Market Pulse | 3rd January, 2025

MARKET RECAP 2024

Dalal Street had a roller coaster ride in 2024 from shattering record after record to facing heavy correction off late, this year’s market journey was a mix of caution and opportunity. The story of Indian markets in 2024 was shaped by a mix of global events and the strength of the domestic economy mostly on support from domestic institutional investors and policy continuity after India's ruling party returned to power.

The first half of the year saw robust corporate earnings, a surge in domestic flows, and a resilient macro landscape, driving the Nifty to an all-time high of 26,277.35 in September 2024.

The challenges deepened in the final quarter as disappointing corporate earnings and weaker-than-expected economic growth further dampened investor confidence, contributing to the subdued performance of the headline indices

The market has corrected from its all-time high and marked the third major decline since the COVID-19 pandemic in 2020, with unprecedented selling by Foreign Institutional Investors (FIIs) and stretched valuations.

· Looking at the full-year performance, benchmarks Sensex and Nifty registered nearly 9% gains each, marking single-digit returns for the second time in three years.

· Broader markets outperformed significantly, with Nifty Midcap and Nifty Smallcap indices rising nearly 24% each as domestic investors and mutual funds piled on due to the return potential in these segments.

· Among sectors, the Pharma index was the top sectoral performer, jumping 39%, aided by steady sales growth in domestic and U.S. markets as well as stable pricing in the U.S. Nifty Media was the worst performing sector, dropping 24% followed by Nifty FMCG.

· Among style indices, Momentum emerged as the top performer with 26% returns, followed by Value (19%) and Nifty Low Volatility (13%).

· Among stocks, Trent, a retailer, gained about 133%, the most among Nifty 50 stocks, helped by stable earnings till the September quarter. Reliance Industries, the second-heaviest stock in the benchmark indexes, dropped 6%, posting its worst year since 2011 on weaker earnings in the last two quarters. Asian Paints lost about 33%, its worst ever annual performance, hurt by weak earnings and rising competition.

· NSE saw the highest number of IPOs in 2024, across the mainboard and SME segment, in Asia and also the highest equity capital raised through the primary market globally in 2024.

· Inflows into equity mutual funds more than doubled year-on-year to a record high of 3.53 trillion rupees ($41.23 billion), cushioning some of the volatility in foreign flows. Foreign portfolio investors (FPI) remained net buyers for the year as of Dec. 30, adding stocks worth 20.26 billion rupees.

· Both the precious metals gold and silver surged by over 17% in 2024, driven by rising global economic uncertainties, inflationary pressures, and increased demand for safe-haven assets.

· Geopolitical tensions, particularly in Ukraine and the Middle East, contributed to fluctuating oil and gas prices. Brent crude oil prices averaged $85 per barrel in 2024, compared to $82 in 2023, according to the International Energy Agency. In India, the renewable energy sector experienced unprecedented growth, with solar capacity additions surpassing 25 gigawatts in 2024. However, high crude oil prices strained India’s import bill, widening the trade deficit to $250 billion.

· On the other hand, the Indian Rupee depreciated 3% against the US Dollar, closing the year at USD/INR 85.62, marking the seventh consecutive year of decline.

· Inflation posed significant challenges for Indian households in 2024, driving up the cost of essential goods and services and tightening consumers’ budgets. The GDP growth rate fell to a seven-quarter low of 5.4 per cent in the July-September period, mainly attributed to diminished consumers’ real purchasing power which reduced spending on non-essential goods and services.

· India's benchmark 10-year bond yield posted its steepest decline in four years in 2024 as the government's fiscal discipline and inclusion of debt in global indexes boosted demand, while investors awaited start of the domestic rate easing cycle in 2025. The yield ended at 6.7597% on 31stDecember 2024, dropping 42 basis points on-year after easing 15 bps in 2023. This is the biggest fall since the 66 bps decline in 2020.

In conclusion, 2024 was a year that required strategic decision-making and adaptability. Investors who focused on sectoral trends and adjusted their strategies based on global developments were better positioned to navigate the complexities of the market. The year taught us that while caution is necessary, there are always opportunities for those willing to adjust to the evolving market conditions.

For the week ended 03rd Jan 2025

ECONOMIC HIGHLIGHTS

INDIA

·?Indian sugar output down 15.5% yr-on-yr as cane yields fall: Indian mills have produced 9.54 million metric tons of sugar since the season began on Oct. 1, down 15.5% year-on-year, a leading industry body said on Thursday, as cane yields fell in the three biggest producing states. Lower output in the world's second-largest sugar producer could eliminate the possibility of India allowing exports during the season ending in September 2025, supporting global sugar prices. Sugar production in western state of Maharashtra fell 21.5% from a year ago in the first three months of 2024/25 to 3 million tons, while output in neighbouring Karnataka fell 18.1% to 2 million tons, Indian Sugar and Bio-Energy Manufacturers Association (ISMA) said in a statement. Production in the northern state of Uttar Pradesh fell 4.5% from a year ago to 3.28 million tons, the ISMA said. By the end of December, 493 sugar mills in the country had started crushing operations, compared to 512 during the same period a year ago, it said. Cane yields in Maharashtra and Karnataka have fallen due to last year's drought, while in Uttar Pradesh, red rot disease has reduced yields, said a senior industry official.

· Rupee logs 9th straight week of losses, analysts expect more weakness: The Indian rupee ended at a record closing low on Friday, pressured by a decline in the Chinese yuan, and logged a ninth straight week of losses due to the relentless rise in the U.S. dollar. The rupee ended at 85.77 to the dollar, compared to its previous close of 85.7525. The local unit declined 0.2% for the week. Chinas yuan slid past the key 7.3 threshold to a 14-month low against the dollar on Friday as crumbling yields, rate cut expectations and the threat of tariffs from incoming U.S. President-elect Donald Trumps administration dented sentiment. A slide in the yuan exacerbated the rupees woes, a trader at a private bank said. The RBI likely dollar sales have prevented the rupees decline below its record low of 85.8075 hit last week, traders said. The currency has been under pressure over the past few weeks due to a broad dollar rally. The dollar index climbed to its highest in more than two years in New York trade on Thursday and is on track for its best weekly performance in over a month.

· India's FX reserves drop to eight-month low amid rupee pressure: India's foreign exchange reserves fell for the fourth consecutive week and stood at an eight-month low of $640.28 billion, as of Dec. 27, data from the Reserve Bank of India showed on Friday. The reserves declined by $4.1 billion in the reported week, after falling by a cumulative $13.7 billion in the prior three weeks. Changes in foreign currency assets are caused by the central banks intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves. The RBI intervenes on both sides of the forex market to curb undue volatility in the rupee. The domestic currency weakened to its all-time low of 85.8075 last week, down nearly 0.3% during the period. Concerns about Indias slowing growth and widened trade deficit have hurt the rupee, alongside broad-based dollars strength amid a hawkish shift in the U.S. Federal Reserves policy outlook and expectations surrounding the countrys President-elect Donald Trumps policies. The RBI has likely been selling dollars via state-run banks to curb weakness in the rupee and prevent a large-scale slump. The rupee settled at 85.77 on Friday. The domestic unit was down 0.2% for the current week, its ninth consecutive weekly fall.

· India's Dec factory activity growth hits 2024 low: India's manufacturing activity grew in December at its weakest pace for the year amid softer demand and despite easing cost pressures and strong jobs growth, a survey showed, dulling the outlook for the start of 2025. That confounded a preliminary reading showing faster expansion last month in a sector that accounts for about a fifth of overall output in Asia's third-largest economy, which grew at its weakest pace in?seven quarters?in July-September. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 56.4 - the weakest since December 2023 - little changed from November's 56.5 but below an?early estimate?that showed a rise to 57.4. Still, manufacturing output has shown sustained expansion with the index remaining above 50, which separates growth from expansion, for the past three-and-a-half years. "India's manufacturing activity ended a strong 2024 with a soft note amidst more signs of a slowing trend, albeit moderate, in the industrial sector," said Ines Lam, economist at HSBC. "The rate of expansion in new orders was the slowest in the year, suggesting weaker growth in future production. "While both output and new orders - a key gauge for demand - continued to rise last month, the improvement slowed.

GLOBAL HIGHLIGHTS

· Dollar on track for best week in a month: The dollar dipped on Friday but was on track for its strongest weekly performance in a month on expectations that the U.S. economy will continue to outperform its peers globally this year and that U.S. interest rates will stay relatively higher. A still solid labor market and stubbornly high inflation have lifted Treasury yields in recent weeks and boosted demand for the U.S. currency. New policies under the incoming Donald Trump administration, including business deregulation, tax cuts, curbs on illegal immigration and tariffs, are also expected to boost growth and add to price pressures. The dollar index was last down 0.28% on the day at 108.91, after hitting a two-year high of 109.54 on Thursday. It is on track for a weekly gain of 0.85%. Despite recent dollar gains there remains considerable uncertainty over when policies will be introduced by the new U.S. government, and what their ultimate impact will be. That could pause the dollar rally in the near-term.

· Chinese stock market slump deepens with bond yields hitting record lows as PBOC reportedly signals rate cuts:China stocks extended declines on Friday in a bumpy start to the new year, despite gains in the broader Asia-Pacific region, as investors assessed Beijing’s policy signals. Mainland China’s benchmark CSI 300 index fell 1.18% to close at 3,775.16480 after a volatile session extending a decline of 2.9% the day before. Hong Kong’ Hang Seng index was up 0.42% as of its final hour of trade. China’s bond yields hit record lows with the 10-year yield dropping 1.5 basis point to 1.598%, and 30-year government bond yield down 2.9 basis points at 1.819%, according to LSEG data. The People’s Bank of China is reportedly planning to cut interest rates “at an appropriate time” this year, the Financial Times reported citing comments from the central bank. The country’s 7-day reverse repo rate is currently set at 1.5%. In the year ahead, China will expand issuance of ultra-long bonds and ramp up efforts to boost consumption, senior officials from China’s National Development and Reform Commission told reporters Friday.

· Europe markets close higher as oil and gas stocks advance; Sterling, euro slip on strong dollar: European markets closed higher Thursday following a mixed start to 2025 trading. The pan-European Stoxx 600 index closed 0.6% higher, reversing earlier losses as regional bourses reopened after the New Year’s Day holiday. Oil and gas stocks led gains, up 2.3%, while utilities climbed 1.6%. Europe’s banking index and autos stocks dipped, however, losing 0.3% and 0.47% respectively, as uncertainty remained over the economic outlook and potential tariffs under U.S. President-elect Donald Trump. France’s CAC 40 also erased earlier losses to gain 0.18%, though lagged other bourses. President Emmanuel Macron appeared to admit on Tuesday that his decision to hold snap parliamentary elections last year caused problems for the country. “We are also faced with political instability, it is not specific to France, we also see it among our German friends who have just dissolved their Assembly. But it legitimately worries us,” Macron said in his New Year address. Elsewhere, Germany’ DAX rose 0.58% while the U.K.’s FTSE 100 added 1.07%.

MARKET HIGHLIGHTS

Indian Markets Start 2025 on a Strong Footing, as Nifty Logs Second Consecutive Weekly Gain

·?Indian equities for the week ended January 3, 2025 ended with decent gains as sentiment turned positive amid better domestic macros and improved global cues. For the week to January 3, 2025, Sensex gained 0.67 per cent and closed at 79,223.11, while the Nifty50 index ended 0.8 per cent higher.

·?Broader markets also ended with impressive gains for the week, with the Nifty Midcap 100 index settling 1.7 per cent higher for the week.

·?Top gainers during the week were ONGC (up over 9 per cent), Eicher Motors (up 9 per cent), Maruti Suzuki (up 9 per cent), Bajaj Finserv and Bajaj Finance up over 7 per cent each.

· Top laggards during the week included stocks like Wipro dragged nearly 5 per cent, Hindalco Industries down over 4 per cent, ICICI Bank down over 3 per cent, Dr. Reddy's Labs down nearly 3 per cent and Adani Ports down 3 per cent.

·?In the first two sessions of the year, FIIs net sold equities worth Rs 275.96 crore, signaling a weakening trend in their selling spree.

·?Benchmarks logged their best session in six weeks on Thursday, led by financials and autos on expectations of a pickup in corporate earnings, with IT firm Infosys propping up gains after a brokerage forecast a hike in its revenue growth projections

·?The Indian rupee depreciated to a record low of 85.77 this week against the US Dollar.

·?Domestic gold prices rose to 77,947 rupees per 10 grams on Friday, after falling to 75,459 rupees last month. Local gold prices have been rising more than global prices in the last few days due to the depreciation of the rupee to a record low which has been dampening demand.

·?Looking ahead, the market is likely to focus on Q3 earnings, with expectations of improvement in earnings on a QoQ basis.

· Wockhardt shares surge 9.5%, touch 9-year high on regulatory nod for antibiotic drug: Shares of Wockhardt, the pharmaceutical and biotechnology major, spiked 9.5% in early trade on Friday, January 3, to hit a nine-year high of ?1,583 apiece after the company announced regulatory approval for its antibiotic drug Miqnaf for pneumonia treatment. The Indian drug regulator, Central Drugs Standard Control Organization (CDSCO), has approved Miqnaf (nafithromycin) as a new treatment for Community-Acquired Bacterial Pneumonia (CABP) in adults. Miqnaf is an ultra-short course, once-daily, 3-day treatment for CABP, including those caused by multi-drug-resistant (MDR) pathogens. The approval follows a favorable recommendation for the manufacture and marketing of nafithromycin by the Subject Expert Committee (SEC) of CDSCO, the company stated in its regulatory filing on Thursday. In terms of financial performance, the company posted a 7% quarter-on-quarter (QoQ) growth in revenue in Q2FY25 to ?818 crore compared to ?762 crore in the previous years corresponding quarter. EBITDA for Q2FY25 grew 71% QoQ, reaching ?139 crore compared to ?81 crore in the same period last year.

· Hero MotoCorp share price falls over 3% after December sales drop 17.5%: Hero MotoCorp share price dropped over 3% in early trade on Friday after the company reported a sharp fall in December sales. Hero MotoCorp shares declined as much as 3.5% to;?4,159.90 apiece on the BSE. Hero MotoCorp, the largest two-wheeler manufacturer in the world, reported a 17.5% fall in its December 2024 sales at 324,906 units as against 393,952 units in the same month a year-ago. The company’s domestic sales in December 2024 plunged 22.1% to 294,152 units from 377,842 units, year-on-year (YoY), while exports jumped 90.9% to 30,754 units from 16,110 units, YoY. In the electric vehicle (EV) segment, Hero MotoCorp reported sales of over 46,662 units of VIDA V1 e-scooters in the CY 2024.

· Force Motors stock jumps 10%, hits 8-week high on winning ambulance order from UP government: Force Motors, the flagship company of the Abhay Firodia Group, saw its shares surge 9.46% in intraday trade on January 02 to an 8-week high of ?7,256 apiece after securing a significant order for diesel ambulance vehicles. In a regulatory filing today, the company informed investors that it has received an order to supply 2,429 units of BSVI Diesel Ambulances to the Medical Health and Family Welfare Department, Uttar Pradesh. However, the company did not disclose the order value. In November, the company recorded a marginal increase in vehicle sales, rising to 1,885 units from 1,884 units in the same period a year ago. These sales comprised small commercial vehicles, light commercial vehicles, and utility vehicles.

· Afcons Infra shares jump nearly 7% to hit fresh high on Rs 1,080-cr DRDO order: Afcons Infra share price jumped 7% intraday in Fridays trading after the infrastructure engineering and construction company informed the shareholders on bagging a mega DRDO order worth over Rs 1,000-crore. Afcons Infrastructure Limited has received a Letter of Intent from the Govt of India, Ministry of Defence, Defence Research and Development Organisation (DRDO) for the execution of work related to the augmentation of MTC, creation of SAF, and workshop equipment for the ship lift facility (AMCSWF) at Visakhapatnam, the company said in a regulatory filing on January 3. The announcement led to sharp uptick in share price of Afcons Infra with the counter touching a fresh high of Rs 570 per share on the NSE, rising 6.62 percent from its previous close. The order worth Rs 1084.54 crore will be executed in 3 years, the company said in a statement.

· Sebi warns investment banking firm JM Financial of lapses in due diligence: The Securities and Exchange Board of India (Sebi) has warned investment banking firm JM Financial for certain lapses in due diligence during the initial public offering (IPO) of Western Carrier (India). The administrative warning, dated January 1, points out that the book-running lead managers (BRLMs) failed to exercise due diligence, as the shortfall in authorised share capital of the company came to notice only after the issue opened for subscription. Further, the approvals for the incremental authorised share capital were taken during this period. “The approval of the board and shareholders for an increase in authorised share capital was taken while the issue was already open for subscription. Ideally, the approvals for incremental authorised share capital should have been taken prior to the opening of the issue and not after it,” said Sebi in the letter. The shares of JM Financial closed with a decline of over 2%, settling at Rs 130.25 apiece.

· ONGC, Oil India shares surge 4% as crude oil prices hits over 2-month high: Shares of Oil and Natural Gas Corporation (ONGC) (Rs 255.20) and Oil India (Rs 483.90) gained 4% on the BSE in Fridays intraday trade, amid heavy volumes, in an otherwise weak market after Brent crude oil price hit an over two-month high. The rise in oil price came amid hopes of improvement in China's economic growth prospects. Xi's New Year address on Tuesday said that China would implement more proactive policies to promote growth in 2025. Oil prices extended their gains on Friday, after closing at their highest in more than two months in the previous session, on hopes that governments across the world, too, may increase policy support to revive economic growth that would lift fuel demand, Reuters reported. Brent crude futures were trading above $76 per barrel-mark, while WTI Crude was around $73.4 per barrel. Both of them were higher by 0.3% and 0.36%, respectively, today. ONGC share price (down 26%) and Oil India share price (down 38%) have corrected over 25% from their respective record highs touched in August 2024.

· Aarti Pharma share price down 5% from day high on order to shut Vapi plant: Aarti Pharmalabs share price fell 3.4 % on the BSE today, hitting an intraday low of Rs 668 per share. This was a 4.8% decline in Aarti Pharma share price from the day’s high of Rs 702 per share. By comparison, the BSE Sensex today was trading weak, down over 600 points or 0.8% at 79,315 level. Meanwhile, the fall in Aarti Pharma shares came after it said that the Gujarat Pollution Control Board as directed the company to shut down its Vapi plant. The company has received direction from the Gujarat Pollution Control Board (GPCB) under Section 33(A) of the Water (Prevention and Control of Pollution) Act, 1974, to close the operations at its plant, located at Vapi, Gujarat, India, Aarti Pharmalabs said in a stock exchange filing. Additionally, the GPCB has ordered Aarti Pharma to deposit a bank guarantee of Rs 2,50,000 for compliance assurance at the time of revocation and has also ordered to deposit an interim Environment Damage Compensation amount as and when decided by the GPCB. The company, however, said it was taking immediate and appropriate measures to address the concerns raised by the regulatory authorities.

SECTOR HIGHLIGHTS

· Ten of the 13 major sectors advanced this week, with auto (Nifty Auto) gaining about 4% to be the top sectoral gainer by percentage on the back of upbeat monthly sales data from most auto players barring names like Hero MotoCorp. Royal Enfield motorcycle maker Eicher Motors jumped nearly 9% this week, while car maker Maruti Suzuki and peer Mahindra & Mahindra advanced 9.1% and 4.6%, respectively.

· Upstream oil company ONGC rose 9.3% this week, tracking crude oil prices and leading the oil and gas index (Nifty Oil and Gas) 3.4% higher.

· High-weightage financials (Nifty Fin) rose 1.6% on Thursday as asset quality pressure for financials is likely to ease in 2025, while valuations remain attractive across the sector, Jefferies and Citi said. Non-bank lender Bajaj Finance and its holding company Bajaj Finserv climbed 6.5% and 7.9%, respectively. Among other stocks, Punjab National Bank rose 2.8% on posting a year-on-year growth in deposits as on Dec. 31.

· The IT index rose 2.3% on Thursday, led by a 4% gain in Infosys and a 3.2% jump in HCLTech, after CLSA said it expected the software companies to hike their fiscal year 2025 revenue growth projections on improving outlook in the U.S. IT firms get a significant chunk of their revenue from the U.S.

BUSINESS-INDUSTRY UPDATES

·?India's Adani group to exit consumer goods joint venture with Singapore's Wilmar in $2 bln deal: Adani Wilmar declined 6.3% after the Adani group said it would exit the consumer goods joint venture with Singapore's Wilmar in a $2 billion deal as it looks to bolster its infrastructure business. The divestment marks the Indian conglomerate's first major transaction since the U.S. indictment of its billionaire founder in November and will see Wilmar acquire the group's 31% stake in Adani Wilmar at a per-share price not exceeding 305 rupees. The maximum per-share value of the deal was a 7.2% discount to the stock's close on Monday, which along with uncertainty over how Wilmar will replace the Adani group, led to the drop.

· Hindustan Unilever in talks to acquire skincare startup Minimalist for Rs 3,000 crore: FMCG major Hindustan Unilever Limited (HUL) is nearing a deal to acquire Peak XV Partners-backed Minimalist, a Jaipur-based skincare startup, in a Rs 3,000 crore ($350 million) deal, people briefed on the matter told Moneycontrol. If the deal goes through, Minimalist would have seen its valuation increase from around Rs 630 crore (about $75 million) to Rs 3,000 crore ($350 million) in a span of about three years, largely on the back of increasing revenues and a stable profit profile. It will also be one of the largest deals in thenbsp;direct-to-consumer (D2C) space in recent years, especially in the skincare industry. In FY24, Minimalist generated a revenue of Rs 350 crore, an increase of 89% from Rs 184 crore clocked in FY23. During the same period, it also saw its profit more than double from Rs 5 crore to Rs 11 crore. Minimalist has been profitable for at least four years, data showed. As things stand currently, Minimalist is commanding a revenue multiple of about 10X, significantly higher than 4-6X that similar direct-to-consumer (D2C) startups get during similar deals, thanks to its financial discipline.

· NHPC gets MCA's approval to merge with Lanco Teesta: NHPC announced that it has received approval from the Ministry of Corporate Affairs (MCA) for the merger of Lanco Teesta Hydro Power with itself. Meanwhile, the company said that it has received a second on-account gross payment of Rs 250 crore under its Mega Insurance Policy. This payment is related to the business interruption (BI) loss caused by the flash flood at the Teesta-V Power Station (510 MW) on 4 October 2023. NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar amp; wind power. As of 30 September 2024, the Government of India held a 67.40% stake in the company. The company reported a 41.19% decline in consolidated net profit to Rs 908.97 crore in Q2 FY25 from Rs 1,545.85 crore recorded in Q2 FY24. However, revenue from operations rose 4.11% year on year (YoY) to Rs 3,051.93 crore in the quarter ended 30 September 2024. Shares of NHPC rose 0.62% to Rs 82.96 on the BSE.

QUARTERLY UPDATES

· Bank of Maharashtra shares climb over 6% on strong Q3 business updates: Shares of Bank of Maharashtra surged more than 6 % during intraday trading on Friday, January 3, after the public sector lender reported robust updates for the December quarter (Q3 FY25). The banks total business rose 16.9 % year-on-year (Y-o-Y) to ?5.08 lakh crore, compared to ?4.34 lakh crore in the previous year. In its Q3 FY25 update, the bank revealed a 21.19 % Y-o-Y growth in gross advances, which reached ?2,28,652 crore, up from ?1,88,670 crore in Q3 FY24. Meanwhile, its current account savings account (CASA) deposits increased by 11.5 % Y-o-Y to ?1,37,504 crore, compared to ?1,23,322 crore in the same quarter of the previous year. In the last year, Bank of Maharashtra shares have risen by more than 11 %. Notably, the stock has added over 5 % in the first three sessions of January 2025, recovering from an 8.5 % decline in December 2024.

