Indian equity indices finished on a positive note on 2nd May, with the NIFTY closing above 24,300, in a volatile session. The Sensex gained 259.75 points (0.32%) to 80,501.99, while the NIFTY added 12.50 points (0.05%) to 24,346.70. Market sentiment was bolstered by easing global trade tensions, including discussions of a potential India-US tariff agreement.
As the weekend approaches, investors are focused on the upcoming US non-farm payrolls data which could provide insights into the Federal Reserve's (Fed) interest rate plans. A weaker-than-expected jobs report might strengthen expectations of a dovish Fed pivot, potentially benefiting risk assets.
According to National Statistics Office (NSO), India's industrial output grew by a modest 3% in March 2025, a slight increase from February's revised 2.7% but lower than March 2024's 5.5%. This slowdown was broad-based, affecting manufacturing (3%), mining (0.4%), and power (6.3%). For the full FY24-25, industrial production expanded by 4%, the slowest pace in four years, significantly down from the previous year's 5.9%. This deceleration across key sectors, as indicated by the NSO data, points to a cooling in India's industrial growth momentum.
The trends of the major indices in the course of the week's trading are given in the table below:
News
The Reserve Bank of India (RBI) plans to purchase Rs4 lakh crore (US$48bn—billion) worth of government bonds through open market operations (OMOs) in the current fiscal year (FY25-26). This planned injection is significantly higher than the Rs2.5 lakh (Rs1.5 lakh crore planned in May 2025) already conducted by RBI in the first few weeks of FY25-26 and the Rs5.1 lakh crore in OMO purchases during the previous fiscal year.
RBI had announced its intention to purchase Rs1.25 lakh crore (US$15bn) worth of government bonds through open market operations (OMOs) in May. These purchases, spread across four tranches, are strategically timed to precede a new 10-year bond auction scheduled for Friday (2nd May).This move by RBI aims to moderate government bond yields which have seen an upward trend recently, influenced by factors such as border tensions. By injecting liquidity into the market, RBI seeks to reduce borrowing costs for the government and stabilise the bond market ahead of the new issuance.
The US trade deficit widened significantly in March to a high of US$61.99bn as businesses ramped up imports, seemingly in anticipation of potential tariffs from president Trump's trade policies. Imports surged to a record US$342.75bn, driven by consumer goods and industrial supplies, while exports saw a slight increase to US$280.76bn. Economists suggest that this import surge reflects stockpiling to mitigate the impact of future tariffs, potentially leading to a larger drag on economic growth in the first quarter. While the dollar's strength generally supports imports, the looming trade uncertainty appears to be a more significant factor driving this trend.
India's auto fuel consumption surged in April, driven primarily by increased farming, industrial, mining and commercial activity, pushing diesel usage to a record high of 8.24MT (million tonnes). This marks the second-highest monthly consumption of diesel on record. Analysts attribute this surge to heightened industrial and commercial activity, coupled with increased agricultural demand during the rabi harvesting season. Additionally, a rise in mining activity and infrastructure projects contributed to the higher diesel consumption.
RPG group-owned CEAT Tyres announced a capital expenditure (capex) plan of Rs950 crore-RS1,000 crore (US$114bn-US$120mn—million) for fiscal year 2026. This investment will primarily focus on expanding the company's manufacturing capacity across key product segments, including truck and bus radial (TBR) tyres, off-highway tyres (OHT) and two-wheelers (2Ws).
Several major electronics manufacturers, including Dixon Technologies(+1.21%), Tata Electronics and Foxconn, are reportedly planning significant investments to capitalise on India's new production-linked incentive (PLI) scheme for smartphone display modules. This initiative aims to foster a local supply chain for this crucial component. Dixon has already established a display module unit in Tamil Nadu, while Tata Electronics is likely to enter this category. Foxconn is also evaluating opportunities.
Dr Reddy's Laboratories expanded its strategic alliance with Sanofi Healthcare India Private Limited (SHIPL) to introduce Beyfortus (nirsevimab) in India. This novel drug, used for the prevention of respiratory syncytial virus (RSV) lower respiratory tract disease in newborns and infants during their first RSV season-1 is expected to be launched in Q2FY25-26.
