Stock Market Highlights: Nifty, Sensex Snap Two-Week Gaining Streak

The Nifty 50 closed 29.85 points, or 0.12%, lower at 24,366. The Sensex declined 70.71 points, or 0.09%, to 78,009.25.

• Jai Balaji Industries’ net profit rose to Rs 85.2 crore from Rs 21.4 crore in the previous quarter. Revenue declined 3.6% to Rs 1,683 crore.
• EBITDA increased 64.2% to Rs 151.4 crore, while the margin widened to 9% from 5.4%.

• Aman Chowhan of Abakkus Asset Manager told NDTV Profit that a pickup in manufacturing could support credit growth. Chowhan is positive on non-banking financial companies and mid-sized private banks.
• Abhay Agarwal of Piper Serica said domestic manufacturing was a key strength for India and that global markets were receptive to Indian manufacturers.

Germany’s DAX rose 0.62%, while France’s CAC 40 was nearly flat with a 0.01% gain. The UK’s FTSE 100 declined 0.10%, while the STOXX Europe 600 was unchanged.

• South Korea’s Kospi rose 2.42%, while Japan’s Nikkei 225 gained 0.59%. Shanghai ended almost flat, up 0.01%.
• Hong Kong’s Hang Seng fell 1.10%, Australia’s ASX 200 declined 0.80% and Japan’s Nifty 50 slipped 0.11%.

Vedanta has emerged as the successful bidder for a manganese block in Andhra Pradesh, according to an exchange filing.

• State-run oil marketing companies are holding talks in the US for long-term LPG supplies, according to sources. The move could reduce India’s reliance on West Asia, while the companies have already increased spot purchases from the US.
• The US supplied 3.6 million tonnes of LPG to India between January and July, according to Kpler. BPCL said Indian time-chartered vessels were travelling to the US to collect LPG cargoes. NDTV Profit awaits responses from the Oil Ministry and state-run OMCs.

Prakash Pipes is expanding the capacity of its flexible packaging division at the Kashipur unit. The expansion will involve capital expenditure of about Rs 100 crore, according to an exchange filing.

• Tube Investments of India’s consolidated net profit fell 15.1% to Rs 169 crore from Rs 199 crore a year earlier. Revenue rose 17.1% to Rs 6,215 crore.
• EBITDA was nearly unchanged at Rs 548 crore, while the margin narrowed to 8.8% from 10.3%. Other income rose to Rs 112 crore, while tax expense increased to Rs 163 crore.

Natco Pharma Q1 Results (YoY)

• Net Profit falls 57% to Rs 207 crore from Rs 481 crore
• Revenue falls 44.7% to Rs 735 crore from Rs 1,329 crore
• EBITDA drops 67.4% to Rs 186 crore from Rs 571 crore
• EBITDA margin at 25.3% Vs 43% 
• Board approves Interim Dividend of Rs 1.50 per share
• Approves raising up to Rs 2,000 crore Via QIP, other instruments

At 2:22 PM, Natco Pharma share price was trading 6.24% lower at Rs 892.80 apiece on the BSE.

Alkem Laboratories Q1 Results (YoY)

Net Profit falls 21.7% to Rs 520 crore from Rs 664 crore
Revenue grows 10.9% to Rs 3,740 crore from Rs 3,371 crore
EBITDA rises 3.7% to Rs 766 crore from Rs 739 crore
EBITDA margin contracts to 20.5% from 21.9% YoY 
Tax Expense at Rs 251 crore from Rs 103 crore

At 1:55 PM, Alkem Laboratories share price was trading 0.48% lower at Rs 5,392.95 apiece on the BSE.

Bharat Dynamics Q1 Results (YoY)

• Net Profit jumps to Rs 119 crore from Rs 18.3 crore
• Revenue rises to Rs 572 crore from Rs 248 crore
• EBITDA at Rs 82.8 crore versus loss of Rs 45.3 crore
• EBITDA margin at 14.5%

​​​​​​​At 1:45 PM, Bharat Dynamics share price was trading 0.99% lower at Rs 1,386.20 apiece on the BSE.

