Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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March 12, 2025

• SRESTHA FINVEST; Co. to Buy 16.36 % Stake In Rhythms Industries Private Limited For Rs 8 CT
• Rhythms Industries Pvt Ltd. is engaged in the business of manufacturing of wide variety of FMCG Products like wheat flour, pasta, papad, instant mixes, oils, pickles and other FMCG products.
• F.Y. 2023-2024: Rs. 50.17 Cr
• F.Y. 2022-2023: Rs. 33.29 Cr
• F.Y. 2021-2022: Rs. 39.16 Cr
• SCI ; India’s shipping laws, the Bills of Lading Bill, 2025 has been passed in Lok Sabha!
• This replaces the 169-year-old colonial-era law with a modern, efficient & globally aligned framework for shipping documentation
• KEY BENEFITS:
• Will streamline shipping processes
• Will reduce legal disputes
• Will ensure greater ease of doing business
• Will strengthen India's role in global trade
• IGL ; Delhi EV Policy 2.0
• Targets 95% of new vehicle registrations to be electric by 2027.
• Vehicle Transition: Phased replacement of all CNG auto-rickshaws, taxis, and light commercial vehicles with EVs.
• Public Transport: Full transition to electric buses.
• Incentives: Purchase incentives for electric two-wheelers, three-wheelers, e-LCVs, and e-trucks.
• Scrapping & Retrofitting: Incentives for shifting from ICE vehicles to EVs.
• Charging Infrastructure: More public charging points and mandatory stations in new buildings & public spaces.
• UBS on CNG Registrations
• February vehicle additions moderated after elevated numbers in January
• IGL: momentum in car and commercial vehicle additions is a key positive
• MGL: modest additions in Feb, broader trends remain robust
• Gujarat Gas: strong additions continue in February
• Investec on Supreme acquisition of Wavin
• View: We see limited justification for the announced MoU when considering synergies in brand, distribution, technology or products.
• Further, aforesaid move or based on our back of the envelope math indicates this move may not yield an appealing return ratio profle when one take into account EBITDA/kg at Rs 15, WCnat Rs1.5b and excluding royalty payments (if any)
• CANADA'S CARNEY: WOULD MAINTAIN TARIFFS ON U.S. UNTIL AMERICANS 'SHOW US RESPECT'
• Canada Designate PM Carney: Trump tariffs are an attack on Canadian workers and businesses.
• Canada Designate PM Carney: we will keep tariffs until the US commits to free and fair trade.
• IRAN PRESIDENT PEZESHKIAN TO TRUMP: I WON’T EVEN NEGOTIATE WITH YOU UNDER THREATS , 'DO WHATEVER THE HELL YOU WANT', STATE MEDIA REPORT
• PHARMA : EU plans to cut reliance on Asia for antibiotics, other critical drugs - REUTERS
• WH Press Sec. Leavitt: Stock market numbers are a snapshot of a moment in time.
• We're in a period of economic transition.
• S&P 500 on course to confirm correction, down 10% from record closing high.
• WH Press Sec. Leavitt: Trump will be viewing a Tesla
• Ontario Energy Minister: We cannot accept this interruption in the free flow of goods with the US.
• I hope the US and Canada can use off-ramp of USMCA renegotiation to end dispute.
• WHITE HOUSE: CANADA WOULD BE WISE TO NOT SHUT OFF ELECTRICITY FOR AMERICANS
• Ontario Energy Minister: US has no immediate replacement for Canadian aluminum.
• USW: Denouncing latest escalation as US government imposes 50% tariffs on US imports of steel and aluminum from Canada.
• Puma expects low single-digit sales growth in 2025, citing weak U.S. and China performance; Stock Down 5 %
• Co. also anticipates up to €75M ($82M) in one-time costs from a cost-efficiency program.
• PB FINTECH; PB Fintech, Its Co- Founders & Others To Invest Total Rs 828.7 Cr In PB HEALTHCARE For 40.04 % Stake At Rs 2100 Cr Valuation
• Note : PB Healthcare Services Private Limited was incorporated on January 01, 2025 to carry on the business of Healthcare and allied services in India.
• PB HEALTHCARE INVESTORS
• PB Fintech To Invest Rs 696 cr For Rs 33.63 % Stake
• PB Fintech Co Founder Yashish Dahiya To Invest 87 Cr For 4.2 % Stake
• PB Fintech Co Founder & EVC Alok Bansal To Invest 43.5 Cr For 2.1 % Stake
• PB Fintech's Jt Group CEO,Sarabvir Singh along with Mandeep Mehta, Bhasker Joshi To Invest Rs 2.25 Cr For 0.11 % Stake
• Ontario's Ford: Lutnick agreed to meet with me on Thursday.
• Suspending 25% surcharge on exports of electricity.
• Will discuss a renewed USMCA ahead of April 2nd deadline.
• I agreed to suspend its 25% surcharge on exports of electricity to Michigan, New York and Minnesota
• DOW RECOVERED 600 PTS
• U.S INDICES ENDS IN RED BUT RECOVERED FROM LOWS
• Beat The Street Bulletin
• Date: 12-Mar-2025
• TG: [https://t.me/BeatTheStreet10]
• Order Wins
• - Adani Ent: Adani Group Bags Rs 36,000 Cr Redevelopment Project in Mumbai
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• Acquisitions
• - TCS: Acquires 100% Stake in Darshita Southern India Happy Homes Pvt. Ltd. for ₹2250 Cr
• - PB Fintech: Investment of up to ₹696 crore in PB Healthcare Services Pvt. Ltd.
• - PB Fintech: To invest ₹828.7 crore for 40.04% stake in PB Healthcare at ₹2100 Cr Valuation
• - Srestha Finvest: Buys 16.36% stake in Rhythms Industries Pvt. Ltd. for ₹8 crore
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• Leadership Changes
• - Sandur Manganese: CEO Krishnendu Sanyal Resigns for Personal Reasons
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• New Projects
• - AMBO Agritech: To Build a ₹30 Crore Solar Ancillary Manufacturing Unit in Odisha
• - B.R. Goyal: Forms Joint Venture for Civil Construction Project in Dhule under PMGSY
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• Miscellaneous
• - NSE: Launches Nifty Chemicals Index to track top 20 chemical sector stocks from the Nifty 500
• - Khaitan India: Priyadarshan Prabhakar Siras bought 0.24 lakh shares at ₹79/share on NSE
• - Balaji Phosphates: Chirag Hemantkumar Patel bought 1.94 lakh shares at ₹76.72/share on NSE
• - Gretex Share Broking: Bought 2.0 lakh shares of Balaji Phosphates
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• Fundraising
• - PB Fintech: Approves Investment in PB Healthcare Services Pvt. Ltd. for ₹696 Crore
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• Government & Regulatory Updates
• - Paytm: Government Reconsidering MDR Exemption for UPI & RuPay, Affecting Digital Payment Platforms
• - SCI: India’s Shipping Laws, Bills of Lading Bill, 2025 Passed to Replace Colonial-Era Laws
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• Financial Updates/Taxation
• - Carraro India: Contests ₹70.89 Crore Tax Adjustment from the Income Tax Department
• - Tamilnad Mercantile: Receives ₹11.95 Crore Refund After Favorable Appeal Ruling
• - Nelco: Settles Tax Dispute under Vivad Se Vishwas Scheme
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• Operational Updates
• - Maithan Alloys: Pollution Board Revokes Closure Notice, Resumes Production at Byrnihat Unit
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• Strategic Moves & Organizational Changes
• - Bharti Airtel: Internal Reorganization ofAirtel Payments Bank; Transfers 69.94% Stake to Subsidiary
• - LKP Securities: Approves Purchase of 19.90% Stake in Bond Street Capital Pvt. Ltd.
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• Stay updated with Beat The Street
• News Headlines from Business News Agencies:*
• *Business Standard*
• Fitch upgrades viability rating for PNB and Union Bank of India
• Sakthi, Diamond form joint venture to manufacture trainer aircraft in Hisar
• Govt bond yields dip as traders await inflation data from India, US
• Low RoI for telcos, slow 5G monetisation may delay advent of 6G: COAI
• Pfizer's breast cancer drug Vepdegestrant posts mixed results in key trial
• Haystack Analytics eyes US, EU for genome sequencing test expansion
• India's e-bus sales likely to grow 3.6-fold in FY27, projects CareEdge
• NMDC struggles to achieve target as Chhattisgarh trade unions go on strike
• Investment in information security likely to grow 16.4% in 2025: Gartner
• India's cotton imports to double as output falls short, says trade body
• PhonePe clocks 600 mn registered users, adds 100 mn in past 16 months
• Uber partners with Refex Green Mobility to deploy 1,000 EVs by 2026
• *Economic Times*
• Startup fundraising slumps to four-year low as global investors hold back
• India adds record 25 GW solar capacity in 2024: Mercom
• BEL approves fund raise of up to Rs 500 crore, led by Yash Kela led Singularity AMC
• Zydus Lifesciences to buy 86% stake in French medical devices maker
• IL&FS InvIT Roadstar Infra Investment Trust lists on NSE
• Jindal Stainless investing Rs 700 cr on decarbonisation projects
• India's cotton imports to double as output falls short, says trade body
• India, US to increase mkt access, cut tariff, non-tariff barriers: Govt
• Sebi issues warning to IIFL Capital regarding due diligence in debt issues
• Waaree Renewable Tech consortium bags Rs 740 cr order for solar project
• CG gets Rs 450 cr order to manufacture products for Vande Bharat
• *Mint*
• India's venture capital funding rises 43 pc to USD 13.7 bn in 2024
• Edible oil imports down 8 pc to 8.85 lakh tonnes in Feb
• Byju's US lender asks NCLAT to bar Aakash from amending articles of association
• India, US eye trade deal to boost market access, cut barriers: Govt tells LS
• Bharti Airtel to bring Starlink to India, signs agreement with SpaceX
• Ather Energy IPO: EV maker seeks $1.2 billion valuation in upcoming share sale
• SRF acquires Kanpur Plastipack's CPP business to bolster offerings
• Nissan to Name Espinosa as CEO After Honda Takeover Turmoil, NHK Reports
• Volkswagen Sees Flat Margin This Year as Trade Tensions Rise
• All cargo Gati Feb update total volume at 95 kt vs 100 kt (YoY)
• Japan's economy grew at 2.2 per cent annual rate in Oct-Dec, as consumers held back on spending
• CITI on Bharti Airtel
• Buy, TP Rs 1920
• Announced greement with SpaceX to offer Starlink’s satellite communication services in India
• Enable Bharti to offer telecom services to a section of population residing in remote parts of India that is currently underserved
• Also enable Bharti to expand B2B connectivity & related offerings
• View service as complementary to Bharti’s existing offerings
• JPM on Bharti Airtel
• OW, TP Rs 1970
• Announced an agreement with SpaceX to bring Starlink’s high-speed Internet service to India on a nonexclusive basis
• Starlink is yet to receive regulatory approvals
• Believe pricing will be a keyUBS on Zydus Life
• Sell, TP Rs 850
• Announced acquisition of Amplitude Surgical which manufactures knee and Hip prostheses
• Zydus has paid EV of €390mn (80% premium to last price = €300mn + €90mn net debt assumed) & this is 3x EV/IC
• Hence on acquired price, RoCE is even lower at 3-4% (less than yield on cash) & hence think acquisition looks expensive & is likely EPS dilutive for first few years
• On EV/EBITDA, acquired asset is at 14.5x EV/EBITDA last 12 months
• Motilal Oswal On Sharp Market Correction
• Factors suggest that Indian equities may be in the latter stages of correction
• Fll outflows affecting markets but marginal impact getting smaller
• Believe modest earnings growth in FY25 should give way to double-digit growth in FY26
• India could eventually be a net beneficiary of global realignment
• MS on Coforge
• OW, TP cut to Rs 9400 from Rs 11500
• A bottom up micro story that has many legs supporting its scalability potential
• New tech change cycle could act as an inflection point which has a challenger mindset
• Think rev growth & val multiples could polarize for Coforge
• Morgan Stanley on IT
• Downgrade INFY to EW, TP cut to Rs 1740 from Rs 2150
• Key trades:
• TCS over INFY
• TECH M over HCLT
• Coforge over Mphasis
• Coforge– OW, TP cut to Rs 9400 Vs Rs 11500
• TCS OW, TP cut to Rs 3950 Vs Rs 4660
• HCL Tech– EW, TP cut to Rs 1600
• Tech M– EW, TP cut to Rs1550
• Shifts in macro environment & technology evolution are happening fast
• See downside risks emerging for both rev growth of India IT services & val multiples
• For select stocks, multiples could become more polarized
• Jefferies on Swiggy
• Initiate Hold, TP Rs 400
• Q/C offers tremendous growth opportunity although faces high competition and hence, profitability will remain under pressure
• This would result in negative Ebitda and FCF over FY25-27E
• WHAT MF BOUGHT AND SOLD IN FEB?
• Src-Nuvama Institutional Equities
• LARGE CAPS
• Key additions HDFC Bank, Hexaware Tech  and TCS .
• Key reductions were IndusInd Bank , Interglobe Aviation and Bajaj Finance.
• Midcap
• Key additions  were KEI Inds, Crompton Greaves and Glenmark Pharma.
• Key reductions were ITC Hotels , Manappuram Finance  and CDSL.
• Smallcap
• Key additions-Team Lease Services, Ajax Engineering and Welspun Enterprises.
• Key reductions were Can Fin Homes, PVR Inox  and Aarti Pharma
• Global News: Ukraine agrees to US proposal for a 30-day truce and resumes intelligence & security aid with Washington. (Agencies
• Global News: US House passes Stopgap Funding, Bill goes to Senate (Agencies)
• CLSA on Tata Motors
• High Conviction O-P, TP Rs 930
• Management confident of achieving its 4Q targets for JLR, as highlighted during 3Q
• Despite capex to peak in FY26 for JLR, it is expected to turn net debt +ve much earlier
• JLR trading at 1x FY27CL EV/EBITDA