Good morning!
The GIFT Nifty was trading 0.02% lower at 24,729.50 as of 06:55 a.m., signalling a muted start to Indian markets today.
Asian stocks saw muted trade as investors sought clarity following a US market surge that erased year-to-date losses, fueled by indications of receding trade tensions and milder-than-anticipated US inflation data.
Japan's Topix index paused a 13-day winning streak with a slight decline, with a similar marginal dip observed in Australian equities. US stock index futures showed little movement after a Tuesday rally on Wall Street spearheaded by chip manufacturers.
Markets Back Home
The benchmark indices ended the day with losses on Tuesday's trading session. The NSE Nifty 50 ended 1.39% lower at 24,578.35 and the BSE Sensex closed 1.55% down at 81,148.22.
Overseas investors turned net sellers of Indian equities on Tuesday after a day of buying. Foreign portfolio investors offloaded equities worth Rs 476.9 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the third session as they bought equities worth Rs 4,273.8 crore, according to the data.
MSCI May 2025 Rebalancing
Coromandel International Ltd and FSN E-Commerce Ventures Ltd (Nykaa) added to MSCI Global Standard Index.
No deletions from the MSCI Global Standard Index in this review.
Coromandel and Nykaa may see inflows of $227 million and $181 million, respectively, per IIFL Alt Desk.
MSCI India Domestic Index saw 2 additions (Coromandel, GMR Airports) and 1 deletion (Sona BLW).
MSCI India Small Cap and Domestic Small Cap indices saw 11–12 additions and 21 deletions each.
Also Read: MSCI Rejig: Coromandel International, Nykaa Parent FSN E-Commerce Added In May 2025 Rebalancing
Key Events/Data To Watch
The government is set to announce the wholesale inflation data for April on Wednesday.
India's retail inflation has slipped to its lowest in nearly six years, with cooling vegetable prices leading the deceleration. The consumer price index-based inflation moderated to 3.16% in April, from 3.34% in March, according to data from the Ministry of Statistics and Program Implementation on Tuesday. This is the lowest inflation reading since July 2019.
Here's what could influence Indian equities today:
Global Market Moves (As Of 6:45 AM)
S&P 500 futures were down 0.08%.
Australia’s S&P/ASX 200 fell 0.26%.
Euro Stoxx 50 futures fell 0.28%.
Topix was down 1.12%.
Commodity Updates
West Texas Intermediate crude declined 0.38% to $63.43 per barrel.
Spot gold dipped 0.30% to $3,240.43 an ounce.
London Metal Exchange
Copper rose 0.83%, marking a fourth straight session of gains.
Nickel rose 0.64%, reversing losses.
Aluminium rose 0.40%, extending its four-day winning streak.
Zinc added 0.93%, continuing an upward trend.
Lead rose 0.58%, reversing losses from the previous session.
US Market Updates
A tech-led rally in the US negated losses for the year on Tuesday, as the trade war kicked off by President Trump heads towards relatively calmer waters. Shares marked their highest levels since February, which had last seen the S&P at an all-time high.
The gains were propelled by semiconductor companies, with Nvidia Corp. and Advanced Micro Devices Inc. bagging an order to supply the same to a massive data-center project by Saudi Arabian firm Humain.
The S&P 500 rose 0.7%. The Nasdaq 100 climbed 1.6%. The Dow Jones Industrial Average lost 0.6%.
Earnings In Focus
Nifty earnings to watch: Eicher Motors Ltd.
Other earnings to watch: Aditya Birla Real Estate, ADF Foods, Agi Greenpac, Ajmera Realty & Infra India, Akzo Nobel India, Apar Industries, Apollo Tyres, Asahi India Glass, BASF India, Berger Paints India, Blue Jet Healthcare, Brigade Enterprises, Dollar Industries, Dredging Corporation of India, eClerx Services, Edelweiss Financial Services, Eicher Motors, Ganesh Housing Corporation, Graphite India, Garware Hi-Tech Films, Hindustan Aeronautics, Hikal, Indian Hume Pipe Company, Le Travenues Technology, JB Chemicals & Pharmaceuticals, Jain Irrigation Systems, Jubilant FoodWorks, Kirloskar Brothers, Kirloskar Oil Engines, KP Green Engineering, KPI Green Energy, Karnataka Bank, Lupin, Muthoot Finance, NIIT Learning Systems, Nilkamal, Hitachi Energy India, Piramal Pharma, Shree Renuka Sugars, RITES, Keystone Realtors, Sagility India, Sanofi India, Sheela Foam, Sharda Cropchem, Shree Cement, Baazar Style Retail, Surya Roshni, Tata Power Company, Transport Corporation of India Tilaknagar Industries, Torrent Power, V-Guard Industries, Westlife Foodworld.