LEAP India share price fell after making a decent debut in the Indian stock market today. The stock was listed at Rs 166.00 apiece on the BSE, a premium of 4.4% to the issue price of Rs 159.00 per share.

However, LEAP India shares succumbed to selling pressure and was trading lower than its issue price. The stock declined to an intraday low of Rs 145.05 apiece, down by 8.77% from its issue price, and down 12.62% from its listing price.

Ashok Leyland reported 2.5% rise in Q1FY27 net profit to Rs 609 crore from Rs 594 crore, YoY. Revenue grew 10.4% to Rs 9,634 crore from Rs 8,725 crore YoY.

EBITDA was unchanged at Rs 970 crore YoY, while EBITDA margin contracted to 10.1% from 11.1%, YoY.

At 1:20 PM, Ashok Leyland share price was trading 1.05% lower at Rs 175.15 apiece on the BSE.

Paisalo Digital announced that it has entered into a Memorandum of Understanding (MOU) dated August 14, 2026 with Chakrawiu Gannlalen Company.

Under the MOU, Paisalo will provide technology services and AI support to Chakrawiu in connection with its digital services business. The scope includes software and digital platform development, data processing, technology consulting, system integration, process automation, technology infrastructure management, technical support, training and related technology services. 

As part of the engagement, Paisalo will also share its AI-related learnings and expertise with Chakrawiu to support the development and implementation of relevant technology solutions. 

The engagement is expected to generate other income of approximately Rs 4 crore to Rs 5 crore per annum for Paisalo, based on the current scope of services, the company said.

Paisalo Digital share price was trading 1.14% lower at Rs 69.09 apiece on the BSE.

3M India Q1 Results (YoY):

• Net Profit rises 31.2% to Rs 233 crore from Rs 178 crore
• Revenue up 19% to Rs 1,423 crore from Rs 1,196 crore
• EBITDA falls 1.5% to Rs 238 crore from Rs 242 crore
• EBITDA Margin slips to 16.7% from 20.2% YoY
   

VA Tech Wabag share price jumped over 5% after strong Q1 results. The company offers strong 3–5 years visibility, supported by a record Rs 19,400 crore order backlog, over 4x its annual revenue base. Its management targets 15–20% revenue CAGR, with FY27 growth expected at the upper end of this range. EBITDA margins are guided at 13–14% near term, with a long-term target of 13–15% as scale benefits accrue.

According to Axis Securities, with healthy execution momentum, strong order visibility, disciplined capital allocation, and technology driven differentiation, the company appears well-positioned to capitalise on the ongoing global water infrastructure investment cycle.

The brokerage firm maintained its ‘Buy’ rating on VA Tech Wabag shares, and raised the target price to Rs 2,105 per share from Rs 1,930 earlier.

Tata Steel has agreed to transfer its equity shares in ‘Jamshedpur Football & Sporting Private Limited’ (JFSPL) to Churchill Brothers Football Club for a token consideration of Rs 100. This transfer, made in accordance with All India Football Federation (AIFF) regulations, includes the transfer of the Club’s Indian Super League (ISL) sporting licence, and the transfer of 12 players & 2 coaches.

Tata Steel Limited and Churchill Brothers Football Club signed an agreement to this effect today. Churchill Brothers will take over the contracts of all JFC players and coaching staff with effect from September 2026, offering them the opportunity to continue their professional football careers in the ISL, the company said.

The frontline indices continue to trade in an exceptionally narrow range, reflecting a clear lack of directional conviction in the market. With neither the bulls nor the bears able to establish a decisive upper hand, market participants have largely adopted a wait-and-watch approach. The absence of a strong directional trigger has further kept trading activity subdued, with participants refraining from taking aggressive positions.

According to Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, the zone of 24,260 – 24,240 will act as a crucial support for the Nifty 50 index, while the resistance lies in the zone of 24,430 – 24,450.

On the downside, he believes if the index slips below the level of 24,240, then the next support is placed in the zone of 24,120 – 24,100.

“In an event of a surge above 24,450, the Nifty 50 index can experience an extension of the rally towards 24,600,” Shah added.

On the options front, meaningful call writing witnessed across 24,400 & 2,4500 strikes. On the put side, 24,300 has a substantial open interest, followed by 24,200 strike. Nifty’s Advance Decline Ratio is at 14:36.

For Sensex, support is at 77,400 while resistance is at 78,350.
 

IT employees association, NITES, has urged the intervention of Labour Ministry for delayed onboarding of more than 200 freshers at Wipro. The candidates were selected through Wipro’s campus recruitment process.

These freshers got offer letters in July 2025, but they have not received a definite joining date. Repeated approaches to Wipro HR have not yielded responses.

NITES has requested the Ministry to seek clarity from Wipro on the reasons for delay, validity of offer letters, definite joining dates, and written communication to candidates if hiring is being cancelled.

Wipro has said it was committed to onboarding freshers, in line with its business requirements. It will continue to keep candidates informed on further updates.

IDFC FIRST Bank has secured its first international rating with Investment Grade from S&P Global Ratings. On August 13, 2026, S&P Global Ratings assigned its 'BBB-' long-term and 'A-3' short-term issuer credit ratings to IDFC First Bank. The outlook on the long-term rating is stable.

“IDFC First Bank will maintain strong capitalization over the next 18-24 months, in our view. We forecast the bank’s risk-adjusted capital (RAC) ratio will stay at 10.0%-10.5%, compared with 10.9% as of March 2026. The bank’s loan book is likely to grow at 20% per annum over that period, faster than the wider Indian banking industry,” said S&P Global.

India’s wholesale price index (WPI) inflation in July eased to 9.78% as against 9.87% in June.

The Indian stock market traded lower on Friday noon, weighed down by losses across the board. 

The Sensex was down 286.10 points, or 0.37%, at 77,793.86, while the Nifty 50 fell 67.90 points, or 0.28%, to 24,327.95. The Bank Nifty index at 57,425.40, down 213.25 points, or 0.37%.

Gold and silver prices in India traded sharply lower on the MCX Friday, following a weak momentum in global markets.

MCX gold rate for October futures fell by Rs 948, or 0.62, to Rs 1,52,518 per 10 grams. MCX silver price for September futures were down by Rs 1,984, or 0.84%, to Rs 2,33,463 per kg.

Shiprocket IPO, which opened for subscription on August 12, will close for subscription today, August 14. The IPO has been subscribed over 10 times on so far. Shiprocket IPO price band has been fixed at Rs 92–Rs 97 per share, and the total issue size stands at Rs 1,617.48 crore.

Shiprocket IPO GMP is Rs 36, suggesting an estimated listing price of Rs 133, assuming the upper price band of Rs 97. This represents a potential premium of 37.11% over the issue price.

Securities Appellate Tribunal (SAT) has granted interim relief to Zee Entertainment Enterprises (ZEE) from SEBI order and allowed the company to proceed with preferential warrant issue. 

SAT said that ZEE can access mutual fund units for dividend distribution. However, the grant of interim relief is subject to penalty.

Zee share price jumped over 7% after the SAT order. At 11:40 AM, Zee shares were trading 7.80% higher at Rs 104.40 apiece on the BSE.

Top five sectors wherein domestic mutual funds are overweight vis-à-vis BSE 200:

1. Pharmaceuticals & Healthcare
2. E-commerce
3. Capital Goods
4. Agrochemicals & Petrochemicals
5. Consumer Durables

Top five sectors wherein domestic mutual funds are underweight vis-à-vis BSE 200:

1. Oil & Gas
2. Private Banks
3. IT Services 
4. Consumer 
5. Metals & Mining

Carlyle’s sell down in Piramal Pharma has been cancelled, reported Bloomberg.

Piramal Pharma share price was trading 0.68% lower at Rs 211.00 apiece on the BSE.

Welspun Living share price jumped over 11% to hit a fresh 52-week high on Friday, after the company reported strong Q1 results. The textile stock rallied as much as 11.38% to a high of Rs 178.00 apiece on the BSE.

Welspun Living reported an 83.6% surge in Q1FY27 consolidated net profit to Rs 160.7 crore from Rs 87.55 crore in the year-ago period. The company's revenue grew 23.7% to Rs 2,795.4 crore from Rs 2,260.5 crore, year-on-year (YoY).

Analysts reiterated their bullish view on Welspun Living shares after the company's strong Q1 results and growth outlook.

Brokerage firm Nuvama Institutional Equities revised FY27 and FY28 revenue estimates up by 2.2% and 0.6%, and EBITDA estimates by 4.8% and -7.6%, respectively. 

Nuvama upgraded Welspun Living shares to ‘Buy' from ‘Hold' and raised the target price to Rs 209 from Rs 145 earlier, valuing the stock at 12x FY28E EBITDA, as demand tailwinds from the UK FTA and a prospective EU FTA open up a fresh avenue of volume-led growth.

Motilal Oswal raised its earnings estimates, led by better visibility. It reiterated its ‘Buy' call and raised Welspun Living share price target to Rs 215 apiece, valuing the stock at 12x FY28E EV/EBITDA.

• Leap India management told NDTV Profit that the company is raising around Rs 480 crore through its listing.

• Of the funds raised, approximately Rs 360 crore will be used to repay debt, strengthening the balance sheet and reducing finance costs.

• The company reported EBITDA of Rs 379 crore.

• Management said Leap India is planning to expand into GCC countries as part of its international growth strategy.

• The container business is witnessing strong growth, according to the company.

• Leap India currently serves 38 sectors, highlighting the diversified nature of its customer base.

• The company said it remains sharply focused on pallet pooling, which continues to be a key growth driver for the business.

• Management expects asset-sharing and supply-chain solutions to see increasing adoption across industries.

 

• Praj Industries MD & CEO Ashish Gaikwad told NDTV Profit that the domestic market remains challenging from an ethanol blending perspective and India needs higher blending mandates to accelerate industry growth.

• He said the company is seeing early signs of improvement in business performance, despite near-term challenges.

• Gaikwad noted that the demand-supply situation in the domestic biofuels market remains skewed, creating opportunities for capacity expansion and new projects.

• He said Praj is well positioned to benefit from the government's GOBARdhan Scheme, which aims to boost compressed biogas production.

• According to management, the industry now has greater visibility on returns as:

  • Better pricing mechanisms are being put in place.
  • Offtake guarantees are available for biogas producers.

• Praj said it is well equipped to handle multiple feedstocks and remains focused on expanding its bioenergy capabilities.

• The company is also working to improve its international business mix and diversify revenue sources.

• Management said the typical cycle for converting orders into execution remains around 12-18 months.

• Praj's order book has increased around 25% quarter-on-quarter, providing stronger revenue visibility going forward.

 

• Pankaj Tibrewal, Fund Manager at IKIGAI Asset Manager, told NDTV Profit that he remains constructive on the mid-cap and small-cap space and expects the segment to outperform over the next 3-5 years.

• He encouraged investors to focus on stock-picking rather than making broad market bets, stressing the importance of identifying companies with strong management quality and governance standards.

• Tibrewal said metals and mining have remained underinvested for over a decade and continues to hold a constructive view on the sector.

• He believes countries are becoming increasingly inward-looking and may be less willing to share critical resources, creating long-term opportunities for commodity producers.

Global Markets & Macro View

• Tibrewal expects the US dollar to gradually depreciate, which could support emerging markets.

• He said emerging markets are likely to continue outperforming the US over the medium term.

• According to him, US companies are increasingly shifting towards cash consumption, while stock buybacks in the US may become less dominant going forward.

• He noted that markets have largely factored in the possibility of further US Federal Reserve rate hikes.

• The US bond market continues to indicate expectations of higher inflation ahead.

• While US equity markets continue to hit fresh highs, he said US corporate earnings have outperformed those in India.

India Market Outlook

• Tibrewal expects strong FPI inflows in H2 FY27.

• He noted that FPIs turned buyers in July following the unwinding of parts of the global AI-driven trade.

• Q2 has so far shown stronger volume growth trends, while Q1 earnings highlighted the resilience of corporate India.

• He said corporate earnings were significantly better than expected and Indian companies remain focused on growth.

• Tibrewal added that market consolidation is a natural part of the investment cycle and investors should not expect 15%-20% returns every year.

• He pointed out that Indian markets have undergone consolidation over the last two years, which he views as a healthy development.

 

• IRCTC Director (Finance) Rahul Himaalian told NDTV Profit that the company's upcoming website will not feature any captcha requirement, aiming to provide a smoother user experience for customers.

• The company is targeting an EBITDA margin of over 30% in FY27, despite challenges faced during the June quarter.

• Himaalian said EBITDA margins declined in Q1 due to global headwinds, while the West Asia crisis impacted profitability during the quarter.

• Despite these pressures, IRCTC remains confident of maintaining healthy profitability levels through the rest of FY27.

• The catering business was the key driver of topline growth in Q1, helping support overall revenue performance.

• Management remains focused on improving customer experience, expanding service offerings and maintaining strong operating margins.

 

• Page Industries CFO Deepanjan Bhattacharjee told NDTV Profit that higher manpower costs associated with the operationalisation of new manufacturing units weighed on profitability during Q1.

• The company said both elevated manpower expenses and higher raw material costs impacted margins in the quarter.

• Management expects FY27 EBITDA margin to be in the 19%-21% range.

• Raw material prices have started softening after witnessing a significant increase in recent periods, which could provide some relief going forward.

• Page Industries said competition remains intense, particularly in the online sales channel.

• The company has several product launches lined up for the remainder of the financial year to drive growth and strengthen its market position.

• Q1 volume growth remained healthy at 5.7% year-on-year.

• Management said it is targeting double-digit volume growth in FY27, supported by new products and demand recovery.

 

• William Lee told NDTV Profit that a significant portion of investments linked to the ongoing AI trade is being financed through private credit, highlighting the growing role of alternative financing markets.

• Lee said the rapid growth of the private credit industry is a concern, as increasing leverage in parts of the market could create risks over time.

• On inflation, Lee said US markets are currently pricing in a scenario where inflation gradually falls back toward the Federal Reserve's 2% target.

• He noted that energy inflation is steadily easing, providing some support to the broader disinflation trend.

• Lee expects commodity prices to remain volatile amid global economic and geopolitical uncertainties.

• However, he does not foresee any extreme moves in crude oil prices.

• According to Lee, the current rangebound movement in oil prices suggests that concerns over severe supply shortages have moderated.

• The market strategist remains watchful of inflation trends, private credit growth and commodity markets as key factors influencing global asset prices.

 

• Amber Enterprises MD Jasbir Singh said the board approved a fund-raising proposal for subsidiary IL JIN Electronics last month, though the final size and structure are yet to be decided.

• The board has passed an enabling resolution of up to Rs 5,000 crore for the potential fund raise.

• Singh said the proposed Oppo business could be housed either under Amber Enterprises or IL JIN Electronics, with the company currently evaluating both options.

• A final decision on the structure is expected by mid-September.

PCB Business Update

• The impact on PCB margins has moderated from 16% earlier to 12% currently.
• Management said price increases have started taking effect, though the PCB division is likely to remain under pressure for another quarter.
• Amber plans to diversify its PCB business into aerospace, industrial and defence segments over time.

Demand Outlook

• Management expects a strong summer season, with inventory build-up likely to begin as early as November.
• The company remains optimistic about demand trends heading into the next cooling season.

Source: Amber Enterprises Q1 FY27 Conference Call

• IDBI Capital has maintained a 'Buy' rating on Rolex Rings with a revised target price of Rs 221, based on 22x FY28 estimated earnings.
• The brokerage said the company delivered a healthy Q1FY27 performance, with:
  • Revenue up 4% YoY
  • EBITDA up 12% YoY
  • PAT up 22% YoY

Auto Components Drive Growth

• Revenue growth was led by strong performance in the auto components export business, where revenue increased 30% YoY to Rs 118 crore.
• IDBI Capital noted that other segments were impacted by seasonal labour shortages during the quarter.

