Shares of Reliance Industries Ltd. rose 4% on Monday to touch a five-month high of ₹1,353 apiece, as investors reacted positively to the company’s March quarter results and a flurry of target price hikes from brokerages.

The stock movement reinforced Reliance’s position as the country’s most valuable company by market capitalisation.

The Mukesh Ambani-led conglomerate reported a consolidated net profit of ₹22,434 crore for the January–March quarter (Q4FY24), up 6% from ₹21,143 crore a year ago and well above the ₹18,471.4 crore consensus estimate of analysts polled by Bloomberg.

While the company’s core oil-to-chemicals (O2C) segment faced headwinds, growth in its retail and telecom businesses drove overall earnings higher.

Retail and telecom arms deliver strong performance

The performance of Reliance’s consumer-facing segments was a key highlight of the quarter.

Retail revenue and EBITDA grew 16% year-on-year, providing a strong boost to the consolidated results.

Jio, the company’s telecom arm, continued to contribute significantly to the group’s earnings before interest and tax (EBIT), further stabilising Reliance’s diversified portfolio.

Brokerages responded by reaffirming their positive stance on the stock.

According to LSEG data, the average rating from 32 brokerages remains a “Buy,” with the median target price at ₹1,550, reflecting continued confidence in Reliance’s long-term growth story.

Japanese brokerage Nomura reiterated its “Buy” rating on Reliance Industries and raised its target price to ₹1,650, citing robust performance across segments.

It identified three key near-term catalysts for the stock: the expansion of the new energy business, expected tariff hikes at Jio, and the potential initial public offering or listing of Jio, which it said could unlock significant value for the company.

Valuations seen as attractive amid strong future prospects

JP Morgan maintained its “Overweight” rating with a target price of ₹1,530, citing the acceleration in retail growth as a key factor.

Morgan Stanley echoed the optimism, raising its target price to ₹1,606 and noting that Reliance exceeded operational and earnings expectations, particularly in the retail and O2C businesses.

Brokerages noted that the stock’s valuations remain favourable following a roughly 11% decline over the past 12 months, making it attractive for investors.

Domestic brokerage Nuvama Institutional Equities set the highest target price at ₹1,708, underlining that Reliance’s Q4 EBITDA of ₹48,737 crore surpassed expectations across all major segments.

Macquarie retained its “Outperform” rating with a target price of ₹1,500, stating that Jio remained a major driver of group earnings and that retail saw notable improvement in growth momentum through the fiscal year.

Emkay Global Financial Services described the Q4 results as a “steady show,” highlighting 14% year-on-year growth in retail core profit as particularly healthy.

ICICI Securities raised its target price to ₹1,470, pointing to greater clarity around petrochemical expansions, a visible recovery in retail momentum, and progress in the company’s new energy initiatives.

Systematix also raised its target to ₹1,541, expecting a stock re-rating based on advances in the solar energy business and potential value unlocking from the planned listing of Reliance’s retail and telecom businesses.

Antique Stock Broking increased its target price to ₹1,485, forecasting a stronger retail segment post-restructuring and a resilient telecom outlook.

According to LSEG data, the average rating from 32 brokerages remains a “Buy,” with the median target price at ₹1,550, reflecting continued confidence in Reliance’s long-term growth story.

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European stock markets are poised to begin the new trading week on a positive note Monday, with investors gearing up for a significant week filled with major corporate earnings announcements and key economic data releases across Europe and the United States.

Adding significant corporate intrigue, Italian banking consolidation moves back into the spotlight with a major takeover offer.

Early indicators suggest gains across the continent at the open.

According to data from IG, the UK’s FTSE 100 is expected to climb 115 points to 8,430, Germany’s DAX is projected to add 26 points to 22,266, France’s CAC 40 is seen rising 16 points to 7,553, and Italy’s FTSE MIB is anticipated to gain 77 points to 36,955.

