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This category will talk of the news of the day and our analysis of the event.

Bitcoin Crosses $116,000, Surging 25% in 2025. What Lies Ahead?

Bitcoin, the world’s largest cryptocurrency, has touched a record-breaking high of over $116,000, continuing its strong rally in 2025. 

The rally is driven by increasing interest from institutional investors and supportive policies from the US President Donald Trump’s administration. 

The rally has also lifted other major cryptocurrencies like Ether, which jumped more than 5% to near the $3,000 mark.

So far this year, Bitcoin has jumped by 25%. 

Bitcoin in 2025 so far

According to experts, this rally is being driven by several factors, including expectations of interest rate cuts in the US, a weaker US dollar, ongoing global trade talks, and growing interest from large investors. 

Clearer crypto regulations in major countries and steady development in Web3 and tokenisation are also helping boost confidence.

Its daily trading volume reached $101.07 billion, and its total market value surged to $2.32 trillion, the highest among all cryptocurrencies.

5 Key Factors Behind Bitcoin’s Fresh Surge

  • Pro-Crypto Policies by Donald Trump: In March 2025, President Trump signed an executive order to form a strategic reserve of cryptocurrencies, signalling strong government support for digital assets.
  • Crypto-Friendly Appointments: Trump has appointed individuals known for their positive stance on crypto to top roles, including Paul Atkins at the Securities and Exchange Commission (SEC) and David Sacks, the new White House Artificial Intelligence lead
  • Family Business Interest: The Trump family’s companies have also entered the cryptocurrency space, further boosting confidence.
  • Supportive Comments: Trump’s recent bullish remarks on his Truth Social platform added to the enthusiasm among retail and institutional investors.
  • Institutional Demand on the Rise: Bitcoin’s rally is also being powered by institutional players. Mauricio Di Bartolomeo, co-founder and Chief Strategy Officer of Ledn, told Bloomberg that newly launched crypto treasury companies are expected to create strong ongoing demand for Bitcoin.

These companies are setting up treasuries in crypto rather than traditional currencies, which adds sustained buying pressure to the market.

Source: LiveMint/ Economic Times

Trump Media Plans to Launch a Crypto ETF

Adding to the momentum, a filing with the SEC on Tuesday revealed that Trump Media & Technology Group is planning to launch a crypto exchange-traded fund (ETF). This ETF would invest in various crypto tokens, including Bitcoin, and marks a major step in bringing cryptocurrencies closer to mainstream financial markets.

Will Bitcoin Go Higher?

Technical analysts have noticed a strong signal in Bitcoin’s chart. On Wednesday, the price broke above the top line of a downward channel—an encouraging sign that suggests further upside. The Relative Strength Index (RSI) remains strong and is not yet in the overbought zone, adding to the bullish outlook.

Using a basic price projection method, traders expect Bitcoin could rise toward $146,400, which is about 32% higher than current levels. This breakout is being closely watched as it may indicate the start of a stronger upward trend if support levels hold firm.

Source: Economic Times

Ether Also Surges, Nears $3,000

While Bitcoin stole the spotlight, Ether, the second-largest cryptocurrency by market cap, also joined the rally. It rose over 5% to trade at $2,964.02, after hitting a five-month high of $2,998.41 earlier in the day.

The surge in Ether is seen as part of the broader risk-on sentiment across crypto and stock markets, as investors grow more confident in digital assets under the Trump administration.

Conclusion

Bitcoin’s latest milestone above $116,000 shows how far the cryptocurrency has come in 2025, driven by a combination of positive government policies, institutional adoption, and investor optimism. 

With President Trump’s ongoing support and upcoming initiatives like a crypto ETF, the digital asset space could see even more mainstream traction in the months ahead.

As Bitcoin continues to lead the market, other tokens like Ether are also riding the wave, making this a bullish season for cryptocurrencies overall.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Why ACME Solar Holdings Share Price is Rising

Did you know – every second, the Sun releases enough energy to power the entire Earth for 500,000 years!

In one hour, the Earth receives 173,000 terawatts of solar energy – that’s over 10,000 times what the entire world consumes at any given moment.

If we expand the duration to one day, the sun provides more energy than all the fossil fuel reserves on Earth combined – let that number sink in: One Day!

And yet, most of this energy goes untapped.

But now, that’s shifting… at least in India. Thanks to government support, policy shifts, unit economics, capex flows, and export demand, we are taking serious efforts towards expanding our solar energy capacity.

And one company that sits right at the center of it is ACME Solar Holdings.

In the past 5 trading sessions, the company’s stock price has surged over 16%.

ACME Solar – 5 Days Performance

Let’s understand the company’s background and then delve deeper into why its stock price is rising.

A Word About ACME Solar Holdings

ACME Solar is one of India’s largest independent power producers (IPP). The company specialises in solar, wind, hybrid, and firm dispatchable projects.

The company owns and operates over 2.7 GW of solar energy projects and is developing an additional 1.65 GW of projects. It’s also engaged in green hydrogen and green ammonia projects, with a notable offtake agreement for 100 KTPA of green ammonia with Yara for a project in Oman.

Earlier this year in January, ACME announced a strategic partnership with Cliantech Solutions and Technologies to establish a state-of-the-art solar module manufacturing facility in Rajasthan. This gigawatt-capacity factory is expected to be commissioned by July 2025 and ACME plans to produce advanced solar modules, including TOPCon, MonoPERC, and bifacial modules, at this facility.

As of March 2025, promoters of the company hold over 83% stake, with the rest held by domestic institutions and retail investors.

Source: Investor Presentation

Why ACME Solar Share Price is Rising

In the past few trading sessions, the company’s stock price has seen a decent uptick.

The recent rally comes after Elara Capital initiated a coverage on the stock. In its report, the brokerage mentioned:

“India’s ambitious 500GW renewable energy target by FY30, up from the current 220GW, sets a strong growth backdrop for companies like ACME Solar Holdings…with 2.8GW of operational solar capacity and 4.1GW under development, ACME is rapidly expanding its portfolio to 7.0GW by FY28.”

The brokerage added that ACME Solar is also diversifying into firm and dispatchable renewable energy at 2.6 GW, and hybrid at 750 MW segments to enhance returns and grid reliability, with this robust pipeline expected to drive significant growth. 

Apart from Elara, Motilal Oswal also has a buy rating on this recently listed solar and wind energy stock.

Battery Energy Storage Order

Apart from the above reason, there’s one more factor contributing to the rally. ACME Solar recently placed an order for more than 3.1 GWh of BESS to procure high-efficiency and scalable storage solutions from Zhejiang Narada and Trina Energy.

This is one of the largest battery storage procurements in India to date and will support the deployment of Battery Energy Storage Systems (BESS) across ACME Solar’s multiple renewable energy FDRE (Firm & Dispatchable Renewable Energy) and battery-linked projects, scheduled for commissioning over the next 12-18 months across multiple states in India.

The delivery for the same is planned in a phased manner over the next four to eight months of FY26.

A Close Look at its Financials

Coming to its financials, ACME Solar’s revenue has varied over the years depending on the order and project intake. In FY25, the company posted a marginal growth in its revenue while its net profit more than halved on a year-on-year basis.

The company’s RoCE has averaged at around 7% over the past 9 years, while it has negative free cash flow on a cumulative basis over the same period. Its debt-to-equity is also high at 2.3x as of March 2025.

Financial Snapshot of ACME Solar

Particulars (in Rs crore)2016201720182019202020212022202320242025
Revenue0.12921,0961,6721,7771,6921,4881,2951,3191,405
Growth (%)–713071%275%53%6%-5%-12%-13%2%7%
Net Profit-6-68-240-47861562-3698252
Margin (%)–-23%-22%-3%5%1%4%0%53%18%
RoCE (%)-2%2%6%9%9%11%8%7%9%7%
Free Cash Flow-172-3,516-1,853-1,984-2,180635-3,677-143-1,4771,543
Debt to Equity (x)0.6125.98.08.75.54.63.84.33.02.3

Source: Ace Equity

What Lies Ahead for ACME Solar Holdings?

By 2030, the company is targeting 10 GW of installed renewable energy capacity (current 2.5 GW), which provides a long runway of growth.

Importantly, Acme has also secured battery capacity commitments of 3.6 GWh. This makes it one of the early movers in BESS-backed projects.

The company is also developing merchant solar assets to monetise current high prices and plug into PPAs later.

Together, all these moves position Acme well to tap into India’s clean energy transition.

But investors should tread carefully — execution risks, policy delays, and market volatility could still impact the company’s growth path.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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TCS Q1 Results Today: Market Buzz & What Investors Should Expect

The Indian stock market is closely watching Tata Consultancy Services (TCS) as the tech giant prepares to announce its financial results for the first quarter (Q1) of the fiscal year 2025-26 today. 

Investors and market analysts alike are eagerly anticipating whether TCS will meet market expectations amid a challenging economic landscape.

Year-to-date in 2025 so far, the Tata group company has shed about 18% of its value, reflecting broader concerns in the IT sector and cautious investor sentiment. 

TCS Share Price in 2025 so far…

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Revenue Growth: Slow but Steady

Market experts predict moderate revenue growth for TCS in Q1, reflecting cautious spending by global clients amidst ongoing macroeconomic uncertainties. 

According to estimates, TCS’s revenue growth is expected to range between 1.2% and 1.8% quarter-on-quarter (QoQ) in constant currency terms. 

However, year-on-year (YoY) revenue growth projections hover around 6% to 8%, indicating resilience despite global headwinds. 

Source: CNBC TV18

Margin Pressure & Profit Expectations

Margins will be another crucial area investors will scrutinize closely. Market watchers expect TCS’s EBIT margin to remain steady around 24-25%, supported by strong operational efficiencies. 

However, wage hikes, currency fluctuations, and elevated hiring costs might slightly dent margins compared to previous quarters. The net profit for Q1 is anticipated to remain largely flat or marginally higher compared to Q4 FY25, wherein the IT services major had reported a nearly 2% drop in consolidated net profit, amounting to Rs 12,224 crore. 

Source: NDTV Profit, Money Control

Key Deals and Order Pipeline

One of the major highlights that investors are looking forward to is the company’s performance on new deals and the overall order pipeline. In the past quarters, TCS showcased strong order bookings despite global economic volatility. 

Experts suggest that if TCS reports robust deal wins similar to the previous quarter’s $10 billion-plus range, it could bolster investor confidence significantly. 

Source: India Today

Hiring Trends and Attrition Rate

Another area under the spotlight will be TCS’s hiring and attrition rate figures. With the global tech industry still recovering from layoffs and job market volatility, TCS’s hiring trends will offer insights into management confidence and market demand. 

Attrition rates, previously hovering between 15% and 20%, are expected to stabilize or decline slightly due to economic uncertainties influencing employee decisions. 

Dividend Payout and FY26 Outlook

Investors will be watching for clarity on dividend payouts, a key attraction of TCS stock. Historically, TCS maintains a consistent dividend policy, which reassures investors during market volatility.

Additionally, the management’s commentary on the FY26 outlook will be critical. Investors will look for guidance on how TCS plans to navigate persistent economic headwinds and sector-specific challenges, such as slowing IT spends in major markets like North America and Europe. 

Source: Economic Times

What Should Investors Do?

For investors, today’s results will offer vital clues about TCS’s ability to sustain performance amid challenging market conditions. 

While short-term pressures like wage hikes, margin fluctuations, and cautious client spending might create temporary volatility, TCS’s strong fundamentals and consistent dividend payouts remain attractive for long-term investors.

Experts suggest investors remain patient and observe how TCS handles deal wins and margin pressures this quarter. For cautious investors, it might be prudent to wait and evaluate the management’s commentary before making significant investment decisions.

Today’s earnings announcement is significant, not just for TCS but also for understanding broader market trends impacting the IT industry. While investors remain cautiously optimistic, the coming hours will offer clearer insights into where TCS stands and how prepared it is to navigate potential headwinds in the near future.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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UAE New Golden Visa for Indians: All You Need to Know

Recent reports about the United Arab Emirates (UAE) offering a Golden Visa to Indian nationals at a significantly lower cost, around ₹23 lakh, have stirred fresh interest. 

The news reported that a new, low-cost Golden Visa program was being tested for both Indian and Bangladeshi citizens, offering long-term residency benefits at a significantly reduced price. 

This created a buzz on social media. But the excitement soon turned into confusion, as UAE officials have not confirmed any changes to the current Golden Visa rules.

Here’s a simple look at what’s being reported, what the visa claims to offer, and what experts and officials have said.

Social Media Buzz vs. Official Silence

The viral reports claimed that the UAE had introduced a new pilot Golden Visa program that would allow Indians and Bangladeshis to secure long-term residency by paying just AED 100,000 (around ₹23 lakh). This would be a dramatic drop from the usual AED 2 million (over ₹4.6 crore) investment requirement for the visa.

However, UAE-based officials and experts have firmly stated that they are unaware of any such changes. The Emirates News Agency, the official channel for all government announcements in the UAE, has published no updates on any revised visa program. 

Source: Economic Times

What is a Golden Visa?

A Golden Visa is a residency program that allows high-net-worth individuals (HNWIs) to settle abroad, either immediately or after retirement. It is particularly popular among those looking to relocate permanently for better lifestyle, tax benefits, or investment opportunities.

By obtaining a Golden Visa, individuals gain legal residency in the host country, along with rights such as living, working, studying, and accessing healthcare services.

Investment-Linked Golden Visas: The Current Norm

The UAE’s Golden Visa scheme, introduced in 2019, is a government-regulated long-term residency program designed for investors, skilled professionals, entrepreneurs, and individuals with exceptional talents. Common ways to qualify for the visa include:

  • Real Estate Investment: A minimum investment of AED 2 million in UAE property
  • Business Ownership or Investment
  • Exceptional Achievements in Science, Arts, Sports, or Media

These routes have helped thousands of global citizens, particularly wealthy Indians, relocate to Dubai for various reasons, including lifestyle benefits, tax advantages, better education, and business opportunities.

Impact on Indian Investors and Real Estate Developers

In recent years, a sizable number of Indian nationals have opted for UAE Golden Visas through the property investment route. Real estate developers in Dubai often market properties as “Golden Visa eligible,” targeting Indian investors.

According to experts, around 7–8% of Dubai property buyers every year are Indians hoping to get the Golden Visa. If the visa norms are eased, it could impact developer pricing and inventory strategies.

A sudden change to a lower-cost visa would shift the demand away from high-end properties and potentially impact the business models of Dubai developers targeting Indian buyers.

Authorities Clarify: Visa Rules Remain Unchanged

Though no official statement has been released, UAE authorities have quietly clarified to visa facilitators and media outlets that no policy change has been introduced and the Golden Visa is not for sale. It may be granted based on criteria such as significant investment in real estate, business ownership, or exceptional achievements. All nominations undergo a thorough government-led vetting process.

The current guidelines continue to require a formal nomination or qualification under specific economic or professional categories.

Five Countries That Offer Golden Visas

1. United Arab Emirates (UAE)

  • Program: Nomination‑based Golden Visa
  • How it works: Indians can secure pre‑approval from home without travelling to Dubai.
  • Cost: AED 100,000 (about ₹23.3 lakh) for lifetime residency.

2. United States

  • Program: Trump Gold Card (currently on hold)
  • How it works: Designed for high‑net‑worth investors seeking permanent residence.
  • Cost: US $5 million investment.

3. New Zealand

  • Program: Active Investor Plus Visa (launched September 2022)
  • How it works: Live, work, and study indefinitely after meeting investment and stay requirements.
  • Cost: Starts at NZD 5 million.

4. Canada

  • Program: Start‑Up Visa
  • How it works: Grants permanent residence to entrepreneurs and active investors establishing or expanding businesses in Canada.
  • Cost: Roughly US $215,000–275,000 (varies by start‑up and includes all fees).

5. Singapore

  • Program: Global Investor Program
  • How it works: For foreign entrepreneurs, business owners, and senior managers who invest or start businesses in Singapore; permanent residence is approved in 9–12 months.
  • Cost: Investment requirement ranges from SGD 10 million to SGD 50 million, depending on business size.

Source: LiveMint

Will UAE Eventually Relax Visa Rules?

The UAE’s Vision Dubai 2033 outlines an ambitious plan to double the country’s economy and population. To achieve this, attracting skilled professionals and high-net-worth individuals is critical.

While a more liberal visa regime in the future is not off the table, there is no evidence yet that such a low-cost Golden Visa scheme has been launched. If introduced, it could reshape how Indians and other foreign nationals pursue long-term residency in the UAE.

Conclusion

In summary, while social media and media reports in India have been abuzz with news of a low-cost UAE Golden Visa, there is currently no official confirmation from UAE authorities about any change in policy. Visa experts and consultants continue to rely on existing guidelines, which require a mix of investment, talent, or nominations for visa eligibility.

Until official updates are released through verified UAE government channels, potential applicants should remain cautious and avoid acting on unverified reports.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Explained: Why JP Power Share Price Surged 20% Today

India’s growth story depends heavily on power. And as the country races to become a global economic force, its energy needs are rising fast.

By 2030, 400 million more Indians will enter the middle class. At the same time, the government is aiming for 500 GW of clean energy capacity.

This means one thing — massive demand. To meet it, India is overhauling its energy system with a clear focus on renewables, modernising its power grid, and opening up private participation in power distribution.

In this booming sector, one widely tracked stock is Jaiprakash Power (JP Power).

Shares of JP Power surprised investors today by surging 20%.

Let’s find out why the stock is rising and what lies ahead.

Why JP Power Share Price is Rising

Shares of Jaiprakash Power Ventures (JP Power) surged 20% today after media reports suggested that Adani Group has emerged as the highest bidder to acquire Jaiprakash Associates (JP Associates).

The rally also comes a day after the company held its AGM.

Last week on Friday, it was reported that the Adani Group has emerged as the frontrunner to acquire JP Associates, which is currently undergoing insolvency proceedings. The Gautam Adani-led conglomerate has made a bid of Rs 12,500 crore to acquire the company.

JP Associates is part of JP Power’s promoter group. The rally in JP Power could have been triggered because acquisition by a well-managed and financially strong group like Adani not only bodes well for JP Associates, but also for JP Power, wherein JP Associates holds a 24% stake.

JP Power Shareholding as on March 2025

Source: BSE

About JP Power

Jaiprakash Power is part of the Jaypee Group, promoted by Jaiprakash Associates. The company is engaged in the generation of power through a 400 megawatts hydropower project in Uttarakhand, and two thermal power projects located in Madhya Pradesh.

Its total power generation capacity is 2,220 MW, of which 1,820 MW is thermal and 400 MW is hydroelectricity.

About 56% of the company’s capacity is under a long-term power purchase agreement, whereas the rest is sold to merchants on a short-term basis.

Financial Snapshot

In FY25, the company’s revenue fell 19% due to the shutdown of both thermal plants for a certain time period for annual maintenance. As a result, the net profit also slightly dipped.

Over the past few years, the company has made a decent turnaround by managing costs and also bringing down its debt.

Financial Snapshot

Particulars (in Rs Cr.)FY20FY21FY22FY23FY24FY25
Revenue3,2843,3024,6255,7876,7635,462
EBITDA8871,1571,1131,1212,2361,855
EBITDA Margin (%)27%35%24%19%33%34%
Net Profit-2,147281107551,022814
Total Borrowings6,0235,2275,0784,7614,2463,778

Source: Company, Screener

What Next?

The acquisition of JP Group’s assets by a powerful conglomerate like the Adani Group signals a positive shift. With deep pockets and operational expertise, Adani could help unlock the full potential of these legacy assets and improve efficiencies.

Looking ahead, JP Power is set to invest ₹1,500 crore over the next two years to set up a flue-gas desulfurisation (FGD) unit at its thermal power plant. This move will not only curb emissions but also produce useful byproducts like gypsum — while enhancing the plant’s overall efficiency.

All of this points to one thing — India’s power sector is entering a new phase. With strong private players stepping in, cleaner technologies being adopted, and fresh investments flowing in, the sector looks poised for long-term growth.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Explained: Why Nykaa Share Price is Falling

Earlier this week on Thursday, shares of FSN E-Commerce Ventures, the parent company of Nykaa, fell as much as 5% following a block deal, involving some of its early investors.

Today again, the stock price declined by 2%.

Nykaa Share Price Performance

Let’s understand why the stock price is falling and whether a possible rebound is on the cards.

Why Nykaa Share Price is Falling

According to reports, Nykaa’s early investors Harindarpal Singh Banga and Indra Banga sold 6 crore shares on Thursday, representing around 2.1% stake in the company.

Both the investors offloaded shares at an offer price of Rs 200 per share, a 5.5% discount to Wednesday’s closing price.

Harindarpal Banga held an 8.7% stake in Nykaa before it listed in 2021. Prior to this block deal, he reduced some of his stake in August 2024, selling 4.09 crore shares via a bulk deal.

As of March 2025, Harindarpal Banga owned 14.2 crore shares of Nykaa, aggregating to 4.97% stake in the company, which has come down following the recent block deal.

Details of the Block Deal

DetailSellers – Harindarpal Singh Banga & Indra Banga
Nykaa Block Deal6 crore shares sold (≈2.1% stake)
Sale Price₹200 per share (5.5% discount to previous close)
Pre-IPO Stake (2021)8.7% (Harindarpal Singh Banga)
Bulk Sale (Aug 2024)4.09 crore shares
Holding as of Mar 202514.2 crore shares (4.97% stake)
Post Block Deal HoldingReduced further (exact % not yet disclosed)

Here’s how the company’s shareholding is split as of March 2025.

About Nykaa

If I ask you to name ‘new-age tech stocks,’ chances are good you will quickly say ‘Nykaa.’ The company has carved out a name for itself in India’s booming e-commerce market. 

At its core, Nykaa is a consumer technology platform which has a diverse portfolio of beauty, personal care, and fashion products. These include its own branded products that it manufactures.

It offers products from global and domestic brands across make-up, skincare, haircare, bath and body, fragrance, grooming appliances, personal care, and health and wellness categories.

Source: HDFC Securities

As can be seen from the chart above, Nykaa’s business segments have seen phenomenal growth over the past few years. And this growth has trickled down to its financial performance.

Financial Snapshot of Nykaa

In FY25, Nykaa’s revenue surged 24% YoY while its net profit spiked 81% and came in at Rs 72 crore. 

Nykaa – FY25 Financial Highlights

Particulars (in Rs Cr)FY24FY25Growth (%)
Revenue6,3867,95024%
EBITDA34747437%
Net Profit407280%

Source: Company Reports

During the fiscal year, Nykaa saw its cumulative customer base grow 28% YoY.

Nykaa – Cumulative Customer Base

Source: Investor Presentation

Outlook

Last week, Nykaa showcased the company’s aggressive growth strategy across beauty and personal care and fashion segments, with its eB2B business already witnessing strong growth momentum.

In beauty and personal care, it aims for 25% annual growth in gross merchandise value (GMV) until FY30.

In fashion, Nykaa targets 3–4 times GMV growth by FY30. It plans to break even on EBITDA by FY26 and reach mid-to-high single-digit margins by FY28. 

Nykaa Fashion Segment Growth

Source: HDFC Securities

The House of Nykaa beauty line is expected to hit ₹6,000 crore in GMV by FY30, showing about 30% annual growth.

Nykaa has also made a strategic entry into the international markets under the brand ‘Nysaa’.

The company even forayed into the quick-commerce arena by launching Nykaa Now, its quick commerce platform for beauty products. As per the company, Nykaa Now will fulfill orders between 30 and 120 minutes.

Nykaa Launches Nykaa Now

Source: Investor Presentation

While the recent block deal has added pressure to its stock price, the business remains intact and the company is eyeing massive growth in fast growing segments such as fashion.

Having said that, the e-commerce space is filled with deep-pocketed players as well as new entrants. Nykaa faces stiff competition from reputed brands, which could pressure its market share and margins. These metrics should be closely monitored.

Happy Investing.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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HDB Financial Shares Make Strong Debut at 13% Premium. What Next?

The moment which most investors were waiting for is done and dusted! HDB Financial shares listed at a decent premium of about 13% over its IPO price on the National Stock Exchange (NSE) on Wednesday, 2 July 2025. 

Shares of HDB Financial Services listed at Rs 835 per share on the NSE, a premium of 12.8% over its issue price of Rs 740 per share. On the BSE too, the shares were listed at Rs 835 apiece. 

HDB Financial Intraday Chart

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Source: NSE

The listing of the subsidiary of HDFC Bank was better than what the grey market premium (GMP) was indicating. Ahead of its listing, the GMP was indicating a 8-10% listing gain.

Post listing, the total market cap of the company stood at Rs 69,758 crore.

With this, HDB Financial Services has quickly climbed the ranks to become the eighth most valuable non-banking financial company (NBFC) in India by market capitalisation.

What HDB Financial’s Managing Director Said Post Listing

Post listing, HDB Financial Services Managing Director G Ramesh said the listing price is a validation of their business model. 

“We are independent of HDFC Bank. On unsecured business, we will play out the cycles as it comes. Confident of managing through a credit environment in the unsecured business,” he said at a press conference.

After a successful debut, the focus will now be on corporate governance and delivering the right value to shareholders over the long term, he added.

Commenting on the growth and credit cycles, he said that NBFC businesses go through cycles and HDB has a product portfolio approach to pursue business in those sectors of the economy that are likely to do well in 12-18 months to ride out these cycles. 

Post listing, HDB Financial has met the regulatory requirement of a minimum 25% free float. Its parent HDFC Bank continues to own 74% stake.

A Quick Glance at the Biggest IPOs in India

The IPO of HDB Financial was India’s biggest in 2025 so far, with investors bidding for more than 15 times the shares on offer.

The company sold shares which lured interest from global funds such as those managed by Morgan Stanley and Allianz SE, as well as from domestic institutions like Life Insurance Corp. of India.

HDB’s IPO is the biggest since Hyundai Motor India’s record $3.3 billion deal in October 2024.

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Company Background

HDB Financial Services is one of India’s leading diversified, retail-focused Non-Banking Financial Companies (NBFCs). As a subsidiary of HDFC Bank, India’s largest private sector bank, HDB benefits from strong parentage and brand equity. 

The company’s primary business is lending, supplemented by business process outsourcing (BPO) services and fee-based products. It derives majority of the revenues from its lending business.

As of FY25, it operates 1,771 branches across 1,170 towns and cities, with over 80% of branches located outside India’s top 20 cities, indicating a deep penetration into Tier 2, 3, and 4 markets.

Source: DRHP

Competitive Strengths of HDB Financial

HDB enjoys a number of key competitive strengths:  

  • Distinguished Parentage: HDB Financial Services benefits from the strong backing of HDFC Bank, India’s largest private sector bank. This association enhances trust, brand recognition, and corporate governance—offering a major edge in customer acquisition and stakeholder confidence.
  • Large and Diversified Portfolio: HDB has a robust pan-India presence with over 80% of branches located in Tier 2, 3, and 4 cities. It combines physical outreach with digital tools, supported by a large network of over 1.45 lakh channel partners, enabling effective customer sourcing even in underbanked regions.
  • Pan-India Distribution Network: HDBFS has a robust pan-India presence with over 80% of branches located in Tier 2, 3, and 4 cities. It combines physical outreach with digital tools, supported by a large network of over 1.45 lakh channel partners, enabling effective customer sourcing even in underbanked regions.
  • Strong Asset Quality: Despite serving riskier customer segments like MSMEs and lower-income groups, the company has maintained Gross Stage 3 NPAs at just 1.90% as of March 31, 2024. This reflects its sound underwriting and efficient collections framework.
  • High-Quality Liability Franchise: Backed by a CRISIL AAA/Stable rating and its HDFC Bank lineage, HDBFS accesses funds from multiple channels—banks, capital markets (NCDs, commercial papers), and External Commercial Borrowings (ECBs). This diversified funding base helps keep borrowing costs low and ensures consistent access to capital, even in tight liquidity conditions—supporting stable and scalable growth.

What Lies Ahead for HDB Financial?

NBFCs like HDB usually cater to borrowers who are either overlooked or excluded by traditional banks due to limited credit history or lower income levels. This makes them a vital part of India’s financial ecosystem. 

Their business model is expected to benefit in the current environment, as the RBI looks to boost economic activity through interest rate cuts and increased liquidity.

With a loan book nearing $12 billion, HDB Financial Services has built a strong nationwide presence through its network of over 1,700 branches and a workforce of nearly 90,000 employees.

However, as competition intensifies and asset quality risks linger, investors would do well to keep a watchful eye on the road ahead.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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5 Key Takeaways from the Adani Group’s AGM 2025

The Adani Group is on a mission to reshape the future — and it’s moving at full throttle. 

Whether it’s powering India’s clean energy transition, expanding critical infrastructure, or unlocking new growth frontiers, the group is making bold, strategic bets that could define the next decade.

From exiting the agricultural sector to sharpen its focus, to strengthening its cement empire with the Sanghi Industries acquisition… from doubling down on solar, green hydrogen, airports, and data centers, to targeting a leadership position on the global green hydrogen map — Adani is thinking big, and acting bigger.

With Adani Green aiming for a massive 50 GW renewable capacity by 2030, Adani Power pursuing a debt-light 30+ GW vision, and the entire group eyeing an EBITDA of Rs 90,000 crore in just the next 2-3 years — the ambition is clear: dominate the future.

The Adani group recently held its AGM which shed light on the developments of some major aspects.

So, what stood out at the 2025 AGM? Here are the 5 key takeaways you need to know.

  1. Operational Highlights of Adani Group Stocks

Adani Power: The segment crossed 100 billion units of generation. The company is on track to reach 31 GW capacity by 2030.

Adani Green: The arm is building the world’s largest renewable energy park – right here in India and visible even from space. From Khavda to the world, Adani’s target of 50 GW by 2030 is proof that scale and sustainability can coexist. In fact, if the group combines its thermal, renewable and pumped hydro generation capacities, it expects to have a 100 GW capacity by 2030.

Adani Total Gas: This business now serves 1 million PNG customers and runs 3,400 EV charging stations across 22 states.

Adani Energy Solutions: The arm secured close to Rs 44,000 crore in transmission orders and is executing Rs 13,600 crore worth of smart metering projects.

Adani Ports: The company handled a record 450 MMT of cargo, powering Modi’s Gati Shakti Mission and reducing friction to increase India’s global competitiveness.

Adani New Industries: The company is building electrolyzers and solar modules and on track to expand its solar module manufacturing lines and will have a 10 GW integrated solar module manufacturing facility in place by the next financial year.

Adani Airports: Adani Airports handled a record 94 million passengers in FY25 and completed the first test flight at the greenfield Navi Mumbai Airport. The group has announced that this airport will open later this year with an initial passenger capacity of 20 million, of what will then become a 90 million passenger airport, giving us a 35% share of India’s airport passenger traffic.

Adani Defence: Adani’s drones became the eyes in the skies as well as the swords of attack, and anti-drone systems helped protect Indian armed forces and citizens, said Gautam Adani in the AGM.

  1. Adani Group’s Clean Track Record

During the AGM, Gautam Adani also addressed the bribery allegations brought by US authorities, stating that no one from the group has been charged with violating the Foreign Corrupt Practices Act (FCPA) or obstructing justice in connection with the bribery allegations by US authorities and the SEC.

Referring to the scrutiny around Adani Green Energy, the billionaire said the group stood firm despite pressure. His remarks come after the US SEC summoned him and his nephew Sagar Adani over alleged bribery and misleading investors during a $750 million bond issuance.

  1. Investing a Record $15 billion to $20 billion

The key highlight of the AGM was its massive expansion plan going forward. The group plans to invest a record $15-20 billion across businesses over the next five years to chart out the next phase of growth, Gautam Adani said as he touted the conglomerate’s strong balance sheet and robust business.

Many of the group companies have posted record earnings this year, with businesses spanning from seaports to airports, renewable energy parks to data centres, cement to gas and electricity.

  1. On the Current Geopolitical Tensions…

Speaking about the Iran-Israel conflict, Adani said that wars continue to cast shadows on energy and logistics businesses.

The Middle East tensions are believed to be a cause of concern for the Adani group as at the centre of Adani’s presence in Israel is Haifa Port, where Adani Ports holds a 70% stake acquired in 2023 for $1.2 billion in partnership with Israel’s Gadot Group. 

Strategically located in northern Israel, the port contributes around 3% to Adani Ports’ annual cargo volume and is critical for Israeli imports and exports.

Nevertheless, the war seems to have ceased now with US President Donald Trump posting on his social platform about the ceasefire between Israel and Iran.

  1. Tribute to Armed Forces

Adani also paid homage to the Indian armed forces, acknowledging national tragedies and a nation-first philosophy.

Opening with an emotional tribute, Adani saluted the courage of India’s defence forces during Operation Sindoor, underscoring that peace is not free but earned through sacrifice. 

He also offered heartfelt condolences for the victims of the Air India Flight 171 crash, urging all to carry both “gratitude and grief” as reminders of what truly matters.

Conclusion

Reacting to the AGM comments, most Adani stocks ended on a positive note today and rallied between 2-4%. The key highlight of $15-20 billion annual capex has excited investors banking on India’s growth story.

Performance of Adani Stocks on 24 June 2025

The stage is now set for Adani group companies to chart their next leg of growth.

Before making any investment decisions, make sure to conduct thorough research on Adani group’s financials and do corporate governance checks.

Happy Investing.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Smallcap Solar Stock ACME Solar Rises 2% After Securing Rs 1,072 Crore Refinancing

India’s solar power sector has seen remarkable growth, rising 3,450% over the past decade, from 2.82 GW in 2014 to 100.33 GW as of January 31, 2025. 

With another 84.10 GW under implementation and 47.49 GW under tendering, the country is on track to further scale up renewable capacity. 

Hybrid and round-the-clock (RTC) projects are also progressing steadily, with 64.67 GW in the pipeline.

Private players like ACME Solar Holdings have played an active role in driving this momentum. 

Known for its portfolio of utility-scale solar projects, ACME Solar continues to contribute to India’s clean energy transition. 

In a recent development, the company announced on 23 June 2025 that it has secured a Rs 1,072-crore domestic project finance facility through its subsidiary, ACME Aklera Power Technology, to refinance existing debt for its 250 MW operational project in Rajasthan. 

So, how is the deal shaping the company’s fundamentals and its stock price? Let’s understand.

Strategic Refinancing for the 250 MW Rajasthan Project

The new facility replaces existing debt at a lower cost, cutting the borrowing rate by 95 basis points to 8.5% per annum, and extends the debt tenure to 18 years. 

This move enhances the project’s capital structure, reduces financing costs, and improves long-term financial stability.

This refinancing is part of ACME Solar’s broader strategy to strengthen its financial health. In the past six months alone, the company has completed refinancing transactions totaling Rs 4,575 crore, focusing on post-commissioning assets.

In a capital-intensive sector like renewable energy, maintaining financial discipline is crucial. Lowering debt costs and freeing up capital enables ACME Solar to fund new projects and remain competitive in the rapidly growing sector.

Market Reaction

On June 24, 2025, ACME Solar Holdings’ share price showed minimal movement, closing marginally higher after an initial 2% gain earlier in the day.

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Source: MoneyControl

While the market response reflects short-term sentiment, the company’s overall financial positioning and project pipeline will be critical factors in determining the sustainability of such progress in the long run.

Financial Snapshot of ACME Solar Holdings

Company Position and Growth

ACME Solar Holdings has rapidly expanded its operational footprint. As of FY25, the company’s operational capacity rose 80% YoY to 2,540 MW (from 1,340 MW in FY24), reaching 2,593 MW by June 30, 2025. This capacity supports an estimated annualised EBITDA run rate of Rs 1,800 crore.

ACME Solar’s total contracted capacity stands at 6.97 GW, comprising 3,440 MW solar, 150 MW wind, and 3,380 MW hybrid and Firm & Dispatchable Renewable Energy (FDRE) systems — reflecting a strategic move towards more reliable and higher-value generation.

Project Pipeline and Execution

Currently, 4,378 MW is under construction, including 1,200 MW SECI ISTS projects (Rs 4,400 crore invested), 450 MW in advanced stages, and 112.5 MW recently commissioned at ACME Sikar (Rajasthan). 

ACME has also secured 100% grid connectivity for 4,430 MW under construction, with another 2,000 MW pre-approved for future bids. Recent CRISIL AA-/Stable rating for its 300 MW ISTS project highlights execution strength and financial viability.

The company is actively shifting toward hybrid and FDRE projects — positioning itself as a provider of grid-stable, dispatchable renewable power, aligned with the next phase of India’s energy transition

Revenue And Profit Trends

For FY25, the company’s networth has increased from Rs 2,591 crore in FY24 to Rs 4,509 crore. EBITDA was recorded at Rs 1,406 crore and EBITDA margin was 89.2%. Plus, the company added Rs 4,116 crore of asset base to its portfolio during FY25 to reach Rs 15,507 crore. 

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Source: Money Control and Annual Reports

Growth Prospects For Acme Solar Holdings

ACME Solar has outlined significant expansion plans aimed at scaling capacity and diversifying its portfolio. The company targets 5 GW capacity by 2027, with an objective of tripling its renewable capacity to 7 GW by 2028, and reaching 10 GW of contracted capacity by 2030, a notable increase from its 2,540 MW operational capacity in FY25.

To support this growth, ACME Solar plans to invest Rs 17,000 crore in FY26. The company is also prioritising hybrid and Firm & Dispatchable Renewable Energy (FDRE) projects, which integrate storage to address intermittency and provide round-the-clock power. The project pipeline reflects this strategy, combining solar, wind, and hybrid assets designed to accelerate revenue generation and enhance margin profiles.

ACME Group is also advancing into green hydrogen and green ammonia markets. Its Duqm, Oman project has secured $140 million of a planned $540 million in financing, with an initial production target of 100,000 tonnes annually and off-take arrangements in place with Yara. Globally, ACME targets 10 million tonnes of green hydrogen and ammonia output by 2030, with projects under consideration in India, Egypt, Australia, and Chile.

Conclusion

ACME Solar’s recent refinancing reflects its broader efforts to optimise financial efficiency while supporting ongoing expansion. 

Combined with an active project pipeline, diversified portfolio strategy, and focus on operational efficiency, the company is well-positioned to contribute to India’s evolving renewable energy market.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Small Finance Banks in India

RBI’s Lending Relaxation: A Turning Point for India’s Small Finance Banks (SFBs)

In a major policy move that could significantly shift the business dynamics of small finance banks (SFBs), the Reserve Bank of India (RBI) has reduced its mandatory lending requirement to the priority sector from 75% to 60% of Adjusted Net Bank Credit (ANBC). 

Announced on June 20, 2025, this reform is being seen as a critical enabler for SFBs to recalibrate their lending portfolios, improve book quality, and take another step closer toward becoming universal banks.

This isn’t just another regulatory adjustment. For SFBs, which have historically operated under tight guidelines with a large focus on microfinance and rural lending, this relaxation opens up a new realm of opportunity. 

Understanding the Shift in Lending Requirements

Previously, SFBs were mandated to allocate at least 75% of their ANBC or Credit Equivalent of Off-Balance Sheet Exposure (CEOBE), whichever is higher, to priority sector lending (PSL). These sectors include agriculture, micro and small enterprises, and weaker segments of society.

With new guidelines, this requirement has been reduced to 60%. While the core PSL target of 40% remains unchanged—aligned with the requirement for universal banks—the additional component of 35% has been brought down to 20%. This change provides SFBs more discretion in choosing which PSL segments they want to serve within the flexible 20% buffer.

What this essentially means is that SFBs now have more control over how they want to manage their lending portfolios. They can continue supporting high-impact sectors while also exploring areas with better risk-return trade-offs.

Source: Business Standard

Why This is a Big Deal

This revision reflects the RBI’s intention to support the evolution of SFBs into more versatile financial institutions. There are several reasons behind this policy shift.

  • The move offers operational flexibility. By reducing the high PSL exposure requirement, SFBs can allocate a greater portion of their portfolio to non-PSL segments such as secured personal loans, affordable housing, vehicle finance, and select MSME loans. These sectors often offer better yields and more predictable repayment behavior compared to high-concentration PSL portfolios.
  • The change brings SFBs a step closer to achieving regulatory parity with universal banks. Currently, universal banks are required to maintain only 40% of their ANBC in PSL. While SFBs still remain above that threshold, the 15% reduction narrows the gap and aligns their operational framework more closely with the universal banking model.
  • This shift supports scalability. SFBs have often struggled with concentrated exposure to microfinance loans, which are vulnerable to regional disruptions and socio-political events. The ability to diversify into new asset classes provides SFBs with a strategic tool to balance their portfolio risks and improve overall book quality.

Source: Money Control

What SFBs Can Do Differently Now

To navigate this transition effectively, SFBs will need to follow a structured plan of action. Here are key steps they are likely to undertake:

  1. Reassess the current loan book
    SFBs will start by reviewing their existing lending mix to understand how far they are from the revised 60% PSL target.
  2. Identify growth-friendly PSL segments
    While the mandatory PSL percentage is reduced, banks may choose to stay strong in specific PSL areas where they have a market advantage—such as microfinance or small business lending.
  3. Expand into non-PSL sectors
    This is where the real transformation lies. SFBs will now be in a position to enter lending categories like small-ticket housing loans, vehicle finance, or even low-risk personal loans with a structured underwriting approach.
  4. Enhance risk and compliance systems
    Entering newer segments means updating credit models, underwriting policies, and risk management frameworks to ensure portfolio stability.
  5. Train internal teams
    Lending to new customer segments requires capability-building within sales, credit, and operations functions.

The Bigger Picture: Gearing Up for a Universal Banking License

This regulatory easing has another crucial layer. It aligns well with the long-term goal of several SFBs to transition into universal banks. Under the RBI’s “on-tap” licensing guidelines, SFBs with strong track records and a minimum net worth of Rs 1,000 crore are eligible to apply for a universal bank license.

While AU Small Finance Bank has already filed for a license, several banks like Ujjivan Small Finance Bank, Equitas SFB, and Jana SFB have already expressed interest in this transformation. 

The latest PSL relaxation offers them more strategic flexibility to meet the eligibility and operational benchmarks required for a full-fledged banking license.

Furthermore, it allows these banks to develop capabilities in areas such as treasury operations, current accounts, forex services, and digital banking products—core functions of universal banks that are limited under the SFB structure.

Source: RBI Universal Bank Licensing Guidelines

Conclusion

Reacting to the above news, most of the small finance banks in India have seen a decent rise in their stock prices today.

Equitas SFB, Jana SFB, Ujjivan SFB rallied 4-6% in intraday trade on 23 June 2025.

As we watch how SFBs implement these changes over the next few quarters, the sector seems poised for a redefinition—from a regulatory-driven model to a more market-responsive, innovation-led approach.

Happy Investing.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Frequently asked questions

Get answers to the most pertinent questions on your mind now.

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What is an Investment Advisory Firm?

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.

An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.