Demand Outlook Remains Strong

• Volumes from key customer Allison Transmission have recovered to pre-tariff disruption levels seen in FY25.
• New programmes and ramp-up in existing programmes supported growth.
• The brokerage expects the auto components business to deliver healthy export-led growth in FY27.

Bearing Rings Business

• The bearing rings segment is expected to witness steady growth.
• Automotive-related demand remains healthy, while industrial and large-sized bearing components are expected to see only modest growth.

New Growth Opportunities

• Management is exploring joint ventures and collaborations with international partners.
• Potential partnerships could help improve utilisation of existing facilities and provide access to new markets.
• Areas being explored include defence, aerospace and other specialised engineering segments.

Brokerage View

• IDBI Capital believes Rolex Rings is well positioned to benefit from the 'Make in India' manufacturing theme.
• Capacity utilisation is expected to improve from around 65% in FY26 to 70% in FY27.
• The brokerage remains constructive on the stock amid improving demand visibility and easing tariff-related uncertainties.

Source: IDBI Capital Research

• Systematix Research has initiated coverage on PI Industries with a 'Hold' rating and a target price of Rs 2,638, based on a 16x FY28E EV/EBITDA multiple.
• The brokerage described PI as India's leading Custom Synthesis & Manufacturing (CSM) franchise and one of the top global agro-science players with a strong track record of partnerships with global innovators.

Why Systematix Is Cautious

• FY26 was one of the toughest years for PI Industries in over a decade:
  • Revenue declined 16% YoY to Rs 6,714 crore.
  • EBITDA fell 22% YoY to Rs 1,700 crore.
  • PAT dropped 26% YoY to Rs 1,228 crore.
• The weakness was driven by the global crop protection downturn, lower offtake of pyroxasulfone and inventory destocking across channels.

Positives Highlighted By The Brokerage

• Systematix believes FY26 is likely to mark the earnings trough for the company.
• PI is targeting the commercial launch of Pioxaniliprole in FY27, India's first indigenously discovered agrochemical New Chemical Entity (NCE).
• The company's pharma CRDMO platform, PI Health Sciences, grew about 40% in FY26 and targets Rs 500-600 crore revenue over the next 2-3 years.
• PI maintains a strong balance sheet with approximately Rs 3,300 crore of net cash, equivalent to around 8.5% of market capitalisation.

Key Risks And Monitorables

• Impact of the US patent expiry of pyroxasulfone in H2CY25, a product that contributed around 43% of FY25 revenue.
• Timeline for profitability in the pharma business.
• Commercial success of the Pioxaniliprole launch.
• Improvement in working capital, which stretched to 139 days.

Brokerage View

• Systematix said its Hold stance reflects the need for evidence of execution and earnings recovery before turning more constructive on the stock.
• While the long-term franchise remains attractive, the brokerage believes the market will await clearer signs of growth recovery and margin improvement.

Source: Systematix Research

• Systematix Research has initiated coverage on Deepak Fertilisers & Petrochemicals Corp. Ltd. (DFPC) with a 'Buy' rating and a target price of Rs 1,900, implying around 30% upside from current levels.
• The brokerage believes DFPC is at a major inflection point and is entering a new earnings growth phase after a period of heavy investments and margin pressures.

Why Systematix Is Positive

• Over FY24-FY26, the company absorbed:

  • Rs 4,658 crore of growth capex
  • Higher working capital requirements linked to the shift from imported ammonia to captive ammonia production.

• Earnings were also impacted by:

  • A planned shutdown of the ammonia plant.
  • Elevated raw material costs following disruptions linked to the Strait of Hormuz closure in February 2026.

Key Catalysts For FY27

• Commissioning of the Gopalpur Technical Ammonium Nitrate (TAN) plant, which is around 96% complete.
• Commissioning of the Dahej Nitric Acid Complex, which is around 93% complete.
• Improved feedstock visibility under the 15-year Equinor LNG supply agreement, with deliveries commencing from May 2026.
• Stronger import-parity pricing for:
  • Ammonia
  • Nitric Acid
  • Technical Ammonium Nitrate (TAN)

Brokerage View

• Systematix expects FY27 earnings to mark the beginning of the company's "harvest phase" as recent capex starts contributing to profitability.

