Good morning!
The GIFT Nifty was trading 0.14% lower at 25,173.50 as of 07:17 a.m., signaling a marginally negative start to Indian markets today.
Asian stocks moved upwards, following Wall Street's lead, indicating positive investor sentiment. US President Trump had said on Thursday that India had made an offer to drop tariffs on US goods, as the country negotiates a deal to contain higher import taxes. India was one of the first countries to begin trade negotiations with the US following Prime Minister Modi's visit to the White House in February.
Japan's economy saw a dip for the first time in a year. The US stock index futures edged upwards.
Markets On The Home Turf
India's benchmark equity indices closed higher for the second straight day on Thursday as share prices of Reliance Industries Ltd., HDFC Bank Ltd. and ICICI Bank Ltd. led the gains.
The NSE Nifty 50 ended 395.2 points or 1.6% higher at 25,062.1 and the BSE Sensex closed 1,200.18 points or 1.48% up at 82,530.74.
Foreign portfolio investors remained net buyers of Indian equities on Thursday for a second session, as they mopped up equities worth Rs 5,392.94 crore, highest since April 24, according to the provisional data from the National Stock Exchange. Domestic institutional investors turned net sellers after four days of buying, as they offloaded equities worth Rs 1,668.47 crore, the data showed.
Here's what could influence Indian equities today:
Global Market Moves (As Of 6:54 AM)
S&P 500 futures were down 0.2%.
Australia’s S&P/ASX 200 fell 0.2%.
Euro Stoxx 50 futures fell 0.2%.
Topix was down 0.6%.
Commodity Updates
West Texas Intermediate crude advanced 0.15% to $61.71 per barrel.
Spot gold was down 0.48% to $3,224.33 an ounce.
London Metal Exchange
Copper fell 0.31%, snapping four straight sessions of gains.
Nickel fell 0.45%, reversing gains.
Aluminium fell 1.56%, snapping its five-day winning streak.
Zinc fell 1.46%, reversing its upward trend.
Lead rose 0.40%, extending its gaining streak.
US Market Updates
The S&P 500 extended its gains for a fourth consecutive day, climbing 0.4%. However, underlying this trend was a sense of caution. A recent rapid market rally led investors to favor defensive dividend-paying stocks that had lagged in the previous month.
The Dow Jones Industrial Average also saw an increase, adding 0.65%, while the Nasdaq 100 remained largely unchanged.
Earnings In Focus
Bharat Heavy Electricals, CreditAccess Grameen, Delhivery, Dhanuka Agritech, EIH Associated Hotels, Emami, Eureka Forbes, Galaxy Surfactants, Gujarat Alkalies and Chemicals, Heritage Foods, Hyundai Motor India, India Glycols, IOL Chemicals & Pharmaceuticals, Jubilant Pharmova, Kalpataru Projects International, KRBL, Nesco, Nucleus Software Exports, Ratnamani Metals & Tubes, Reliance Infrastructure, Repco Home Finance, Sammaan Capital, Shipping Corp., S H Kelkar and Co., Sterlite Technologies, Texmaco Rail & Engineering.
Earnings Post Market Hours
LT Foods Q4 FY25 Earnings Highlights (Consolidated, YoY)
Revenue up 7.4% at Rs 2,228 crore versus Rs 2,075 crore
Ebitda up 5.4% at Rs 258 crore versus Rs 245 crore
Margin at 11.6% versus 11.8%
Net Profit up 7.9% at Rs 161 crore versus Rs 149 crore
Revenue uptick is due to a decrease in input costs.
Other Income aided PAT, 31 cr vs 16.92 cr.
Basmati and Other Speciality Rice segment grew by 10%
Organic Food and Ingredients business recorded a 29% growth,
Ready-to-Heat (RTH) and Ready-to-Cook (RTC) witnessed growth of 21%
Tega Industries Q4 Highlights (Consolidated, YoY)
Revenue up 5.7% to Rs 536 crore versus Rs 507 crore.
Ebitda up 7.9% to Rs 150 crore versus Rs 139 crore.
Margin at 28% versus 27.4%.
Net profit up 14.6% to Rs 102 crore versus Rs 89 crore.
Neuland Laboratories Q4 Highlights (Consolidated, YoY)
Revenue down 14.8% to Rs 328 crore versus Rs 385 crore.
Ebitda down 52.3% to Rs 51 crore versus Rs 107 crore.
Margin at 15.6% versus 27.8%.
Net profit down 58.8% to Rs 28 crore versus Rs 68 crore.
Godrej Industries Q4 Highlights (Consolidated, YoY)
Revenue up 26.5% at Rs 5,780 crore versus Rs 4,567 crore
Ebitda up 29.4% at Rs 593.5 crore versus Rs 458.5 crore
Margin at 10.3% versus 10%
Net Profit Rs 183 crore versus Loss of Rs 311.8 crore
Godfrey Phillips Q4 Highlights (Consolidated, YoY)
Revenue up 70.6% at Rs 1,888 crore versus Rs 1,107 crore
Ebitda up 41.2% at Rs 269 crore versus Rs 191 crore
Margin at 14.3% versus 17.2%
Net Profit up 30.4% at Rs 279 crore versus Rs 214 crore.
JSW Energy Q4 Highlights (Consolidated, YoY)
Revenue up 15.7% to Rs 3,189 crore versus Rs 2,756 crore (Bloomberg estimate: Rs 3,459 crore)
Ebitda up 3.1% to Rs 1,204.5 crore versus Rs 1,168.5 crore (Bloomberg estimate: Rs 1,315 crore)
Margin at 37.8% versus 42.4% (Bloomberg estimate: 38%)
Net Profit up 16% to Rs 408 crore versus Rs 351 crore (Bloomberg estimate: Rs 295 crore)
Other Income aided by profit; Other Income up by 150% at 308 crore vs 123 crore.
Margins were under pressure on 40%/87% uptick in employee costs/ other expenses
Thermal revenue up 5.94% at Rs 2265 crore versus Rs 2138 crore.
Renewables revenue up 49.38% at Rs 847 crore versus Rs 567 crore.
To Raise Funds Up To `10,000 Cr Via QIP, Or Other Means
Revised Growth Roadmap for 2030
Exceeded its FY25 operational capacity target of 10 GW
Company is revising its 2030 target and aims for 30 GW of generation capacity, up from the previous goal of 20 GW.
Target 40 GWh of energy storage by 2030.
Abbott India Q4 Highlights (YoY)
Revenue up 11.5% to Rs 1,605 crore versus Rs 1,439 crore.
Ebitda up 29.8% to Rs 428.5 crore versus Rs 330 crore.
Margin at 26.7% versus 22.9%.
Net profit up 27.9% to Rs 367 crore versus Rs 287 crore.
Bikaji Foods Q4 Highlights (Consolidated, YoY)
Revenue flat at Rs 614 crore.
Ebitda down 53.9% to Rs 74.3 crore versus Rs 161 crore.
Margin at 12% versus 26.2%.
Net profit down 61.6% to Rs 44.6 crore versus Rs 116 crore.
To Further Invest `15 Cr In Arm Bikaji Foods Retail.
To Sell Entire Stake Up To 51% In Bikaji Mega Food Park.
ZF Commercial Q4 Highlights (Consolidated, YoY)
Revenue up 5.6% at Rs 1,012 crore versus Rs 957 crore
Ebitda up 20% at Rs 175 crore versus Rs 146 crore
Margin at 17.3% versus 15.2%
Net Profit up 26.5% at Rs 127 crore versus Rs 100 crore
Kennametal Q4 Highlights (YoY)
Revenue up 7.7% at Rs 290 crore versus Rs 269 crore
Ebitda down 11% at Rs 40 crore versus Rs 45 crore
Margin at 13.8% versus 16.7%
Net Profit down 36% at Rs 24.4 crore versus Rs 38.3 crore
Datamatics Global Services Highlights (Consolidated, QoQ)
Revenue up 17% at Rs 497 crore versus Rs 425 crore
EBIT up 22% at Rs 54.5 crore versus Rs 45 crore
Margin at 11% versus 10.5%
Net Profit down 40% at Rs 45 crore versus Rs 74 crore
Garware Technical Fibres Q4 Highlights (Consolidated, YoY)
Revenue up 13.4% to Rs 433 crore versus Rs 382 crore.
Ebitda up 7.7% to Rs 98 crore versus Rs 91 crore.
