Indian equities posted strong gains on Friday, with the BSE Sensex climbing 769 points to close at 81,721, while the Nifty50 added 243 points to finish at 24,853. Yet beneath the surface optimism, concerns lingered over foreign fund outflows as rising US Treasury yields and America's deteriorating fiscal outlook weighed on investor sentiment.
The Indian rupee found unexpected support from an aggressive Reserve Bank of India (RBI) intervention. The central bank purchased a net US$14.4bn (billion) in March—its most substantial dollar-buying spree in nearly four years—helping the currency gain 2.3% against the greenback. The move was designed to inject liquidity into the banking system while managing rupee volatility.
A significant shift in America's creditworthiness emerged when Moody's downgraded the US credit rating from AAA to AA1 on 16 May 2025. This marked the third such downgrade following S&P's 2011 action and Fitch's 2023 decision. The downgrades have contributed to a narrowing yield gap between Indian and US bonds, now at its tightest in 22 years.
India's engineering sector delivered robust export growth, with April shipments surging 11.3% to US$9.51bn. The performance, boosted by strong demand from America, the UAE and Britain, lifted engineering goods' share of India's total merchandise exports to 24.7%, up from 24.2% a year earlier.
By contrast, India's steel imports fell 11% to 520,000 tonnes in April—the first monthly decline in nearly a year. The drop reflected reduced shipments from China and other Asian suppliers, signalling potential shifts in global steel trade patterns.
China's central bank cut its benchmark lending rates for the first time since October 2024, lowering the one-year loan prime rate to stimulate credit growth as the economy softens amid persistent trade tensions with America.
RBI eased investment restrictions on banks and non-banking financial companies, allowing them to invest up to 5% of an alternative investment fund's (AIF’s) corpus without constraints. The new rules, which permit maximum exposure of 10%, aim to boost the US$13.5bn AIF industry while addressing concerns about ‘evergreening’ practices.
UK inflation accelerated to a 15-month high of 3.5% in April, well above the 2.6% recorded in March. Sharply rising energy and water bills drove the increase, exceeding analysts' expectations and complicating the Bank of England's monetary policy deliberations.
Jamie Dimon, JPMorgan's chief executive, warned of stagflation risks in America, endorsing the Federal Reserve's (Fed) cautious stance amid geopolitical and domestic pressures. He advised against excessive concern over short-term dollar fluctuations, while emphasising the need to address underlying economic problems.
India's formal job market showed signs of recovery, with hiring rising 2% in March after three months of decline. New subscribers to the employees' provident fund organisation (EPFO) increased from 739,000 in February to 754,000 in March, suggesting labour market resilience.
RBI maintained an optimistic outlook for India's economy, projecting inflation to remain within target in FY25-26. Expectations of a normal monsoon are expected to support rural consumption, positioning India as a ‘driver of global growth’ with consumer price inflation forecast to average 4.9% in Q1FY25-26 and 3.9% in Q2FY25-26.
The European Union (EU) and Britain imposed fresh sanctions on Russia's ‘shadow fleet’ of oil tankers and financial companies that help Moscow circumvent existing restrictions. The measures came as president Trump's ceasefire efforts in Ukraine failed to produce immediate results, though Ukrainian president Zelensky expressed gratitude for the ‘tangible’ international support.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Som Distilleries & Breweries started construction on a new Rs600 crore greenfield brewery in Khimsepur (Uttar Pradesh). The new facility, located on 40 acres, aims to have a capacity of over 12mn (million) cases of beer annually.
Rajshree Polypack announced the commencement of commercial production at its new manufacturing facility.
Protean eGov Technologies failed to qualify for the income-tax (I-T) department's high-stakes PAN 2.0 project. This modernisation initiative is estimated at Rs1,440 crore.
PCBL Chemical announced the commencement of commercial production of polymer at Aquapharm Chemical Limited's Mahad facility. Aquapharm, now a material subsidiary of PCBL, strengthens the latter's foray into specialty chemicals. This move reinforces PCBL's strategy to diversify beyond its core carbon black business, targeting high-growth segments in water treatment and other industrial applications.
Laxmi Organic Industries signed a letter of intent with Hitachi Energy, for plans to establish production of eco-efficient gas for high-voltage switchgear. This collaboration, set to commence commercial production next financial year, underscores Laxmi's commitment to supporting customer sustainability goals through its technological platforms.
Nazara Technologies acquired UK-based PC and console game publisher Curve Games for Rs247 crore (US$29.6mn). This strategic acquisition aims to bolster Nazara's global publishing capabilities and expand its portfolio within the interactive gaming and sports media sectors. Curve Games boasts a significant international presence, with over 100mn downloads across its published titles, including popular franchises like 'For the King' and 'Human Fall Flat'.
Cipla's wholly-owned subsidiary, Citec Labs Limited, received a voluntary action indicated (VAI) classification from the US Food and Drug Administration (US FDA) following a current good manufacturing practices (cGMP) inspection at its analytical testing facility in Vashi (Navi Mumbai). The inspection, conducted from 18 February to20 February 2025, concluded with this classification, indicating that, while some observations were made, they do not require immediate or major corrective actions by the company .
Varun Beverages will expand its footprint by acquiring a 50% stake in Everest International Lanka (Private) Limited (EIL) for US$3.75mn. EIL operates in Sri Lanka, focusing on the production, manufacturing, distribution and sale of commercial visi-coolers and related accessories. This investment signifies Varun Beverages’ strategic move to potentially integrate backward in its supply chain or diversify its business within the region.
Interarch Building Solutions, acquired 20 acres in Andhra Pradesh for a new facility dedicated to heavy steel structures. Twice the size of their adjacent plant, this expansion aims to serve burgeoning demand from sectors including data centres, semiconductor manufacturing, and renewable energy, boosting capacity and reinforcing Interarch's national presence.
Orders
Rail Vikas Nigam (RVNL) declared the lowest bidder for Rs178.64 crore project from IRCON International. The contract involves provision, installation, testing and commissioning of signalling, telecommunications and electronic interlocking systems. This vital infrastructure upgrade will span 10 new railway stations, including key locations such as Surakachhar, Block Cabin and Katghora Road, bolstering India's rail network capabilities.
HFCL secured new orders totalling approximately Rs76.21 crore (US$9.1mn). These include an export order worth US$6.91mn (around Rs59.19 crore) from an overseas telecommunications company and a domestic order of Rs17.02 crore from ITI Limited, a prominent public sector undertaking (PSU) in India. The orders are for the supply of various types of optical fibre cables.
Garden Reach Shipbuilders & Engineers (GRSE) became the lowest bidder for the Indian Navy's Next Generation Corvettes (NGC) project. GRSE is expected to be awarded a contract for five NGC ships, valued at over Rs25,000 crore.
Sanghvi Movers secured order worth Rs49.50 crore from Deepak Fertilisers and Petrochemicals Corporation. The eight month contract, commencing May 2025, covers project management, structural erection, piping and heavy lifting.
Investment/ Acquisitions/ Stake Sale
Waaree Energies will acquire Kamath Transformers for Rs293 crore, significantly boosting its manufacturing capabilities. Additionally, its subsidiary, Waaree Forever Energies, will acquire Green New Delhi Forever Energy. The twin deals, expected to conclude in FY25-26, signal Waaree's aggressive expansion strategy in the energy sector, aiming for an all-cash consideration.
Max Healthcare Institute's wholly-owned subsidiary, Crosslay Remedies Limited (CRL), finalised the acquisition of land and a building in Uttar Pradesh for approximately Rs120 crore. Located adjacent to Max Super Speciality Hospital, Vaishali, this strategic purchase paves the way for a significant expansion of around 140 beds at the hospital over the next 30 months.
Kaveri Seed Company completed the acquisition of the remaining 30% equity stake in Aditya Agritech Private Limited, making it a wholly-owned subsidiary. This strategic move aims to enhance operational synergies and expand market reach, enabling Kaveri Seed to streamline decision-making, improve efficiency, and accelerate innovation in product development and offerings within the agri-tech sector.
360 ONE WAM received necessary regulatory approvals, including from the competition commission of India, for the acquisition of share capital in Bativala & Karani Securities India Private Limited and Bativala & Karani Finserv Private Limited. The company also secured approval for the issuance of warrants on a preferential basis to Saahil Murarka.
GMR Hyderabad International Airport (GHIAL), a GMR Airports’ subsidiary, will acquire a 70% stake in ESR GMR Logistics Park Private Limited (EGLPPL) for approximately Rs41.33 crore. This move aims to expand GHIAL's strategy of airport land development, diversifying its real estate portfolio to include industrial and warehousing assets. The acquisition is expected to conclude within a month.
Bajaj Finserv allotted 9,26,500 secured redeemable non-convertible debentures on a private placement basis. The allotment was valued at Rs9,371.27 crore.
Himadri Speciality Chemical acquired a 16.24% stake in International Battery Company, a Delaware corporation. The purchase included 600,000 common stock, 2,100,000 common stock from an existing shareholder, and 379,175 Series A Preferred Stock, for a total of US$4.43mn in cash.
State Bank of India (SBI) received board approval to raise up to US$3bn via senior unsecured notes during FY25-26. This follows earlier fundraising efforts in 2024, where SBI garnered US$1.2bn through three foreign currency bond issues. The most recent of these was a US$500mn issuance of five-year senior unsecured fixed-rate notes in November 2024, carrying a 5.125% semi-annual coupon.
Hindalco Industries, a key player in the aluminium sector, announced a significant acquisition. The company, through its wholly-owned subsidiary, EMML, will acquire 100% equity in Essel Mining & Industries Limited's coal block in Bandha. This strategic move aims to secure long-term raw material supply for Hindalco's aluminium smelters which currently hold reserves of around 197MT (million tonnes).
Earnings
In Q4FY24-25, VA Tech Wabag’s sales increased by 24% y-o-y to Rs1,156 crore, while operating profit increased by 22% y-o-y to Rs141 crore and net profit increased by 37% y-o-y to Rs99.5 crore.
In Q4FY24-25, Globus Spirits’ sales increased by 11% y-o-y to Rs655 crore, while operating profit increased by 97% y-o-y to Rs38.8 crore and net profit increased by 6025% y-o-y to Rs4.90 crore.
In Q4FY24-25, Jupiter Wagons sales fell by 10% y-o-y to Rs1,002 crore, while operating profit fell 2% y-o-y to Rs145 crore and net profit was down by 7% y-o-y to Rs97.3 crore.
In Q4FY24-25, Amber Enterprises’ sales rose 34% y-o-y to Rs3,754 crore, while operating profit rose 28% y-o-y to Rs282 crore and net profit was up by 23% y-o-y to Rs118 crore.
In Q4FY24-25, Premier Energies’ sales increased by 44% y-o-y to Rs1,621 crore, while operating profit jumped by 186% y-o-y to Rs528 crore and net profit by 167% y-o-y to Rs278 crore.
In Q4FY24-25, Data Patterns’ sales increased by 117% y-o-y to Rs396 crore, while operating profit increased by 61% y-o-y to Rs149 crore and net profit increased by 60% y-o-y to Rs114 crore.
In Q4FY24-25, Zen Technologies’ sales increased by 130% y-o-y to Rs325 crore, while operating profit increased by 174% y-o-y to Rs138 crore and net profit increased by 203% y-o-y to Rs114 crore.
In Q4FY24-25, Banco Products’ sales increased by 21% y-o-y to Rs875 crore, while operating profit increased by 88% y-o-y to Rs214 crore and net profit increased by 125% y-o-y to Rs154 crore.
In Q4FY24-25, ASM Technologies’ sales increased by 157% y-o-y to Rs115 crore, while operating profit increased by 2169% y-o-y to Rs25.4 crore and net profit increased by 551% y-o-y to Rs15.4 crore.
In Q4FY24-25, Honda India Power Products’ sales increased by 16% y-o-y to Rs269 crore, while operating profit increased by 315% y-o-y to Rs43.4 crore and net profit increased by 183% y-o-y to Rs36.2 crore.
In Q4FY24-25, Bharat Electronics’ (BEL’s) sales increased by 7% y-o-y to Rs9,150 crore, while operating profit increased by 23% y-o-y to Rs2,816 crore and net profit increased by 18% y-o-y to Rs2,127 crore.
In Q4FY24-25, Dixon Technologies’ sales increased by 121% y-o-y to Rs10,293 crore, while operating profit increased by 143% y-o-y to Rs443 crore and net profit increased by 138% y-o-y to Rs465 crore.
In Q4FY24-25, ACME Solar Holdings’ sales increased by 65% y-o-y to Rs487 crore, while operating profit increased by 117% y-o-y to Rs436 crore and net profit increased by 981% y-o-y to Rs122 crore.
In Q4FY24-25, Whirlpool India’s sales increased by 16% y-o-y to Rs2,005 crore, while operating profit increased by 27% y-o-y to Rs183 crore and net profit increased by 26% y-o-y to Rs119 crore.
In Q4FY24-25, Cosmo First’s sales increased by 16% y-o-y to Rs746 crore, while operating profit increased by 59% y-o-y to Rs70.3 crore and net profit increased by 76% y-o-y to Rs27.1 crore.
In Q4FY24-25, Marksans Pharma’s sales increased by 27% y-o-y to Rs708 crore, while operating profit increased by 15% y-o-y to Rs126 crore and net profit increased by 17% y-o-y to Rs90.7 crore.
In Q4FY24-25, DLF’s sales increased by 46% y-o-y to Rs3,128 crore, while operating profit increased by 30% y-o-y to Rs978 crore and net profit increased by 39% y-o-y to Rs1,282 crore.
In Q4FY24-25, Carysil’s sales increased by 7% y-o-y to Rs204 crore, while operating profit increased by 1% y-o-y to Rs34.9 crore and net profit increased by 20% y-o-y to Rs18.8 crore.
In Q4FY24-25, Sequent Scientific’s sales increased by 11% y-o-y to Rs402 crore, while operating profit increased by 43% y-o-y to Rs46.2 crore and net profit increased by 271% y-o-y to Rs10.4 crore.
In Q4FY24-25, Max Healthcare’s sales increased by 34% y-o-y to Rs1,910 crore, while operating profit increased by 34% y-o-y to Rs512 crore and net profit increased by 27% y-o-y to Rs319 crore.
In Q4FY24-25, Solar Industries’ sales increased by 35% y-o-y to Rs2,167 crore, while operating profit increased by 52% y-o-y to Rs537 crore and net profit increased by 37% y-o-y to Rs346 crore.
In Q4FY24-25, Aster DM Healthcare’s sales increased by 3% y-o-y to Rs1,000 crore, while operating profit increased by 16% y-o-y to Rs182 crore and net profit increased by 136% y-o-y to Rs85.5 crore.
Top gainers and losers of the major indices for the week are given in the table below:
