This Small-Cap stock has emerged as the fifth-largest cement company in India following the National Company Law Tribunal’s (NCLT) approval for its Rs.1,800 crore acquisition of Vadraj Cement. This strategic move strengthens the company’s market position and expands its footprint in the competitive cement sector.
Price Variation
During Friday’s trading session, shares of Nuvoco Vistas Corporation Ltd reached an intra-day high of Rs.322.00 each, rising 1 percent from the previous closing price of Rs.319.05 per share. However, the shares retreated slightly and are trading at Rs.315.20 apiece.
New Acquisition
Nuvoco Vistas Corporation, a prominent player in the cement industry and part of the Nirma Group, has secured approval from the National Company Law Tribunal’s (NCLT) Mumbai Bench for its resolution plan to acquire Vadraj Cement under the Insolvency and Bankruptcy Code for Rs.1,800 crore, as per a company filing dated April 3. With this acquisition, Nuvoco will become India’s fifth-largest cement company.
The acquisition will be carried out through Vanya Corporation, a wholly owned subsidiary of Nuvoco, which will eventually be merged with Vadraj Cement (VCL). Post-merger, VCL will become a wholly owned subsidiary of Nuvoco. This strategic move strengthens the company’s market standing and aligns with its growth vision in the building materials segment.
In January 2025, Nuvoco received a letter of intent to acquire the Gujarat-based Vadraj Cement through the insolvency process. The company had earlier announced plans to invest Rs.1,800 crore for the acquisition, with further investments planned over time to enhance operations and capacity.
Nuvoco also intends to invest an additional Rs.900–1,200 crore in Vadraj Cement over the next 18 to 24 months to upgrade and expand the acquired operations. Initially incorporated as Lafarge India in 1999, the company was renamed Nuvoco Vistas after its acquisition by the Nirma Group in 2016.
Manufacturing Capacity
Following the acquisition, Nuvoco Vistas’ cement production capacity is set to increase to 31 million tonnes per annum (MTPA), while its clinker capacity will reach 17 MTPA by the third quarter of FY27. This development positions Nuvoco as the fifth-largest cement group in India by overall capacity. The acquisition also enhances its presence in Western India, making it the third-largest player by capacity across Gujarat and Maharashtra.
Financial Overview
In its latest financial results, Nuvoco Vistas Corporation Ltd posted a consolidated revenue of Rs.2,409 crores for Q3 FY25, showing a slight decline from Rs.2,421 crores recorded in Q3 FY24. The company also reported a net loss of Rs.61 crores in Q3 FY25, compared to a net profit of Rs.31 crores during the same quarter last year.
Ratio Analysis
The company has a Return on Capital Employed (ROCE) of 4.44 percent and a Return on Equity (ROE) of 0.55 percent. Furthermore, the company maintains a current ratio of 0.73, a debt-to-equity ratio of 0.55, and an EV to Sales of 1.58.
According to global brokerage Macquarie, current market earnings projections remain overly optimistic. The firm also noted a slowdown in domestic liquidity, which has so far played a significant role in propping up the markets. As a result, Macquarie anticipates that the market’s strength may face challenges in the near term. Despite this cautious outlook, it has identified six Nifty stocks as short-term tactical investment opportunities for the next three to six months.
Following are the six stocks picked by Macquarie with up to 35percent potential upside:
1. Shriram Finance Limited
With a market cap of Rs. 1.23 lakh crores, the stock moved up by nearly 2 percent on Friday, after Macquarie has recommended a target price of Rs. 800 per share on Shriram Finance, representing a potential upside of nearly 22 percent from its Friday closing price of Rs. 654.15.
Macquarie believes that factors such as improving liquidity conditions, easing interest rates, consistent asset quality, and better growth compared to industry peers could act as short-term catalysts for the stock. The brokerage also referred to Shriram Finance as a “valuation catch-up” opportunity, highlighting that its current valuation lags behind some of its larger competitors by 50 percent to 60 percent.
2. Bharat Electronics Limited
Macquarie anticipates robust guidance from the management for the upcoming financial year. Additionally, growing export prospects are expected to support a stronger earnings per share (EPS) growth trend over the medium term.
With a market cap of Rs. 2.04 lakh crores, the stock moved up by nearly 3.4 percent on Friday, after Macquarie has recommended a target price of Rs. 350 per share on BEL, representing a potential upside of nearly 25 percent from its Friday closing price of Rs. 280.1.
3. Reliance Industries Limited
With a market cap of Rs. 16.3 lakh crores, the stock moved up by nearly 4.4 percent on Friday, after Macquarie set a target price of Rs. 1,500 per share on RIL, representing a potential upside of nearly 24 percent from its Friday closing price of Rs. 1,204.7. Macquarie attributed the stock’s recent underperformance to downward revisions in earnings estimates, a softer performance in the retail segment, and stagnant consolidated earnings growth.
However, it remains optimistic about the next 6 to 12 months, citing potential positive developments. These include an expected turnaround in group EPS, the commissioning of renewable energy projects, and further advancements toward the retail business spin-off. Brokerage added that a pickup in retail revenue growth would serve as a strong sentiment booster for the stock.
With a market cap of Rs. 2.57 lakh crores, the stock moved up by nearly 3.7 percent on Friday, after Macquarie has recommended a target price of Rs. 320 per share on Wipro, representing a potential upside of nearly 30 percent from its Friday closing price of Rs. 246.25.
Brokerage noted that Wipro could offer greater shareholder returns, supported by its strong cash position, even after the new capital allocation policy. Macquarie estimates that the company could deliver a dividend yield of around 5 percent to 6 percent over the next one year, providing a cushion against downside risk.
An additional catalyst for the stock could be its growth aligning with that of other large-cap IT firms by the first quarter of FY26—a scenario Macquarie believes is not yet reflected in current buy-side forecasts.
5. Tata Motors Limited
With a market cap of Rs. 2.25 lakh crores, the stock moved up by nearly 6.7 percent on Friday, after Macquarie set a target price of Rs. 826 per share on Tata Motors, representing a potential upside of nearly 34 percent from its Friday closing price of Rs. 613.85.
Macquarie believes Tata Motors shares are currently in an oversold zone, with recent underperformance largely attributed to concerns over volume and margin pressures in Jaguar Land Rover’s U.S. operations.
However, the brokerage remains optimistic, pointing to JLR potentially turning net cash positive in FY25, the company’s focus on premiumisation, and the possibility of better-than-expected margins and cash flows in FY26 as key factors supporting a more favorable short-term outlook.
6. NTPC Limited
Regarding NTPC, Macquarie stated that the Indian Meteorological Department’s (IMD) heatwave warning is unlikely to have a significant impact on short-term earnings. However, it strengthens the case for power-based capacity additions in the long run.
The brokerage also noted that management providing further clarity on plans for nuclear power capacity could reinforce investor confidence in the company’s long-term growth prospects.
With a market cap of Rs. 3.4 lakh crores, the stock moved up by nearly 3 percent on Friday, after Macquarie set a target price of Rs. 475 per share on NTPC, representing a potential upside of nearly 35 percent from its Friday closing price of Rs. 350.85.
The last six months have been a rollercoaster for Indian equities, and not everyone has enjoyed the ride. While benchmark indices like Nifty 50 have remained relatively resilient, several heavyweight constituents have seen their valuations erode dramatically. From auto giants to financial services players, some stocks have nosedived by as much as 50.68%, triggering concerns among investors and analysts alike.
Let’s take a closer look at the five worst-performing stocks in the Nifty 50 index, analyzing what went wrong and whether there’s any silver lining for the future.
1. IndusInd Bank – Down 50.68%
Current Price: ₹684 6-Month Performance: -50.68%
Leading the list is IndusInd Bank, which has seen a staggering 50% decline in just half a year. The sharp fall is largely attributed to rising concerns over asset quality, especially in the microfinance and unsecured lending segments. Regulatory tightening by the RBI and a risk-off sentiment toward private banks have further worsened investor confidence. Additionally, the broader global financial uncertainty has had a knock-on effect on Indian banking stocks.
2. Jio Financial Services – Down 35.67%
Current Price: ₹222.55 6-Month Performance: -35.67%
Despite the hype surrounding its spin-off from Reliance Industries, Jio Financial Services hasn’t quite lived up to the expectations. The stock has tumbled nearly 36%, primarily due to a lack of clear direction and revenue visibility in its initial quarters. Investors were expecting aggressive growth or strategic announcements, but the absence of major deals or partnerships has kept the stock under pressure.
Current Price: ₹3,659.2 6-Month Performance: -35.38%
India’s largest two-wheeler manufacturer, Hero MotoCorp, has seen its stock underperform due to a combination of weak rural demand, rising input costs, and stiff EV competition. Despite efforts to foray into the electric vehicle space, the transition has been slower than expected. With competitors like Ola Electric and Ather Energy gaining traction, Hero is under pressure to innovate faster.
4. Bajaj Auto – Down 34.91%
Current Price: ₹7,685.1 6-Month Performance: -34.91%
Another automobile behemoth, Bajaj Auto, has seen its stock take a beating amid declining export volumes and currency fluctuations in key markets like Africa and Latin America. Moreover, increasing competition in the premium motorcycle segment and concerns around margin pressure have led investors to reassess the stock’s valuation.
5. Tata Motors – Down 34.05%
Current Price: ₹613.8 6-Month Performance: -34.05%
Rounding out the list is Tata Motors, which has slipped over 34% despite a relatively strong domestic performance. The drag has largely come from its UK-based subsidiary, Jaguar Land Rover (JLR), which has faced production challenges, slowing global demand, and uncertainties around EV transition in international markets. Supply chain disruptions and global inflation have also weighed on profitability.
Global Headwinds Amplifying the Pain
The broader backdrop of rising interest rates, global inflation concerns, and geopolitical tensions has only added fuel to the fire. The ongoing trade war and protectionist policies, including tariffs introduced by the U.S. under Trump’s influence, have created ripple effects across global markets, including India.
Investors are increasingly seeking safe havens and shifting away from sectors perceived as risky or overvalued. The result? A sharp correction in stocks that were once market favorites.
Looking Ahead
While these stocks have taken a hit, long-term investors might view this correction as a potential buying opportunity, provided the companies show signs of recovery in fundamentals. However, caution is advised, especially with continued volatility expected in the near term.
A majority of the sectors traded in the red in Friday’s trading session. Nifty closed at 22,904.45, marking a 1.5 percent decrease or a 346-point fall from the previous close. Indian markets have shown relative resilience, with losses milder compared to global peers. During such a bearish trading session, some prominent stocks of the Tata Group hit their 52-week lows.
Tata Elxsi Ltd
During Friday’s trading session the shares of Tata Elxsi dropped to its 52-week low of Rs 5,007, indicating a 4 percent fall from its previous closing price of Rs 5,202.65.
Tata Elxsi is a leading provider of design and technology services to help businesses improve their products and services. The company caters to a wide range of sectors including media, communications, auto, transportation and healthcare among others.
When looking at the financial performance, the company reported a muted 3 percent increase in revenue from Rs 949 crore to Rs 979 crore in Q3 FY24-25. The net profits however fell 3 percent from Rs 206 crore to Rs 199 crore during the same period.
Tata Consultancy Services Ltd
During Friday’s trading session the shares of Tata Consultancy Services dropped to its 52-week low of Rs 3296.05, indicating a 3 percent fall from its previous closing price of Rs 3,403.90.
Tata Consultancy Services (TCS), the flagship company of the Tata Group, is a leading IT services, consulting, and business solutions provider. The company offers an AI-powered, consulting-driven, and integrated portfolio of technology, business, and engineering services and solutions.
When looking at the financial performance, the company reported a 6 percent increase in revenue from Rs 60,583 crore to Rs 63,973 crore in Q3 FY24-25. This was accompanied by a 12 percent growth in net profits from Rs 11,097 crore to Rs 12,444 crore during the same period.
Tata Motors Ltd
During Friday’s trading session the shares of Tata Motors dropped to Rs 610.10, close to its 52-week low of Rs 606.20. This marks a 7 percent fall from its previous closing price of Rs 654.05.
Tata Motors is a leading global automobile manufacturer, offering a wide range of cars, sports utility vehicles, trucks, buses and defence vehicles to the world. The company operates in India, the UK, South Korea, South Africa, China, Brazil, Austria and Slovakia through its subsidiaries, associate companies and Joint Ventures.
When looking at the financial performance, the company reported a muted 2 percent increase in revenue from Rs 1.11 lakh crore to Rs 1.14 lakh crore in Q3 FY24-25. The net profits however saw a 22 percent decline from Rs 7,145 crore to Rs 5,578 crore during the same period.
The Indian Pharma Industry is expected to reach $130 billion by 2030 from existing $49.78 billion as of 2023, with a CAGR of 14.7 percent. About 30 percent of Indian Pharmaceutical exports are accounted by US alone.
On 3 April 2025, the US administration announced that it would exempt India’s pharma industry from reciprocal tariffs. In this article, we would look at one company which will benefit from recent developments.
Price Movement
With a market capitalization of Rs 677 crore, the shares of Medicamen Biotech Ltd made a 52-week high of Rs 630 per share, down by 15 percent from its current market price of Rs 533.30 per share.
About the announcement
On 3 April 2025, the company announced that it had signed a contract for Contract Development and Manufacturing Organization (CDMO) with XGX Pharma (European company), where Medicamen Biotech will develop 6 products and will do the manufacturing of these products for XGX Pharma. XGX will hold the market authorisation for these products.
XGX Pharma develops and distributes specialty generic pharmaceuticals. Based in Copenhagen, Denmark, it primarily operates in the Nordic region but is expanding internationally.
XGX Pharma works with partners to enhance its market reach and has agreements with companies like Medicamen Biotech to manufacture and develop its products. The company holds the market authorizations for these products in various regions.
Financials
Medicamen Biotech Ltd reported a revenue of Rs 45.14 crore in Q3 FY25, down by 2.9 percent, from its Q3 FY24 revenue of Rs 46.50 crore. It posted a net profit of Rs 2.92 crore in Q3 FY25, up by 43.8 percent, from its Q3 FY24 net profit of Rs 2.03 crores and up by 220 percent from its Q2 FY25 net profit of Rs 0.91 crores.
About the Company
Medicamen Biotech Limited is a pharmaceutical company that researches, develops, manufactures, markets, sells, and distributes pharmaceutical formulations in India and internationally.
The company offers drugs in various forms such as tablets, capsules, oral solution, and drops. Its products are used in therapeutic areas comprising cancer care, cardiology, CNS, diabetology, anti-infective, anti-malarial, vitamins and supplements, other generics, and pain management.