· Avenue Supermarts shares surge 15% on positive Q3 update, brokerages issue mixed views: Shares of Avenue Supermarts Ltd. jumped 15% in the morning deals on January 3, after the DMart operator shared its business update for the October-December period for FY2024-25. DMart reported a standalone revenue from operations at Rs 15,565.23 crore, higher by 17.5 % on-year compared to Rs 13,247 crore in the same period a year-ago. The total number of stores as of December 31, 2024 stood at 387. Hong Kong-based CLSA was bullish on Avenue Supermarts, maintaining its outperform call, with a target price of Rs 5,360 per share, which indicates a whopping 50% upside. The brokerage noted that the standalone revenues came above its estimates, leading to optimism. CLSA had also said in December that it is bullish on DMart given its pivot to private labels, placing it well to meet competition. In Q2FY25, the retail majors net profit rose 5.8 % on-year, reaching Rs 659.6 crore, compared to Rs 623.6 crore in the same period last year.

· Gujarat Pipavav Q3 cargo volume slides 13% YoY: Gujarat Pipavav Port announced that its handled cargo volume in container terms decreased to 177 thousand TEUs for Q3 FY25 from 203 thousand TEUs recorded in Q3 FY24, down 12.81%. While the companys dry bulk cargo volume declined 4% YoY to 0.72 million MT, liquid cargo volume rose 21.88% YoY to 0.39 million MT in the third quarter. The cargo volume of roll-on/roll-off ships zoomed to 44,000 units in Q3 FY25 registering a growth of 51.72% on YoY basis. During the period under review, the company handled 496 container trains (down 15.79% YoY) and the containers handled on train were 112 thousand TEUs (down 17.04% YoY). Gujarat Pipavav Port has been operating the Pipavav port in Saurashtra, Gujarat, since 1998. It has exclusive rights to develop and operate facilities of APM Terminals in Pipavav until September 2028, according to a concession agreement with Gujarat Maritime Board and the government of Gujarat.

· REC gains as loan disbursements climbs 18% YoY in Q3: REC rallied 3.57% to Rs 538.55 after the company said that it has disbursed loans amounting to Rs 54,692 crore in Q3 FY24-25, which is higher by 17.98% as compared with Rs 46,358 crore disbursed in Q2 FY23-24. Of this, renewable energy loans aggregated to Rs 6,314 crore, up 58.09% YoY in disbursals for Q3 FY24-25, compared with Rs 3,994 crore disbursed in Q3 FY23-24. For the nine months ended on 31 December 2024, REC has disbursed loans worth Rs 1,45,647 crore, up 19.3% YoY. The quantum of renewable energy loans stood at Rs 17,612 crore, up 78.68% YoY. REC, a Navratna company under the Ministry of Power, provides financial assistance to the power sector in all segments. It funds its business with market borrowings of various maturities, including bonds and term loans, apart from foreign borrowings. REC reported a 6.54% rise in consolidated net profit to Rs 4,037.72 crore on a 17.23% increase in revenue from operations to Rs 13,682.43 crore in Q2 FY25 over Q2 FY24.

· India's Dabur estimates low-single digit sales growth in Q3: Dabur India, which makes products ranging from honey to toothpaste, estimated its revenue rose in the low single-digit percentage range in the third quarter due to subdued demand for healthcare and beverage products, it said on Friday. Analysts, on average, had expected revenue growth to pick up to 4.8% in the October-December quarter, according to LSEG data, from a 5.5% decline in the previous quarter, which was the first drop in quarterly revenue since 2020. Dabur India, much like its peers in the sector, has struggled with the double whammy of increasing costs for raw materials and low consumer demand due to high inflation, especially in food prices. The company said demand from rural consumers continued to rebound faster than in urban regions. It also said it partially mitigated high input costs through price hikes and by cutting other expenses. It estimated operating profit would be flat for the third quarter.

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