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EquityPandit

EquityPandit
MARKETS

Shares of BSE Ltd Fall 4% After Weak Q1 Performance

BSE Ltd’s shares have fall 3.7 per cent following a 21.4 per cent year-on-year decline in the company’s June quarter net profit to Rs 32.48 crore. The stock was at Rs 501.50 down 1.9 per cent from the previous close, while the benchmark Nifty was up 1.5 per cent at 11,056.80.

Total income declined 2.3 per cent year-on-year to Rs 162.11 crore in the quarter under review. BSE had suspended over 1,000 defaulting companies in the last quarter, which were billed but were bad accounts and had to be provisioned for. The exchange’s board has given ‘in-principle’ approval to explore the possibility of unlocking value in the distribution business of StAR MF, and appointment of a merchant banker for the same.

“…Our sum of the parts fair valuation of the stock ascribes value to its operations, including cash and margin money income at Rs 520 per share and its implied value from its subsidiary’s market price at holding company discount of Rs 120 per share. Target price implies an upside of 25 per cent to Rs 640,” brokerage from Motilal Oswal said. It has a buy rating on the stock. The exchange said it would maintain its capital allocation policy of returning 90–95 per cent standalone profit to shareholders. There are no plans of a share buyback in the near term.

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MARKETS

Stocks Under F&O Ban: National Aluminium, Manappuram Finance, and Others

Ali Waghbakriwala

Under the futures and options (F&O) segment, four stocks were banned from trade on Friday, 11 April, by the National Stock Exchange (NSE). The securities banned for the F&O trade are Hindustan Copper, Manappuram Finance, National Aluminium, and Birlasoft. 

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

Manappuram Finance, Hindustan Copper and Birlasoft were retained on the list from Wednesday as the open interest as a percentage of the MWPL of its F&O contracts stood at 107.4%, 102.4%, and 87.1%, respectively. 

The above securities were retained on the list from Wednesday, 9 April. National Aluminium was added to the list on Friday as the open interest in their F&O contracts reached 101.3%.

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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MARKETS

GIFT Nifty Surges as Donald Trump’s 90-Day Tariff Freeze Boosts Sentiment

Ali Waghbakriwala

Indian markets are predicted to open well on Friday, 11 April, with GIFT Nifty trends pointing to a healthy gain of 600 points, or 2.5%, following US President Donald Trump’s announcement of a 90-day freeze on extra tariffs for various nations, which caused a significant rebound in global stocks.

The action, which Trump defended as a reaction to correspondence from more than 75 nations seeking communication, was sufficient to change investor sentiment in a single day. The Dow Jones was up 2,300 points, or 7%, the S&P 500 was up 8%, and the Nasdaq was up 10%.

Despite the fact that the tariff relief was only available to a few nations, Trump increased import levies to 125% with immediate effect, putting additional pressure on China. For the time being, the larger relief rally seems to have gained traction despite the tension between the US and China.

In addition, the RBI’s decision to cut interest rates for the second consecutive time will be relevant on 11 April, when markets resume after the 10 April Mahavir Jayanti holiday.

On 9 April, benchmark indices Nifty and Sensex continued to trade with heavy losses, weighed down by steep drops in IT, metal, pharmaceutical, and public sector bank stocks. The broader market reflected the bearish attitude, with the midcap and smallcap indices falling 0.5% and 0.9%, respectively. 

Nestle, HUL, Tata Consumer Products, Titan Company, and Power Grid Corp. were among the Nifty’s biggest gainers. The biggest losers were Wipro, SBI, L&T, Trent, and Tech Mahindra.

MARKETS

IRB Infra Shares Trade 2% Higher as Toll Collection Gains in March

Dhruva Kulkarni

Shares of IRB Infrastructure Developers Ltd gained 2% on Wednesday, 9 April 2025, after the company reported strong growth in toll revenue collection in March 2025 compared to March 2024. 

IRB Infrastructure said that toll income in March 2025 was Rs 557 crore, up from Rs 481 crore in March 2024. 

In FY2024-25 (FY25), IRB Infrastructure Developers Limited and its Private InvIT Associate IRB Infrastructure Trust increased toll revenue by over 23% over FY2023-24 (FY24). 

“This is much over and above the National Y-o-Y Toll Revenue growth of 12.5% for FY2024-25,” IRB Infrastructure highlighted. 

Notably, IRB Infrastructure also disclosed that the Company and the Trust generated Rs 6,360 crore in toll revenue for FY25, which was more than the Rs 5,169 crore recorded for FY24 as a whole.

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Amitabh Murarka, deputy chief executive officer of IRB Infrastructure Developers Limited, said, “We take immense pride in the impressive 23 per cent growth in Toll Revenue for FY25, which significantly outpaces the national average of 12.5%. We are also pleased to report a strong finish to FY25, with approximately 16% year-on-year increase in our monthly Toll Revenue for March 2025.”

Murarka anticipates this growth trend to continue in FY26, driven by the Union Budget’s focus on important sectors such as tourism, transportation, and consumption-based industries, as well as the implementation of Toll Tariff adjustments. 

With an emphasis on roads and highways, IRB Infrastructure Developers Ltd (IRB) is a well-known integrated multi-national transport infrastructure developer.  IRB is the largest private toll road and highway developer in India, with over Rs 80,000 crore in assets distributed across 12 states, including the core business and two Infrastructure Investment Trusts (InvITs).

With more than 25 years of experience, IRB Infrastructure has built, tolled, maintained, and operated about 18,500 lane kilometres across the country, of which 15,500 are presently in use. The business has a significant market share of over 38% in the Toll-Operate-Transfer (TOT) sector and 12% in India’s North-South highway connection.

IRB Infrastructure has effectively finished thirteen concessions and transferred them to the relevant nodal organizations.  Eighteen Build-Operate-Transfer (BOT) projects, four TOT projects, and four HAM projects make up the IRB Group’s current portfolio of 26 road projects.

However, at 3:30 pm, the shares of IRB Infra closed 0.50% lower at Rs 45.49 on NSE.

Curious About IRB Infra? Ask the Analyst.

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MARKETS

ITI Shares Rally 5% on Commencing Work for S-NOC

Ali Waghbakriwala

Shares of ITI Ltd rallied 5%, hitting an intraday high of Rs 254.40 on 9 April after the company announced that it had begun work on the State Network Operations Center (S-NOC) of the massive BharatNet Phase-III Project in Solan, Himachal Pradesh, in collaboration with BSNL.

In its regulatory filing, the company said, “S-NOC is a centralised location where ITI Limited will monitor and manage the performance, security, and availability of the project’s network infrastructure, ensuring efficient delivery of services.”

Moreover, the company was awarded lowest bidder (L1) status for the BharatNet Phase-III Project in the Andaman & Nicobar Islands, West Bengal, and Himachal Pradesh, with a total order value of Rs 5,050 crore.

ITI is a significant source of electronic manufacturing, specifically defence electronics goods and systems. The company provides a comprehensive variety of telecom products and solutions, including Switching, Transmission, Access, and Subscriber Premises equipment.  

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The company operates cutting-edge manufacturing facilities in six locations: Bangalore (Karnataka), Mankapur (UP), Naini (UP), Rae Bareli (UP), Palakkad (Kerala), and Srinagar (J&K). 

Revenue for the company increased 1.08% to Rs 1,034.54 crore in Q3FY25 from Rs 1,016.20 crore in Q2FY25. The company’s net loss decreased from Rs 70.33 crore in Q2FY25 to Rs 48.88 crore during the quarter.

At 1:33 pm, the shares of ITI were trading 4.82% higher at Rs 254 on NSE.

Ask the analyst & get instant answer about ITI Ltd.

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MARKETS

FMCG Shares Gain as RBI Cuts Inflation Forecast 

Ali Waghbakriwala

Shares of fast-moving consumer goods (FMCG) were trading in the green despite weak market conditions on 9 April after the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) slashed the inflation estimate for fiscal year 2026 from 4.2% to 4.0%. 

Reserve Bank of India, in its statement, said, “CPI inflation for the financial year 2025-26 is projected at 4.0 %, with Q1 at 3.6 %; Q2 at 3.9 %; Q3 at 3.8 %; and Q4 at 4.4 %. The risks are evenly balanced,”

The Reserve Bank of India (RBI) has revised its inflation projections, raising the CPI estimate for Q4FY26 to 4.4%, up from 4.2%. The earlier projections for Q1FY26 and Q2FY26 remained unchanged at 4.5% and 4%, respectively.

In its latest policy decision, the RBI’s Monetary Policy Committee (MPC) unanimously voted to reduce the repo rate by 25 basis points, lowering it from 6.25% to 6%.

Following the announcement, the FMCG index surged by as much as 1.41%, touching an intraday high of 55,066.60. Among individual stocks, Emami led the gains with a 2.67% rise, reaching Rs 597.70, while Nestle followed with a 2.36% increase to Rs 2,329.20.

RBI data revealed that headline CPI inflation dropped significantly between December 2024 and February 2025—from 5.2% to 3.6%, a decline of 1.6 percentage points. This sharp fall was mainly due to a seasonal correction in vegetable prices.

Food inflation also fell to a 21-month low of 3.8% in February, while the fuel segment continued to experience deflation. Core inflation, which was stable in December and January, inched up to 4.1% in February due to a surge in gold prices.

The RBI maintains a positive outlook on food inflation, citing seasonal corrections and improved agricultural conditions. Uncertainty around rabi crop output has eased, with second advance estimates pointing to record wheat production and better pulse yields compared to the previous year. Combined with strong Kharif arrivals, these factors are likely to support continued easing in food prices.

Inflation expectations over the next three months and the next year have dropped significantly, helping to anchor the overall inflation outlook. Additionally, the recent dip in crude oil prices is expected to further ease inflationary pressures.

However, the RBI also cautioned about potential risks from global market volatility and possible weather-related disruptions, which could push inflation higher.

Adding to the positive sentiment in FMCG stocks was a forecast from Skymet predicting a normal southwest monsoon for India despite a slow onset. Rate cuts tend to benefit the FMCG sector as they can boost consumer spending and drive demand for everyday goods.

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