On Monday, January 13, 2025, the stock market witnessed a significant crash, closing deep in the red. The sectors that faced the sharpest declines included real estate, media, IT, and telecom.
Major Fall in Sensex and Nifty
The benchmark BSE Sensex plummeted by 1,048.90 points or 1.36%, closing at 76,330.01. Similarly, the broader NSE Nifty dropped by 345.55 points or 1.47%, ending the day at 23,085.95.
Key Performers in Sensex
Among the 30 Sensex stocks, Zomato Ltd witnessed the steepest decline of 6.52%, closing at ₹227.15. This was followed by Power Grid Corporation of India Ltd, which fell 4.09% to close at ₹287.55, and Adani Ports and Special Economic Zone Ltd, which declined 4.08%, ending at ₹1,066.75.
Only four Sensex stocks closed in the green. These included Axis Bank Ltd, which gained 0.78% to close at ₹1,048.95, Tata Consultancy Services Ltd, which rose 0.62% to ₹4,291.80, Hindustan Unilever Ltd, which climbed 0.45% to ₹2,453, and IndusInd Bank Ltd, which increased by 0.41% to ₹941.45.
HCLTech Performance
The IT giant HCLTech reported a 5.54% growth in its consolidated net profit, amounting to ₹4,591 crore for the December quarter of the 2024-25 fiscal year. This is an improvement from the ₹4,350 crore profit it reported in the same period last year. The company’s revenue from operations stood at ₹29,890 crore, marking a 5.07% increase from ₹28,446 crore in Q3 FY24. Sequentially, its profit and revenue rose by 8.4% and 3.56%, respectively.
JSW Energy
JSW Energy announced that it has been declared the successful applicant for the resolution plan submitted for KSK Mahanadi Power Company Ltd (KMPCL) under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code, 2016. The company received a letter of intent (LoI) from the resolution professional following the Committee of Creditors’ approval.
Adani Energy Solutions
The power transmission utility of the Adani Group, Adani Energy Solutions, shared its third-quarter business update. The company expanded its transmission network to 26,485 circuit kilometres (ckm), a 29.7% increase from the previous year’s 20,422 ckm. Its power transformation capacity rose to 84,286 MVA, up from 54,661 MVA year-on-year. Transmission availability stood at 99.21%, slightly down from 99.69% last year, while overall system availability remained stable at 99.69%.
Quess Corp
Quess Corp, a business services provider, announced the receipt of an income tax refund order for the assessment year 2017-18. The refund amount, including interest, totals ₹20.74 crore. The company received this order on January 13, 2025.
United Spirits
Diageo-controlled United Spirits Ltd announced a leadership transition as part of its CEO succession plan. After four successful years as Managing Director and CEO, Hina Nagarajan will step down effective March 31, 2025, to take on a new role within the Diageo Group. The board has appointed Praveen Someshwar as Chief Executive Officer-Designate, effective March 1, 2025. He will work closely with Nagarajan to ensure a smooth transition.
Zee Media
Private news broadcaster Zee Media revealed that its board of directors approved a plan to raise up to ₹400 crore through various instruments, including equity shares, convertible bonds, debentures, warrants, preference shares, or foreign currency convertible bonds (FCCBs). The fundraising will be executed through mechanisms such as private placement, preferential issue, or qualified institutional placement, subject to necessary approvals from shareholders and regulatory bodies.
Bajel Projects
Bajel Projects announced that it has been awarded an EPC contract by Adani Energy Solutions Ltd (AESL) for constructing a 400kV double-circuit (D/C) transmission line. The project spans 217 km, connecting Raipur in Chhattisgarh to Tiroda in Maharashtra using Quad ACSR Moose conductors. The contract involves the supply of goods and services and is expected to be completed within 18 months of the letter of award.
DEN Networks
Cable TV services provider DEN Networks reported a 14.6% year-on-year (YoY) decline in net profit, amounting to ₹40.3 crore for the third quarter ending December 31, 2024. In the same quarter of the previous fiscal, the company posted a net profit of ₹47.2 crore. Revenue from operations also dipped by 4.5% to ₹260.7 crore compared to ₹273 crore in the preceding fiscal.
Anand Rathi Wealth
Non-bank wealth solutions company Anand Rathi Wealth reported a 33.3% YoY increase in net profit, amounting to ₹77.3 crore for the third quarter ending December 31, 2024. In the corresponding quarter of the previous fiscal, the company posted a net profit of ₹58 crore. Its revenue from operations increased by 29.9% to ₹237 crore compared to ₹182.4 crore in the year-ago period.
Delta Corp
Online gaming firm Delta Corp reported a 3.5% YoY rise in net profit, amounting to ₹35.7 crore for the third quarter ending December 31, 2024. In the corresponding quarter of the previous fiscal, Delta Corp posted a net profit of ₹34.5 crore. However, revenue from operations dipped by 7.5% to ₹194.3 crore compared to ₹210.1 crore in the year-ago period.
Angel One
Brokerage firm Angel One reported an 8.1% YoY increase in net profit, amounting to ₹281.4 crore for the third quarter ending December 31, 2024. In the corresponding quarter of the previous fiscal, the firm posted a net profit of ₹260.4 crore. Revenue from operations rose by 19.2% to ₹1,262.2 crore compared to ₹1,059 crore in the year-ago period.
Reasons Behind the Market Crash
The steep market decline has been attributed to several factors. Weakness in global markets, concerns over high-interest rates, and profit-booking by investors were the primary reasons for the sell-off. Additionally, underperformance in sectors like real estate, media, IT, and telecom added to the pressure.
Future Outlook
Market analysts believe that while the Indian stock market holds a positive long-term outlook, short-term volatility could pose challenges for investors. They advise caution and suggest making well-informed investment decisions during this period of market turbulence.
