Stock market update: Nifty IT index advances 0.61% in an upbeat market
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NEW DELHI: The Nifty IT index traded positive around 10:58AM(IST)on Wednesday in an upbeat market.Oracle Financial Services Software Ltd.(up 3.94 per cent), LTIMindtree Ltd.(up 1.67 per cent), Coforge Ltd.(up 1.58 per cent), MphasiS Ltd.(up 1.5 per cent) and Tech Mahindra Ltd.(up 1.31 per cent) were among the top gainers.Tata Consultancy Services Ltd.(down 0.5 per cent) were the top losers on the index.The Nifty IT index was up 0.61 per cent at 37039.35 at the time of writing this report.Benchmark NSE Nifty50 index was up 39.96 points at 24582.45, while the BSE Sensex was up 139.22 points at 80876.73.Among the 50 stocks in the Nifty index, 30 were trading in the green, while 20 were in the red.Shares of Aditya Birla Retail YES Bank and Suzlon Energy were among the most traded shares on the NSE.Shares of Natural Capsule Pennar Ind and Interarch Building hit their fresh 52-week highs in today's trade, while Aditya Birla Retail, Navkar Builders , Prostarm Info System, Godha Cabcon & Insul and Jai Balaji Inds hit fresh 52-week lows in trade.
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Business Standard
29 minutes ago
- Business Standard
What's behind 40% surge in GMDC stock price in past one month?
Shares of GMDC moved higher by 8 per cent to hit an over 10-month high of ₹414 on the BSE in Friday's intra-day trade amid heavy volumes. SI Reporter Mumbai Share price of Gujarat Mineral Development Corporation (GMDC) today Shares of Gujarat Mineral Development Corporation (GMDC) moved higher by 8 per cent to hit an over 10-month high of ₹414 on the BSE in Friday's intra-day trade amid heavy volumes. The stock price of this industrial minerals company now quotes at its highest level since July 25, 2024. It had hit a 52-week high of ₹439.90 on July 9, 2024. In the past one month, GMDC outran the market by surging 40 per cent, as compared to 2 per cent rise in the BSE Sensex. It has bounced back 83 per cent from its 52-week low of ₹226.20 touched on March 3, 2025. At 02:33 PM: GMDC was quoting 7 per cent higher at ₹408.10, as compared to 0.92 per cent rise in the BSE Sensex. The average trading volumes at the counter jumped six-fold. A combined 14.53 million equity shares representing 4.6 per cent of total equity of GMDC changed hands on the NSE and BSE. What's driving the 40% surge in GMDC's stock price in the past one month? India's incentive scheme for recycling of critical minerals is in the final stages of getting approvals, as the country strives to meet its clean energy goals, according to a mines ministry government document, Reuters reported. The scheme, which will include lithium-ion batteries, will give a capex subsidy to eligible recyclers, according to the document shared with reporters at an event. India is planning to launch incentives for the recycling of 24 critical minerals this year, including lithium and cobalt, Reuters reported in April. According to media reports, GMDC has targeted to spend ₹13,000 crore in capital expenditure till 2030. An estimated 46 percent of this capex is expected to be spent on acquiring land for various projects including the coal mining projects in Odisha. Approximately ₹3,000- 4,000 crore (of the proposed capex) is for critical mineral projects - two of them. An additional ₹4,000 crore is for coal projects, ₹3,000 crore for lignite projects and the company would still need to spend in excess of ₹1,000 crore for existing lignite projects, as per reports quoting Roopwant Singh (IAS), Managing Director, GMDC. Meanwhile, Roopwant Singh, while announcing March 2025 quarter results on May 15, 2025 said that FY25 has been a year of steady performance and disciplined operations for GMDC. The company has remained focused on consistency and efficiency, while also moving ahead with key long-term projects. The progress made in Odisha, particularly in the Baitarani West block, reflects the company's future-ready approach and commitment to timely execution in line with national energy priorities. GMDC Outlook GMDC derives its strength from a distinguished track record of operations, a dominant position in the lignite mining sector, a diversified clientele spanning multiple industries, and favourable demand prospects. Looking ahead, GMDC has formulated strategic plans to significantly deepen its market presence by scaling up lignite production capacity by FY26. The company aims to elevate its lignite production to 15 million tonnes and is proactively seeking new mining leases to support this ambitious growth target. Additionally, GMDC is poised to leverage its substantial 1,700 million tonnes of limestone reserves, aspiring to become a long-term limestone supplier by commercialising these extensive resources, the company said in its FY24 annual report. About Gujarat Mineral Development Corporation GMDC is India's second-largest Lignite-producing company and top merchant seller of Lignite. It is a State Public Undertaking of the Government of Gujarat. The company is engaged in mining lignite from deposit-rich areas across the state, and markets it to various high-growth industries, including textiles, chemicals, ceramics, bricks and captive power.