Margin at 22.7% versus 23.9%.
Net profit up 1.4% to Rs 71 crore versus Rs 70 crore.
Crompton Greaves Q4 Highlights (Consolidated, YoY)
Revenue up 5.1% to Rs 2,061 crore versus Rs 1,961 crore. (Bloomberg estimate: Rs 2,160 crore)
Ebitda up 29.4% to Rs 264 crore versus Rs 204 crore.
Margin at 12.8% versus 10.4%.
Net profit up 22.5% to Rs 169 crore versus Rs 138 crore. (Bloomberg estimate: Rs 160 crore)
Global Health Q4 Highlights (Consolidated, YoY)
Revenue up 15.1% to Rs 931 crore versus Rs 809 crore. (Bloomberg estimate: Rs 925 crore)
Ebitda up 25.7% to Rs 225 crore versus Rs 179 crore.
Margin at 24.1% versus 22.2%.
Net profit down 20.5% to Rs 101 crore versus Rs 127 crore. (Bloomberg estimate: Rs 136 crore)
Websol Energy System Q4 Highlights (YoY)
Revenue up nearly 7 times to Rs 173 crore versus Rs 25 crore.
Ebitda of Rs 78.5 crore versus an Ebitda loss of Rs 3.2 crore.
Margin at 45.4%.
Net profit of Rs 48.3 crore versus a net loss of Rs 58.6 crore.
Medi Assist Q4 Highlights (Consolidated, YoY)
Revenue up 13.2% to Rs 189 crore versus Rs 167 crore.
Ebitda up 10% to Rs 40.7 crore versus Rs 37 crore.
Margin at 21.6% versus 22.1%.
Net profit down 14.4% to Rs 21.4 crore versus Rs 25 crore.
Balrampur Chini Mills Q4 (Consolidated, YoY)
Revenue up 4.81% at Rs 1503 crore versus Rs 1434 crore. (Estimate Rs 1,481 crore)
Ebitda up 5.79% at Rs 364.45 crore versus Rs 344.5 crore. (Estimate Rs 353 crore)
Ebitda margin up 22 bps at 24.24% versus 24.02%. (Estimate 23.8%)
Net profit up 12.8% at Rs 229 crore versus Rs 203 crore. (Estimate Rs 222 crore)
Other Income up 9.47 cr vs 4.3 cr.
Ebitda increase by lowering other expenses by 5%.
Segment Revenue
Sugar revenue up 10.37% at Rs 1447 crore versus Rs 1311 crore.
Distillery revenue up 28.32% at Rs 530 crore versus Rs 413 crore.
Signature Global Q4 Highlights (Consolidated, YoY)
Revenue down 25% at Rs 520 crore versus Rs 694 crore.
Ebitda up at Rs 43.4 crore versus Rs 20 crore.
Margin at 8.3% versus 3%.
Net profit up 48% at Rs 61 crore versus Rs 41.2 crore.
PB Fintech Q4 Highlights (Consolidated, QoQ)
Revenue up 17% at Rs 1,508 crore versus Rs 1,292 crore (Bloomberg estimate: Rs 1,472 crore)
Net profit up 139.2% to Rs 171 crore versus Rs 71.5 crore (Bloomberg estimate: Rs 134 crore)
Ebitda at Rs 113 crore versus Rs 28 crore
Margin at 7.5% versus 2.1%
Total Insurance Premium for the quarter was Rs 7,030 crore, up 37% YoY, led by growth in new health.
Allied Blenders Q4 Highlights (Consolidated, YoY)
Revenue up 20% at Rs 921 crore versus Rs 768 crore.
Ebitda up at Rs 136 crore versus Rs 60 crore.
Margin at 14.8% versus 7.8%.
Net profit at Rs 78.6 crore versus loss of Rs 2.4 crore.
Patanjali Foods Q4 Highlights (Standalone, YoY)
Revenue up 17.8% at Rs 9,692 crore versus Rs 8,228 crore.
Ebitda up 37% at Rs 516 crore versus Rs 377 crore.
Margin at 5.3% versus 4.6%.
Net Profit up 74% at Rs 358.5 crore versus Rs 206.3 crore.
Patanjali Foods Q4 Highlights (Consolidated, QoQ)
Revenue up 6.3% at Rs 9,692 crore versus Rs 9,120 crore.
Ebitda down 7.4% at Rs 516 crore versus Rs 558 crore.
Margin at 5.3% versus 6.1%.
Net Profit down 3.3% at Rs 358.5 crore versus Rs 370.8 crore.
Bombay Burmah Q4 Highlights (Consolidated, YoY)
Revenue up 8.6% to Rs 4,518.82 crore versus Rs 4,161.69 crore.
Ebitda up 5% to Rs 802.30 crore versus Rs 762.81 crore.
Margin at 17.8% versus 18.3%.
Net profit up 8.7% to Rs 308.60 crore versus Rs 284.15 crore.
LIC Housing Finance Q4 Highlights (YoY)
Total Income up 5% to Rs 7,283 crore versus Rs 6,937 crore.
Net profit up 25.4% to Rs 1,368 crore versus Rs 1,091 crore. (Bloomberg estimate: Rs 1,348 crore)
Abbott India Q4 Highlights (YoY)
Revenue up 11.5% to Rs 1,605 crore versus Rs 1,439 crore.
Ebitda up 29.8% to Rs 428.5 crore versus Rs 330 crore.
Margin at 26.7% versus 22.9%.
Net profit up 27.9% to Rs 367 crore versus Rs 287 crore.
Vishnu Chemicals Q4 Highlights (Consolidated, YoY)
Revenue up 31% at Rs 393 crore versus Rs 300 crore
Ebitda up 0.8% at Rs 64.1 crore versus Rs 63.5 crore
Margin at 16.3% versus 21.1%
Net Profit up 40% at Rs 39 crore versus Rs 28 crore
Endurance Tech Q4 Highlights (Consolidated, YoY)
Revenue up 10.4% at Rs 2,963 crore versus Rs 2,685 crore
Ebitda up 8.5% at Rs 422 crore versus Rs 389 crore
Margin at 14.3% versus 14.5%
Net Profit up 16.6% at Rs 245 crore versus Rs 210 crore
Inox India Q4 Highlights (Consolidated, YoY)
Revenue up 34% at Rs 369 crore versus Rs 276.5 crore
Ebitda up 53.4% at Rs 81.6 crore versus Rs 53.2 crore
Margin at 22.1% versus 19.2%
Net Profit up 48.6% at Rs 65.5 crore versus Rs 44.1 crore
PN Gadgil Q4 Highlights (Consolidated, YoY)
Revenue Up 5% at Rs 1,588 crore versus Rs 1,512 crore
Ebitda Down 75.8% at Rs 94 crore versus Rs 389 crore
Margin at 5.9% versus 25.7%
Net profit Up 12.7% at Rs 62 crore versus Rs 54.9 crore
Alivus Life Sciences Q4 Highlights (Consolidated, YoY)
Revenue up 21% at Rs 649 crore versus Rs 536 crore
Ebitda up 40.3% at Rs 198 crore versus Rs 141 crore
Margin at 30.5% versus 26.3%
Net profit up 44.8% at Rs 142 crore versus Rs 97.9 crore
IFCI Q4 Highlights (YoY)
Total income down 49% at Rs 223 crore versus Rs 436 crore
Net profit up 26.5% at Rs 273 crore versus Rs 216 crore
Stocks In News
IndusInd Bank: During a review of the bank’s MFI business, the Internal Audit Department discovered that Rs 674 crore had been incorrectly recorded as interest over three quarters of fiscal 24-25. This amount was fully reversed by Jan. 10, 2025. Additionally, Rs 595 crore in unsubstantiated balances were found in the “other assets” account, which were adjusted against “other liabilities” in January 2025.
Infosys: The company has extended its Strategic Partnership with DNB Bank ASA to Accelerate Digital Transformation.
Relaxo Footwear: The company has appointed Prince Jain as chief financial officer effective from May 16.
Bharti Airtel: Singtel, the promoter entity, is set to sell shares worth Rs 8,568 crore through open market transactions on Friday. The Singaporean telecom giant, which holds Airtel shares through its subsidiary Pastel Ltd., plans to offload approximately 4.76 crore shares.
Medplus Health: The company's arm has received suspension order for drug licence for its Telangana store.