This follows a muted overnight session in Asia-Pacific markets where investors assessed Chinese business support measures and ongoing trade talk developments, while US stock futures edged slightly lower ahead of a packed earnings schedule.

Spotlight on Italy: Mediobanca launches hostile bid for Banca Generali

Dominating early corporate news is a significant move in the Italian banking sector.

Lender Mediobanca launched a public offer valued at 6.3 billion euros (approximately $7.17 billion) to acquire domestic rival Banca Generali.

This bold move underscores Mediobanca’s ambition to significantly bolster its wealth management capabilities.

Interestingly, Mediobanca itself has been reported as a potential takeover target for Banca Monte dei Paschi di Siena, highlighting the swirling consolidation activity within Italy’s financial landscape.

Mediobanca’s offer is structured primarily as a share swap, involving shares of Banca Generali’s parent company, the Italian insurance giant Assicurazioni Generali (which holds a 50.17% stake in Banca Generali).

The proposed exchange ratio is set at 1.7 Assicurazioni Generali shares (ex-dividend) for each share of Banca Generali, based on closing prices from April 25.

This implies an offer price equivalent to 54.17 euros per Banca Generali share, representing an approximate 11% premium over Mediobanca’s last closing price.

Mediobanca stated the combination aims to create “a market leader, ranking second in Italy by assets (TFAs of €210bn) and distribution network (approx. 3,700 professionals),” projecting potential synergies of around 300 million euros from the deal.

Banking consolidation trend continues

This takeover bid marks the latest chapter in a notable wave of consolidation attempts sweeping through Italy’s banking sector.

Hostile offers, once rare in the European banking space, have become more prominent, with UniCredit and Monte dei Paschi also pursuing domestic and international deals since late last year.

This trend reflects the ongoing pressure on European banks to gain scale and efficiency to better compete with their larger transatlantic counterparts, with mergers seen by analysts as a key potential pathway.

Beyond the M&A buzz, investors today will digest earnings reports from notable companies including Porsche, Schneider Electric, and Deutsche Boerse.

Key economic data releases include the latest unemployment figures from France and Spain.

Looking ahead, the week holds crucial macro data points, with French and German GDP and inflation figures due Wednesday, alongside highly anticipated earnings from financial heavyweights like HSBC, BP, Deutsche Bank, and energy major Shell.

The heavy flow of earnings and economic data will provide fresh direction for markets throughout the week.

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The financial market has been highly volatile this year as concerns about Donald Trump’s tariffs and fears that the US bubble was bursting rose. Gold price has surged to a record high, while the top three US indices like the Dow Jones, Nasdaq 100, and S&P 500 are in the red. 

European equities have trounced their American rivals this year, with the Euro Stoxx 50 Index has jumped by 14%. This article examines where to invest $10,000 today for superior returns over the next few years. 

Bitcoin and BTC ETFs

The first key area to invest and generate superior returns in the next few years is in the crypto market. While the Bitcoin price has dropped by 13% from its January high, it has performed better than stocks following the Liberation Day tariffs. Furthermore, spot Bitcoin ETFs experienced net inflows of over $3 billion last week, indicating that the cryptocurrency is becoming a safe-haven asset. 

Furthermore, Bitcoin has a strong track record of outperforming the stock market. Besides, it has jumped from less than $1 in 2009 to $94,000 today. These gains have not been linear and the coin has experienced substantial drawdowns in this period. For example, it tumbled by over 33% from its highest point in March to its lowest level in August last year and then bounced back.

Analysts are bullish on Bitcoin. Just last week, Ark Invest predicted that Bitcoin price will surge to $2.4 million by 2030. That would be a 2,426% surge from the current level,

The most cost-effective and straightforward way to invest in Bitcoin is to purchase it directly from an exchange like Coinbase or Kraken. Still, when considering spot Bitcoin ETFs, the Grayscale Mini Bitcoin ETF (BTC) is the best one to invest in as it has a low expense ratio of 0.25%.

China EV companies

Last week, Tesla reported weak financial results. The numbers showed that its total sales dropped by 9% to $21.3 billion last quarter. Its adjusted EBITDA fell by 17% to $3.3 billion, while its net income plunged by 71%.

These numbers showed that the company’s business was struggling as its deliveries in the United States, Europe, and China dived. 

Therefore, one area to invest $ 1,000 right now is in Chinese electric vehicle companies, as these firms are experiencing more growth this year. This includes companies like Nio, Li Auto, BYD, and XPeng.

For example, Li Auto delivered 92,864 vehicles in the first quarter, representing a 15% annual growth. XPeng, a company that is also building flying cars, delivered 94,000 vehicles, a 330% annual increase. 

Nio delivered 42,094 vehicles in the first quarter, up by 40% from a year earlier. Other firms like BYD and Zeekr have also boosted their sales. 

China EVs are more innovative than their American counterparts. For example, BYD and CATL have just unveiled batteries that can charge in less than 5 minutes.

Nasdaq 100 index

The other contrarian area to invest $10,000 this year is in technology companies, especially through the Invesco QQQ (QQQ) ETF, which tracks the Nasdaq 100 index. 

This is a contrarian call since the index remains in a correction after falling by over 10% from the highest level this year. There are also concerns that the artificial intelligence bubble has burst this year. 

However, history shows that the Nasdaq 100 index typically rebounds whenever it enters a correction. It recovered from the dot-com bubble, the COVID-19 pandemic, and the Global Financial Crisis (GFC) dip.

The index is expected to rebound due to upcoming trade talks between the US and other countries, as well as potential Federal Reserve interest rate cuts.

This recovery will also boost other American indices like the S&P 500 and the Dow Jones. It also makes investing in the JEPQ ETF worthwhile, as it tracks the Nasdaq 100 index and offers superior returns.

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Governments are playing a pivotal role in Bitcoin’s evolving market dynamics. As of April 2025, Coingecko data reveals that government-held Bitcoin has dropped to 463,741 BTC, representing 2.3% of total supply.

This is a notable fall from the 529,591 BTC recorded in July 2024, reflecting changing strategies among key state players.

While some nations, like El Salvador and Bhutan, continue to steadily accumulate Bitcoin, others, including the United States, China, and Germany, have reduced their holdings.

These moves have not only reshaped the distribution of Bitcoin among global players but also impacted liquidity, volatility, and pricing across the crypto market.

US holds $18.3B Bitcoin as China, Germany cut reserves

The United States remains the largest government holder of Bitcoin, with 198,012 BTC valued at around $18.3 billion.

Although the US has sold some of its Bitcoin holdings since July 2024, it still controls the largest share among governments.

This partial liquidation reflects an approach to generate revenue while balancing regulatory and fiscal concerns.

China follows closely behind with 194,000 BTC, worth approximately $17.6 billion.

Despite a complete domestic ban on cryptocurrency trading and mining, China retains these assets, mostly sourced from the 2019 PlusToken Ponzi scheme seizure.

These holdings remain largely untouched, reflecting a cautious but significant presence in the Bitcoin market.

Bhutan mines 8,594 BTC as others sell seized assets

Bhutan has chosen a unique route to accumulate Bitcoin.

Rather than obtaining assets through seizure or purchase, the Himalayan kingdom has mined 8,594 BTC using sustainable hydroelectric energy.

This approach sets Bhutan apart as one of the few governments directly generating Bitcoin through renewable sources.

Meanwhile, the United Kingdom holds 61,000 BTC seized from criminal activities.

Authorities are currently deciding whether to sell these assets or repurpose them for public financial programmes, marking another example of how different governments are rethinking crypto asset management.

El Salvador builds Bitcoin reserves, Ukraine liquidates donations

El Salvador continues to steadily build its Bitcoin reserves, with a total of 6,135 BTC now worth approximately $567.8 million.

The country maintains its policy of purchasing 1 BTC daily, integrating Bitcoin into its broader national economic framework.

