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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)

 
Trendlyne Marketwatch
Trendlyne Marketwatch
02 Apr 2025
Market closes higher, Quess Corp sets April 15 as the record date for its demerger
By Trendlyne Analysis

Nifty 50 closed at 23,332.35 (166.7, 0.7%) , BSE Sensex closed at 76,617.44 (592.9, 0.8%) while the broader Nifty 500 closed at 21,265.65 (194.9, 0.9%). Market breadth is overwhelmingly positive. Of the 2,430 stocks traded today, 1,761 were in the positive territory and 632 were negative.

Indian indices closed in the green. The Indian volatility index, Nifty VIX, fell 0.4% and closed at 13.7 points. Bharat Electronics closed lower as it missed the Rs 25,000 crore order inflow guidance for FY25. The company secured orders worth Rs 18,715 crore during the year, achieving only 75% of the target.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, following the benchmark index. Nifty Realty and Nifty Consumer Durables closed in the green. According to Trendlyne’s sector dashboard, Textiles Apparels & Accessories emerged as the best-performing sector of the day, with a rise of 3.4%.

European indices are trading flat or lower. Major Asian indices closed mixed. US index futures are trading lower, indicating a negative start to the session. President Trump is set to announce the "Liberation Day" tariffs later today. White House Press Secretary Karoline Leavitt said the measures will take effect immediately.

  • Relative strength index (RSI) indicates that stocks like Coromandel International, Grasim Industries, and RHI Magnesita are in the overbought zone.

  • Godrej Properties rises as it sells over 275 homes worth Rs 2,000 crore in its Noida project, Godrej Riverine, spanning 6.5 acres.

  • GPT Infraprojects rises sharply as it bags a Rs 481.1 crore order from South Eastern Railway, Kolkata, to construct a bridge over the Rupnarayan river.

  • Dixon Technologies is rising as Kotak Institutional Equities upgrades its rating to ‘Add’ from ‘Reduce’ and raises the target price to Rs 15,000. The brokerage expects Dixon to be a key beneficiary of India's Rs 23,000 crore PLI scheme for electronics component manufacturing. It projects a 132% YoY revenue increase in Q4FY25, driven by higher mobile segment demand.

  • Vimal Kejriwal, Managing Director of KEC International, expects the company’s order book to grow by 15% next year, surpassing Rs 34,000 crore. He sees a strong outlook for the company’s T&D international segment, which accounts for 72% of orders. Kejriwal anticipates margins for FY26 between 8-9% and adds that legacy projects are expected to be completed by FY25.

  • Motilal Oswal reiterates its ‘Buy’ rating on Hindalco Industries with a target price of Rs 770 per share. This indicates a potential upside of 16.7%. The brokerage notes that Hindalco and its arm, Novelis, are investing $10 billion in capacity expansion. The company is executing $5.2 billion projects in India, while Novelis adds 800 kilotonnes (KT) globally, including a $4.1 billion facility, ensuring future revenue visibility.

  • Quess Corp rises sharply as its board sets April 15 as the record date for its demerger into three separate entities - Quess Corp, Digitide Solutions and Bluspring Enterprises.

  • Baazar Style Retail surges as its revenue grows 55% YoY to Rs 345.6 crore in Q4FY25. The company’s same-store sales growth (SSSG) stands at 20%. It adds 15 new stores during the quarter, taking the total store count to 214.

  • Paras Defence and Space Technologies signs a memorandum of understanding (MoU) with MicroCon Vision (MicroCon), Israel. This involves designing, developing, producing, and marketing Intelligence, Surveillance & Reconnaissance (ISR) payloads and EO/IR (Electro-Optical/Infra-Red) Seekers for drones and unmanned aerial vehicles.

  • Zomato rises as it reportedly lays off nearly 600 customer support associates amid slowing food delivery growth and losses in its quick commerce unit, Blinkit. The company plans to automate customer support using AI to reduce costs.

  • MOIL is rising as it revises manganese ore prices from April 1. The company raises ferro-grade ore (Mn 44% and above) prices by 3% and lower grades by 0.5%. It also hikes chemical-grade manganese ore prices by 3%.

  • L&T Technology Services is rising as it signs a €50 million (approx Rs 463 crore) deal with a European automotive original equipment manufacturer (OEM). This involves developing and operating software platforms for current and upcoming vehicle models.

  • India’s manufacturing PMI rises to an 8-month high of 58.1 in March, up from 56.3 in February, driven by strong customer interest, favourable demand conditions, and successful marketing strategies.

  • Bernstein initiates coverage on Waaree Energies with an 'Underweight' rating and a target price of Rs 1,902. The brokerage cites higher valuations and competitive pressures from larger peers. It also expects earnings growth to moderate after FY27.

  • V-Mart Retail rises sharply as its total sales grow 17% YoY to Rs 780 crore in Q4FY25, driven by an 18% YoY increase in V-Mart’s store sales. Its same-store sales growth (SSSG) stands at 8%. However, the company's LimeRoad digital marketplace sales (commission income charged from sellers) falls 47% YoY to Rs 8 crore during the quarter.

  • CSB Bank rises sharply as its total deposits grow 24% YoY to Rs 36,861 crore, while gross advances increase 29.6% YoY to Rs 31,843 crore in Q4FY25.

  • BofA downgrades Nestle India and HUL to 'Underperform' and 'Neutral'. The brokerage believes modest business trends, high stock valuations, sluggish growth, rising costs, and increasing competition are weighing on performance. It adds that Nestlé is undergoing a strategy refresh under new leadership, bringing uncertainty, while HUL grapples with a challenging operating environment.

  • Hyundai Motor India's total sales grow 2.6% YoY to 67,320 units in March, helped by a 23% YoY increase in exports. Meanwhile, the company's sales decline 2% YoY during FY25.

  • Bharat Electronics falls sharply as it misses the Rs 25,000 crore order inflow guidance for FY25. The company secures orders worth Rs 18,715 crore during the year.

  • Pidilite Industries is rising as its board of directors appoints Sudhanshu Vats as its Managing Director, succeeding Bharat Puri, effective April 10.

  • Goldman Sachs upgrades Tata Consumer Products to a 'Buy' rating with a higher target price of Rs 1,200. The brokerage expects strong earnings per share (EPS) growth over FY25-27, driven by a recovery in tea margins from price hikes. Although competitive pressures in the FMCG sector persist, it believes the worst is over for the company, positioning it for future growth.

  • Syngene International’s board of directors appoints Peter Bains as its Managing Director (MD) and Chief Executive Officer (CEO), for two years, effective April 1.

  • Adani Ports and Special Economic Zone handles 41.5 million metric tonnes (MMT) of cargo in March, primarily driven by an increase in containers (19% YoY) and liquids & gas (5% YoY). For FY25, the company's cargo volume rises 7% YoY to 450.2 MMT.

  • Coal India announces a Rs 10 per tonne price hike for coking and non-coking coal, effective April 16.

  • Tata Motors falls as its total domestic wholesales decline marginally by 0.3% YoY to 90,500 units in March due to a 3% YoY drop in commercial vehicle sales. The company's FY25 sales decline 4% YoY.

  • Nifty 50 was trading at 23202.80 (37.1, 0.2%) , BSE Sensex was trading at 76146.28 (121.8, 0.2%) while the broader Nifty 500 was trading at 21050.90 (-19.9, -0.1%)

  • Market breadth is in the red. Of the 1952 stocks traded today, 650 were gainers and 1256 were losers.

Riding High:

Largecap and midcap gainers today include Tata Consumer Products Ltd. (1,062.70, 7.1%), Macrotech Developers Ltd. (1,218.45, 5.3%) and Godrej Properties Ltd. (2,146.80, 5.2%).

Downers:

Largecap and midcap losers today include Central Bank of India (36.86, -10.8%), UCO Bank (30.04, -3.7%) and Bajaj Holdings & Investment Ltd. (11,515.10, -3.3%).

Volume Shockers

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

Top high volume gainers on BSE included Kalyan Jewellers India Ltd. (511.10, 11.6%), KPR Mill Ltd. (960.35, 7.6%) and Tata Consumer Products Ltd. (1,062.70, 7.1%).

Top high volume losers on BSE were Punjab & Sind Bank (30.51, -12.5%) and Central Bank of India (36.86, -10.8%).

Quess Corp Ltd. (685.80, 3.9%) was trading at 28.5 times of weekly average. Bombay Burmah Trading Corporation Ltd. (1,889.20, 6.9%) and Century Plyboards (India) Ltd. (708.15, 1.3%) were trading with volumes 7.8 and 6.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks overperformed with 52 week highs, while 12 stocks hit their 52 week lows.

Stocks touching their year highs included - Chambal Fertilisers & Chemicals Ltd. (634.20, 2.1%) and Aavas Financiers Ltd. (2,085, -0.1%).

Stocks making new 52 weeks lows included - Central Bank of India (36.86, -10.8%) and Colgate-Palmolive (India) Ltd. (2,364.60, 0.6%).

14 stocks climbed above their 200 day SMA including KPR Mill Ltd. (960.35, 7.6%) and Tata Consumer Products Ltd. (1,062.70, 7.1%). 16 stocks slipped below their 200 SMA including Bharat Electronics Ltd. (282.40, -3.3%) and Mankind Pharma Ltd. (2,421.90, -1.5%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
01 Apr 2025
Market closes lower, Maruti Suzuki's sales grow 4.6% YoY in FY25
By Trendlyne Analysis

Nifty 50 closed at 23,165.70 (-353.7, -1.5%) , BSE Sensex closed at 76,024.51 (-1,390.4, -1.8%) while the broader Nifty 500 closed at 21,070.75 (-268.8, -1.3%). Market breadth is overwhelmingly positive. Of the 2,456 stocks traded today, 1,727 were in the positive territory and 699 were negative.

Indian indices closed in the red, mainly due to uncertainty ahead of Trump's reciprocal tariff announcement on April 2. The Indian volatility index, Nifty VIX, rose 8.9% and closed at 13.9 points. Hindustan Aeronautics rose 1.1% as it signed a Rs 62,700 crore contract with the Ministry of Defence (MoD) to supply 156 Light Combat Helicopters (LCH) to the Indian Army and Air Force.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red. S&P BSE SME IPO & Nifty Media 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 2.7%.

Asian indices closed mixed, while European indices are trading higher. US index futures traded in the red, indicating a cautious start to the trading session. The S&P 500 fell nearly 5% in Q1CY25, while the tech-heavy NASDAQ Composite dropped over 10% due to concerns that trade levies could slow economic activity, trigger inflation, and push the US into recession. Meanwhile, SoftBank Group is reportedly seeking up to $16.5 billion in loans for AI investments in the US. Despite partnering with OpenAI, Oracle, and MGX on Stargate AI, SoftBank remains the main financier for the data center investment promised to President Trump.

  • Money flow index (MFI) indicates that stocks like Solar Industries, Avenue Supermarts, and AstraZeneca Pharma are in the overbought zone.

  • Real estate stocks like Godrej Properties and Oberoi Realty decline after the Maharashtra Government announces a 4.4% increase in the ready reckoner rate for FY26. This hike, intended to align circle rates with market values, could lead to higher stamp duty and registration costs, potentially affecting buyer sentiment and sales momentum.

  • Astec Lifesciences surges as its board of directors appoints Burjis Godrej as the new Managing Director (MD) for five years, effective April 1.

