Asian stocks traded in a tight range, and the yen weakened after US-Japan trade talks advanced, as investors adopt a wait-and-see approach to see how other tariff negotiations unfold.

US stocks closed sharply lower on Wednesday after Nvidia cautioned about significant charges stemming from new U.S. restrictions on chip exports to China. Adding to the pressure, Federal Reserve Chair Jerome Powell noted signs of a slowdown in US economic growth.

Here's a table showing how US stocks performed on Wednesday:

Source: Equitymaster

At present, the BSE Sensex is trading 38 points higher, and the NSE Nifty is trading 9 points lower.

ICICI Bank, HDFC Bank are among the top gainers today.

Wipro, Coal India, and HCL Tech, on the other hand, are among the top losers today.

The BSE Midcap index is trading flat, and the BSE Smallcap index is trading 0.1% higher.

Sectoral indices are trading mixed today, with stocks in the elecom sector and the realty sector witnessing a buying spree. Meanwhile, stocks in the metal sector and the auto sector are witnessing selling pressure.

The rupee is trading at Rs 85.58 against the US dollar.
 

Waaree Renewable Q4 Results

Waaree Renewable Technologies reported a strong set of Q4 results on 16 April 2025, with consolidated net profit rising by 83% year-on-year to Rs 937.6 million (m), compared to Rs 513.1 m in the same quarter last year.

This sharp rise in profitability was driven by higher income, as total revenue grew to Rs 4,814.3 m from Rs 2,753.5 m in the March 2024 quarter. The company's expenses also increased to Rs 3,562.5 m, up from Rs 2,032.7 m a year ago, reflecting a scale-up in operations.

Alongside the financial results, the company's board approved key leadership changes. Sudhir Arya has been appointed as an Additional Director in the category of Non-Executive, Independent Director, effective 16 April 2025. Meanwhile, Sunil Rathi has been re-designated as Executive Director from his earlier role as Non-Executive Director, effective on the same date.

IRFC Receives Interim Relief on GST

On 16 April 2025, Indian Railway Finance Corporation (IRFC) announced that it has received interim relief from the Madras High Court in its ongoing GST dispute. The court has set aside a demand order of Rs 2.3 bn issued earlier by the Assistant Commissioner (Sales Tax), remanding the matter for fresh consideration.

This relief comes in response to a writ petition filed by IRFC, challenging the original order dated 4 December 2024.

The court has now directed the company to submit a detailed reply along with supporting documents within four weeks of receiving a copy of the judgment. Following this, tax authorities are required to issue a 14-day notice before granting a personal hearing.

The court emphasized that any future order must be passed only after giving IRFC a proper hearing and must comply with all legal provisions. With these directions, the writ petition has been disposed of, and the associated miscellaneous petition has also been closed, with no cost implications for either party.
 

UltraTech Cement Acquires Stake in Solar Power Firm

UltraTech Cement Limited announced on Wednesday, 16 April, that it will acquire a 26% equity stake in AMPIN C&I Power Eight Private Limited. The deal, valued at up to Rs 2.6 bn, is aimed at enhancing UltraTech's renewable energy capabilities and meeting its green energy requirements.

AMPIN C&I Power Eight, incorporated on 29 January 2025, is a special purpose vehicle (SPV) dedicated to the generation and transmission of renewable energy, specifically solar power.

The company is setting up a 75 MWp DC / 50 MW AC solar power project at Village Sindhari, District - Balotara, in the state of Rajasthan.

The acquisition will help UltraTech Cement optimise its energy costs and comply with regulatory requirements for captive power consumption under electricity laws. The company said that the acquisition is not a related party transaction and that promoters have no interest in AMPIN C&I Power Eight.

The acquisition is expected to be completed within 180 days from the execution of the Energy Supply Agreement and Share Subscription and Shareholders Agreement.

The move aligns with UltraTech's broader strategy to integrate more renewable energy sources into its operations, promoting efficiency and environmental responsibility.

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