The last day to buy ITC shares and still receive the hotels spinoff
As Indian markets opened the first Friday of 2025, a constellation of corporate announcements — spanning retail growth, mining output, regulatory rulings, and strategic investments — converged to remind investors that the economy is never a single story but many running simultaneously. From DMart's robust consumer spending signal to SEBI's rebuke of Zee Entertainment, and ITC's looming de-merger deadline, the day offered a compressed portrait of an economy in motion: some companies ascending, some navigating headwinds, all of them subject to the quiet arithmetic of markets. These moments of collective corporate disclosure are, in their way, a kind of public accounting — not just of profit and loss, but of where a nation's capital is flowing and why.
- A hard deadline loomed over ITC shareholders: Friday was the final day to buy shares and qualify for the upcoming ITC Hotels de-merger, creating an urgent, time-sensitive trading window that compressed weeks of deliberation into hours.
- SEBI's rejection of Zee Entertainment's settlement application injected regulatory uncertainty into an already troubled company, signaling that India's market watchdog was not in a mood for easy exits.
- DMart's 17.5% revenue surge and Bank of Maharashtra's 21% advance growth offered the market a reassuring counterweight — evidence that consumer spending and credit flow remained healthy heading into the new year.
- Tata Motors and Mahindra & Mahindra clearing Rs 246 crore in PLI incentive claims, alongside IRFC's renewable energy financing pact, pointed toward a government-backed industrial momentum that investors were watching closely.
- Hindustan Zinc's modest production dip and MOIL's record-breaking quarter illustrated the uneven terrain of India's commodities sector — the same quarter, two very different stories.
The first Friday of 2025 arrived with a crowded inbox for Indian investors. Seven major companies and several smaller ones had released news material enough to move share prices, and the market opened with the particular energy that comes when corporate calendars and trading sessions collide.
The headline numbers were encouraging in places. DMart posted a 17.5% jump in quarterly revenue to Rs 15,565 crore — the kind of growth that speaks to both consumer confidence and operational discipline. Bank of Maharashtra reported gross advances rising over 21% year-on-year, with CASA deposits climbing 11.5%, suggesting that credit was still flowing productively into the broader economy.
Not every story was clean. Hindustan Zinc saw mined metal production slip 2% for the fiscal year, a modest but meaningful decline for a mining operation. MOIL, by contrast, had its best quarter ever, producing 460,000 tonnes of manganese ore and selling 388,000 — a 13% leap from the prior year.
Strategic moves were also in play. Varun Beverages committed Rs 412 crore to its South African subsidiary. Indian Oil won a fuelling contract at the new Noida International Airport in Jewar. JK Lakshmi Cement received approval to absorb three subsidiaries. IRFC signed an MOU to finance renewable energy projects for Indian Railways. RITES landed a Rs 69.78 crore locomotive repair order. NHPC collected a second Rs 250 crore insurance payout for flood damage at its Teesta-V station. And Biocon Pharma earned Chinese regulatory approval for Tacrolimus capsules — a new market opened.
Two developments carried particular weight. SEBI rejected Zee Entertainment's settlement application over alleged disclosure violations, a firm signal from the regulator that accountability would not be quietly negotiated away. And ITC faced a natural trading catalyst: with January 6 set as the record date for the ITC Hotels de-merger, Friday was the last day investors could buy ITC shares and still receive equity in the spun-off hotels business — a deadline that sharpens minds and moves money.
The Indian stock market opened Friday with momentum, and a cluster of corporate announcements was poised to shape the day's trading. Seven major companies and a handful of smaller ones had news that would draw investor attention—some good, some complicated, all of it material enough to move share prices.
DMart, the retail chain owned by Avenue Supermarts, had posted strong numbers for the third quarter. Revenue from operations climbed 17.5% to Rs 15,565 crore in the three months ending December 31, 2024. That kind of growth in a mature retail business signals both consumer spending and operational efficiency. Bank of Maharashtra had its own story to tell: gross advances rose 21.19% year-over-year to Rs 2,28,652 crore, while CASA deposits—the stickier, cheaper funding source that banks prize—jumped 11.5% to Rs 1,37,504 crore. These were the kinds of numbers that suggested the financial system was still moving money into the real economy.
But not every company had clean news. Hindustan Zinc saw mined metal production slip 2% to 265,000 tonnes for the fiscal year, down from 271,000 tonnes the prior year. Saleable metal production held flat at 259,000 tonnes. For a mining company, that kind of decline matters, even if modest. MOIL, by contrast, had its best quarter on record. In October through December, it produced 460,000 tonnes of manganese ore and sold 388,000 tonnes—a 13% jump from the same period a year earlier.
Several companies were making strategic moves. Varun Beverages announced it would invest Rs 412 crore in its South African subsidiary, Bevco, which makes and distributes PepsiCo products and its own non-alcoholic drinks across that market. Indian Oil Corporation had won the contract to provide fuelling services at Noida International Airport in Jewar, Uttar Pradesh—a long-term revenue stream tied to a major infrastructure project. JK Lakshmi Cement received approval to merge three subsidiaries into itself: Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries. Tata Motors and Mahindra & Mahindra together had cleared Rs 246 crore in incentive claims under the government's Rs 25,938 crore Production Linked Incentive scheme for automobiles and auto components—a sign that the state was backing domestic manufacturing.
IRFC, the Indian Railway Finance Corporation, had signed a memorandum of understanding with REMC to finance renewable energy projects for Indian Railways, including thermal, nuclear, and renewable power under a captive model. RITES secured a Rs 69.78 crore work order from Steel Authority of India's Bhilai plant to repair locomotives over three years. NHPC received a second insurance payout of Rs 250 crore for business interruption losses from the October flash flood at its Teesta-V Power Station. Biocon Pharma won approval from China's National Medical Products Administration for Tacrolimus capsules in three strengths—a regulatory win that opens a new market.
Two pieces of news carried regulatory weight. Bharti Airtel agreed to acquire 26% equity in AMP Energy Green Three Private Limited, a move into renewable energy infrastructure. Zee Entertainment Enterprises faced a setback when SEBI rejected its settlement application related to alleged violations of listing and disclosure rules. And ITC had a deadline hanging over it: January 6 was the record date for the ITC Hotels de-merger, meaning Friday was the last day an investor could buy ITC shares and still receive shares in the spun-off hotels company. That kind of corporate event creates a natural trading window—people either rush in or step back, depending on their view of the two businesses separately.
Citas Notables
MOIL recorded its best-ever Q3 performance in October-December 2024, achieving production of 4.6 lakh tonnes of manganese ore— MOIL quarterly results
SEBI rejected Zee Entertainment and CEO Punit Goenka's settlement application related to alleged violations of listing and disclosure requirements— SEBI regulatory decision
La Conversación del Hearth Otra perspectiva de la historia
Why does a retail earnings report matter enough to move the whole market?
Because DMart's 17.5% revenue growth tells you something about whether ordinary Indians are still spending money. If a company that operates thousands of stores across the country is growing that fast, it means foot traffic and basket sizes are both up. That's not a sector story—that's a signal about the whole economy.
And the bank numbers—21% growth in advances—what does that mean?
It means banks are lending. When gross advances grow that fast, it means businesses and individuals are borrowing to invest or spend. CASA deposits growing 11.5% means people are keeping money in checking and savings accounts, not pulling it out. That's confidence.
But Hindustan Zinc's production fell. Doesn't that worry people?
It does, but it's a 2% decline—not catastrophic. Mining is cyclical and weather-dependent. What matters more is whether it's a trend or a blip. One quarter doesn't tell you much.
The ITC de-merger record date—why is that a trading event?
Because after January 6, if you buy ITC shares, you won't get the new ITC Hotels shares when they spin off. So there's a window where people who want both companies have to act. It creates artificial demand pressure on the last eligible day.
What about the government incentive approvals for Tata Motors and M&M?
That's the state saying it believes in domestic auto manufacturing. Rs 246 crore in incentives under a Rs 25,938 crore scheme isn't huge per company, but it validates their investment plans. It tells the market the government is serious about this sector.
And IRFC's renewable energy deal—is that a big shift?
It's a signal that Indian Railways is moving toward cleaner power and that IRFC sees financing renewable projects as core business. Railways are massive, so whoever finances their energy transition has a long runway of deals ahead.