Indian equity markets extended their downward trend for the eighth consecutive session on Friday, 14 February 2024, marking their longest losing streak in two years. The decline was primarily driven by investor concerns over US president Donald Trump's announcement of reciprocal tariffs targeting various countries, including India.
S&P BSE Sensex closed at 75,939.21, declining by 199.76 points (0.26%), while the NSE's Nifty 50 finished at 22,929.25, dropping 102.15 points (0.4%). The market witnessed a significant erosion in value, with BSE-listed companies' market-capitalisation falling by Rs7.18 lakh crore to Rs400.08 lakh crore from the previous day's Rs407.26 lakh crore.
During his press conference, Mr Trump specifically addressed India's ‘very high’ tariffs, stating his intention to implement matching tariffs on Indian goods. This announcement comes after his previous steel and aluminum tariffs had already significantly impacted India's metal industry. His policy stance was clear: “Whatever India charges, we charge them.”
Market sentiment remains cautious due to disappointing corporate earnings, particularly in the mid- and small-cap segments, falling short of early-year expectations. The combination of muted earnings, rupee depreciation and external factors like tariff concerns is expected to maintain bearish sentiment and potentially accelerate foreign institutional investor (FII) outflows. Analysts anticipate continued market volatility until there's greater clarity on tariff policies and visible improvement in corporate earnings performance.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Thomas Cook (India) signed a memorandum of understanding (MoU) with Georgia National Tourism Administration (GNTA). This collaboration focuses on building awareness and inspiring demand towards driving increased visits to Georgia.
Bajaj Auto will enter the domestic e-rickshaw segment by the end of this fiscal to tap a 'sizable opportunity' in a fast-growing but highly unorganised market. The company expects to get regulatory clearances towards the end of the ongoing quarter for its e-rickshaw that will enable it to enter the segment which is about 45,000 units a month.
Natco Pharma received final approval for its abbreviated new drug application (ANDA) for Bosentan tablets for oral suspension (TFOS), 32mg, a generic version of Tracleer by Actelion Pharmaceuticals US Inc. The company's marketing partner for the ANDA, Lupin Pharmaceuticals, Inc (Lupin) will market the product in the US. It has sole first-to-file status for the product and is eligible for a 180-day exclusivity at the time of launch.
Bharat Electronics (BEL) signed a contract valued at Rs610 crore for supply of electro optic fire control system (EOFCS) for Indian Navy. This fully indigenously developed system will be installed and integrated on board Indian naval platforms. Additionally, BEL has secured other orders valued at Rs352 crore for anti-drone system, fuzes, integrated fire detection and suppression system, vessel communication system, spares, services, etc.
Bharat Forge’s subsidiary—Kalyani Strategic Systems (KSSL) and L3Harris Technologies—signed an MoU for wider collaboration in supporting advanced defense and security equipment in India.
Tata Consultancy Services (TCS) inked an agreement with Muscat Clearing and Depository (MCD), Oman’s central securities depository, to modernise the depository system of MCD. Under the agreement, TCS will implement TCS BaNCS for market infrastructure and quartz to future-proof MCD’s operations.
BEML signed a strategic partnership with STX Engine, a renowned South Korean company, to co-develop, manufacture and market battle tank engines, marine engines, spares and engine aggregates. The agreement also includes servicing and maintenance of engine components to cater to Indian defence needs, while exploring export opportunities to friendly nations. BEML signed memorandum an MoU with Goa Shipyard (GSL) to collaborate on maritime projects and composites. The MoU will focus on the manufacturing of glass fibre-reinforced polymer (GFRP) composite parts and assemblies for defence and commercial applications and other specialised marine equipment.
NIBE entered into a licensing agreements with research & development (R&D) establishment defence research & development organisation (DRDO), ministry of defence, government of India for transfer of technology to utilise the ‘technology’ to manufacture and sell 24 meter mountain foot-bridge for All Terrain Vehicle (ATV) including its launching systems in India to Indian armed forces and other government agencies.
Zen Technologies showcased new artificial intelligence (AI)-powered defence technologies at Aero India 2025, including drone-based virtual simulation for firearms training, indigenous Unmanned Aerial vehicle (UAV) propulsion, AI-powered airborne killer drones, and tactical engagement simulators.
Tata Motors’ electric vehicle (EV) division, Tata EV, announced plans to increase the number of charge points across the country to 400,000.
HAL signed an agreement with Collins Aerospace to establish maintainence, repair and overhaul (MRO) facility in Lucknow for Light combat aircraft (LCA) Tejas Mk1 electrical power systems. This aims to reduce repair turnaround time, enhance self-reliance and improve fleet availability.
Prudential Plc hired Citigroup Inc to work on a potential initial public offering (IPO) of its Indian unit, ICICI Prudential Asset Management. The IPO could raise about US$1bn (billion).
Orders
Suzlon group secured a repeat order of 201.6MW from Oyster Renewable. This order will be executed in Madhya Pradesh. As part of the agreement, Suzlon will supply 64 wind turbine generators (WTGs) with hybrid lattice towers (HLT), each with a rated capacity of 3.15MW.
NBCC (India) bagged orders worth Rs272.33 crore (excluding goods and services tax—GST). Out of this, order worth Rs170.33 crore was received from Central University of Punjab (Bathinda) for planning, designing and development of infrastructure facilities and other related works in the campus of Central University of Punjab at Bathinda and order worth Rs102.00 crore was received from Navodaya Vidyalaya Samiti (NVS) for construction of regional office building at Guwahati (Assam), construction of central covered courtyard at various Jawahar Navodaya Vidyalayas (JNVs) in the state of Assam and construction of MP Hall at various JNVs in the states of Meghalaya & Nagaland.
Renaissance Global (RGL) secured order of 63,250 pieces of fast-moving lab-grown diamond fashion jewellery from a US-based retailer.
Bondada Engineering received a letter of award (LoA) from South Central Railways for providing ground infrastructure works for provision of Kavach and 4G Lte-R high density network and pile foundation for towers in South Central Railways. The said order is to be executed within 720 days from the appointed date. The size of order is Rs228.17 crore.
Rail Vikas Nigam emerged as the lowest bidder (L1) from South Western Railway for survey, design, supply, installation, testing and commissioning for KAVACH equipment and other associated works over 790KM of Hubballi & Mysuru Divisions of South Western Railway. The project cost is Rs355.43 crore.
Jupiter Wagons received letter of acceptance (LoA) from Ambuja Cements and ACC which are group company of Adani Cement for manufacture and supply of various wagons for an order value of around Rs600 crore.
Investment/ Acquisition / Stake Stale
TVS Motor Company (TVSM) will set up a global capability centre in Karnataka, expand its production and engineering capabilities in Mysuru, build a test track and set up new company office infrastructure in the state. The company signed an MoU with the government of Karnataka to invest Rs2,000 crore in the state over the next five years.
Vedanta received approval from duly authorised committee of directors to raise funds up to Rs3,000 crore through issuance of unsecured, rated, listed, redeemable, non-convertible debentures (NCDs) on a private placement basis (up to 300,000 Numbers of face value Rs1,00,000 each).
Bajaj Finance raised Rs760.09 crore through the allotment of 75,000 NCDs at face value of Rs1 lakh each on private placement basis.
Kaynes Technology India planned to further invest an amount up to US$1,900,000 towards 18,71,280 equity shares of Kaynes Holding, wholly-owned subsidiary of company, at an issue price of US$1.01/share.
Juniper Hotels received approval for the acquisition of 100% of the equity share capital of Jenipro Hotels from its existing shareholders. The company will enter into a share purchase agreement (SPA) with Jenipro and its existing shareholders to give effect to the acquisition.
Samhi Hotels (SAMHI) sold 100% of their ownership in Duet India Hotels sor an enterprise value of around Rs53.50 crore.
Chalet Hotels (CHL) received the approval for the acquisition of Mahananda Spa and Resorts, a wholly-owned subsidiary of Mankind Pharma, and owning company of The Westin Resort and Spa, Himalayas (TWRS) in Rishikesh for Rs530 crore.
Imagicaaworld Entertainment's board approved raising Rs345 crore through a preferential issue of equity and warrants at Rs73.50/share. Funds will be used to acquire a water park in Indore, an operational solar power plant and for maintenance of Wet'n Joy parks.
Earnings
Vipul Organics reported an 81.57% year-on-year (y-o-y) increase in Q3FY24-25 consolidated net profit to Rs1.44 crore with revenue growing 10.44% y-o-y to Rs41.54 crore.
GOCL Corporation reported a substantial increase in its consolidated net profit for Q3FY25, rising to Rs92.4 crore from Rs15.4 crore in the same period last year. However, the company's revenue decreased to Rs138 crores from Rs167 crore y-o-y.
Venus Pipes & Tubes reported Q3FY24-25 revenue of Rs231.3 crore, up 12% y-o-y. Exports increased 153% y-o-y, now accounting for 38.5% of quarterly revenue. Its operating profit was Rs37 crore and net profit stood at Rs18 crore. The company's phase-1 capex project is on track for completion by March 2025.
PN Gadgil Jewellers reported 49.04% y-o-y increase in Q3FY24-25 net profit to Rs86.04 crore. Revenue rose 23.5% y-o-y to Rs2,435.75 crore. The company has added nine out of 12 planned stores for FY25-26/FY24-25, with three more to be completed by March 2025.
Manappuram Finance reported a consolidated net profit of Rs282 crore, a significant decrease of 50.7% y-o-y compared to Rs573 crore in the same quarter of the previous year.
In its Q3FY24-25 results, Indo Count Industries reported a 30% y-o-y growth in net profit to Rs75 crore and revenue growth of 61% to Rs1,168 crore, supported by contributions from its US subsidiaries and licensed brands. Its operating profit grew 40% y-o-y to Rs65 crore, but margins fell 205bps (basis points) to 14.2% due to a shift in product-mix and promotional activities.
Berger Paints India reported marginal decline of 1.40% in its net profit at Rs295.97 crore for the quarter ended 31 December 2024 compared to Rs300.16 crore for the same quarter in the previous year. However, total income of the company increased marginally by 3.26% at Rs2,995.30 crore for Q3FY24-25 compared to Rs2,900.77 crore for the corresponding quarter of the previous year.
Dalmia Bharat Sugar and Industries reported 8.33% fall in its net profit at Rs59.51 crore for the quarter ended 31 December 2024 compared to Rs64.92 crore for the same quarter in the previous year. However, total income of the company increased by 41.61% at Rs864.01 crore for Q3FY24-25 compared to Rs610.12 crore for the corresponding quarter of the previous year.
Vodafone Idea net loss of Rs6,609.30 crore for the quarter ended 31 December 2024 compared to net loss of Rs6,985.90 crore for the same quarter in the previous year. However, total income of the company increased by 6.25% at Rs11,366.80 crore for Q3FY24-25 compared to Rs10,698.00 crore for the corresponding quarter of the previous year.
Marksans Pharma reported 26.64% rise in its net profit at Rs105.07 crore for the quarter ended 31 December 2024 compared to Rs82.97 crore for the same quarter in the previous year. Total income of the company increased by 20.10% at Rs709.70 crore for Q3FY24-25 compared to Rs590.93 crore for the corresponding quarter of the previous year.
Atul Auto reported 59.28% rise in its net profit at Rs7.12 crore for the quarter ended 31 December 2024 compared to net profit of Rs4.47 crore for the same quarter in the previous year. Total income of the company increased by 26.20% at Rs195.70 crore for Q3FY24-25 compared to Rs155.07 crore for the corresponding quarter of the previous year.
Sarda Energy & Minerals reported 68.45% rise in its net profit at Rs197.36 crore for the quarter ended 31 December 2024 compared to net profit of Rs117.16 crore for the same quarter in the previous year. Total income of the company increased by 37.43% at Rs1318.74 crore for Q3FY24-25 compared to Rs959.60 crore for the corresponding quarter of the previous year.
Rainbow Children's Medicare reported 10.18% rise in its net profit at Rs68.94 crore for the quarter ended 31 December 2024 compared to Rs62.57 crore for the same quarter in the previous year. Total income of the company increased by 19.38% at Rs411.36 crore for Q3FY24-25 compared to Rs 344.57 crore for the corresponding quarter of the previous year.
Gujarat State Fertilizers & Chemicals reported 13.44% rise in its net profit at Rs133.85 crore for the quarter ended 31 December 2024 compared to Rs117.99 crore for the same quarter in the previous year. Total income of the company increased by 37.39% at Rs2,870.00 crore for Q3FY24-25 compared to Rs2,089.01 crore for the corresponding quarter of the previous year.
ICRA reported 30.27% rise in its net profit at Rs42.22 crore for the quarter ended 31 December 2024 compared to Rs32.41 crore for the same quarter in the previous year. Total income of the company increased by 6.05% at Rs139.73 crore for Q3FY24-25 compared to Rs131.76 crore for the corresponding quarter of the previous year.
Force Motors reported 35% rise in its net profit at Rs115.34 crore for the quarter ended 31 December 2024 compared to Rs85.44 crore for the same quarter in the previous year. Total income of the company increased by 12.31% at Rs1,904.38 crore for Q3FY24-25 compared to Rs1,695.66 crore for the corresponding quarter of the previous year.
Eicher Motors reported 17.52% rise in its net profit at Rs1,170.50 crore for the quarter ended 31 December 2024 compared to Rs995.97 crore for the same quarter in the previous year. Total income of the company increased by 18.71% at Rs5,261.90 crore for Q3FY24-25 compared to Rs4,432.57 crore for the corresponding quarter of the previous year.
Avanti Feeds reported 69.02% rise in its net profit at Rs140.81 crore for the quarter ended 31 December 2024 compared to Rs83.31 crore for the same quarter in the previous year. Total income of the company increased by 9.16% at Rs1404.90 crore for Q3FY24-25 compared to Rs1,286.95 crore for the corresponding quarter of the previous year.
Top gainers and losers of the major indices for the week are given in the table below:
