Business

A traffic signal in the foreground of the Bombay Stock Exchange’s Jeejeebhoy Towers on Dalal Street.
| Photo Credit: The Hindu

Stock market benchmark indices rebounded in early trade on Wednesday (Aoril 2, 2025) after a sharp decline in the previous session, driven by buying in blue-chip stocks such as HDFC Bank and ICICI Bank.

The 30-share BSE benchmark Sensex rebounded 256.82 points to 76,281.33 in early trade. The NSE Nifty climbed 84.9 points to 23,250.60.

From the Sensex pack, Tech Mahindra, Infosys, HDFC Bank, Maruti, ICICI Bank, Bharti Airtel, Zomato and Adani Ports were among the gainers.

Nestle, UltraTech Cement, Hindustan Unilever and Tata Motors were among the laggards.

In Asian markets, Shanghai and Hong Kong were trading in the positive territory while Seoul and Tokyo quoted lower.

U.S. markets ended mostly higher on Tuesday (April 1, 2025).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,901.63 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs) were buyers as they bought equities worth ₹4,322.58 crore.

“The element of uncertainty regarding reciprocal tariffs is expected to come down with the tariff declaration today. But considering Trump’s flip flops on tariffs earlier, the uncertainty is likely to continue beyond today,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

It appears that FIIs turning buyers in the last several trading days of March was triggered by end of year considerations, he said.

“The short-covering which FII buying triggered contributed to India’s outperformance in March. Now with FIIs selling for ₹10,255 crore in the cash market in two days, the shorting has resumed. This was reflected in the 353 point sharp cut in Nifty yesterday,” Mr. Vijayakumar added.

Global oil benchmark Brent crude traded 0.0% up to $74.51 a barrel.

The BSE benchmark tanked 1,390.41 points or 1.80% to settle at 76,024.51 on Tuesday. The Nifty dropped 353.65 points or 1.50% to 23,165.70.

Gross GST collections increased 9.9% to ₹1.96 lakh crore in March 2025 as against ₹1.78 lakh crore in the same month last year, according to data from Central Board of Indirect Taxes and Customs (CBIC) released on April 1.
| Photo Credit: Getty Images/iStockphoto

Gross GST collections increased 9.9% to ₹1.96 lakh crore in March 2025 as against ₹1.78 lakh crore in the same month last year, according to data from Central Board of Indirect Taxes and Customs (CBIC) released on April 1. This was the highest since April 2024, when gross GST collections were slightly higher at ₹2.01 lakh crore.

Net GST increased 7.3% to ₹1.76 lakh crore in the month under review as against ₹1.64 lakh crore in the year ago period.

On an annual basis, the government collected ₹22.08 lakh crore in Gross GST in 2024-25, which was 9.4% more than revenue collected in 2023-24. Net GST collections rose 8.6% to ₹19.6 lakh crore in the past fiscal against ₹18.01 lakh crore in the year before. 

“The 9.9% increase in the Gross GST collections for the month reflects the impact of year end sales push by businesses; it’s very encouraging to see that this not an isolated instance as GST collections have shown a steady increase every month reflected by the 9.4% increase in annual Gross GST collections,” said MS Mani, Tax partner at Deloitte. 

“States like Maharashtra, Haryana, UP, Rajasthan have shown a growth exceeding 10% , other states like Gujarat, Karnataka, Telengana, AP, Tamil Nadu have been in the range of -1% to 7% , which is very unusual for the month of March. There is a need to understand the reasons for the same by evaluating the sectoral growth and compliance rates in these states,” Mr. Mani added.

NCLAT greatly reduced the ₹936.44 crore-fine that the Competition Commission of India (CCI) hit Google with in 2022 [File]
| Photo Credit: REUTERS

Google welcomed the move by India’s National Company Law Appellate Tribunal (NCLAT) to reduce its penalty from ₹936.44 crores to ₹216.69 crores in the matter relating to Google’s abuse of its dominant position through Play Store policies.

While NCLAT greatly reduced the ₹936.44 crore-fine that the Competition Commission of India (CCI) hit Google with in 2022, it still upheld the order passed by CCI.

Even so, Google praised the move and stressed on its commitment to complying with local laws.

“We welcome the NCLAT’s decision to set aside certain directions in the CCI’s order and substantially lower the penalty. Google is committed to supporting the growth of Indian developers and contributing to a thriving app ecosystem for both developers and users in India. We will continue to comply with all applicable laws and regulations as we review the NCLAT’s judgment and evaluate our legal options,” said Google in a statement.

Google is facing legal action in multiple countries over antitrust issues and its dominance in the search engine and app store markets.

he government’s stake in Vi will increase to 48.99% from 22.6%.

Vodafone Idea’s shares experienced a significant increase of 19.41%, reaching Rs 8.15 on the BSE on Tuesday, following the government’s decision to convert Rs 36,950 crore of the company’s spectrum payment dues into equity, thereby improving its financial position and reducing statutory obligations.
Also Read: Stock Market Crash
The government’s stake in Vi will increase to 48.99% from 22.6%, whilst the holdings of private promoters Vodafone Plc and Aditya Birla Group will decrease to 16.1% and 9.4% respectively, although they will maintain operational control.
Specifically, Vodafone UK’s ownership will reduce from 24.4% to 16.1%, whilst ABG’s stake will decrease from approximately 14% to 9.4%, according to company sources who spoke to ET.
This governmental intervention is regarded as crucial support for the struggling telecommunications operator. This conversion, the second following a similar action in February 2023, will provide essential cash flow assistance to Vi, particularly as it prepares for increased regulatory payments after the moratorium expires in September.
Experts note that Vi, currently operating at a loss, needs to settle Rs 29,000 crore in government spectrum and adjusted gross revenue (AGR) dues in the latter half of FY26. These obligations will now decrease to Rs 11,000 crore. Starting FY27, the annual payment requirement will reduce to Rs 17,000 crore from Rs 43,000 crore.
Vi’s cash reserves for the December quarter were recorded at Rs 12,090 crore.
“The ministry of communications, in line with the September 2021 Reforms and Support Package for the Telecom Sector, has decided to convert the outstanding spectrum auction dues, including deferred dues repayable after expiry of the moratorium period, into equity shares to be issued to the Government of India,” Vi stated in an exchange filing late on Sunday.
Vodafone Idea Share Price Analysis
Citi Research has maintained its buy/high risk rating on Vodafone Idea after the government’s decision to increase its ownership to 48.99%. The firm set a target price of Rs 12 per share, suggesting a 76% potential increase from the last closing price.
The research firm acknowledged that whilst the government’s larger stake alleviates immediate financial pressure, Vodafone Idea continues to face challenges in securing additional funding and developing its 4G and 5G infrastructure.
Trendlyne data indicates an average target price of Rs 8 for Vodafone idea shares, projecting an 18% increase from current values. Among 22 analysts, the prevalent recommendation is to ‘Sell’.
The stock’s RSI stands at 35.7, indicating neutral market conditions. The MACD reading of -0.3, positioned below its centre line, signals bearish momentum.
Currently, the stock trades below all major Simple Moving Averages, ranging from 5-day to 200-day periods.
The share price has decreased by 15% since the year began and 48% over the previous 12 months. The firm’s market capitalisation currently stands at Rs 48,618 crore.

Royal Enfield’s exports grew by 36 per cent at 12,971 units in March 2025, as compared to 9,507 units in the year-ago month. File photo
| Photo Credit: The Hindu

Mid-size motorcycle maker Royal Enfield on Tuesday (April 1, 2025) reported a 34 per cent jump in total sales at 1,01,021 units in March, as compared to 75,551 units in the same month last year.

Domestic sales were at 88,050 units last month, as against 66,044 units in March 2024, up 33 per cent, Royal Enfield said in a statement.

Exports grew by 36 per cent at 12,971 units, as compared to 9,507 units in the year-ago month.

In the fiscal 2024-25, the company said it posted its highest-ever annual sales crossing the 10 lakh units mark.

The company’s total sales in FY25 was at 10,09,900 units, as against 9,12,732 units in FY24, up 11 per cent, it said.

Domestic sales in FY25 was at 9,02,757 units, as against 8,34,795 units in FY24, a growth of 8 per cent.

Exports grew by 37 per cent at 1,07,143 units in FY25, from 77,937 units in FY24, the company said.

“This year has been nothing short of extraordinary for Royal Enfield. Crossing the 1 million annual sales milestone, our highest ever, is a testament to how far we’ve come,” Royal Enfield Chief Executive Officer and Eicher Motors Managing Director B. Govindarajan said.

He further said, “From a time when 50,000 motorcycles a year felt like a big win to now setting new global benchmarks in the mid-size segment, our journey has been incredible.”

On the global front, the company continues its expansion. The launch of Thailand assembly plant and entry into Bangladesh mark important steps in strengthening international presence, Mr. Govindarajan added.

As President Donald Trump’s “Liberation Day” approaches, stock markets around the world saw declines on Monday, driven by fears of the tariffs set to take effect on Wednesday. From Wall Street to Wellington, New Zealand, global markets faced significant sell-offs ahead of the impending economic moves.
In the US, the S&P 500 dropped by 0.6%, following one of its most significant losses in recent years. The index is poised to close the first quarter of the year with a nearly 6% loss, which would make it the worst quarter in almost three years. While the S&P 500 managed to reduce some of its losses after an early 1.7% decline, the Nasdaq composite, heavily impacted by drops in Tesla, Nvidia, and other Big Tech stocks, plunged by 1.6%, according to news agency AP.
The fall in US markets mirrored a global sell-off, as investors expressed concern that Trump’s upcoming tariffs would exacerbate inflation and slow global economic growth. The tariffs, set to be announced on Wednesday, are designed to match the tax burdens imposed by other nations on the US, with specifics still unclear. Trump has signalled that these moves are in part to bring more manufacturing jobs back to the US
Key Global Market Figures at 1630 GMT

Trump’s tariffs, designed to match trade barriers imposed by other countries on the U.S., are set to begin on Wednesday. The tariffs have raised concerns that they will increase inflation, potentially leading to a global recession. As uncertainty grows, major stock indices around the world have been hit hard.
The S&P 500 dropped by 0.8%, contributing to its near 6% quarterly loss, which could mark the worst quarter in nearly three years. The Dow Jones Industrial Average showed resilience, edging up slightly by less than 0.1%, while the Nasdaq Composite fell 1.6%, weighed down by declines in major tech stocks like Tesla and Nvidia.
In Asia, the Nikkei 225 in Japan suffered a significant 4.1% drop, while Hong Kong’s Hang Seng and China’s Shanghai Composite also saw losses. Europe was not immune either, with London’s FTSE 100, Paris’ CAC 40, and Frankfurt’s DAX all posting losses of over 1%.
Currency and Commodities

In the commodities market, oil prices showed signs of strength despite broader market declines:

Gold and Bonds: As stocks fell, safe-haven assets like gold and U.S. Treasury bonds gained. Gold briefly topped $3,160 per ounce, while the yield on the 10-year Treasury dropped to 4.22% from 4.27% late Friday.
Market sentiment
Goldman Sachs economists have raised their forecast for inflation and lowered their U.S. growth projection, now predicting a 35% chance of a recession in the next year, up from 20% previously. The tariffs could further stoke inflationary pressures and hinder global economic growth, prompting businesses and consumers to scale back spending.
The markets remain uncertain about what Trump’s tariffs will ultimately entail. While some analysts are optimistic that the tariffs might be less severe than feared, the continued unpredictability is likely to fuel volatility. Some also worry that the tariffs could add to global economic pain by reducing confidence and prompting businesses to cut jobs.
Tesla and tech stocks lead declines
Among the hardest-hit stocks were Tesla, which fell 4.7%, and Nvidia, which dropped 4.1%, as concerns about overvalued tech stocks lingered. Additionally, United Airlines and Delta Air Lines both saw losses, highlighting concerns that the broader economy might be cooling off.
In mergers and acquisitions news, Mr. Cooper saw a significant rise of 16.6% after announcing its acquisition by Rocket Mortgage in a $9.4 billion deal.
Global impact and rising fears
This worldwide sell-off reflects the growing concern over economic risks tied to the new tariffs, and investors are bracing for further market turbulence as Trump’s tariffs loom. The economic uncertainty surrounding this issue is likely to keep markets on edge, with analysts keeping a close eye on potential ripple effects throughout the global economy.

Union Finance Minister Nirmala Sitharaman.
| Photo Credit: ANI

Finance Minister Nirmala Sitharaman will launch the “NITI NCAER States Economic Forum” portal on Tuesday (April 1, 2025) providing access to a comprehensive repository of data on social, economic, and fiscal parameters of states spanning over three decades till financial year 2022-23.

The portal, developed by NITI Aayog, in collaboration with the National Council of Applied Economic Research (NCAER), offers direct access to the complete database categorised across five verticals— Demography, Economic Structure, Fiscal, Health and Education of States.

Besides, the portal will provide macro and fiscal landscape of 28 Indian States, structured around indicators on demography, economic structure, socio-economic and fiscal indicators, NITI Aayog said in a statement.

The portal will facilitate an understanding of macro, fiscal, demographic, and socio-economic trends; easily accessible data and user-friendly format and will also address the ongoing need for consolidated sectoral data in one place, it said.

It will further help in benchmarking the data of each state against that of other states and the national figures, it said, adding, it will also provide a forum to policymakers, researchers, and others interested in alluding to the data for informed debates and discussions.

The statement said, it will act as a central repository of information, providing access to an extensive database of social, economic, and fiscal indicators spanning the past 30 years.

By leveraging historical trends and real-time analytics, users will be able to track progress, identify emerging patterns, and formulate evidence-based policies for development, it said.

Foxconn is developing a 300-acre facility in Bengaluru, set to become its second-largest after China. (AI image)

Foxconn intends to produce 25-30 million Apple iPhones at its Indian facilities this year, which would be an over twofold increase from the previous year’s output. This comes as Apple expands its manufacturing presence in India and works to diversify its production network, according to individuals familiar with the plans.
The Taiwanese manufacturer has been conducting restricted testing operations at its Bengaluru site over the past three to four months, indicating rapid advancement in its expansion of manufacturing operations across India, the source indicated.
“Last year, the company assembled about 12 million iPhones in India,” a source told ET. “But with their Bengaluru facility also coming up quickly, they have set their ambitions a lot higher, in line with Apple’s push to deepen their presence in India.”
As Apple diversifies away from China, Foxconn’s operations in India have experienced substantial growth. The Taiwanese organisation has increased its investments in mobile assembly within the country, with further expansion anticipated as Apple strengthens its presence in India.
Also Read | Turnaround from importer to exporter! India now shipping Apple product components to China & Vietnam
“The trial runs are the first phase… ,” according to the person cited above. “(the trial runs are) to see if the plant is able to produce the phones at the scale required and without any compromise on Apple’s stringent quality standards,” said the person.
After successful completion of trial runs, Foxconn can proceed to the ‘revenue build’ stage, during which the manufactured phones will be ready for distribution. Starting shipments from the Bengaluru unit will serve as a crucial element in reaching Foxconn’s intended production objectives.
It’s important to note that the impact of US President Donald Trump’s tariff decisions remains a crucial factor, according to industry analysts.

Foxconn’s Bigger Apple Bite

“According to our investigation, Foxconn, driven by Apple, is likely to increase its production in India this year significantly,” stated Lori Chang, senior analyst at Taipei-based Isaiah Research.
Isaiah Research projections indicate that Foxconn aims to manufacture 25-30 million iPhones in India by year-end. This represents a substantial increase from the previous year’s shipments of 10-15 million iPhones from India, according to their data.
Also Read | ‘Elon Musk doing amazing work, but…’: Why Sajjan Jindal believes Tesla won’t find it easy in India
Foxconn’s main priority continues to be iPhone manufacturing, says Chang. He anticipates an increase in India’s production share from the previous year’s goal of 12-16% to 21-25% in the current year. In alignment with Apple’s vision, Foxconn aims to strengthen its partnership, focusing primarily on expanding its manufacturing presence in India.
Foxconn is developing a 300-acre facility in Bengaluru, set to become its second-largest after China. Additionally, the company has established a new unit in Hyderabad for AirPods production, expanding Apple’s product range in India. These complement their substantial iPhone assembly operations at the Sriperumbudur campus near Chennai.
During his India visit in August last year, Foxconn chairman Young Liu emphasised the company’s intention to expand beyond smartphones. The organisation aims to develop products across various sectors including information and communication technology (ICT), electric vehicles (EVs), energy and digital health.
Liu stated during the inauguration of their industrial housing project in Sriperumbudur, “We want to move up the value chain as much as we can in India. That’s what we will be doing in the ICT sector. For sectors other than ICT, we think EVs and energy and also the digital health industry, like wearables for personal use, home use type of medical devices.”
Following the dissolution of its semiconductor partnership with the Vedanta Group, Foxconn has announced a £37.2 million investment to establish a chip packaging and testing facility in India alongside HCL Group. According to recent reports, the HCL-Foxconn venture anticipates imminent approval for its plant and has initiated discussions with engineering, procurement and construction firms, including Larsen & Toubro and Taiwan’s CTCI.