• The brokerage believes improving utilisation, lower feedstock uncertainty and tighter global supply conditions should drive earnings growth over the coming years.

• Rating: Buy

• Target Price: Rs 1,900

Source: Systematix Research

• Aurobindo Pharma said the US Food and Drug Administration (USFDA) has issued a warning letter to Eugia Pharma Specialities' Unit-I, according to an exchange filing.
• Eugia Pharma, a subsidiary of Aurobindo Pharma, contributes around 2% of the company's consolidated revenue.
• The warning letter pertains to observations made by the USFDA during its inspection of the facility.
• The company said it will work closely with the regulator and undertake the required corrective and preventive actions to address the observations.
• Given Eugia Pharma's relatively small contribution to consolidated revenue, the immediate financial impact on Aurobindo Pharma is likely to be limited.

 

• Anupam Rasayan reported a consolidated net profit of Rs 38.6 crore in Q1, up 13.5% from Rs 34 crore in the year-ago period.

• Revenue increased 34.8% year-on-year to Rs 655 crore from Rs 486 crore.

• EBITDA rose 30.6% to Rs 162 crore from Rs 124 crore a year earlier.

• EBITDA margin stood at 24.8%, compared with 25.6% in the corresponding quarter last year.

• The company delivered strong topline growth and robust operating performance during the quarter.

• While EBITDA grew at a healthy pace, margins saw a marginal contraction on a year-on-year basis.

• Net profit growth remained positive, supported by higher revenue and operating profit.

 

Leap India Lists At Premium To IPO Price

• Leap India debuted at Rs 165.90 on the NSE, compared with its issue price of Rs 159.

• On the BSE, the stock listed at Rs 166 against the issue price of Rs 159.
• The stock listed at a 4.3% premium on NSE and a 4.4% premium on BSE, reflecting a modestly positive debut.

Technocraft Ventures Lists At Sharp Premium

• Technocraft Ventures debuted at Rs 284 on the NSE, compared with its issue price of Rs 212.
• On the BSE, the stock listed at Rs 285 against the issue price of Rs 212.
• The stock listed at a 34% premium on NSE and around 34.4% premium on BSE, indicating strong investor demand.

Source: Exchange Data

Man Industries shares surged as much as 6.34% to hit an intraday high of Rs 614.40 on Friday after the company said it has been added to QatarEnergy's Preferred Manufacturers List (PML) for carbon steel LSAW pipes, coating and bends.

• Aurobindo Pharma said the US Food and Drug Administration (USFDA) has issued a warning letter to Eugia Pharma Specialities' Unit-I, according to an exchange filing.
• Eugia Pharma is a subsidiary of Aurobindo Pharma and contributes around 2% of the company's consolidated revenue.
• The warning letter follows observations made by the USFDA and will require the company to address the regulator's concerns and undertake corrective actions.
• Aurobindo Pharma said the affected unit represents a relatively small portion of the group's overall revenue base.
• Investors will monitor the company's remediation measures and any potential impact on future approvals and supplies from the facility.

 

• Praj Industries reported operating income of Rs 716 crore in Q1, up 11.8% year-on-year.
• EBITDA margin declined 71 basis points YoY to 4.19%.
• Net profit surged 118.9% YoY to Rs 12 crore.

Key Takeaways

• The quarter was mixed, with revenue growth offset by margin pressure.
• The Engineering segment witnessed a weak performance during the quarter.
• Bio-Energy and High Purity businesses delivered strong growth and supported overall performance.

Order Book

• Order intake stood at Rs 1,000 crore during the quarter.
• Order backlog remained healthy at Rs 4,590 crore, providing revenue visibility.

Business Developments

• Praj GenX signed an exclusive framework agreement with a leading EPC player for the manufacture and supply of precision fabrication components.
• The company has received an order to set up a greenfield Grain-to-Ethanol plant in Brazil.
• Management highlighted the Union Cabinet's approval of the GOBARdhan Scheme with a total outlay of Rs 23,731 crore, which could support long-term opportunities in the bio-energy segment.