Earnings Post Market Hours
Siemens Q2 Earnings Highlights (Standalone, YoY)
Revenue up 2.5% at Rs 3,809 crore versus Rs 3,716 crore.
Ebitda declines 29.4% to Rs 386 crore versus Rs 547 crore.
Margin contracts to 10.1% versus 14.7%.
Net profit down 24.8% to Rs 674 crore versus Rs 896 crore.
Tata Motors Q4 FY25 Highlights Highlights (Consolidated, YoY)
Revenue up 0.4% to Rs 1,19,503 crore versus Rs 1,19,033 crore (Bloomberg estimate: 1,22,618 crore).
Ebitda 0.6% at Rs 16,644 crore versus Rs 16,545 crore (Bloomberg estimate: 16,308 crore).
Margin at 14% versus 13.9% (Bloomberg estimate: 13.1%).
Net profit down 51.3% to Rs 8,470 crore versus Rs 17,407 crore (Bloomberg estimate: 7,662 crore).
GlaxoSmithKline Pharmaceuticals Q4 FY25 Highlights (Consolidated, YoY)
Revenue up 4.8% at Rs 974.4 crore versus Rs 929.8 crore.
Ebitda up 29.5% at Rs 333.2 crore versus Rs 257.3 crore.
Margin at 34.2% versus 27.7%.
Net profit up 35% at Rs 262.9 crore versus Rs 194.5 crore.
Bharti Hexacom Q4 FY25 Earnings Highlights (QoQ)
Revenue up 1.7% at Rs 2,289 crore versus Rs 2,251 crore.
Ebitda up 1.4% at Rs 1,168 crore versus Rs 1,152 crore.
Margin at 51% versus 51.2%.
Net profit up 79.4% to Rs 468 crore versus Rs 261 crore.
Bharti Airtel Q4 FY25 Result Highlights (Consolidated, QoQ)
Revenue up 6% to Rs 47,876 crore versus Rs 45,129 crore.
Ebitda up 10% at Rs 27,009 crore versus Rs 24,597 crore.
Margin at 56.4% versus 54.5% - highest in atleast the last five years.
Net profit down 25% to Rs 11,022 crore versus Rs 14,781 crore.
Average revenue per user at Rs 245 versus Rs 245.
Dalmia Bharat Sugar and Industries Q4 FY25 Highlights (Consolidated, YoY)
Revenue up 35.6% at Rs 1017 crore versus Rs 750 crore.
Ebitda up 63.02% at Rs 194 crore versus Rs 119 crore.
Ebitda margin up 320 bps at 19.07% versus 15.86%.
Net profit up 126.37% at Rs 206 crore versus Rs 91 crore.
Syrma SGS Technology Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue down 18.5% at Rs 924.4 crore versus Rs 1,134.2 crore (Bloomberg estimate: Rs 1,340 crore).
Ebitda up 43.8% at Rs 107.5 crore versus Rs 74.7 crore (Bloomberg estimate: Rs 106 crore).
Margin at 11.6% versus 6.6% (Bloomberg estimate: 7.9%).
Net Profit up 87.3% at Rs 65.4 crore versus Rs 34.9 crore (Bloomberg estimate: Rs 56 crore).
Garden Reach Shipbuilders Q4 FY25 Results Highlights (YoY)
Revenue up 61.7%to Rs 1,642 crore versus Rs 1,015.7 crore.
Ebitda up 144.5% to Rs 220.95 crore versus Rs 90.35 crore
Margin at 13.5% versus 8.9%.
Net Profit up 118.6% to Rs 244 crore versus Rs 111.6 crore.
Honeywell Automation Q4 FY25 Results Highlights (YoY)
Revenue up 17.2% at Rs 1,114.5 crore versus Rs 950.7 crore.
Ebitda down 6.2% at Rs 159 crore versus Rs 170 crore.
Margin at 14.3% versus 17.9%.
Net Profit down 5.6% at Rs 140 crore versus Rs 148 crore.
Shaily Engineering Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue up 27.7% at Rs 217.8 crore versus Rs 170.6 crore.
Ebitda up 57.1% at Rs 54.5 crore versus Rs 34.7 crore.
Margin at 25% versus 20.3%.
Net Profit up 47.9% at Rs 28.6 crore versus Rs 19.3 crore.
VIP Industries Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue down 4.3% at Rs 494.2 crore versus Rs 516.3 crore (Bloomberg estimate: Rs 503 crore).
Ebitda down 17% at Rs 6.5 crore versus Rs 7.8 crore (Bloomberg estimate: Rs 35 crore).
Margin at 1.3% versus 1.5% (Bloomberg estimate: 7%).
Net Loss of Rs 27.4 crore versus Loss of Rs 23.9 crore (Bloomberg estimate: Loss of Rs 9 crore).
ITD Cementation Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue up 9.8% at Rs 2,480 crore versus Rs 2,258 crore.
Ebitda up 17.6% at Rs 259 crore versus Rs 220 crore.
Margin at 10.5% versus 9.8%.
Net profit up 27% at Rs 113 crore versus Rs 89.5 crore.
Max Financial Q4 Earnings (Consolidated, YoY)
Total Income down 16.8% at Rs 12,396 crore versus Rs 14,897 crore.
Net profit at Rs 31.31 crore versus Loss of Rs 44.05 crore.
ASK Automotive Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue up 8.6% at Rs 850 crore versus Rs 782 crore.
Ebitda up 26% at Rs 104 crore versus Rs 82.3 crore.
Margin at 12.2% versus 10.5%.
Net profit up 20.6% at Rs 57.6 crore versus Rs 47.8 crore.
Metropolis Healthcare Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue up 4.3% at Rs 345.3 crore versus Rs 331 crore (Bloomberg estimate: Rs 353 crore).
Ebitda down 22% at Rs 62.3 crore versus Rs 80 crore (Bloomberg estimate: Rs 83.4 crore).
Margin at 18% versus 24.2% (Bloomberg estimate: 23.6%).
Net profit down 20% at Rs 29.1 crore versus Rs 36.4 crore (Bloomberg estimate: Rs 39 crore).
Aurionpro Solutions Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue up 32% at Rs 327 crore versus Rs 247 crore.
Ebitda up 25.4% at Rs 66 crore versus Rs 52.6 crore.
Margin at 20.2% versus 21.3%.
Net Profit up 31% at Rs 50.3 crore versus Rs 38.5 crore.
VST Tillers Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue up 10.2% at Rs 301 crore versus Rs 273 crore.
Ebitda up 1.4% at Rs 40.4 crore versus Rs 40 crore.
Margin at 13.4% versus 14.6%.
Net profit down 29.7% at Rs 24.4 crore versus Rs 34.8 crore.
Chemplast Sanmar Q4 FY25 Results Highlights (Consolidated, YoY)
Revenue up 9.5% at Rs 1,150.8 crore versus Rs 1,050.7 crore.
Ebitda up 75% at Rs 36.7 crore versus Rs 21 crore.
Margin at 3.2% versus 2%.
Net loss of Rs 54.17 crore versus loss of Rs 31.13 crore.
Stocks To Watch
Puravankara: The company will consider raising up to Rs 300 crore via NCDs in its board meeting on May 16.
PTC India: The company has appointed Manoj Kumar Jhawar as the chairman and managing director.
Avenue Supermarts: The company has opened a new store in Punjab. Its total number of stores as on date stands at 420.
Ethos: The company has acquired 1.73 lakh equity shares of Silvercity Brands AG, reducing its stake in the firm from 34.39% to 33.88%.
Zuari Agro Chemicals: The SSP plant in Maharashtra has been temporarily closed due to a shortage of raw materials.
