On Tuesday, 2471 stocks advanced, 1509 declined and 150 remained unchanged on Bombay Stock Exchange with advance decline ratio of 1.63 indicating a positive closing in the broader market. The trend of the major indices on Tuesday’s trading is given in the table below.
On NSE, 71 securities advanced and closed at a new 52-week high whereas 11 securities sank to close at their new 52-week lows. In sectoral indices, Nifty FMCG, Nifty PSU Bank and Nifty Pharma were among the biggest gainers. Nifty IT, Nifty Infrastructure and Nifty Energy were among the biggest losers.
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%. The RBI anticipates these adjustments will bolster banks' liquidity resilience and free up an estimated Rs2.7-Rs3 lakh crore ($32-$36 billion) 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.
360 ONE WAM Limited (+6.25%) (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 a 14% premium over the 3-day VWAP of 360 ONE WAM's stock as of 17 April 2025. As of 31 December 2024, the active assets under management for this business stood at approximately Rs26,000 crore, with a net consideration for the acquisition being Rs307 crore.
India's Rs17,000 crore ($2 billion) production-linked incentive (PLI) scheme for IT hardware is attracting major laptop manufacturers seeking to diversify their supply chains away from China. Dell and HP already have significant operations, and others are ramping up or considering investments to capitalize on India's growing local market and export potential. Asus has inaugurated a local manufacturing line, while Syrma SGS (+4.20%) partnered with a Taiwanese firm. Dixon Technologies is also investing heavily in new facilities. This influx is driven by geopolitical tensions and the desire for cost-competitive manufacturing hubs, positioning India as a viable alternative for global laptop production. The PLI scheme aims to create 200,000 direct jobs and generate significant economic value.
Poonawalla Fincorp Limited (PFL) (+2.77%), part of the Cyrus Poonawalla Group, announced its entry into the consumer durables loan segment with the launch of a digital EMI 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.
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 (+0.41%) 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.
Devyani International (+2.06%), a major quick-service restaurant operator in India, will acquire a majority stake in the popular biryani chain, 'Biryani by Kilo'. This strategic move by Devyani International, which already operates franchises for brands like KFC, Pizza Hut, and Costa Coffee in India, signals its intent to expand its presence in the Indian food delivery market, specifically targeting the popular biryani segment.
Coal India (-0.47%) and Damodar Valley Corporation (DVC) have entered into a significant agreement valued at Rs16,500 crore ($1.98 billion) for the establishment of a 1,600 MW thermal power plant in Jharkhand. This collaboration will involve the development of a pithead thermal power station, utilizing Coal India's resources for fuel supply and DVC's expertise in power generation.
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 per kilogram 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.
Adani Group aims to significantly scale its data centre portfolio to 10 gigawatts (GW), pledging an additional $10 billion 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 1 GW capacity facilities each.
Reliance Industries (RIL) (-0.33%) made substantial purchases of government securities, amounting to Rs7,000 – 10,000 crore ($840 million to $1.2 billion), 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.
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:
