1 lakh crore valuation, more than double its pre-IPO valuation of Rs 47,147 crore. Since then, its market capitalization has surged to Rs 2.2 lakh crore. This growth was driven by business expansion, rising demand, and strong investor confidence. Its inclusion in the BSE Sensex and Nifty 50 attracted passive investments, which helped push the company’s valuation higher. 

Between 2021 and 2025, Zomato’s market share in food delivery grew from 47% to 58%. The acquisition of Blinkit strengthened its presence in quick commerce, and by March 2024, Blinkit turned adjusted EBITDA positive. Expanding dark stores and rising order volumes improved profitability, leading to increased investor interest. Multiple brokerages remained bullish, raising margin and profitability estimates. These factors helped Zomato’s stock deliver a 183% return since its listing.

PB Fintech, the parent company of Policybazaar and Paisabazaar, was valued at Rs 45,187 crore before its IPO. At the time of its listing in November 2021, the company’s valuation was Rs 42,763 crore. Since then, its valuation has increased by nearly 25%, reaching Rs 77,357 crore.  The company expanded into personal finance and lending services through Paisabazaar, diversifying its revenue streams.

In FY24, PB Fintech reported a 37% year-on-year increase in insurance premiums, along with a significant rise in new protection premiums, including health and term insurance. Additionally, PB Fintech improved its operating profit margin from -23% in FY23 to -5% in FY24 by implementing cost-reduction measures and focusing on operational efficiency.

 The rise in annual renewal income, achieving an 85% margin, has further boosted profitability. To cut risks in unsecured lending, PB Fintech is prioritizing secured loan products like home loans. The company aims to achieve Rs 1,000 crore in net profit by FY27 and is considering a $100 million investment in new ventures

This month has given investors, who were upset about all the red in their portfolios, some relief. The Nifty 50 snapped its longest losing streak since 1996. The benchmark index is up 6.9% in March and has clawed back all its 2025 losses. The big question is whether we are witnessing the start of a real market recovery or just a temporary bounce.

Siddhartha Khemka, Research Head at Motilal Oswal Financial Services, says that foreign institutional investors (FIIs) are again shaping market sentiment. "What is driving the domestic market is the return of FII inflows, after a prolonged selling period. Positive global cues after the US President hinted about flexibility in reciprocal tariffs have also helped," he noted.

Just as FIIs are changing the narrative in the stock market, another industry is seeing a significant transformation—the electric vehicle market. With a record number of EVs set to launch in 2025 and competition heating up, how will carmakers steer through?

In this week’s Analyticks,

• The EV battle heats up: Carmakers vie with new models at affordable price points
• Screener: Auto stocks with rising momentum, and Forecaster predicting revenue and EPS growth in Q4FY25

Is the Indian EV industry ready for supercharged growth?

The Indian government had set a goal of having 30% of all passenger vehicles be electric by 2030. However, as of 2024, electric vehicles (EVs) make up only 2.4% of total sales. This has increased by just 0.2% every year over the past three years. Honestly, you are more likely to catch birds while fishing than hit 30% by 2030.

Looking at more realistic numbers instead, analysts project that the EV market share will double from 2% to 4% in 2025. 2025 could finally be the year of the EV. Car manufacturers are launching new models, prices are becoming more competitive, and charging stations are expanding rapidly, all of which may change the mind of an Indian consumer who has so far, stuck with the gas guzzlers. 

If you plan is to buy an EV this year, you may feel like a kid in a candy store. Of the 28 new car models set to launch in 2025, 18 are EVs. This is a major jump from the four to five EV models launched annually in the past two years. It hints at a tipping point.

Car makers target the hot-selling Rs 10-30 lakh EV segment

Better late than never is Maruti Suzuki's approach, which will finally enter the EV market this year with the e-Vitara. Tata Motors, Maruti Suzuki, and Mahindra are also gearing up, while foreign automakers are introducing new models across different price segments.

India isn’t immune to the global rise of Chinese EVs. Two Chinese brands, BYD and MG Motors, already sell EVs in India. And MG Motors, which manufactures through a local partnership with the JSW Group, is shaking up the market.

Tata Motors’ EV dominance is fading

Tata Motors had a head start in India's EV market. In October 2021, it had announced a $2 billion investment in its EV business, and its stock surged 21% in a single day. Fast-forward to 2025, and the picture looks very different. Its EV sales have been struggling, with nine out of the last eleven months showing declines compared to the previous year. In February 2025, Tata’s EV sales fell 23% YoY, and its stock is down 27% over the year.

Tata’s EV market share has plunged from 73% in 2023 to 42% in February 2025. The biggest threat? MG Motors.

MG Motors' market share is rising fast 

MG has disrupted the market with its Windsor EV, which introduced a Battery-as-a-Service (BaaS) model, where you pay for battery usage at Rs 3.5 per km. This more affordable approach has struck a chord with buyers, pushing MG’s market share from 11% in 2023 to 36.5% by early 2025.

SUVs now make up 56% of the market, and while Tata Motors offers EVs in this segment, competitors like Mahindra are competing more effectively in power and design (user discussions on the Tata Nexon online have been quiteunflattering).

Upcoming EV launches from Maruti and Mahindra’s aggressive push in the same price range could also put more pressure on Tata Motors' market share.

No EV story is complete of course, without mentioning the heavyweights – BYD and Tesla. BYD imports all its cars from China, and is limited to 2,500 units per model annually unless it commits to local manufacturing. Meanwhile, Tesla is hiring in Mumbai, and hinting at an entry, though high import duties and pricing challenges may limit its impact.

Charging infrastructure in India is the biggest hurdle for buying EVs

For many potential EV buyers, charging infrastructure remains the biggest concern. “Range anxiety” is holding back mass adoption in India.

India currently has just one public charger for every 135 EVs—far below the global average of one charger per six to twenty EVs. This is despite the country doubling its charging stations in FY24. 

Over the past five years, more than $450 million has been invested in this sector, with companies like Charge Zone, Tata Power and Statiq leading the charge.

Automakers are also stepping in. Maruti plans to install fast-charging stations at its dealerships every five to ten kilometres in the top 100 cities before launching its first EV. 

Maruti also plans to establish over 1,500 EV-enabled service workshops in more than 1,000 cities. Partho Banerjee, senior executive officer of marketing and sales at Maruti Suzuki, said, “When we begin selling the e-Vitara, the ecosystem will be ready. Anyone driving our EV will have no concerns. Range anxiety is a genuine issue. If we resolve these challenges, EV penetration will grow significantly.” Banerjee expects EV sales to grow tenfold in the next six years. 

A key player like Maruti prioritizing charging infrastructure helps all buyers, since there is inter-compatibility between charging stations. On February 13, Tata Motors also announced plans to double India's EV charging points by 2027. Fixing the charging infrastructure bottleneck could accelerate EV adoption nationwide.

Screener: Auto stocks with rising momentum, with Forecaster estimating revenue and EPS growth in Q4FY25

Forecaster estimates auto parts & 2/3-wheeler revenue to grow in Q4FY25

As we enter the last week of Q4FY25, we look at the auto stocks where Trendlyne’s Forecaster estimates a YoY growth in revenue during the quarter. This screener shows automobiles & auto components stocks with increasing Trendlyne momentum score MoM, where Forecaster expects a YoY growth in revenue and EPS in Q4FY25.

Major stocks in the screener are UNO Minda, Schaeffler India, Eicher Motors, Amara Raja Energy, TVS Motor, Sansera Engineering, and ZF Commercial. 

UNO Minda shows up in the screener after its Trendlyne momentum score jumped 18 points MoM to 47.8. Trendlyne’s Forecaster expects this auto parts & equipment company’s revenue and EPS to grow by 19.2% YoY and 6.8% YoY in Q4FY25. Analysts at KR Choksey believe that despite a slowdown in commercial vehicle demand, its focus on innovation, capacity expansion, product diversification, and investments in emerging technologies positions it for long-term revenue growth.

Eicher Motors’ Trendlyne momentum score increased by 13.6 points MoM to 64.5. Forecaster expects this ?-wheeler stock’s revenue and EPS to grow by 16.3% YoY and 13.8% YoY, respectively, in Q4FY25. Axis Direct expects the company’s revenue to increase due to strong domestic demand, expansions in Bangladesh, Brazil & Thailand, and new product launches. 

You can find some popular screeners here.

1. Jindal Stainless:

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

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

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

2. Bajaj Holdings & Investment:

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

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

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

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

3. Varun Beverages:

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

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

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

4. Aurobindo Pharma:

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

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

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

5. Voltas:

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

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

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

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

(You can find all analyst picks here)

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

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

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

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

Fisher doubles down, while others sell

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

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

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

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

Top investors’ net worth fall from their peak in 2024

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

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

Who are the big winners and losers across superstar portfolios?

AppLovin Corp drives gains for both Griffin and Dalio

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

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

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

Buffett bets $1 billion on booze

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

Superstar investors take new stakes in mass consumption stocks

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

Tariff-led actions are squeezing some sectors

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

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

AUM of money market funds top $7 trillion

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

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

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

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

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

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

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

Three SME IPOs are set for listing this week

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

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

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

Six SME IPOs to open for subscription this week

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

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

Other IPOs opening for subscription this week:

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

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

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

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

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

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

What buzzed in the primary market last week?

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