Business
With new lifetime highs expect heightened volatility

Friday the 16th of June was a red-letter day for the markets in India as they made new lifetime closing highs on both the BSESENSEX and NIFTY. While the closing highs have been made, we still need about 200 points on BSESENSEX and 60 points on NIFTY to beat the intraday highs. This is a small number and could happen on just the next positive day that markets witness. Normally these happen within a day or two of the closing highs whether before or after.
BSESENSEX gained 758.95 points or 1.21 per cent to close at 63,384.58 points while NIFTY gained 262.60 points or 1.41 per cent to close at 18,826.00 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.65 per cent, 1.78 per cent and 1.88 per cent respectively. BSEMIDCAP gained 2.95 per cent and closed at 28,331.32 points. Similarly, BSESMALLCAP gained 2.87 per cent and closed at 32,293.19 points.
The two MIDCAP and Smallcap sectors have been outperformers and have gained 21.1 per cent and 23.5 per cent from the lows made in March 2023. Against this the rise in BSESENSEX has been 11 per cent and 11.87 per cent in NIFTY respectively. Our markets gained on four of the five trading sessions and lost on one.
The Indian Rupee gained 53 paisa or 0.64 per cent to close at Rs 81.93 to the US Dollar. The US FED in its policy meeting decided to keep interest rates unchanged in a band of 5-5.25 per cent. Dow Jones during the week gained on three of the five sessions and was up 422.34 points or 1.25 per cent to close at 34,299.12 points.
In primary market news, shares of Ikio Lighting Limited listed on the bourses on Friday (June 16). The company had tapped the capital markets with its fresh issue for Rs 350 crore and an offer for sale of 90 lakh shares in a price band of Rs 270-285. Shares listed at Rs 391 on BSE and Rs 392.50 on NSE. They closed day one at Rs 403.75, a gain of Rs 118.75 or 41.67 per cent on BSE and at Rs 403.85, a gain of Rs 118.85 or 41.70 per cent on NSE.
The week ahead sees one IPO tap the capital markets. HMA Agro Industries Limited is tapping the capital markets with its fresh issue of Rs 150 crore and an offer for sale of Rs 330 crore in a price band of Rs 555-585. The issue opens on Tuesday (June 20) and closes on Friday (June 23). The issue would raise Rs 480 crore.
HMA Agro Processors is one of India’s largest buffalo meat processors and exporter. The company has also started exporting basmati rice and frozen fish. The company has six plants spread across the Northern and Western part of India with the Haryana plant recently set up being the largest capacity and most modern processing plant anywhere in South East Asia. The plant has a capacity of 570 tons per day.
The entire product of the company is exported to over 40 countries globally. It markets its products under its own brand name. The company HMA Agro exports over 10 per cent of India’s buffalo meat exports and is currently one of the top three largest exporters doing so. The company enjoys a decent reputation amongst its customers and being a food item is highly regulated by both the exporting country and the importing country.
The idea of entering rice and fisheries is to extend the food basket and also as the buyer is the same. The company sells to wholesalers and is a B-to-B player. Further India’s exports of Rice and Buffalo meat form the top and the second topmost item of export in the Agri basket.
The company reported revenues of Rs 3,083 crore for the year ended March 2022 and a net profit of Rs 117.62 crore for the same year. The EPS for the 12 months is Rs 24.39. For the nine months ended December 2022, the company reported revenues of Rs 2,370 crore and a profit after tax of Rs 113.24 crore. The EPS on a non-annualised basis is Rs 22.96.
The Haryana plant which would effectively double the capacity of the company has started commercial operations since January 23 and the current year 23-24 would be the first full operation of the company. The PE band of the issue based on the 12 months, March 22 number is 22.76-23.99. If one were to annualise the nine months earnings for the period ended December 22, the EPS would be Rs 30.6. The resultant PE band would be 18.13-19.1.
There are two upsides that an investor putting his money in HMA Agro Industries is betting on. The first is the growth in the business with the company doubling its capacity from 2 lakh tons to 4 lakh tons. The biggest is the price differential between the price at which India exports its meat to the world and the international price of wheat earned by countries like Brazil and Australia. The difference is huge with India setting the floor at $2.85 per kg and Brazil at $4.45 per kg. The US is at a much higher $7.06. If the gap is narrowed it will increase the profitability significantly.