  • Maruti Suzuki India's wholesales increase 3.1% YoY to 1.9 lakh units in March, helped by a 27.3% growth in exports. The company's FY25 sales rise 4.6% YoY to 22.3 lakh units.

  • Alembic Pharmaceuticals receives US FDA approval for its abbreviated new drug application (ANDA) for Pantoprazole Sodium injection, single-dose vials. The injection is used to treat gastroesophageal reflux disease and other conditions related to excessive stomach acid. As of 2024, this drug has a market size of $48 million, according to IQVIA.

  • Ashok Leyland is rising as it reports total sales of 24,060 units in March, a 6% increase from 22,736 units last year, surpassing expectations. The company's medium and heavy commercial vehicle (MHCV) sales grow 12% to 16,082 units, compared to 14,387 units in March 2024.

  • GMR Airports rises sharply as the Airports Economic Regulatory Authority (AERA) approves a 148% increase in aeronautical tariffs for Delhi Airport for the fourth control period (April 2024–March 2029). The new tariffs, including a variable user development fee for international passengers, will take effect from April 16.

  • Rites rises as it secures contracts worth Rs 312.8 crore from Oil India (OIL) and Numaligarh Refinery. The Oil India contract is for a housing complex, while the Numaligarh Refinery contract includes work on railway sidings and related infrastructure.

  • KEC International secures orders worth Rs 1,236 crore across its businesses. Its transmission & distribution (T&D) unit receives orders for transmission lines in India and the Middle East. In the transportation segment, it secures orders to supply train collision avoidance systems (TCAS) in India.

  • Suzlon Energy declines following cancellations and reductions of several orders since January. These include a 99 MW order from Vibrant Energy, 201.6 MW from O2 Power (revised to 100.8 MW), and a 100.8 MW order for the 3 MW series that was dropped by the customer. These orders were secured between May and December 2023. The company believes these cancellations won’t significantly affect its order book.

  • Eicher Motors sales increase 34% YoY to 1 lakh units in March, driven by a 33% rise in domestic sales and a 36% growth in exports. The company's FY25 sales rise 11% YoY to 10.1 lakh units.

  • Larsen & Toubro’s power transmission and distribution unit secures large orders worth Rs 2,500-5,000 crore in India and the Middle East. The company will develop a 765kV Gas Insulated Substation (GIS) in western India and overhead transmission lines in the Middle East.

  • Kalpataru Projects International secures orders worth Rs 621 crore across its buildings and factories (B&F) and railway businesses.

  • Punjab & Sindh Bank and UCO Bank fall significantly following the closure of their QIP (Qualified Institutional Placement) exercises last week. Punjab & Sindh Bank raised Rs 129 crore, issuing most shares to Life Insurance Corp (16.4%) and SBI Life Insurance (8.2%). UCO Bank’s QIP was also largely purchased by LIC and SBI-backed funds.

  • InterGlobe Aviation (IndiGo) is falling as it receives a penalty order of Rs 944.2 crore from the Income Tax Department for AY21-22. The company refutes the penalty and intends to contest the ruling through legal channels.

  • HBL Engineering surges as it secures five contracts worth Rs 762.6 crore from Central Railway for the provision of Kavach. The company's consortium with Shivakriti International also wins Rs 499.7 crore orders for Kavach deployment in Western and North Central Railway sections.

  • Bajaj Electricals rises as its board appoints Sanjay Sachdeva as the new Managing Director (MD) and Chief Executive Officer (CEO), succeeding Shekhar Bajaj, for three years, effective April 15.

  • Mahindra & Mahindra's SUV sales grow 18% YoY to 48,048 units in March. The company's tractor sales in India rise 34% YoY to 32,582 units, while total auto sales increase 23% to 83,894 units. Hemant Sikka, President of the Farm Equipment Sector, attributed the tractor industry's strong momentum to favourable weather, high reservoir levels, a positive rabi outlook, and improved terms of trade for farmers.

  • Hindustan Aeronautics rises as it signs a Rs 62,700 crore contract with the Ministry of Defence (MoD) to supply 156 Light Combat Helicopters (LCH) to the Indian Army and Air Force.

  • Power Mech Projects bags a Rs 972 crore order from the National Highways Authority of India (NHAI) to construct a 4-lane bypass to NH-114A, connecting NH-333 in Jharkhand, on a hybrid annuity mode.

  • BSE's board of directors approves the issue of two bonus shares for every share held in the company.

  • Tejas Networks rises over 4% as it receives more than Rs 189 crore from the government under the PLI scheme for telecom and networking products. This amount represents the first tranche, covering 85% of the incentive for the first two quarters of FY25. The remaining balance will be released later, as per PLI scheme guidelines.

  • Vodafone Idea (VI) surges to its 10% upper circuit as the Central Government converts Rs 36,950 crore of outstanding spectrum dues into equity. VI will issue 3,695 crore shares at Rs 10 each, raising the government's stake from 22.6% to 49%.

  • Sheela Foam's Chief Executive Officer (CEO), Nilesh Sevabrata Mazumdar, tenders his resignation, effective March 31. The board appoints the company’s Managing Director, Tushaar Gautam, as the CEO.

  • Ircon International's joint venture with SSNR Projects secures a Rs 872.7 crore railway project from Rail Vikas Nigam. The contract includes tunnel construction and track work, with Ircon’s share at Rs 610.9 crore.

  • Aditya Birla Real Estate rises as its board approves the sale of its pulp and paper business to ITC for Rs 3,498 crore, allowing it to focus on its core real estate business.

  • Gloom in markets in early trading. Nifty 50 was trading at 23420.55 (-98.8, -0.4%) , BSE Sensex was trading at 76827.80 (-587.1, -0.8%) while the broader Nifty 500 was trading at 21271.50 (-68.1, -0.3%)

  • Market breadth is surging up. Of the 2031 stocks traded today, 1355 were gainers and 618 were losers.

Riding High:

Largecap and midcap gainers today include Indus Towers Ltd. (352.45, 5.4%), IndusInd Bank Ltd. (682.70, 5.1%) and Trent Ltd. (5,576.75, 4.7%).

Downers:

Largecap and midcap losers today include UCO Bank (31.20, -12.6%), Ipca Laboratories Ltd. (1,390.85, -7.4%) and Voltas Ltd. (1,352.05, -7.3%).

Volume Shockers

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

Top high volume gainers on BSE included HBL Engineering Ltd. (511.70, 8.3%), Maharashtra Seamless Ltd. (735.10, 7.7%) and Tata Teleservices (Maharashtra) Ltd. (59.63, 5.9%).

Top high volume losers on BSE were Punjab & Sind Bank (34.86, -20.0%) and UCO Bank (31.20, -12.6%).

Indus Towers Ltd. (352.45, 5.4%) was trading at 4.5 times of weekly average. Galaxy Surfactants Ltd. (2,091.75, 2.1%) and Bikaji Foods International Ltd. (691.95, 4.7%) were trading with volumes 4.5 and 3.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks hit their 52 week highs, while 10 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (2,049.05, 3.4%) and Aavas Financiers Ltd. (2,086.05, 0.1%).

Stocks making new 52 weeks lows included - Central Bank of India (41.31, -3.4%) and Indian Overseas Bank (37.70, -3.3%).

7 stocks climbed above their 200 day SMA including Lemon Tree Hotels Ltd. (137.06, 6.7%) and Chalet Hotels Ltd. (846.75, 3.3%). 18 stocks slipped below their 200 SMA including Ipca Laboratories Ltd. (1,390.85, -7.4%) and Suven Pharmaceuticals Ltd. (1,078.85, -6.3%).

 
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The Baseline
28 Mar 2025
Five Interesting Stocks Today - March 28, 2025
By Trendlyne Analysis

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.