On March 17, 2025, Hindustan Construction Company Limited (HCC), in partnership with Tata Projects Limited (TPL), has secured a ₹2,191 crore contract from the Madhya Pradesh Metro Rail Corporation Limited (MPMRCL) for the Indore Metro project. HCC holds a 55% share in the joint venture, valued at approximately ₹1,205 crore.

Scope of the Project

This contract, known as Package IN-05R, covers the construction of an 8.65 km-long underground metro corridor, forming the only underground segment of Indore Metro Phase 1 (31.32 km). The package includes:

• 11.32 km of tunnels built using Tunnel Boring Machines (TBM)
• 7 underground metro stations at key locations:
  • Indore Railway Station
  • Rajwada
  • Chota Ganpati
  • Bada Ganpati
  • Ramchandra Nagar
  • BSF/Kalani Nagar
  • Airport

The project will link the eastern ramp near Indore Railway Station to the western ramp at Airport Station.

HCC’s Experience in Metro Projects

HCC is already involved in major metro projects, including:

• Mumbai Metro Line III (4 km twin tunnels and 4 stations)
• 2 packages for Chennai Metro
• Significant contributions to Delhi, Bangalore, Mumbai (Line I), and Kolkata Metro networks

About Hindustan Construction Company (HCC)

HCC is a leading infrastructure company with nearly 100 years of experience. The company has played a key role in India’s infrastructure development, having:

• Built 26% of India’s hydroelectric power capacity
• Constructed 60% of India’s nuclear power capacity
• Developed 4,036 lane km of highways and expressways
• Completed 402 km of tunneling and 403 bridges

HCC remains committed to developing India’s transportation, power, and water infrastructure, continuing its legacy of engineering excellence.

As of March 17, 2025, at 10:09 AM IST, Hindustan Construction Company share price  (NSE: HCC) is trading at ₹23.37, up ₹0.75 (3.32%) for the day. The stock opened at ₹22.80, reached a high of ₹23.95, and a low of ₹22.80. The company’s market capitalisation stands at ₹4,250 crore, with a P/E ratio of 11.58. Its 52-week high is ₹57.50, while the 52-week low is ₹21.97.

Conclusion

With this contract, HCC strengthens its leadership in metro construction, furthering India’s urban infrastructure growth while enhancing Indore’s transit network.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

On March 17, 2025, Poonawalla Fincorp Limited (PFL), a part of the Cyrus Poonawalla Group and a leading NBFC focused on Consumer and MSME Lending, introduced its Commercial Vehicle (CV) Secured Loan Business. This new offering aims to support the transport and logistics industry by providing financing for small, light, intermediate, and heavy commercial vehicles, including both new and used models. Customers will have access to flexible loan repayment options tailored to their needs.

Technology-Driven Loan Process

To streamline the lending experience, PFL has implemented a technology-based solution that simplifies the documentation process. This system integrates with various technology partners, ensuring faster loan approvals and a seamless onboarding experience for customers. The risk-first approach ensures secure and efficient loan disbursals.

Focus on Tier 2 and Tier 3 Cities

PFL is targeting India’s growing Tier 2 and Tier 3 markets, launching in 68 locations across 12 states in the first phase. The company plans to expand to 400 locations across 20 states through a hub-and-spoke model. Customers can access loans through direct-to-customer services, dealers, and channel partners. PFL has also onboarded industry experts to provide customised financial solutions.

Arvind Kapil, MD & CEO of Poonawalla Fincorp, highlighted the significance of this launch, stating, “The commercial transport sector is the backbone of India’s economy. Our new loan offering is designed to meet the financial needs of transporters with easy documentation and quick approvals, strengthening our secured lending business.”

Rising Demand for Commercial Vehicles

India’s booming e-commerce sector, industrial growth, and infrastructure projects are driving demand for commercial vehicles. The used vehicle segment is expected to play a major role in PFL’s loan portfolio, offering affordable financing options for transporters.

With a focus on fast loan disbursals, risk management, and customer satisfaction, PFL aims to empower fleet owners and transporters to expand their businesses with confidence.

About Poonawalla Fincorp Limited

Poonawalla Fincorp is a non-deposit taking, systemically important NBFC (ND-SI-NBFC) registered with the Reserve Bank of India (RBI). Headquartered in Pune, it has been operational for nearly 3 decades and is listed on the BSE and NSE.

The company operates in 18 states and 2 Union Territories, with an AUM of ₹30,984 crore as of December 31, 2024, and a workforce of 2,560+ employees. It offers various financial products, including pre-owned car finance, personal loans, business loans, and machinery loans.

As of March 17, 2025, at 9:31 AM IST, Poonawalla Fincorp share price  (NSE: POONAWALLA) is trading at ₹285.45, up ₹4.10 (1.46%) for the day. The stock opened at ₹282.00, reached a high of ₹285.75, and a low of ₹281.35. 

Conclusion 

With the rising demand for commercial vehicles, Poonawalla Fincorp’s entry into this segment strengthens its secured lending portfolio, offering transporters seamless access to financial support.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Larsen & Toubro’s (L&T) Water & Effluent Treatment (WET) business, in partnership with Spain’s Lantania, has signed a contract with ACWA Power to build the Ras Mohaisen Desalination Plant in Saudi Arabia. L&T is the lead partner in this joint venture.

Key Project Details

• Capacity: 300,000 cubic meters of water per day
• Scope of Work:
  • Design, procurement, and construction
  • Testing and commissioning of a seawater reverse osmosis desalination plant
  • Development of intake and outfall facilities, pumping stations, and process units
  • Installation of a 600,000 cubic meter potable water storage facility
  • Electrical and automation systems, along with a solar PV plant

Benefiting Millions in Saudi Arabia

The desalination plant will supply drinking water to the Makkah Al-Mukarramah and Al-Baha regions, improving water availability for nearly one million people.

Strengthening Presence in the Middle East

This is L&T’s second desalination project in Saudi Arabia in recent times, further strengthening its position in the Middle East. The company continues to expand in business-friendly markets, leveraging its expertise in engineering, procurement, and construction (EPC) projects.

About Larsen & Toubro

L&T is a $27 billion Indian multinational specialising in EPC projects, hi-tech manufacturing, and services. With over eight decades of industry leadership, the company is known for its customer-focused approach and commitment to high-quality solutions worldwide.

As of March 13, 2025, at 11:40 AM IST, Larsen & Toubro share price stands at ₹3,213.15, up by ₹19.50 (0.61%) for the day. The stock opened at ₹3,202.25, reached a high of ₹3,233.15, and a low of ₹3,183.75. The company’s market capitalisation is ₹4.42 lakh crore, with a P/E ratio of 31.72 and a dividend yield of 0.87%. Over the past year, the stock has ranged between a 52-week high of ₹3,963.50 and a 52-week low of ₹3,141.00.

Conclusion

L&T’s latest desalination project reinforces its growing presence in the Middle East. By delivering cutting-edge water solutions, the company continues to drive sustainable infrastructure development globally.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Shares of upstream oil companies—Oil and Natural Gas Corporation (ONGC), Oil India, and Reliance Industries (RIL) share price rose up to 2.5% on March 13, 2025. This gain follows the passage of the Oilfield Amendment Bill, 2024, which is expected to improve operations in the oil and gas sector.

At 9:56 AM:

• ONGC share price was up 1.8%
• Oil India share price rose 1.7%
• RIL share price gained 0.53%
  In comparison, the BSE Sensex was up 0.13% at 74,125.6. ONGC share pricetopped the Nifty50 gainers list, while RIL was among the major winners on Sensex.

Key Highlights of the Oilfield Amendment Bill

The bill introduces significant changes in the exploration and production (E&P) sector:

• Separates petroleum operations from mining leases
• Clarifies rules for granting and extending petroleum leases
• Establishes a new dispute resolution mechanism

Government’s View on the Bill

Petroleum Minister Hardeep Singh Puri stated that the bill will:

• Boost ease of doing business
• Attract more investment in India’s oil and gas sector
• Unlock India’s hydrocarbon potential

He emphasised that while India will continue using conventional energy for some time, expanding oil exploration and production is crucial. The bill does not favour public or private players but ensures a level playing field for all.