Punjab National Bank: The company divested its entire stake in India SME Asset Reconstruction, selling shares at Rs 16.29 each.
IDBI Bank: The company has divested its entire stake of up to 21.14% in Pondicherry Industrial Promotion Development and Investment Corp for Rs 18.8 crore.
Aurobindo Pharma: The company's subsidiary has received marketing approval for Zefylti from the UK's Medicines and Healthcare Products Regulatory Agency.
Bhagiradha Chemicals and Industries: The board has authorised the conversion of loans amounting to up to Rs 368 crore into equity shares for the company's subsidiary.
Mahindra Lifespace Developers: The company has approved raising up to Rs 1,500 crore via rights issue.
PDS: The company's arm incorporates NexStyle Apparel Manufacturing in Mauritius.
Syrma SGS Technology: The company has approved raising up to Rs 1,000 crore via qualified institutional placement or other means. It also incorporated two of its arms to manufacture electronic components.
360 One WAM: B&K Securities has obtained the required prior approval for the acquisition.
ITD Cementation India: The company has received an order worth Rs 593 crore for construction work at Jaipur International Airport in Rajasthan.
Brokerage Radar
Morgan Stanley on Life Insurance
In April 2025, industry individual retail weighted received premium basis was flat on an annual basis.
Private sector reported 2% yearly growth.
HDFC Life and SBI Life grew 3% and 2% respectively, while ICICI PRU Life individual RWRP declined 16%.
April is generally a small month, and contribution of April APE to annual APE is less than 5%.
Jefferies on Tata Motors
Maintain 'underperform' but hike target price to Rs 630 from Rs 625.
Slight Ebitda dip in the final quarter, but strong free cash flow.
India truck demand soft, with rising competition in EVs.
Cut fiscal 2026-2027 Ebitda by 8% but raise EPS by 3-4%.
Morgan Stanley on Bharti Airtel
Maintain 'equal-weight' with a target price of Rs 1,870.
India business led by better than expected performance in Airtel business segment.
India capex came in much higher but fiscal 2025 showed a fall of 9% on an annual basis (in line with management outlook).
Final dividend of Rs16 per share is showing 100% yearlyincrease - ahead of estimates.
Consolidated net debt increased due to redemption of $1 billion perpetual bonds.
Bulk deal
One 97 Communications: Antfin Netherlands Holding BV sold 2.54 crore shares (4%) at Rs 826.04 apiece, while Goldman Sachs (Singapore) Pte.- Odi bought 37.35 lakh shares (0.58%) at Rs 823.1 apiece.
Kfin Technologies: General Atlantic Singapore Fund Pte sold 1.69 crore shares (9.98%) at Rs 1,040.31 apiece, while Copthall Mauritius Investment bought 9.44 lakh shares (0.55%) at Rs 1,040.66 apiece, Kotak Mahindra Mutual Fund bought 19.32 lakh shares (1.12%) at Rs 1040 apiece, Societe Generale bought 34.47 lakh shares (2.01%) at Rs 1040 apiece.
Insider Trade
Rajoo Engineers: Promoter Devyani Chandrakant Doshi sold 2.85 lakh shares.
Trading Tweaks
Price Band change from 20% to 10%: Ideaforge Technology.
Price Band change from 20% to 5%: Raymond.
Ex-record Demerger: Raymond
Ex-record Rights Issue: Mahindra & Mahindra Financial Services.
List of securities to be excluded from ASM Framework: E2E Networks, Ideaforge Technology.
List of securities to be included from ASM Framework: Baazar Style Retail.
Ex-record dividend: BSE, R Systems International.
F&O Cues
Nifty May Futures down by 1.59% to 24,646 at a premium of 68 points.
Nifty May futures open interest down by 3.14%.
Nifty Options May 15 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,000.
Put-Call ratio at 0.79, with highest change in call open interest at 25,000.
Securities in ban period: CDSL, Manappuram Finance.
Currency
The rupee pared most of its initial gains to settle three paise higher at 85.33 (provisional) against the American currency on Tuesday, due to rising appetite for riskier assets amid easing trade tariff tensions.
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