Alkem Labs: The company's arm Enzene Biosciences, has detected a cybersecurity incident affecting its US unit where some employees' business email IDs were compromised, resulting in a fraudulent transfer of funds, the quantum of which is currently under investigation, and independent external agencies will investigate the incident.
Larsen & Toubro: The company has signed an amendment agreement restricting its secondary stake acquisition in E2E Networks to 2.98%. As part of this, it has purchased 5.95 lakh shares from a promoter through secondary acquisition, bringing its total stake in the company to 18.99%.
Adani Ports: The promoters have sanctioned the acquisition of Abbot Point from Carmichael Rail and Port Singapore Holdings. Additionally, they have approved the issuance of 14.38 crore company shares on a preferential basis.
Raymond: Harmohan Sahni has been appointed as the managing director of Raymond Realty, while stepping down from his role as the company's executive director.
RVNL: The company has received a LOA for an order worth Rs 116 crore from the Central Railway.
Biocon: The company's arm Biocon pharma received approval for Rivaroxaban Tablets. Rivaroxaban is used to reduce risk of stroke and Systemic Embolism in Nonvalvular Atrial Fibrillation.
Bajaj Auto: The company will make an investment €125 million in Netherlands arm Bajaj Auto International.
Samvardhana Motherson International: The company's step-down arm will acquire 14.29% stake of Motherson Technology Services Kabushiki Gaisha.
Strides Pharma: The company has authorized the demerger of Arco Lab’s Life Sciences and Digital Innovation Capabilities into its subsidiary, Pivot Path.
Brokerage Radar
Jefferies on Defence Sector
Defence indigenisation focus from fiscal 2014 has seen most defence companies’ revenues rising in double digits.
Recent India-Pakistan tensions saw PM Modi laud Made in India equipment, which points to further domestic manufacturing focus.
Focus on building up the global image in defence continues.
Most final quarter results have been strong so far.
Global defence thematic adds to upside from order book visibility of domestic companies.
Hindustan Aeronautics, Data Patterns are top picks followed by Bharat Electronics.
Believe HAL, Data Patterns and BEL should see order book backed double-digit EPS CAGR medium-term with healthy return on equity and capital employed.
Macquarie on ITC Hotels
Maintain 'outperform' and hike target price to Rs 240 from Rs 230.
Strong quarter driven by improvements in key KPIs and Ratnadipa profitability.
Solid revenue beat of 8% and Ebitda beat of14% driven by growth in ARR, occupancy, and cost controls.
ITC Ratnadipa is Ebitda positive within four quarters of opening, with RevPAR almost doubling from launch in the first quarter of the last fiscal.
Investec on IndusInd Bank
Downgrade to 'sell' from 'hold' and cut target price to Rs 650 from Rs 700.
Core operating profitability may be structurally impaired.
Leadership vacuum does not help.
Stay cautious amid heightened uncertainty.
Bulk Deals
One 97 Communications: Citigroup Global Markets Mauritius Pvt. bought 3.55 lakh shares (0.05%) at Rs 850.7 apiece, Goldman Sachs (Singapore) Pte - Odi sold the shares.
Insider Trades
Rajoo Engineers: Promoter Devyani Chandrakant Doshi sold 35,000 shares.
DB Corp: Promoter D B Power bought 93,000 shares
Trading Tweaks
Price Band change from 10% to 5%: Allied Blenders and Distillers, DCM Financial Services
Dividend: Indian Energy Exchange, Kewal Kiran Clothing, Aptus Value Housing, Advanced Enzyme Tech, Aptech, State Bank of India.
Shares to Exit Locking: Aadhar Housing Finance.
List of securities to be excluded from ASM Framework: Mishra Dhatu Nigam
List of securities to be included from ASM Framework: R R Kabel.
F&O Cues
Nifty May Futures up by 1.45% to 25,075 at a premium of 13 points.
Nifty May futures open interest up by 4.8%.
Nifty Options May 22 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 23,000.
Put-Call ratio at 0.86, with highest change in put open interest at 25,050.
Securities in ban period: CDSL, Manappuram Finance, Hindustan Copper.
Currency
The rupee snapped a three-day winning streak against the US dollar on Thursday, as investors wait for India's trade data. The rupee declined 27 paise to close at 85.55 against US dollar.
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