Replacing Old Laws and Expanding Exploration

• The bill replaces outdated laws from 1948, last amended in 1969.
• It introduces the concept of a ‘petroleum lease’, legally separate from a mining lease.
• The new law broadens the definition of hydrocarbons by replacing “oils” with “mineral oils,” covering a wider range of resources.

New Dispute Resolution Mechanism

To resolve conflicts related to petroleum leases, the bill allows the government to use alternative dispute resolution (ADR) methods, which can take place within or outside India.

Conclusion

The passage of the Oilfield Amendment Bill of 2024 marks a major step in modernising India’s oil and gas sector. By simplifying regulations and improving investment conditions, it aims to increase domestic production and reduce dependency on imports. The positive market response suggests investor confidence in the reforms.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

The Tamil Nadu government has introduced a new “mineral-bearing land tax” on limestone, which is expected to raise cement costs by around ₹10 per bag. This move will significantly impact cement manufacturers like Ramco Cements and Dalmia Bharat, while UltraTech Cement and ACC may face only a minor impact due to their limited clinker production in the state.

Details of the New Tax

The government has proposed an additional ₹160 per tonne tax on limestone mined in Tamil Nadu. This follows Karnataka’s recent decision to impose a ₹25 per tonne tax on limestone. 

Challenges in Passing the Cost to Consumers

For cement producers to offset the increased costs, they would need to increase cement prices by ₹10 per bag. 

Potential for Similar Taxes in Other States

Industry experts suggest that other states may introduce similar taxes in the future as they look for additional revenue sources. Karnataka passed a similar law in December 2024, which is still awaiting approval from the state governor.

Legal Framework for Limestone Taxation

Limestone miners already pay royalties to the state government under the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act). These royalties are either a fixed amount per tonne or a percentage of the market price. However, a July 2024 Supreme Court ruling confirmed that state governments can impose additional taxes on mineral-bearing lands beyond these royalties.

Conclusion

Tamil Nadu’s new limestone tax is set to increase cement production costs, putting pressure on companies to raise prices. While industry players might negotiate for a lower tax rate, other states could follow suit with similar measures. Cement manufacturers operating in Tamil Nadu will need to find ways to manage rising costs while balancing affordability for consumers.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Sigachi Industries Limited has signed a Memorandum of Understanding (MoU) with the Indian Navy’s INS Kalinga to promote health and fitness through the “Vizag Navy Marathon Promo cum Conditioning Programme.” The agreement was formalised on March 10, 2025, in a ceremony attended by Amit Raj Sinha, Managing Director & CEO of Sigachi Industries, and Cmde SP Patel, Commanding Officer of INS Kalinga.

About the Programme

• The “Vizag Navy Marathon Promo cum Conditioning Programme” will take place on the second Sunday of each month from March 2025 to October 2025.
• It will include fitness activities, training sessions, and community engagement events to encourage a healthier lifestyle.
• This initiative reflects a long-term commitment to wellness, empowering individuals to adopt better health practices.
• Sigachi Industries aims to promote social responsibility and align with its mission of advancing health and well-being.

Leadership Comments

Amit Raj Sinha, MD & CEO of Sigachi Industries, expressed excitement about the collaboration, stating: “We are delighted to partner with INS Kalinga to promote fitness in Vizag. This programme will not only encourage healthy living but also bring the community together to create a healthier and happier world.”

Cmde SP Patel, Commanding Officer of INS Kalinga, highlighted the programme’s impact, saying:
“This initiative goes beyond fitness—it fosters teamwork, resilience, and a commitment to long-term health within the local community.”

About Sigachi Industries Ltd

Sigachi Industries Limited is a leading global player in the pharmaceutical industry, specializing in Active Pharmaceutical Ingredients (APIs), Intermediates, Excipients, and Vitamin-Mineral Blends. The company also provides Operations and Management (O&M) services.

As of March 13, 2025, Sigachi Industries share price is trading at ₹37.89, unchanged for the day. The stock opened at ₹38.09, reaching a high of ₹38.74 and a low of ₹37.55. The company has a market capitalisation of ₹1,260 crore, a P/E ratio of 21.34, and a dividend yield of 0.26%. Its 52-week high stands at ₹75.50, while the 52-week low is ₹34.00.

Conclusion

Through this collaboration, Sigachi Industries and INS Kalinga are fostering a culture of health and well-being, encouraging the community to embrace a more active and healthier lifestyle.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

IndusInd Bank has found itself in trouble due to an “accounting discrepancy” in its forex hedging strategy, which has caused its stock to drop by 27% on March 11, 2025. While this issue does not pose an immediate risk to depositors, it raises concerns among investors about the bank’s financial management.

The NRI Deposit Strategy: A Risky Bet

IndusInd Bank aggressively pursued NRI deposits, offering attractive interest rates to attract foreign currency inflows. By Q3 FY25, it had ₹58,600 crore in NRI deposits, making up 14.3% of its total deposits of ₹4.09 lakh crore.

On the surface, this seemed like a smart move, as NRI deposits provide stable, long-term liquidity. However, the bank relied on complex hedging mechanisms to manage foreign exchange risk, and an accounting mismatch led to an unexpected ₹1,500 crore loss in Q4 FY24—about 2.3% of its total net worth.

How Did the Loss Happen?

When an NRI deposits $1 million, the bank converts it into rupees—let’s say at ₹86 per USD, giving ₹8.6 crore. The bank can then lend or invest this amount. However, when the deposit matures, it must be returned in dollars. If the exchange rate changes significantly, the bank could suffer losses.

To manage this risk, the bank’s Asset-Liability Management (ALM) Desk shifts the liability to the Trading Desk through an internal derivative trade. The Trading Desk, in turn, hedges this externally using currency swaps with global banks to lock in exchange rates.

In theory, these hedges should cancel each other out. However, IndusInd Bank used different valuation methods:

• The external hedge was marked to market (MTM)—valued daily at fair market prices.
• The internal hedge followed swap cost accounting, causing a mismatch in valuations.

The problem arose when the bank repaid some foreign borrowings earlier than expected, forcing it to unwind the internal trades. This exposed the accounting gap, leading to a loss that had been incorrectly recorded as “intangible assets” instead of being provided for.

Did the RBI Push for Disclosure?

IndusInd Bank’s CEO, Sumant Kathpalia, stated in an analyst call that the bank chose to disclose the issue promptly rather than waiting for further validation. However, there are indications that the RBI may have nudged the bank into revealing the losses.

• The disclosure came just 3 days after the RBI extended the CEO’s tenure by only 1 year instead of the requested three years.
• New RBI regulations on investment portfolio classification, valuation, and operations, effective April 2024, required banks to review their derivative positions. Most banks disclosed their impact by June 2024, but IndusInd Bank delayed it until March 2025.

What’s Next for Investors?

While this is not a case of fraud or bad loans, the incident raises several concerns:

• Why did this happen to IndusInd Bank alone and not other banks with forex hedges?
• Could the final loss amount increase after an external review?
• Does this reflect broader operational issues, given IndusInd’s past errors, such as mistakenly disbursing loans to 84,000 borrowers?

For investors, these questions create uncertainty, shaking confidence in the bank’s governance and risk management. Ultimately, trust is the most valuable currency a bank holds, and IndusInd now faces the challenge of restoring it.

About IndusInd Bank Limited

IndusInd Bank Limited was established in 1994 as a commercial bank under the Banking Regulation Act, 1949. It is a publicly listed bank offering a diverse range of banking products and financial services to both corporate and retail customers, along with treasury operations. The bank operates across India, including in International Financial Service Centres (IFSCs).

As of March 13, 2025, at 9:35 AM IST, IndusInd Bank share price is trading at ₹693.85, up ₹9.15 (1.34%) for the day. The stock opened at ₹690.00, reached a high of ₹706.90, and hit a low of ₹689.00. The bank’s market capitalisation stands at ₹53,950 crore, with a P/E ratio of 7.46 and a dividend yield of 2.38%. Over the past 52 weeks, the stock has touched a high of ₹1,576.35 and a low of ₹606.00.

Conclusion

IndusInd Bank’s forex hedging loss, while not fraudulent, highlights accounting lapses that have shaken investor confidence. The bank must now focus on transparency and stronger risk controls to regain trust.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

 

GR Infraprojects is trading ex-dividend today after announcing an interim dividend of ₹12.50 per share (250% of its ₹5 face value). The company had declared this dividend on March 7, 2025, and set March 13, 2025, as the record date for eligible shareholders.

Stock Performance

As of March 13, 2025, at 9:29 AM IST, G R Infraprojects share price is trading at ₹963.35, down ₹27.20 (-2.75%) for the day. The stock opened at ₹980.60, hit a high of ₹986.20, and touched a low of ₹960.55. The company’s market capitalisation stands at ₹9,340 crore, with a P/E ratio of 8.01. 

Over the past 5 days, the stock has declined by 7.55%, while it has dropped 10.01% in the past month and 40.63% over the last 6 months. In the past year, GR Infraprojects has fallen 20.61%, and over 5 years, it has declined by 44.32%. The stock’s 52-week high is ₹1,860, and its 52-week low is ₹960.55.

Company Overview

Ahmedabad-based GR Infraprojects specialises in road engineering, procurement, and construction (EPC) projects. The company has seven operational projects as of December 31, 2024.

Financial Performance

• Q3 FY25 Results:
  • Net profit: ₹261.7 crore (+7.8% YoY)
  • Revenue: ₹1,694.5 crore (-20.6% YoY)
  • EBITDA: ₹369.8 crore (-27.1% YoY)
  • EBITDA margin: 21.8% (-200 bps YoY)

Sector Outlook

The slowdown in NHAI project awards affected infrastructure companies in 9MFY25. However, a pickup in March 2025 and a strong order pipeline for FY26 could drive growth. 

Conclusion

Despite short-term challenges, GR Infraprojects remains optimistic about FY26 growth, driven by a strong order book and improving execution. 

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

On Wednesday, March 12, Bharat Electronics received a contract worth ₹2,463 crore from the Ministry of Defence. With this deal, the total order inflow for FY 2024-25 for BEL has reached ₹17,030 crore. The new radars will have integrated Identification Friend or Foe (IFF) systems with electronic scanning capabilities, that enable 4D surveillance.

Moreover, these mobile radars are equipped with superior Electronic Counter-Countermeasures (ECCM) capabilities. They can be deployed across various geographies to automatically identify and track aerial objects, including slow-moving targets and fighter jets.

Previous Orders Secured by Bharat Electronics

On March 10, 2025, BEL had secured orders worth ₹843 crore from the Indian government for supplying RF seekers, upgraded radars, electro-optic repair facilities, and vessel and air traffic management systems, among others. The new development has further reinforced BEL’s position as an important defence supplier.

Landscape of Defence Manufacturing in India

As per the Global Power Index, India’s defence industry ranks fourth worldwide in terms of firepower. The country is one of the world’s largest defence spenders with a total expenditure nearly ₹6.21 lakh crore. This accounts for roughly 13.04% of its overall budget and indicates an increase of nearly 4.72% over the FY 2023-24 Budget.

In 2022, India recorded a 6% year-on-year growth in defence spending, which reached US$ 81.4 billion. In FY 2023-24, total defence production was estimated at ₹1,27,265 crore. Based on industry reports, public sector companies accounted for nearly ₹74,434 crore of output. 

In the coming years, India aims to export nearly ₹35,000 crore worth of military hardware. In FY 2023-24, the company witnessed a 32% year-on-year increase in defence exports, which amounted to ₹21,083 crores. India’s overall defence exports have increased by 240% in the past few years. It exports its products to nearly 85 countries. 

Conclusion

BEL’s major contract win, within the landscape of India’s burgeoning defence spending and manufacturing prowess, underlines its push for self-reliance. With rising defence budgets and defence export targets, organisations like BEL are expected to favourably shape India’s position in the international defence landscape.

Bharat Electronics share price opened at ₹278.78. It reached an all-day high of ₹280.40 and an all-day low of ₹274.12 on the BSE. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.