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Shares of Vodafone Idea soared 12 per cent to ₹8.18 on the BSE in Tuesday’s intra-day trade amid heavy volumes.  The up move in stock price of telecom services provider came after the company in an exchange disclosure informed that the Government of India (GoI) raised its stake in Vodafone Idea to 48.99 per cent from 22.60 per cent. The GoI has increased its stake in Vodafone Idea through the President of India (acting through and represented by the Department of Investment and Public Asset Management, Ministry of Finance, Government of India). 

At 02:52 PM: Vodafone Idea was quoting 9.5 per cent higher at ₹8.01, as compared to 1.2 per cent rise in the BSE Sensex. The average trading volumes at the counter more than doubled. A combined 997 million equity shares changed hands on the NSE and BSE.

On March 30, 2025, the government agreed to raise stake in Vodafone Idea to 48.99 per cent with fresh acquisition of shares worth ₹36,950 crore in lieu of outstanding spectrum auction dues. The stock price of Vodafone Idea had hit a high of ₹8.57 on April 1, in intra-day trade. 

The Capital Raising Committee of board of directors of Vodafone Idea has, at its meeting held on April 8, 2025, issued and allotted 36,950 million equity shares of face value of ₹10 each at an issue price of ₹10 per equity share aggregating to ₹36,950 crore to the Department of Investment and Public Asset Management, Government of India (acting through President of India).

The government’s decision to convert ₹36,950 crore dues of Vodafone Idea into equity is a “major” and “timely” display of support that will offer significant cash flow relief to the telco in the next three years and help it complete long-delayed bank debt raise, the brokerage firm Citi said on March 31.

After the conversion of the spectrum liabilities into equity, Vodafone Idea is expected to raise bank debt which will help it undertake capex to strengthen its 4G network and rollout the 5G network. This, in turn, will curtail the subscriber churn, which along with expectations of tariff hikes in the future, will raise the average revenue per user (ARPU) levels and, thus, improve the OPBDITA generation. However, the AGR dues remain large and ICRA expects the GoI to consider providing additional reprieve to Vodafone Idea in some form, the contours of which would evolve.

While Vodafone Idea’s ARPU remains the lowest among the private operators, it has been increasing, rising to ₹163 in Q3FY25 from ₹145 in Q3 FY24 following the tariff hikes undertaken by all the telcos in July 2024. The Indian telecom sector is likely to witness another round of tariff hike in FY26, which, along with an expansion of the subscriber base on the back of network improvement undertaken by Vodafone Idea, is expected to boost the profit generation. 

Vodafone Idea plans to increase its 4G coverage in 17 priority circles. The company continues to engage with lenders for tie-up of bank debt. A timely tie-up of the debt and implementation of the proposed capex without delay will be crucial for the company to improve its network and improve the cash flow, the rating agency said. The Stable outlook reflects ICRA’s expectation of adequate Government support for the repayment of AGR dues, besides the profit growth from the possibility of a tariff hike, going forward.

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The NSE Nifty 50 index crossed the long-term 200-Daily Moving Average (200-DMA) in intra-day deals on Monday, for the first-time in nearly four months – since the breakdown on January 6, 2025. The Nifty hit a high of 24,188 levels in intra-day deals on Monday, rising 1.4 per cent, or 332 points.  

The Nifty 50 has surged over 11 per cent, or 2,400 points, in the last eight trading sessions. Amid this rally, the Nifty not only conquered its short-and-medium term moving averages, i.e. the 20- and 100-DMA at 23,170 and 23,400 respectively, but also surpassed its long-term (200-DMA) average on April 21, which now stands at 24,051. 

In general, the 200-DMA acts as one of the key indicators in determining a positive and negative trend. Stocks or indices trading above the long-term moving average are considered as positive, and vice versa.

The recent rally in the markets, analysts believe, could also be driven by a possibility of a trade deal between India and the US, and India is currently better prepared to gain from supply chain relocation. Those at Nomura, for instance, believe that the worst of tariffs and trade war is over, except for the announcement on sector-specific tariffs such as pharmaceuticals. 

The news flow on progress on bilateral trade agreements and even an attempt for US-China trade negotiation, they suggest, can be incremental positives. 

“We expect the Nifty to trade in the range of 17-20x one-year forward earnings, and reset March 2026 Nifty target at 24,970 based on 19.5x FY27F Nifty EPS of Rs 1,280. In case of a stable risk environment, we expect FII flows to be supportive after the intense sell-off in the past six months. Assuming a valuation range of 17-20x, we expect market return of -9% to +7% over the next one year,” wrote Saion Mukherjee, managing director and head of equity research for India at Nomura in a recent co-authored note with Amlan Jyoti Das.  

Out of the 50 Nifty constituents, 21 are trading above the respective 200-DMAs, including HDFC Bank, ICICI Bank, Bharti Airtel, Bajaj Finance, Bajaj Finserv, State Bank of India (SBI), Eicher Motors, Nestle India and Power Grid Corporation. 

The rally in financial stocks has mostly been led by HDFC Bank and ICICI Bank that announced their respective March 2025 (Q4-FY25) results last week. The Nifty Bank index, a gauge of the performance of bank stocks on the NSE, move up 2 per cent in intraday deals and surpassed its previous high of 54,467.35 levels hit on September 26, 2024, data shows. 

