Day: June 24, 2025

After a promising start, domestic benchmark indices Nifty 50 and Sensex cooled off in the afternoon session on Tuesday, June 24, as renewed geopolitical tensions in the Middle East weighed on investor sentiment. The markets closed modestly higher, but well off their intraday peaks.

The dampened mood followed reports that Israel intercepted two missiles fired from Iran, just hours after a ceasefire between the two nations was declared. An official from the Israel Defense Forces (IDF) confirmed the interception, as reported by CNN.

Reacting strongly, Israeli Defence Minister Israel Katz stated, “In light of Iran’s blatant violation of the ceasefire declared by the President of the United States… I have instructed the IDF to continue high-intensity operations targeting regime assets and terror infrastructure in Tehran.”

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Closing Bell Snapshot: Nifty & Sensex End in Green

• Sensex rose 158 points (0.19%) to close at 82,055.11
• Nifty 50 gained 72 points (0.29%) to settle at 25,044.35

Market breadth was positive, with 2,570 stocks advancing, 1,289 declining, and 129 unchanged.

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Midcaps, Smallcaps Outshine; PSU Banks Rally Over 2%

Despite the pullback in the frontline indices, the broader market outperformed, with both the Nifty Midcap 100 and Nifty Smallcap 100 ending about 0.7% higher.

Sectorally, most indices held firm. Notably:

• Auto, PSU banks, and metal stocks were among the top gainers.
• The Nifty PSU Bank index surged over 2%, driven by renewed buying interest. The rally was bolstered by a report from HDFC Securities, which highlighted signs of a ‘secular turnaround’ in the public banking space.

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Defence Stocks Decline as Geopolitical Risk Eases

Defence-related stocks took a hit after a two-day rally, with investors booking profits amid hopes of de-escalation in the Israel-Iran conflict. Former U.S. President Donald Trump’s statement that a ceasefire had been reached between the two nations also contributed to the dip, calming crude oil prices and reducing fears of a broader regional crisis.

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Technical View: Key Levels to Watch on the Nifty

The Nifty’s breakout attempt above its recent consolidation zone faced resistance, with the index once again retreating to the 24,500–25,000 range. However, analysts remain cautiously optimistic.

According to Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, the index continues to find strong buying support around 24,700–24,750.

“A close above 25,250 could reignite bullish momentum and push the index toward 25,500,” he said. “On the downside, any meaningful weakness would only emerge if Nifty breaks below 24,700—until then, dips are likely to be bought.”

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Outlook

While today’s session reflected the market’s sensitivity to geopolitical news, underlying strength in mid- and small-cap segments, as well as in PSU banks, suggests that investors remain cautiously optimistic. Traders will be watching for clarity on the Middle East situation, along with global cues, before making their next move.

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At the Adani Group’s Annual General Meeting (AGM), Chairman Gautam Adani addressed recent allegations and laid out an ambitious roadmap for the Group’s future. Refuting claims tied to an alleged bribery scandal, Adani asserted, “Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice.”

His remarks follow reports that the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) are investigating Adani Green Energy for potential violations of the Foreign Corrupt Practices Act. The DOJ alleges the Group ran a $250–265 million bribery scheme between 2020 and 2024 to secure solar energy contracts in India.

Adani emphasized that the Group is fully cooperating with legal proceedings and reiterated its commitment to global compliance and governance standards, calling them “non-negotiable.”

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Innovation & Sustainability: Green Energy and India’s First Hydrogen Mining Truck

The AGM wasn’t just about damage control. Adani used the platform to spotlight a series of bold initiatives in energy, infrastructure, and sustainability.

Among the highlights was the launch of India’s first hydrogen-powered mining truck, a significant step toward decarbonizing industrial operations. The Group also continues to scale up in green energy, with Adani Green Energy building the world’s largest renewable energy park in Khavda, Gujarat. The company aims to hit 50 GW of renewable capacity by 2030, contributing to a broader goal of 100 GW when including thermal and hydro power.

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Big Numbers, Bigger Ambitions: Record Performance in FY25

Despite global scrutiny, the Adani Group posted strong financials for FY25.

• Consolidated revenue rose 7% to ₹2,71,664 crore
• EBITDA increased 8.2% to ₹89,806 crore
• Net debt-to-EBITDA ratio remained healthy at 2.6x

“Even in a year of turbulence, we saw record-breaking revenue, unprecedented growth, and historic profitability,” Adani told shareholders.

The Group plans to invest $15–20 billion annually over the next five years, channeling funds into infrastructure, energy, logistics, and digital services. “These are not just investments in our Group, but investments in building India’s infrastructure,” he added.

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Sector-by-Sector: Key Milestones Across the Adani Empire

• Power: Adani Power crossed 100 billion units of electricity generation and is on track to reach 31 GW capacity by 2030.
• Transmission: Adani Energy Solutions secured ₹44,000 crore in orders and is rolling out smart metering projects worth ₹13,600 crore.
• Solar Manufacturing: Adani New Industries is building a 10 GW integrated solar module facility to support India’s clean energy mission.
• Cement: The Group has already crossed 100 MTPA capacity, achieving 72% of its goal to reach 140 MTPA by FY27-28.
• Gas & EVs: Adani Total Gas now serves 1 million PNG customers and operates 3,400 EV charging stations across 22 states.

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Ports, Airports, and a New Mega-Airport

• Adani Ports handled a record 450 MMT of cargo in FY25, while continuing to expand integrated logistics services under the Gati Shakti Mission.
• Aviation: The Group’s airport business had its best year yet, handling 94 million passengers. The much-anticipated Navi Mumbai International Airport is on track to open this year, launching with a capacity of 20 million passengers and aiming for 90 million in the long term—targeting 35% of India’s passenger traffic.

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Looking Ahead

While facing external challenges, the Adani Group appears committed to its high-growth trajectory and national infrastructure goals. Gautam Adani’s message was clear: “We are building businesses that matter—for India’s future, and for global sustainability.”

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The Union government is reportedly considering new relief measures to support Vodafone Idea (Vi), in a bid to prevent the struggling telecom giant from going under. According to a report by The Economic Times, these steps could include a significant extension of the repayment period for adjusted gross revenue (AGR) dues—from the current 6 years to as long as 20 years—as well as a shift from compound interest to a simpler, more forgiving interest structure.

These discussions come at a critical time. Vodafone Idea’s stock rose over 4% on Tuesday, trading at ₹6.83 as of 11:20 AM, signaling investor optimism over potential government intervention.

The government holds a 49% stake in Vi, making it the company’s largest shareholder. There is increasing concern within official circles that without additional regulatory support, Vi could be heading toward insolvency. The proposed relief could potentially bring down the telco’s annual AGR burden from ₹18,064 crore to around ₹15,000 crore—or even less, depending on how the terms are finalized.

Still, doubts remain. Some officials are reportedly sceptical about whether Vi can meet even these reduced payments, given the company’s constrained cash flow and massive debt load.

This comes on the heels of a major legal blow: the Supreme Court recently dismissed Vi’s plea to waive approximately ₹30,000 crore in interest and penalties related to AGR dues, calling the request “shocking” and “misconceived.”

Vodafone Idea is also grappling with additional liabilities of around ₹1.19 lakh crore, including dues from the 2021 spectrum auction. In a recent letter to the Department of Telecommunications, Vi CEO Akshaya Moondra issued a stark warning: without timely support from the government, the company may not survive beyond FY26.

“Without GoI’s timely support on AGR, VIL will not be able to operate beyond FY26,” Moondra wrote. He further warned that a collapse would freeze capital expenditures, reduce the subscriber base, hit earnings, and ultimately render the government’s equity stake worthless.

Perhaps most significantly, Moondra cautioned that Vi’s exit could turn India’s telecom sector into a duopoly—leaving just Reliance Jio and Bharti Airtel to dominate the market. That could have far-reaching implications for competition, pricing, and future spectrum auctions.

As the government weighs its next move, the fate of India’s third-largest telecom operator—and the competitive balance of the entire industry—hangs in the balance.

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