The company offers an investment into the meat segment which is a 100 per cent export item and highly regulated by the animal husbandry department. It offers decent returns for investors.
The FPO from Adani Enterprises and the fallout of the Hindenburg report are now over four months old. A lot of water has flown under the bridge and prices have moved. Adani Enterprises had fallen from Rs 3,500 to Rs 1,017 and are now around Rs 2,500. Significant opportunity for smart investors to make money. One thing to remember is that 3/4th of Adani’s businesses have sectoral regulators.
In an interesting milestone, MRF has become the first company in India to have its share price touch the one lakh mark. Its share price touched the 1 lakh mark for the first time on Tuesday (June 13) and closed at Rs 99,980.35 on Friday on the BSE. The market cap of the company is Rs 42,403 crore.
Markets have made their lifetime closing highs and would also do so on an intraday basis shortly. What next? There is a 3 per cent spill over which naturally and normally does happen. This would mean about 2,000 points on the BSESENSEX and 600 points on NIFTY. Markets would tend to be volatile with sharp intraday moves in both directions. The midcap and Smallcap space which have been outperformers would continue to rule the roost. The strategy for the week ahead would be to play in the midcap and Smallcap space and watch out for any signs of reversal. Even corrections at such stages in the market are swift. There would also be a retest of market highs once there is a reversal at the top. In short, elevated levels and unchartered territory is the reason for wild movement. Trade cautiously.
Business
Sugar Stocks Surge Up To 15% In Market Rally, Government Removes All Limits On Ethanol Production

Mumbai: On September 1, 2025, the Indian government announced a major change: sugar mills and distilleries can now produce as much ethanol as they want from sugarcane juice, sugar syrup, and molasses. This rule will start from the new ethanol supply year beginning on November 1, 2025.
Earlier, during the 2023-24 ethanol supply year, there were restrictions because sugarcane output was low. But with good monsoon rains this year, sugarcane production is expected to rise. So, the government has removed all limits to support the industry and help reach India’s fuel blending goals.
Following the announcement, stocks of major sugar companies like Balrampur Chini, Avadh Sugar, Shree Renuka Sugars, Bajaj Hindusthan Sugar, and Dalmia Bharat Sugar jumped up to 15 percent during Tuesday’s stock market session. Investors see this as a big positive step for the sector.
India is the world’s second-largest sugar producer. But the industry has faced tough times due to falling sugarcane supply. With this new policy, sugar mills can now turn more of their cane juice and B-heavy molasses into ethanol. Ethanol sells at better prices than sugar, which can boost company earnings.
Also, the move helps India progress toward its goal of 20 percent ethanol blending in petrol by 2025, and even possibly 30 percent in the future.
As per the experts this is a big relief for sugar companies. The removal of production caps means mills can now use their full capacity to produce ethanol. This will improve their profits and help the sector grow.
While mills are now free to make more ethanol, the government will regularly check sugar availability in the market. This is to make sure there’s enough sugar left for domestic consumption.
Business
Private Corporate Investment To Cross From ₹2.2 To ₹2.67 Lakh Crore In 2025–26 Aided By RBI’s 100-Basis-Point Rate Cut

Mumbai: Private corporate investment is expected to cross Rs 2.67 lakh crore in 2025–26 from Rs 2.2 lakh crore in 20254-25, aided by robust macroeconomic fundamentals, improved balance sheets, rising capacity utilisation, easy liquidity conditions, infrastructure push, and the 100-basis points policy rate cut starting from February 2025, according to the RBI’s latest monthly bulletin. Private corporate investment remained as one of the vital contributors to India’s long-term growth trajectory.
After a period of subdued activity during the pandemic years, the investment cycle is being rejuvenated by a confluence of supportive factors.In 2024–25, the macroeconomic backdrop is characterised by robust GDP growth, sustained disinflation, and a consequent conducive monetary policy stance, the article states.
Over the past few years, Indian corporates have undergone a phase of balance sheet repair, aided by deleveraging, improved cash flows, and strong profitability across several sectors.
The banking sector’s improved asset quality and abundant liquidity have further enhanced the credit environment, translating into easier access to financing for capacity expansion.Recent trends in high-frequency indicators — such as rising imports of capital goods, improved capacity utilisation, and increased flows in corporate bond markets — signal renewed investment appetite among firms.
Additionally, sector-specific policies, such as the Production-Linked Incentive (PLI) schemes, energy transition investments, and digital infrastructure expansion, are incentivising corporates to undertake fresh investments.The domestic economy continues to demonstrate resilience, with real GDP growth of 6.5 per cent in 2024–25, making India the fastest-growing major economy, underpinned by robust domestic demand, and steady progress on public infrastructure investments.
Investment in green field (new) projects accounted for the lion share of about 92 per cent in the total cost of projects financed by banks and financial institutions during 2024-25, in line with the trend seen in the past.
Greenfield investment generally brings new and additional resources and assets to the firms and leads to gross fixed capital formation (GFCF).Higher investment in green filed projects thus points to likely capacity expansion by private corporates going forward, according to the article.
The industry-wise distribution of projects sanctioned during 2024-25 indicates that the infrastructure sector remained the major sector accounting for 50.6 per cent share in the total cost of projects, primarily driven by investment in ‘Power’, followed by ‘Road & bridges’.Beside infrastructure, among the other major industries, chemicals and pesticides, construction, electrical equipment, and metal & metal products also accounted for the sizable share in the total cost of projects.
Business
India, Africa must double bilateral trade by 2030: Piyush Goyal

New Delhi, Aug 29: India and Africa must work to double bilateral trade by 2030, focusing on value addition, technology-driven agriculture, renewable energy, and healthcare, Minister of Commerce and Industry Piyush Goyal said on Friday.
Delivering the keynote address at the valedictory session of the CII India Africa Business Conclave here, the minister pointed out that bilateral trade between India and Africa is already fairly balanced — with India’s exports at $42.7 billion and imports at $40 billion.
However, he underlined the untapped potential across regions: “This demonstrates the opportunity we have missed out on over the years, and the scope for expansion today.”
The Minister stressed that India and Africa need not compete in every sector, but rather explore complementarities.
He highlighted areas such as agriculture, food security, cooperative and self-help group movements, education, skill development, capacity building, research and development, innovation, start-ups, healthcare, pharmaceuticals, and renewable energy, which provide vast opportunities for mutual benefit.
Goyal highlighted the immense potential for collaboration in the automobile sector. He noted that while Africa imports nearly $20 billion worth of motor vehicles annually, India currently supplies only about $2 billion of this demand.
He underlined that Indian automobiles are globally competitive, both in terms of cost and quality, with manufacturing standards on par with the best in the world.
He said that Indian manufacturers can play a vital role in meeting Africa’s growing demand for passenger vehicles, commercial vehicles, two and three-wheelers, and affordable electric mobility solutions.
This opens up a wide delta of opportunity for African nations to access reliable, fuel-efficient, and environmentally sustainable vehicles at competitive prices, while India can, in return, benefit from greater imports of African resources such as critical minerals, petroleum products, and agricultural commodities.
This balanced exchange would help both regions expand trade, generate employment, and build long-term industrial partnerships, he added.
Highlighting complementarities, the Minister observed that Africa could support India in areas such as critical minerals and petroleum products, while India could support Africa in food security, technological upgradation, manufacturing, and services.
He mentioned that India is cost-competitive in services like architecture, engineering, IT, AI and telecom, while also offering potential in medical tourism.
Referring to India’s close bond with Mauritius, Goyal assured the Indian Ocean island nation continued support in addressing inflationary pressures in essentials such as milk products, edible oils, and rice.
“It is this spirit of friendship and cooperation that defines India’s engagement with Africa,” he said.
Goyal also recalled India’s support to Africa during the Covid-19 pandemic, when medicines, vaccines and pharmaceutical products were provided at affordable costs, unlike the highly-priced alternatives from developed nations.
He further said that India’s Unified Payments Interface (UPI) could help bring down transaction costs and strengthen Africa’s financial systems.
Calling the Global South the true voice of the developing world, Goyal urged African nations to work with India at multilateral platforms like the WTO to create common objectives and influence global decision-making.
He emphasised collaboration in agriculture technologies, renewable energy, generic medicines, critical minerals, and youth partnerships, noting that the young populations of India and Africa will define the future.
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