Praj Industries partnered with Thyssenkrupp Uhde's polymer specialists Uhde Inventa-Fischer (UIF) to offer integrated technology for producing polylactic acid (PLA). This collaboration aims to provide a seamless solution for PLA production, a bio-based alternative to conventional plastics, supporting a circular economy.
Marksans Pharma informed the stock exchanges that its wholly-owned subsidiary, Time-Cap Laboratories, Inc, located in Farmingdale (New York, USA), underwent a good manufacturing practices (cGMP) inspection by the US Food and Drug Administration (US FDA). On conclusion of the inspection, the subsidiary received one inspectional observation which is documented in Form 483. Marksans Pharma stated that there was no data integrity observation. The company has committed to working closely with the US FDA and will comprehensively address the observation within the stipulated timeframe.
Strides Pharma Science (Strides) announced that its Singapore-based step-down wholly-owned subsidiary received approval from the US FDA for Celecoxib capsules in strengths of 100mg, 200mg, and 400mg. This approval allows Strides to market a bio-equivalent and therapeutically equivalent version of Celebrex capsules in the US market. Celecoxib is a selective COX-2 inhibitor used to manage pain and inflammation associated with conditions like osteo-arthritis and rheumatoid arthritis.
Gland Pharma received approval from the US FDA for its abbreviated new drug application (ANDA) for latanoprostene bunod ophthalmic solution, 0.024%. This generic eye drop is bio-equivalent and therapeutically equivalent to Vyzulta ophthalmic solution from Bausch and Lomb. It is indicated for reducing intra-ocular pressure in patients with open-angle glaucoma or ocular hypertension.
Uno Minda and Inovance Automotive will collaborate on a Rs423-crore project to develop and manufacture high-voltage EV powertrains for four-wheelers and commercial vehicles. This includes components like charging units, e-axles, inverters and motors. The partnership will operate through a new joint venture (JV) company, Uno Minda Inovance Private Limited. Uno Minda will initially invest 100% of the equity capital over three years, with Inovance Automotive (HK) later acquiring 30% stake after the required approval.
Investment/ Acquisition / Stake Stale
Max Healthcare Institute announced plans to invest Rs6,000 crore (US$720mn) by 2028 to expand its hospital network across key locations in India. This investment will add approximately 3,700 beds to its existing capacity. Currently operating 22 healthcare facilities with around 5,000 beds, Max Healthcare anticipates having approximately 30 hospitals by the year 2028.
Genus Power Infrastructures received the sanction of the national company law tribunal (NCLT), Allahabad bench, for the demerger of the strategic investment business (demerged undertaking) of Genus Power Infrastructures Ltd into Genus Prime Infra Ltd and their respective shareholders and creditors.
Shoppers Stop announced that its board of directors, at a meeting, approved a further investment of up to Rs50 crore in Global SS Beauty Brands Limited (GSBBL), its wholly-owned material subsidiary.
Mahindra & Mahindra (M&M) approved acquisitions of equity shares in SML Isuzu. M&M will acquire 62,606 equity shares constituting 43.96% of the equity share capital of SML Isuzu from Sumitomo Corporation (Sumitomo Corp). The cash consideration for this acquisition is Rs413 crore, at a price of Rs660 per equity share. M&M will to acquire up to 21,707,747 equity shares constituting 15.00% of the equity share capital of SML Isuzu from the eligible public shareholders of SML Isuzu for cash consideration at a price of Rs660 per equity share, aggregating a total consideration of Rs143 crore. M&M will make an open offer to subscribe up to 37,628,638 equity shares constituting 26.06% of the equity share capital of SML Isuzu for cash consideration at a price of Rs1,554.60 per equity share from eligible share holders—subject to receipt of applicable statutory and regulatory approvals.
KPIT Technologies announced the merger of its wholly-owned Indian subsidiary, PathPartner Technology Private Limited, into the parent company. This strategic move aims to consolidate operations, enhance synergies and create a stronger, more efficient entity. Separately, KPIT will voluntarily liquidate its wholly-owned US subsidiary, PathPartner Technology Inc. This decision follows the integration of the US entity's operations into KPIT USA and is intended to further streamline the group's structure without impacting its financial performance.
The directors of Hatsun Agro Product approved a merger of Milk Mantra Dairy Private Limited, its wholly-owned subsidiary, with Hatsun Agro Product Limited. The proposed merger is subject to necessary approvals from the jurisdictional bench of the NCLT, shareholders and other regulatory authorities.
Earnings
In Q4FY24-25, Paras Defence & Space Technolgies sales increased significantly by 35.51% year-on-year (y-o-y) to reach Rs108 crore, while operating profit surged by 131.15% y-o-y to reach Rs28.3 crore and net profit increased remarkably by 106.25% y-o-y to reach Rs20.8 crore.
In Q4FY24-25, Varun Beverages' sales increased by 28.95% y-o-y to reach Rs5,567 crore, while operating profit increased by 27.71% y-o-y to reach Rs1,263 crore and net profit increased by 33.40% y-o-y to reach Rs731 crore.
In Q4FY24-25, Greaves Cotton's sales increased by 22.29% y-o-y to reach Rs823 crore, while operating profit surged by 92.83% y-o-y to reach Rs45.7 crore and net profit saw a significant positive swing to reach Rs1.53 crore compared to a loss of Rs13.4 crore in the same period last year.
In Q4FY24-25, Coromandel International's sales increased by 27.47% y-o-y to reach Rs4,988 crore, while operating profit surged by 55.89% y-o-y to reach Rs410 crore and net profit increased significantly by 252.44% y-o-y to reach Rs578 crore.
In Q4FY24-25, MAS Financial Services' sales increased by 26.22% y-o-y to reach Rs438 crore, while operating profit increased by 18.94% y-o-y to reach Rs314 crore and net profit increased by 19.09% y-o-y to reach Rs83.4 crore.
In Q4FY24-25, KPIT Technologies’ sales increased by 15.93% y-o-y to reach Rs1,528 crore, while operating profit increased by 18.75% y-o-y to reach Rs323 crore and net profit increased shot up by 47.59% y-o-y to reach Rs245 crore.
In Q4FY24-25, Manorama Industries’ sales increased significantly by 80.62% y-o-y to reach Rs233 crore, while operating profit surged by 207.69% y-o-y to reach Rs63.9 crore and net profit increased remarkably by 238.40% y-o-y to reach Rs42.3 crore.
In Q4FY24-25, sales of PCBL Chemical increased by 8.19% y-o-y to reach Rs2,087 crore, while operating profit fell by 3.87% y-o-y to Rs298 crore and net profit by 9.91% y-o-y to Rs100 crore.
In Q4FY24-25, Ambuja Cements’ sales increased by 11.19% y-o-y to Rs9,889 crore, while operating profit increased by 9.95% y-o-y to Rs1,868 crore and net profit decreased by 15.71% y-o-y to Rs1,282 crore.
In Q4FY24-25, Indegene’s sales increased by 12.33% y-o-y to Rs756 crore, while operating profit increased by 6.47% y-o-y to Rs148 crore and net profit increased by 24.47% y-o-y to Rs118 crore.
In Q4FY24-25, Vishal Mega Mart’s sales increased by 23.15% y-o-y to reach Rs2,548 crore, while operating profit increased significantly by 42.23% y-o-y to reach Rs357 crore and net profit surged by 87.89% y-o-y to reach Rs115 crore.
In Q4FY24-25, Praj Industries’ reported 16% decline in sales y-o-y, while operating shrunk by 43.51% crore and net profit crashed by 56.69%.
In Q4FY24-25, Indiamart Intermesh’s sales increased by 12.70% y-o-y to reach Rs355 crore, while operating profit increased significantly by 54.94% y-o-y to reach Rs119 crore and net profit surged by 81.73% y-o-y to reach Rs181 crore.
In Q4FY24-25, Aeroflex Industries’ sales increased by 17.87% y-o-y to reach Rs91.7 crore, while operating profit increased significantly by 31.25% y-o-y to reach Rs18.9 crore and net profit increased by 12.00% y-o-y to reach Rs11.2 crore.
In Q4FY24-25, Ajanta Pharma's sales increased by 10.91% y-o-y to reach Rs1,170 crore, while operating profit increased by 6.83% y-o-y to reach Rs297 crore and net profit increased by 10.84% y-o-y to reach Rs225 crore.
Top gainers and losers of the major indices for the week are given in the table below:
