Indian equity indices declined for a second consecutive session on 25th April, with the NIFTY settling around the 24,000 mark. The Sensex dropped 588.90 points (0.74%) to close at 79,212.53, while the NIFTY fell 207.35 points (0.86%) to 24,039.35. Market sentiment has been dampened by the tragic terrorist killings in Pahalgam, prompting India to take strong diplomatic measures including the suspension of the Indus water treaty. Pakistan's retaliatory response has led to exchanges of fire along the Line of Control (LoC), with the Indian Army responding effectively. This escalating tension has made investors hesitant to take long positions ahead of the weekend. Despite the geopolitical concerns, foreign portfolio investors (FPIs) maintained their buying momentum for the seventh consecutive day, purchasing Indian equities worth Rs8,250.53 crore on Thursday, bringing their weekly net inflows to Rs29,450.5 crore.
The International Monetary Fund (IMF) trimmed its growth forecast for India in fiscal year 2026 to 6.2%, a 0.3 percentage point reduction from its January projection. IMF cited escalating trade tensions and heightened global uncertainty as key factors influencing this downward revision, in its latest world economic outlook. World Bank also revised its growth forecast for India's current fiscal year downwards by 40bps (basis points) to 6.3%. This adjustment mirrors IMF's recent cut, citing benefits to private investment from streamlined regulations being offset by global economic weakness and policy uncertainties.
India's net foreign direct investment (FDI) fell sharply to US$1.5bn (billion) during April 2024-February 2025, a significant drop from US$11.5bn in the same period a year earlier. This decline was primarily due to increased repatriation and outward FDI from India, which surged to US$48.9bn.However, gross FDI inflows into India remained robust, growing by 15.2% year-on-year (y-o-y) to US$75.1bn. Singapore was the largest source of inflows, followed by Mauritius and US. Simultaneously, overseas investments by Indian firms also nearly doubled to US$24.8bn.
Net inflows through external commercial borrowing (ECB) into India more than doubled in April-February 2025, reaching US$20.3bn, the highest tally in five years. This significant increase, driven partly by lower borrowing costs overseas.
Beijing has released a revised ‘negative list’, reducing the number of sectors with restrictions or prohibitions for foreign investors from 117 to 106. This move by China's State regulator and planning council aims to improve access to the world's second-largest economy.The relaxation of these barriers, first introduced in 2018, comes as the Chinese economy faces increasing pressure from potential US tariffs. China's National Development and Reform Commission stated on Thursday that the 2025 version of the list is intended to lower the entry threshold for foreign capital and stimulate overall market activity.
The trends of the major indices in the course of the week's trading are given in the table below:
News
India's steel industry is grappling with a soaring trade deficit, reaching US$4.748bn in FY25, 330% increase y-o-y. This surge is driven primarily by a flood of low-priced steel imports, with nearly 30% originating from China. Domestic mills are struggling with price competition and reduced market share in export markets, further impacted by Europe's slowing demand.
Indian non-banking finance companies (NBFCs) are projected to experience a deceleration in credit growth, ranging from 13%-15% FY25-26, down from an estimated 17% in FY24-25, according to ICRA Ratings. While overall NBFC credit is expected to expand, retail loan growth is anticipated to slow to 16%-18% from 23%, due to base effects and concerns over borrower leveraging.
India's two largest private-sector lenders, HDFC Bank and ICICI Bank, have slightly reduced their workforces in FY24-25, despite simultously expanding their branch networks. HDFC Bank added a net of 994 employees, while ICICI Bank trimmed its staff by 6,723.
India's drug regulator (DGCI) halted the production, sale and distribution of several fixed-dose combination (FDC) cough syrups for children under four. DGCI's action is prompted by safety concerns regarding the use of chlorpheniramine maleate and phenylephrine hydro .
India's prominent online brokerage platforms, including Groww, Angel One and Zerodha, reported client attrition in the March quarter, potentially linked to market volatility and decline.
In a move to ease pressure on banks, the Reserve Bank of India (RBI) relaxed the liquidity coverage ratio (LCR) norms specifically for digital deposits. Effective next fiscal year, the run-off factor for stable retail deposits held digitally will be set at 7.5%, a reduction from the initially proposed 12.5%. Similarly, less stable digital deposits will have a run-off factor of 2.5%, down from the earlier mooted 5%. RBI anticipates these adjustments will bolster banks' liquidity resilience and free up an estimated Rs2.7 lakh crore-Rs3 lakh crore (US$32bn-US$36bn) in lendable resources. This measure aligns India's digital deposit guidelines with global standards and aims to encourage greater digital adoption in the banking sector.
According to a news report, Tesla was reportedly in discussions with the Murugappa group, along with US memory chip-maker Micron and Tata Electronics, to explore procurement options for semiconductor components. This move aligns with Tesla's strategic goal to diversify its global supply chain and reduce reliance on China and Taiwan. Murugappa group’s stocks went up following this speculative news.
LG and Samsung initiated legal action against the Indian government, contesting its new electronic waste pricing policy. The firms argue that the policy, which mandates a minimum payment of Rs22/kg to e-waste recyclers, is excessively high and detrimental to their business operations, potentially undermining environmental objectives. They contend that the government should, instead, allow market forces to determine e-waste pricing.
Reliance Industries (RIL) made substantial purchases of government securities, amounting to Rs7,000 crore– Rs10,000 crore (US$840mn—million—to US$1.2bn), in the secondary market during the second week of April. This aggressive buying spree is attributed to market expectations of softer government bond yields in the near term, with some anticipating a fall to 6.25% in the coming months.
Bharti Airtel'ssubsidiary, Bharti Hexacom, will acquire 400MHz (megahertz) of spectrum in the 26GHz (gigahertz) band from Adani Data Networks. This acquisition will bolster Bharti Airtel's 5G capabilities, particularly in terms of network capacity and speed.
Neogen Chemicals informed the stock exchanges about a fire that occurred at its multi-purpose plant (MPP3) facility, including the warehouse and tank farms located at Dahej SEZ, on 5 March 2025 and 7 March 2025. The company further stated that the Gujarat pollution control board (GPCB) has issued certain directions in relation to this incident. It clarified that there is no change to the revenue guidance, despite the operational disruption caused by the fire and the subsequent regulatory directives, the company's financial outlook remains unchanged.
Bharat Forge received the approval of the competition commission of India (CCI) for its proposed acquisition of 100% shareholding in AAM India Manufacturing Corporation Private Limited.
Lupin received approval from the United States Food and Drug Administration (US FDA) for its Tolvaptan tablets. This approval positions Lupin as the exclusive first-to-file (FTF) for this particular drug in the US market. Tolvaptan is indicated for slowing the decline of kidney function in adults who are at risk of rapidly progressing autosomal dominant polycystic kidney disease (ADPKD).
Adani group aims to significantly scale its data centre portfolio to 10GW (gigawatts), pledging an additional US$10bn investment in India. This expansion will focus on building artificial intelligence-ready data centres, with Andhra Pradesh, Maharashtra, Gujarat and Tamil Nadu identified as key locations for initial 1GW capacity facilities each.
Poonawalla Fincorp Limited (PFL), part of the Cyrus Poonawalla group, announced its entry into the consumer durables loan segment with the launch of a digital EMI (equated monthly instalment) card. This new business line aims to facilitate easy financing for the purchase of consumer durable products through a fast-growing, high-velocity retail lending strategy, intending to build a deeper and more profitable retail franchise, while enhancing customer lifetime value.
Shree Cement announced the commissioning of a new clinker grinding unit with a capacity of 3.40MTPA (million tonnes per annum) at Baloda Bazar (Raipur, Chhattisgarh). This expansion is a brownfield project, indicating that it is an addition to an existing facility.
Sandhar Technologies Limited entered into an agreement to sell a non-core immovable property in Bengaluru. It has received an earnest deposit of Rs15 crore for a total consideration of Rs61.5 crore. This sale is in line with Sandhar Technologies' strategic objective to consolidate and monetise its non-essential assets, ensuring that its focus remains on its core business operations.
Coal India and Damodar Valley Corporation (DVC) entered into a significant agreement valued at Rs16,500 crore (US$1.98bn) for the establishment of a 1,600MW (megawatt) thermal power plant in Jharkhand. This collaboration will involve the development of a pithead thermal power station, utilising Coal India's resources for fuel supply and DVC's expertise in power generation.
Orders
Intellect Design Arena announced a significant multi-year, multi-million dollar agreement with a leading UK-based global bank. It will deploy its eMACH.ai wholesale banking platform to accelerate its international wholesale banking expansion and create a seamless, future-ready corporate banking experience for its clients.
Ashoka Buildcon secured a Rs569-crore project from Central Railway in Maharashtra. The project, located between Pachora and Jamner, involves engineering-procurement-construction (EPC).
NBCC (India) announced that it was recently been awarded several work orders in the normal course of its business, totalling approximately Rs64.67 crore.
Investment/ Acquisition / Stake Stale
JSW Paints and a consortium comprising Advent International and Indigo Paints were reportedly in a competitive race to acquire Akzo Nobel India, the company that owns the well-known Dulux brand of paints.
Piramal Pharma entered into a stock subscription agreement and loan conversion agreement to invest in its material step-down wholly-owned subsidiary, Piramal Healthcare Inc (PHI). Under the agreement, PPL Pharma will subscribe to 1,903 optionally convertible redeemable preference shares (OCRPS) of PHI, each with a face value of US$100,000, aggregating US$190.3mn. This investment will be made by way of payment of cash consideration of US$40.1mn and by conversion of outstanding unsecured loan of US$150.2mn owed by PPL Pharma to PHI. PHI, incorporated in USA, is primarily engaged in pharmaceuticals industry and holds investments in the overseas subsidiaries of the Piramal Pharma group.
Devyani International, the operator of quick-service restaurant (QSR) chains like Pizza Hut and KFC in India, announced the acquisition of an 80.72% stake in Sky Gate Hospitality, the company behind the popular 'Biryani By Kilo' brand. The acquisition is valued at Rs420 crore (US$50.4mn).
Singapore's sovereign wealth fund, GIC, will invest Rs752 crore (US$90.24mn) to acquire a 35% stake in a portfolio of five hotels belonging to Samhi Hotels(+11.12%).
Biocon's board approved an increase in the company's authorised share capital from Rs625 crore to Rs700 crore. The increase will be facilitated by raising the number of equity shares from 125 crore to 140 crore, with each share having a face value of Rs5. Its board also approved a proposal to raise funds up to Rs4,500 crore through the issuance of various securities, including equity shares, non-convertible debentures, warrants or other convertible securities.
Suven Pharmaceuticals announced that it has received the requisite approval from the department of pharmaceuticals, ministry of chemicals and fertilizers, government of India, for the scheme of amalgamation of Cohance Lifesciences Limited with and into Suven Pharmaceuticals Limited.
Alkem Laboratories announced the successful completion of its acquisition of a 100% stake in Adroit Biomed Limited. As a result of this acquisition, Adroit Biomed Limited is now a wholly-owned subsidiary of Alkem Laboratories Limited.
Ambuja Cements finalized its acquisition of a 47% stake in Orient Cement. Orient Cement has three manufacturing plants located in Telangana, Karnataka and Maharashtra, along with a distribution network that spans these regions.
360 ONE WAM Limited (formerly IIFL Wealth Management) announced a significant strategic collaboration with UBS AG to offer wealth management solutions to domestic and global clients, focusing on execution services. The board also acknowledged the proposed acquisition of the India wealth business of affiliates of UBS AG. This business includes stock broking services and distribution business, discretionary and non-discretionary portfolio management services and the residual loan portfolio of wealth management clients. As part of this collaboration, 360 ONE WAM will issue 2,05,02,939 warrants on a preferential basis to UBS AG at an exercise price of Rs1,030 per warrant. These warrants, convertible into an equivalent number of fully paid-up equity shares, will have a maximum tenure of 18 months from the date of allotment, subject to shareholder approval. The issue price represents 14% premium over the three-day Value weighted average price (VWAP) of 360 ONE WAM's stock as of 17 April 2025. As of 31 December 2024, the active assets under management (AUMs) for this business stood at approximately Rs26,000 crore, with a net consideration for the acquisition being Rs307 crore.
Hindustan Unilever Limited (HUL) (+2.03%) announced the completion of its acquisition of a 90.5% shareholding in Uprising Science (Uprising) for a total cash consideration of Rs427.64 crore.
Himadri Speciality Chemical will acquire Elixir Carbo for Rs7.5 crore. This 100% acquisition will allow it to integrate Elixir Carbo's naphthalene and derivative product manufacturing and trading into its existing coal tar distillation business, aiming to extract higher value products.
Earnings
In Q4FY24-25, Tips Music's sales increased by 24.01% y-o-y to reach Rs78.5 crore, while operating profit increased by 23.51% y-o-y to reach Rs37.3 crore and net profit increased by 18.60% y-o-y to reach Rs30.6 crore.
In Q4FY24-25, VST Industries' sales decreased by 7.07% y-o-y to reach Rs349 crore, while operating profit decreased by 28.05% y-o-y to reach Rs69.5 crore and net profit decreased by 39.91% y-o-y to reach Rs53.0 crore.
In Q4FY24-25, Oriental Hotels' sales increased by 24.30% y-o-y to reach Rs133 crore, while operating profit increased by 45.52% y-o-y to reach Rs39.0 crore and net profit increased by 0.52% y-o-y to reach Rs19.4 crore.
In Q4FY24-25, Mphasis' sales increased by 8.73% y-o-y to reach Rs3,710 crore, while operating profit increased by 9.90% y-o-y to reach Rs703 crore and net profit increased by 13.49% y-o-y to reach Rs446 crore.
In Q4FY24-25, Shilchar Technologiessales shot up by 120% y-o-y to reach Rs232 crore, while operating profit jumped 126.75% y-o-y to reach Rs71.2 crore and net profit increased 121.60% y-o-y to reach Rs55.4 crore.
In Q4FY24-25, HDFC AMC'srevenues increased by 30.07% y-o-y to reach Rs901 crore, while operating profit increased by 35.62% y-o-y to reach Rs731 crore and net profit increased by 18.11% y-o-y to reach Rs639 crore.
In Q4FY24-25, Persistent System’s ssales increased by 25.12% y-o-y to reach Rs3,242 crore, while operating profit increased by 28.63% y-o-y to reach Rs584 crore and net profit increased by 25.71% y-o-y to reach Rs396 crore.
In Q4FY24-25, Refex Industries’ sales increased by 81.31% y-o-y to reach Rs612 crore, while operating profit increased by 45.29% y-o-y to reach Rs63.2 crore and net profit increased by 59.50% y-o-y to reach Rs57.1 crore.
In Q4FY24-25, Laurus Labs’ sales increased by 19.5% y-o-y to reach Rs1,720 crore, while operating profit increased by 74% y-o-y to reach Rs421 crore and net profit increased by 200% y-o-y to reach Rs234 crore.
Top gainers and losers of the major indices for the week are given in the table below: