On Thursday, 2084 stocks advanced, 1871 declined and 151 remained unchanged on Bombay Stock Exchange with advance decline ratio of 1.11 indicating a positive closing in the broader market. The trend of the major indices on Thursday-’s trading is given in the table below.
On NSE, 93 securities advanced and closed at a new 52-week high whereas 16 securities sank to close at their new 52-week lows. In sectoral indices, Nifty Pharma, Nifty Metal and Nifty Media were among the biggest gainers. Nifty FMCG, Nifty IT and Nifty Infrastructure were among the biggest losers.
India's steel industry is grappling with a soaring trade deficit, reaching $4.748 billion in FY25, a 330% increase year-on-year. This surge is primarily driven 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.
World Bank also revised its growth forecast for India's current fiscal year downwards by 40 basis points to 6.3%. This adjustment mirrors the IMF's recent cut, citing benefits to private investment from streamlined regulations being offset by global economic weakness and policy uncertainties.
Indian non-banking finance companies (NBFCs) are projected to experience a deceleration in credit growth, ranging from 13-15% in fiscal years 2025-26, down from an estimated 17% in FY24, 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.
Indian Oil Corp (IOC) (+0.54%) had planned to invest Rs24,000 crore ($2.88 billion) to significantly expand its petrochemical production units at its Vadodara refinery in Gujarat. This strategic move aims to diversify IOC's revenue streams as demand for traditional fuels is expected to decline over the next 10-15 years. The investment will involve commissioning new units for manufacturing linear alkyl benzene (LAB), polypropylene, and butyl acrylate, increasing the refinery's petrochemical capacity from the current 1.5 million tonnes per annum (MTPA) to 8.055 MTPA.
Devyani International (+2.03%), the operator of quick-service restaurant 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 ($50.4 million).
Singapore's sovereign wealth fund, GIC, will invest Rs752 crore ($90.24 million) to acquire a 35% stake in a portfolio of five hotels belonging to Samhi Hotels (+11.12%).
Biocon's (-2.67%) board approved an increase in the company's authorized 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.
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 (-1.68%) 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 $100,000, aggregating to $190.3 million. This investment will be made by way of payment of cash consideration of $40.1 million and by conversion of outstanding unsecured loan of $150.2 million owed by PPL Pharma to PHI. PHI, incorporated in the USA, is primarily engaged in the pharmaceutical industry and holds investments in the overseas subsidiaries of the Piramal Pharma group.
Lupin (+0.70%) received approval from the United States Food and Drug Administration (USFDA) 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).
In Q4FY24-25, Persistent Systems (-0.14%) sales 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 (-2.93%) 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 (-0.80%) 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 Rs234crore.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below:
