Day: March 4, 2025

Railways stocks were soaring higher up to 5 per cent on Tuesday after Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and Indian Railway Finance Corporation Ltd (IRFC) were lifted to the status of Navratna company. With the latest addition, as many as seven listed railway PSU companies have been elevated to ‘Navratna’ status as highlighted by the Union Railway Minister.

The central government considers CPSEs, which are Miniratna I, Schedule ‘A’ and have obtained ‘excellent’ or ‘very good’ MOU rating in three of the last five years and having a composite score of 60 or above in six selected performance indicators, for the grant of Navratna status.

It has six parameters including net profit to net worth, manpower cost to total cost of production, cost of services, PBDIT to capital employed, PBIT to turnover, earning per share, inter sectoral performance. IRCTC and IRFC were the latest additions as announced on Monday. Interestingly, all seven listed companies of the Indian Railways are now upgraded to ‘navratna’ status.

Shares of Rail Vikas Nigam Ltd (RVNL) jumped 4.85 per cent to Rs 339.25 on Tuesday, with its total market capitalization nearing Rs 71,000 mark. The stock had settled at Rs 323.55 in Monday’s trading session. IRCON International Ltd rallied 4.09 per cent to Rs 146.25 on Tuesday with its total valuations close to Rs 14,000 crore mark. The stock ended at Rs 140.50 on Monday.

IDBI Capital has a ‘sell’ rating on IRCON International with a target price of Rs 143. The brokerage believes that the company reported a muted Q3 performance, below estimates with weak operating performance. Antique Stock Broking has a ‘hold’ rating on IRCON with a target price of Rs 152. However, it has given a ‘sell’ tag for RVNL with a target price of Rs 215.

Shares of IRFC gained 3.69 per cent over its previous close at Rs 111.15 to Rs 115.25 on Tuesday. The company was valued above Rs 1.5 lakh crore. RailTel Corporation of India Ltd advanced 3.08 per cent to Rs 285.75 with a total valuation close to Rs 9,200 crore. Shares of RITES Ltd rose 2.65 per cent to Rs 203.70 with a total valuations close to Rs 9,800 crore. Shares of IRCTC and Container Corporation of India Ltd (Concor) inched up a per cent each in the early trade.

IDBI Capital has a ‘buy’ rating on IRCTC with a target price of Rs 870 after the company reported a strong set of performance in the December 2024 quarter, while Prabhudas Lilladher has a ‘hold’ tag on the stock with a target price of Rs 809. Antique has a ‘hold’ on RITES as well with a target price of Rs 243 apiece.

Concor is looking towards the Varnama terminal to post growth from 4QFY25F. The rise in rail freight cost/ TEUkm dented the Ebitda margin, said InCred Equities with an ‘add’ rating on the stock with a target price of Rs 1,133. Elara Capital downgraded the Concor to ‘accumulate’ from ‘buy’ with trimmed target price of Rs 839, given challenging macro outlook.

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Bitcoin’s price dropped by nearly 10 per cent on Monday, as growing trade tensions and uncertainty surrounding the establishment of a U.S. cryptocurrency reserve fund led investors to retreat from risk.

Initially, Bitcoin and other digital assets surged following U.S. President Donald Trump’s remarks about creating a national cryptocurrency reserve. However, concerns over the feasibility of the plan soon triggered a sharp decline.

Late in the day, Bitcoin was down 9.47 percent at $85,321.69 each. The cryptocurrency market’s total valuation remains above a trillion dollars, with Bitcoin holding the largest share.

Ether, the second-largest digital asset, experienced a decline of over 15 per cent, while other major cryptocurrencies like XRP, Cardano, and Solana dropped nearly 20 per cent.

“Everything is getting sold. There’s a de-risking that’s unfolding among crypto investors,” said Forexlive manager Adam Button.

What’s the hype about Donald Trump’s crypto reserve?

Trump said that his executive order on digital assets, issued in January, would establish a reserve of various cryptocurrencies, including Bitcoin, Ether, XRP, Solana, and Cardano—names that had not been disclosed earlier.

He emphasized that Bitcoin and Ether would be central to this reserve. In a post on Sunday, his remarks led to a 20% surge in Bitcoin from its November lows. The cryptocurrency had been declining since mid-January amid concerns that Trump had not fulfilled his promises to ease regulations.

The downturn in crypto prices was influenced by Trump’s announcement of a 25 per cent tariff on all imports from Mexico and Canada, both of which have vowed to retaliate.

Cryptocurrency prices surged early Monday after Trump mentioned five digital assets the previous day as potential candidates for a national strategic reserve fund.

Button believes that fears surrounding the trade war are intensified by concerns over US economic growth, which many expect to slow in the first quarter.

Despite this, Trump’s pledge to establish a strategic reserve has sparked enthusiasm within the crypto industry, which has been struggling in recent weeks.

In February, Bitcoin dropped over 17 per cent, marking its steepest monthly decline since June 2022. Since reaching a peak of $105,000 in early January, it has lost more than a third of its value.

Bitcoin’s surge following Trump’s November election victory was driven by optimism that he would support a strategic Bitcoin fund and put an end to former President Joe Biden’s regulatory crackdown.

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The Ministry of Petroleum and Natural Gas has issued a demand of $2.81 billion to Reliance Industries Limited (RIL) and its consortium partners — BP Exploration (Alpha) Limited and NIKO (NECO) Limited — over a long-standing dispute concerning gas migration from ONGC’s blocks to the KG-D6 block, RIL said in an exchange filing on Tuesday. 

“…The Ministry of Petroleum and Natural Gas has raised a demand of $2.81 billion on the PSC Contractors namely Reliance Industries Limited, BP Exploration (Alpha) Limited and NIKO (NECO) Limited,” the filing stated. 

The claim is linked to a case dating back to 2018, when the government of India (GOI) accused the KG-D6 Consortium, which includes RIL, of being responsible for gas migration from ONGC’s adjacent blocks.  

Initially, the ministry sought approximately $1.55 billion in compensation for the alleged migration. The matter became more complex due to multiple legal proceedings, eventually reaching the Delhi High Court.   

In May 2023, a single-judge bench of the Delhi High Court dismissed the Centre’s challenge against an arbitral award that had ruled in favour of Reliance Industries. However, after the government appealed to a division bench, the court overturned the previous decision in a judgment issued on March 3, 2025.   

Following this ruling, the Ministry of Petroleum and Natural Gas has now increased its demand to $2.81 billion, citing the latest legal developments and a reassessment of the gas migration issue.

“The company is legally advised that the Division Bench judgment and this provisional demand are unsustainable. The company is taking steps to challenge the judgment of the Division Bench of Hon’ble Delhi High Court. The company does not expect any liability on this account,” RIL said in the exchange filing.

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