In contrast, Ukraine has liquidated the 256 BTC it received through crypto donations, worth about $21.3 million at the time.

These funds have been deployed for military and humanitarian purposes during ongoing conflict, illustrating a very different use of Bitcoin by a government compared to long-term accumulation strategies.

Germany’s 46,359 BTC sell-off triggers price drop

Germany liquidated its 46,359 BTC reserves in mid-2024, an event that caused a 15.7% decline in Bitcoin prices.

This significant market movement shows the impact that government sales can have on crypto valuations.

Germany’s disposal was part of a broader policy to streamline asset holdings and reduce exposure to market volatility.

Overall, the reduction in government Bitcoin holdings signals a shift in how countries view digital assets in 2025.

As more nations sell or mine Bitcoin for diverse reasons, from revenue generation to sustainable development, state-held crypto reserves continue to influence Bitcoin’s market structure and global adoption.

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Spotify stock price has done well over time, and is nearing its all-time high as investors wait for its financial results on Tuesday. SPOT, the market leader in music streaming, jumped to a high of $620 on Friday, its highest level since February 20, and a few points below its all-time high of $652. This article explores whether the Spotify share price has more upside going forward.

Spotify to hike prices in key markets

The Spotify stock price jumped on Friday after the Financial Times reported that the company was considering raising prices for its subscriptions as it focuses on profitability. 

The paper noted that prices will rose by about $1 or 1 euro in international markets, excluding the United States, its biggest market. 

Spotify has already started hiking prices in countries like Luxembourg and the Netherlands. Most price increases will happen in the summer months. 

These price increases are in line with what most music executives have been calling in the past few years. They have argued that streaming companies like Spotify and Apple Music should do more to hike their prices. 

The argument is that these streaming solutions are still cheaper than companies like Netflix and MAX. Also, they argue that these companies’ prices increases have been slower than inflation. For example, Spotify launched in the US with a price of $9.9 in 2011, an amount that stands at $11.99. In this period, US inflation has jumped by over 43%.

Spotify is also considering creating a top tier in the US that will cost $6 extra of its most advanced tier.

The company hopes that these price increases will help it to boost its revenues and profits over time. Even a $1 dollar increase can lead to substantially higher numbers since it has over 252 million users globally. 

The company is betting that these price increases will not lead to subscriber losses. That’s because other companies like Tidal and Apple Music will react to these prices by rising theirs. Also, it is highly unlikely that many Spotify users will opt for other solutions since they see its services as being superior.

Read more: Why Spotify (SPOT) could be a safe bet in an economic slowdown

SPOT earnings ahead

The next important catalyst for the Spotify stock price is its upcoming corporate earnings scheduled on Tuesday. 

The most recent numbers showed that the company had over 675 million monthly active users, a 12% increase from the same period last year. Its premium subscribers jumped by 11% to 263 million.

These numbers pushed its quarterly subscription revenues up to €3.7 billion and its ad-supported figure to €537 million. This brought its total revenue up to €4.2 billion, and operation margin to 11.2%.

Wall Street analysts expect Spotify’s earnings to show that its sales rose by 15.5% in the quarter to €4.2 billion. Its guidance for the current quarter will be €4.37 billion, while the annual forecast will be €18 billion, a 15% annual increase. 

A key risk that could impact Spotify’s earnings is the euro, which has strengthened against the US dollar. A stronger greenback impacts its earnings, as it generates most of its revenue in the United States. 

Read more: Why Netflix may emerge as a trade war survivor

Spotify stock price technical analysis

The eight-hour chart shows that the SPOT share price has bounced back after bottoming at $484 earlier this month. It has risen to $620, its highest level since January.

Spotify stock price has formed a W chart pattern, commonly known as a double-bottom. This is a popular bullish reversal sign in technical analysis. It is now moving above the neckline at $625, the highest point on March 24.

The stock has moved above the 50-day moving average, a sign that bulls are in control. Therefore, the most likely scenario is where it rallies and hits its all-time high at $652 after earnings. 

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