Business News Live Updates: Escorts Kubota to increase tractor prices from May 1; VST Ind reports Q4 earnings

European markets opened higher on Friday as investors tracked corporate earnings amid ongoing trade uncertainty. The pan-European Stoxx 600 index was up 0.2% at 8:15 am in London. Germany’s DAX gained 0.2%, France’s CAC 40 rose 0.5%, while the U.K.’s FTSE 100 remained flat. The Stoxx 600 has logged a 2.4% gain over a three-day winning streak this week.

VST Industries reported a 40 percent year-on-year decline in net profit for Q4FY25 at Rs 53 crore, compared to Rs 88.2 crore a year ago. Revenue fell 6.9 percent to Rs 349 crore from Rs 375 crore. EBITDA dropped 28.6 percent to Rs 69.3 crore, down from Rs 97 crore. EBITDA margin narrowed to 20 percent from 26 percent year-on-year.

Commerce Minister Piyush Goyal outlined a vision for India's steel sector, emphasizing the need to decarbonize and improve efficiency in steel plants to tackle climate change. "We will have to augment capacity in speciality steel," Goyal stated. He stressed that India should aim to become the largest steel manufacturer by 2047, calling the target of 500 million tonnes in capacity by then "a suboptimal target."

Goyal also revealed that the government is working on at least 10 to 12 Free Trade Agreements (FTAs) with countries and blocs like the EU, to secure greater market access for India's cost-effective and high-quality steel. "Amid the global turmoil, one thing is for certain, the world is looking at India," he added.

Looking ahead, Goyal emphasized the goal of becoming a billion-tonne steel-producing nation, while maintaining a focus on high quality and low carbon impact.

Maruti Suzuki India Ltd will announce its fourth-quarter earnings for FY25 on April 25. Analysts expect revenue growth driven by a favourable product mix, increased volumes, and higher average selling prices. However, margins may come under pressure due to elevated advertising expenses and discounts.

According to a Moneycontrol poll of seven brokerages, the carmaker is projected to post a 6.8% year-on-year rise in revenue to Rs 40,836 crore. Net profit is estimated to dip marginally by 1% to Rs 3,852 crore, compared to Rs 3,878 crore in the same quarter last year.

European markets are poised for a positive start on Friday, with investors tracking earnings amid ongoing trade uncertainty. Futures indicate a 0.4% rise for the Stoxx 600 at the open. The FTSE 100 is seen up 0.2%, Germany’s DAX 0.3% higher, and France’s CAC 40 up 0.6%. The Stoxx 600 is on a three-day winning streak, gaining 2.4% this week. The FTSE extended its gains for a ninth consecutive session on Thursday, its longest run since 2019.

The Indian rupee failed to surpass the psychological 85 mark on Friday, as a sell-off in local equities and bonds, triggered by concerns over geopolitical uncertainty following a deadly militant attack, weighed on the currency. Despite reaching 85.10 during the session, the rupee dropped to 85.6550 against the U.S. dollar. This marks the third instance in recent days where the currency has been unable to break the 85 level.

India's Nifty 50 Index fell over 1%, underperforming other Asian markets. Currency traders noted that the 84.90-85 level has been a persistent barrier, and the recent decline in equities has put pressure on the rupee. Additionally, Indian bonds saw a decline, with the 10-year yield rising by 4 basis points.

(From Reuters)

Hindalco has successfully delivered 10,000 aluminium battery enclosures to Mahindra from its newly established facility in Chakan. Additionally, the company has made its foray into the electric vehicle (EV) component sector by investing Rs 500 crore to develop a manufacturing unit in Chakan, Pune.

Patel Engineering Ltd announced securing two major projects worth Rs 2,036.89 crore on Friday. The company won a contract from CIDCO for dam construction and related works in Maharashtra, to be completed in 42 months. Additionally, Patel Engineering secured a 240 MW hydropower project in Arunachal Pradesh from NEEPCO, with a completion timeline of 44 months.

L&T Technology Services (LTTS) reported a revenue of Rs 29,824 million for Q4 FY25, reflecting a 17.5% year-on-year growth. USD revenue stood at $345.1 million, a 13.1% increase YoY. The net profit for the quarter was Rs 3,111 million. The company recorded its highest-ever large deal bookings, including deals worth over $ 80 million, $50 million, and several smaller deals.

For FY25, LTTS posted total revenue of Rs 106,701 million, a 10.6% increase from the previous year. The company announced a final dividend of Rs 38 per share. EBIT margin for FY25 was 14.9%, and net profit stood at Rs 12,667 million.

Prestige Estates Projects Ltd's subsidiary, Prestige Hospitality Ventures Ltd, has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise up to Rs 2,700 crore through an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth up to Rs 1,700 crore and an offer-for-sale of shares worth up to Rs 1,000 crore from the promoter, Prestige Estates.

Prestige Estates, based in Bengaluru, is a prominent real estate developer with a diverse portfolio, including residential, office, retail, and hospitality projects. As of December 31, 2024, PHVL’s portfolio comprises seven operating hotels, ongoing projects, and upcoming assets across India.

California's economy has now surpassed Japan, becoming the fourth largest in the world with a GDP of $4.10 trillion in 2024, according to new data from the IMF and US Bureau of Economic Analysis. Governor Gavin Newsom highlighted this achievement, with California now trailing only the US, China, and Germany.

(From BBC)

Apple is reportedly planning to move the assembly of all iPhones sold in the U.S. to India by next year, in response to the ongoing U.S.-China trade tensions, according to the Financial Times. This move is seen as a strategy to reduce reliance on China amidst the trade war.

Over 103 crore shares of Vodafone Idea, accounting for 1.44% equity, changed hands in a large block deal on Friday. The shares were traded at Rs 8 apiece, taking the deal value to around Rs 823 crore.

Gold prices held firm on Friday and remained on course for a third straight weekly gain, as investors stayed bullish while keeping an eye on U.S.-China trade talks and the U.S. Federal Reserve’s next moves.

Spot gold was steady at $3,348 an ounce by 0250 GMT, while U.S. gold futures edged up 0.3% to $3,359.

Though analysts noted a potential pause due to crowded positions, interest in gold remains strong as a hedge against global uncertainty. The metal has already soared over $700 this year, hitting a record high of $3,500.05 on Tuesday.

Meanwhile, trade tensions lingered as U.S. President Donald Trump said negotiations with China were underway, contrary to Beijing's claims. China urged the U.S. to lift tariffs to resolve the dispute.

(From Reuters)

Maruti Suzuki will announce its Q4 FY25 results today. Investors are also eyeing a possible dividend declaration, as hinted in earlier filings. The automaker last paid a final dividend of Rs 125 per share for FY24 but hasn’t declared any interim dividend for FY25 yet.

The results will be available on the BSE, NSE, and Maruti Suzuki’s website. Post-results, a press conference and media interaction are scheduled, followed by a 6 PM earnings call with analysts and investors, to be streamed via the company’s YouTube channel.

Japan’s benchmark indices led Friday’s Asian market gains, with the Nikkei 225 jumping 1.73% and the Topix rising 1.43%. The rally came after Prime Minister Shigeru Ishiba unveiled a set of emergency economic measures aimed at offsetting the impact of U.S. President Donald Trump’s heightened tariffs, as reported by Kyodo News.

China is set to release its April PMI data next week, offering the first glimpse into how U.S. tariffs are impacting factory activity. According to an April 25 report by ANZ, both manufacturing and non-manufacturing PMIs are expected to decline — to 49.5 and 50.5, respectively.

In March, China’s official manufacturing PMI stood at 50.5, while the non-manufacturing figure, which includes services and construction, was at 50.8.

“The first-order impact from U.S. tariffs will likely show up in new export orders, rather than domestic demand and production,” ANZ economists noted.

(From CNBC)

Rupee opens stronger at 85.18 against the dollar, up from Thursday’s close of 85.26.

The Q4 earnings season is in full swing, and Friday, April 25, is set to be a packed day with marquee names across sectors set to announce their results for the January–March period.

Key earnings to watch include Reliance Industries, Maruti Suzuki India, Hindustan Zinc, Dr Lal PathLabs, Oracle Financial Services Software, RBL Bank, Shriram Finance, and Tata Technologies.

In addition, several mid- and small-cap companies are also reporting today. These include Atul, Chennai Petroleum Corporation, Cholamandalam Investment and Finance, DCB Bank, Force Motors, Jayaswal Neco Industries, Lloyds Metals and Energy, L&T Finance, Bank of Maharashtra, Mahindra Lifespace Developers, Mahindra Holidays & Resorts, Motilal Oswal Financial Services, Orient Electric, Oriental Hotels, Poonawalla Fincorp, Rossari Biotech, Sasken Technologies, Tejas Networks, VST Industries, and Zensar Technologies.

Alphabet Inc. reported a 28% jump in Q1 profits, with net income at $26.5 billion and revenue up 12% year-on-year to $96.5 billion—beating analyst expectations. Shares rose over 3% in after-hours trade.

Despite legal battles over monopoly claims in its search and ad businesses, Google is doubling down on AI investments, with plans to spend $75 billion this year. The company is also pursuing a $32 billion acquisition of cybersecurity firm Wiz.

CEO Sundar Pichai remains bullish: “We are confident about the opportunities ahead,” he said in a statement.

Crude prices ticked up on Friday but remained lower for the week. Brent rose 5 cents to $66.60/barrel, while WTI added 6 cents to $62.85/barrel.

A possible OPEC+ output hike and signs of progress in the Russia-Ukraine ceasefire talks may lift supply, though demand remains clouded by the ongoing US-China trade war. Trump’s “Vladimir, STOP!” outburst following overnight Russian missile strikes on Kyiv added to the geopolitical noise.

Several OPEC+ nations are reportedly pushing for faster output increases in June. Meanwhile, Iran has offered to resume nuclear talks with Europe—a potential precursor to lifting oil sanctions.

Bitcoin rose slightly to $94,220 on Friday, nearing Wednesday’s peak of $94,489.92—the highest since March 3.

Bank of Japan Governor Kazuo Ueda reiterated that the central bank would only raise rates if inflation aligns with its 2% goal. Tokyo’s core CPI rose 3.4% in April, accelerating for a second straight month. Still, the BOJ is expected to maintain its current policy stance in its meeting ending May 1.

A major EV maker—backed by a bold, tech-focused investor—is set to hit Dalal Street, breaking a two-month IPO lull. Domestic mutual funds are reportedly showing strong interest. Meanwhile, a Western India-based firm that recently acquired a Japanese auto brand is preparing to follow suit.

In currency discussions, Japan's finance ministry clarified that trade talks with the US are not targeting exchange rates. A second round of discussions is scheduled for next week.

Mizuho analysts noted that positive trade momentum could support the dollar up to 145 yen. But if talks falter—even with close allies like Japan—it may spell deeper trouble for broader negotiations.

Trump’s claim that talks with China are underway was contradicted by Beijing, which asserted it hasn’t engaged in negotiations. The lack of clarity has kept markets cautious. While early-stage talks with allies like South Korea and Japan show some promise, the deadlock with China looms large.

The US dollar edged higher on Friday, recovering from small losses a day earlier. Traders remain jittery over conflicting cues from President Donald Trump—first threatening to fire Fed Chair Jerome Powell for not cutting rates fast enough, and then walking back that remark the very next day.

The dollar index is on course for a modest 0.27% weekly gain, enough to snap a four-week losing streak. Early Friday, the dollar rose 0.3% to 143.08 yen and gained 4% against the Swiss franc, trading at 0.8303.