Meanwhile, from a technical perspective, Shrikant Chouhan, Head Equity Research, Kotak Securities suggests that the Nifty has formed a bullish candle on the weekly chart, and the market is maintaining an uptrend continuation formation. The investing strategy, he said, should be to buy between 23,650 and 23,550 levels, with a stop loss at 23,500 on a closing basis. 

“The overall market texture is bullish. For traders, the levels of 23,500 (Nifty) / 77,400 (Sensex) would act as key support zones, while resistance zones are between 24,000/79,000 and 24,200/79,600. However, if the market moves below 23,500/77,400, the sentiment could change and the indices may fall to 23,350/76,900 or 23,200/76,500, where the market has left a bullish gap,” Chouhan suggests.

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At just 17 months old, Ekagrah Rohan Murty, the grandson of Infosys co-founder Narayana Murthy, is already making headlines as one of India’s youngest millionaires. The toddler is set to receive ₹3.3 crore from Infosys’ final dividend payout for the financial year ending March 2025, reported Moneycontrol. 

Born in November 2023 in Bengaluru to Rohan Murty and Aparna Krishnan, Ekagrah is the third grandchild of Narayana Murthy and author-turned-Rajya Sabha MP Sudha Murty. His cousins, Krishna and Anoushka, are the daughters of Akshata Murty and former UK Prime Minister Rishi Sunak. 

Ekagrah’s journey into the world of big money began at just four months old, when his grandfather gifted him 1.5 million shares of Infosys — a 0.04 per cent stake in the tech giant. The value of this early inheritance? A jaw-dropping ₹240 crore at the time.

On April 17, Infosys declared a final dividend of ₹22 per share. With his 1.5 million shares, Ekagrah’s latest dividend earning will clock in at ₹3.3 crore — taking his total dividend income for the year to an astounding ₹10.65 crore. He had already earned ₹7.35 crore through interim dividends declared earlier at ₹49 per share.

The company’s stock exchange filing notes that shareholders eligible for the final dividend will be determined by May 30, with payouts scheduled for June 30. 

Meanwhile, other members of the Murthy family are also in for hefty dividend windfalls. Narayana Murthy himself will pocket ₹33.3 crore, Sudha Murty ₹76 crore, and Akshata Murty, who owns a 1.04 per cent stake in Infosys, is expected to earn a staggering ₹85.71 crore.

Founded in 1981 with just ₹10,000, Infosys has since grown to become one of India’s leading global tech firms. Sudha Murty, who supported the company in its early days with her personal savings, later led the Infosys Foundation for over 25 years. She continues to be active in social work, and recently became a nominated member of the Rajya Sabha.

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Shares worth over ₹2.36 trillion from 22 recently listed companies, including Hyundai Motor India, Dr Agarwal’s Health Care, Swiggy, and Waaree Energies, will hit the market in the next one month as anchor investors reach the end of their lock-in periods, opening the door for potential sell-offs. Anchor lock-in expiry refers to the end of the mandatory holding period for anchor investors in an initial public offering (IPO). After this period, these investors are allowed to sell their shares in the open market. This increases the number of shares available for trading. The expiry of lock in period could have implications for these companies as some investors might look to sell their holdings. 

Among others, Denta Water & Infra, Ajax Engineering, Diffusion Engineers, Niva Bupa Health Insurance, Godavari Biorefineries, Hariom Pipe, Deepak Builders & Engineers, Blue Jet Health, Afcons Infrastructure, Honasa Consumer, Rainbow Children’s Medicare, Cello World, Sagility India, ESAF Small Finance Bank, ACME Solar Holdings, and ASK Automotive are included in the list compiled by Nuvama Alternative & Quantitative Research. 

Stallion India Fluorochemicals, Denta Water & Infra, Dr Agarwal’s Health Care, and Ajax Engineering will witness the expiry of their 3-month lock-in periods, with shares estimated to be valued at around ₹659.65 crore. Meanwhile, the remaining companies will see the end of their 6-month or longer lock-in periods. 

Notably, the automaker Hyundai Motor India, which launched India’s largest public offering worth ₹27,870 crore in October 2024, will see the lock-in expiry of 507.8 million equity shares, estimated to be valued at around ₹81,821.65 crore.

However, it is worth noting that the said value pertains to the total lock-up shares becoming eligible for sale, but not all of these shares will actually be sold, as a sizeable portion is held by the Promoters and their group.

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Local search engine Just Dial has reported a 61 per cent year-on-year increase in net profit in FY25 to Rs 584.2 crore.

For the January-March quarter of FY25, Just Dial logged a profit of Rs 157.6 crore.

Revenue for FY25 was Rs 1,141.9 crore, reflecting a 9.5 per cent growth over FY24.

Revenue in Q4 came in at Rs 289.2 crore, a 7 per cent uptick over the corresponding period of the last fiscal year.

In Q4 specifically, growth was driven by well-strategised merchant acquisition initiatives that enabled deeper penetration in both urban and semi-urban markets, a company statement said.

Quarterly unique visitors on the platform reached 191.3 million in Q4, an 11.8 per cent year-on-year growth, while total business listings stood at 48.8 million at the end of FY25.

“FY25 has been a landmark year for Justdial — not just in terms of financial performance, but also in how we have transformed local business engagement.

“With Generative AI integration, enriched listings, and a sharpened focus on user and merchant experience, we have laid the groundwork to sustain our long-term growth.

“As we step into FY26, our confidence in delivering sustained value to users, merchants, and shareholders remains stronger than ever,” Shwetank Dixit, Chief Growth Officer at Justdial, said.

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