Mint
36 minutes ago
- Mint
These three large-cap stocks are trouncing the Sensex in 2025—so far
India's benchmark indices have been treading water this year. Despite upbeat earnings from select sectors, the Sensex has inched up just 3.4% so far in 2025, with the Nifty rising 4.25% amid a mix of global uncertainty, volatile foreign fund flows, sticky inflation, and high oil prices. Add the Reserve Bank of India's cautious policy stance, and it's clear why investors have had little to cheer. Yet, a handful of heavyweight stocks have bucked the trend—surging over 25% and delivering market-beating returns. Read this | This lender to the railways is getting off track to get back on track In this piece, we spotlight three such large-cap outperformers, unpack the catalysts behind their rally, and assess whether their momentum can hold. Can these stocks still deliver upside, or is the best already behind them? #1 Bajaj Finance Bajaj Finance has rallied 29% year-to-date, handily outperforming the broader market. The bounce came after a surprise rebound in the December 2024 quarter, which restored investor confidence in the company's ability to grow despite macro headwinds. A stalwart in India's non-bank lending space, Bajaj Finance posted a 23% year-on-year rise in net interest income to ₹9,380 crore for Q4FY25, while net profit jumped 18% to ₹4,310 crore—fuelled by operational efficiencies and a growing loan book. The rally got an additional boost after the Reserve Bank of India lowered risk weights on bank lending to non-banking finance companies (NBFCs), a move that could reduce borrowing costs and support the company's expansion plans. Investor sentiment was further lifted when Anup Kumar Saha was announced as the incoming managing director, succeeding long-time head Rajeev Jain. Saha, a seasoned insider, is seen as well-positioned to drive the firm's ambitious five-year plan, dubbed 'BAF 3.0." That roadmap aims to grow assets under management (AUM) to ₹4 trillion and the customer base to as high as 210 million by FY29. The company also expects to disburse more than 40 million loans and expand its retail credit market share to over 4%. Over the past five years, the company has scaled up its loan book 2.4 times, while growing net profit at a compounded annual growth rate (CAGR) of 26%. Additionally, consistently low non-performing assets (0.30%-0.4% since FY18), and a solid return on equity (RoE) of 17.6%, Bajaj Finance remains one of the most dependable names in Indian financial services. For FY26, the company expects to add 14–16 million customers and grow AUM by 24–25%, supported by new business lines. It has also guided for return on assets (RoA) of 4.4-4.6% and RoE of 19–20%, aided by surplus capital. Axis Securities has a 'Buy' rating with a target of ₹10,500. Still, the stock's premium valuation—5.7x price-to-book versus an industry average of 1.9x—suggests that much of the optimism may already be baked in. Read this | Rich valuation pricks Bajaj Finance as it cuts guidance #2 Cholamandalam Investment and Finance The second stock riding the NBFC rally is Cholamandalam Investment and Finance Co. Ltd (CIFC), up 27.8% in 2025. Its steady loan book expansion, strong asset quality, and consistent profitability have made it a standout performer in the sector this year. CIFC, a part of the Chennai-based Murugappa Group, provides vehicle finance, home loans, and loans against property. It has a strong foothold in vehicle finance—accounting for 58% of its assets under management (AUM)—and has been gradually diversifying into home loans and SME lending, with a focus on self-employed borrowers. The company delivered a solid performance in FY25, with broad-based growth across disbursements, profitability, and asset quality. Total income rose 36% year-on-year to ₹13,570 crore, driven by a 14% rise in disbursements to ₹1.0 trillion. Net profit grew 24% to ₹4,259 crore. Asset quality also improved. Gross Stage 3 assets declined to 2.81% in March 2025 from 2.91% in December, while net non-performing assets (NPAs) fell to 2.63%. The company maintained a strong capital adequacy ratio of 19.75%, comfortably above the 15% regulatory minimum. Importantly, FY25's performance is part of a broader trend. Over the past five years, CIFC has reported a 27% CAGR in AUM, a 32% CAGR in net profit, and a 40% CAGR in disbursements—reflecting consistent execution across business segments. As part of the Murugappa Group, CIFC benefits from group synergies and a wide client base. Its five-year average return on equity stands at a healthy 18%, underlining its ability to scale profitably while keeping risk under control. Looking ahead, the company expects 20–25% AUM growth in the medium term, driven primarily by non-vehicle portfolios. It also plans to enter gold loans and consumer durable financing in FY26, targeting existing customers who currently borrow from outside sources. To support this, it will add 120 dedicated gold loan branches—requiring specific infrastructure such as vaults and tighter controls—in the South and East, where pilots are underway. Axis Securities expects robust momentum to continue, led by sustained growth in the vehicle finance portfolio and accelerating traction in newer segments, supporting a projected 24% CAGR in AUM over FY25–27E. The largely fixed-rate VF book, combined with a declining cost of funds, is expected to support margins. Axis has a 'Buy' rating on the stock with a target price of ₹1,780. Still, at a price-to-book multiple of 5.4x—well above the industry average of 1.9x—the stock isn't cheap. #3 IDBI Bank IDBI Bank has surged 31% in 2025, far outperforming the Sensex, driven by a mix of reform momentum and renewed investor interest as the government pushes ahead with its strategic disinvestment plans. The spotlight returned to IDBI Bank after the Centre reiterated its intention to complete the long-pending stake sale by the end of the year. Together, the government and Life Insurance Corp. of India (LIC) currently hold over 94% of the bank. As part of the proposed divestment, they aim to sell a combined 61% stake—split roughly equally between the government's 30.48% and LIC's 30.24%. The revived timeline has rekindled market interest. While the Centre no longer sets explicit disinvestment targets, the IDBI stake sale is expected to be a key contributor to FY26's budget estimate for miscellaneous capital receipts, pegged at ₹47,000 crore. 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On the disinvestment front, shortlisted bidders have completed due diligence and are reviewing the bank's data room. Negotiations over the share purchase agreement are currently in progress. Meanwhile, the stock trades at a price-to-book multiple of 1.8x—above its historical median of 1.3x and the industry average of 1.3x. Also read | This small-cap has already gained 1,000%. Can AI fuel its next leap? Still, the rally hinges on timely execution of the stake sale. Any regulatory delays or shifts in government stance could dampen sentiment. With much of the upside likely priced in, the room for error remains narrow. Conclusion These large-cap stocks have clearly outperformed the Sensex in 2025—but their sharp rallies call for measured optimism. Much of the good news may already be priced in, leaving limited margin for error. Valuations for some names now exceed historical averages, increasing vulnerability to earnings misses, policy shifts, or broader market volatility. For more such analysis, read Profit Pulse. With global uncertainties still in play, markets may stay choppy in the near term. Investors would do well to stay anchored to fundamentals, avoid chasing momentum, and consider staggered entries over lump-sum bets. About the author: Ayesha Shetty is a research analyst registered with the Securities and Exchange Board of India. She is a certified Financial Risk Manager (FRM) and is working toward the Chartered Financial Analyst (CFA) designation. Disclosure:The author does not hold shares in any of the companies discussed. The views expressed are for informational purposes only and should not be considered investment advice. Readers should conduct their own research and consult a financial professional before making investment decisions.
Economic Times
37 minutes ago
- Economic Times
RBI's 50 bps rate cut sparks short-term bond rally, long-term yields stay subdued. What's ahead?
India's short-term government bonds rallied after the RBI's surprise 50 bps rate cut, while long-term yields remained largely stable. The central bank's dovish tilt and liquidity infusion via a cumulative 100 bps CRR cut added to the positive momentum. Experts expect monetary transmission to improve, with shorter-end yields benefiting the most amid a data-dependent policy outlook. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's short-term government bonds rose on Friday, buoyed by the central bank's monetary policy announcements, including a larger-than-expected 50 basis point rate cut, which were viewed as particularly supportive for the shorter end of the yield curve. In contrast, the more liquid long-term bonds remained largely yield on India's benchmark 10-year government bond rose to 6.2200% around 1:25 pm on Friday, up from 6.1960% at Thursday's five-year 6.75% 2029 bond yield was at 5.8100%, after ending at 5.8514%. Bond yields were volatile after the RBI RBI lowered its key repo rate to 5.50%, marking its third consecutive cut, as subdued inflation gave policymakers room to shift their focus toward boosting economic central bank has lowered rates by a total of 100 basis points in 2025 so far, beginning with a 25 basis point cut in February. Additionally, the Central Bank reduced the CRR by a cumulative 100 bps in four equal tranches, adding almost INR 2.5 Lakh crore to banking system liquidity.'Larger than expected move on the Repo Rate, offset by the hardening of the policy stance, may be seen as a front-loading of future policy action. CRR, on the other hand, is a surprise for the market,' noted Churchil Bhatt, Executive Vice President - Investment at Kotak Mahindra Life Insurance has also moved its full-year inflation forecast lower to 3.7% from 4.0% while affirming its confidence in a robust growth trajectory.'Overall, we expect moderate steepening of the Government Bond yield curve, with shorter-end yields and spread assets benefitting from the surprise liquidity bonanza,' Bhatt believes that these policy actions will also accelerate monetary transmission, resulting in lower bank lending rates. Going forward, he expects to see a data-dependent approach to RBI, with most of the heavy lifting behind yields and RBI interest rates have an inverse relationship, meaning when the RBI cuts interest rates (like the 50 basis point repo rate cut in this case), bond yields, particularly on shorter-duration government bonds, typically is because new bonds will offer lower returns, making existing higher-yielding bonds more attractive, thereby driving up their prices and pushing yields down. Short-term yields are more directly influenced by such rate cuts and tend to respond read: RBI's bazooka sends Sensex, Nifty soaring. What does it mean for stock market investors However, long-term yields, like the 10-year benchmark, are typically shaped by broader factors such as inflation expectations, fiscal outlook, and economic growth.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