Source: Company Update

• IL JIN Electronics (India), a subsidiary of Amber Enterprises India, has appointed Sudhir Goyal as its Chief Financial Officer (CFO), according to an exchange filing.
• Goyal will oversee the finance function at the electronics manufacturing subsidiary.
• The appointment comes as IL JIN Electronics continues to expand its operations in the electronics and consumer durables manufacturing segment.
• Amber Enterprises disclosed the management change through a regulatory filing.

Source: Exchange Filing

• Max Financial Services reported a strong Q1 performance, driven by healthy premium growth, higher protection sales and improving product mix.
• Gross Written Premium (GWP) increased 20% YoY to Rs 7,607 crore from Rs 6,397 crore.
• Annual Premium Equivalent (APE) grew 15% YoY to Rs 1,922 crore from Rs 1,668 crore.

Profitability Improves

• Value of New Business (VNB) rose 33% YoY to Rs 446 crore from Rs 335 crore.
• VNB Margin expanded 315 basis points to 23.2% from 20.1% a year ago.
• The improvement was driven by favorable yield movements and a better product mix.
• Management indicated that the GST-related margin impact is largely behind the company.

Business Highlights

• Annuity business recorded strong growth, aided by new product launches.
• Group Credit Life business grew 57% YoY, supported by new partnerships.
• Protection and Health segments benefited from stronger demand and higher rider attachment rates.
• Partnership-channel growth remained healthy, led by Axis Bank and newer bancassurance relationships.

Outlook

• Management expects VNB growth to continue outpacing APE growth.
• Protection and annuity products are expected to remain key growth drivers.
• Expansion in Tier-2 and Tier-3 markets and new partnerships will support business momentum.
• The company sees a significant annuity opportunity across agency, proprietary and Axis Bank channels.
• While yield-curve benefits may moderate in coming quarters, margin improvement is expected to continue through operating leverage and product mix enhancement.

Capital Position

• Solvency ratio stood at 198% versus 199% a year ago.
• Management said the current capital position provides adequate headroom for growth over the next 2-3 quarters.

Key Monitorables

• Sustainability of VNB margin expansion.
• Growth trajectory in protection and annuity businesses.
• Contribution from the Axis Bank channel.
• Progress on new partnerships and expansion into Tier-2 and Tier-3 markets.

Source: Company Update

• Krsnaa Diagnostics reported a consolidated net profit of Rs 16.6 crore in Q1, down 19% from Rs 20.5 crore in the year-ago period.

• Revenue increased 22.1% year-on-year to Rs 236 crore from Rs 193 crore.

• EBITDA rose 12.9% to Rs 57.9 crore from Rs 51.3 crore a year earlier.

• EBITDA margin contracted to 24.6% from 26.6% in the corresponding quarter last year.

• The company delivered strong revenue growth during the quarter, supported by higher operating profit.

• However, profitability came under pressure as margins narrowed, leading to a decline in net profit despite double-digit revenue growth.

Source: Company Filing

• SIS Ltd. has commenced its share buyback programme worth up to Rs 106 crore on Aug. 13, according to an exchange filing.
• The buyback forms part of the company's capital allocation strategy and reflects management's confidence in the business outlook.
• Share buybacks typically help improve shareholder returns by reducing the outstanding share count and enhancing earnings per share.
• The company disclosed the commencement of the buyback through a regulatory filing.

Source: Exchange Filing

• Apar Industries will allot 16.9 lakh shares to Qualified Institutional Buyers (QIBs), according to an exchange filing.
• The company is raising Rs 2,500 crore through the share allotment.
• Shares will be allotted at an issue price of Rs 14,805 per share to eligible institutional investors.
• The fundraising will strengthen the company's balance sheet and provide capital for growth initiatives and expansion plans.
• The allotment follows the successful completion of the company's Qualified Institutions Placement (QIP).

Source: Exchange Filing

• Lloyds Engineering Works has signed a Rs 200 crore loan agreement with Tata Capital, according to an exchange filing.
• The funding will be utilised for the acquisition of Steel Infra, the company said.
• The loan pact is expected to support Lloyds Engineering's expansion strategy and strengthen its engineering and infrastructure business portfolio.
• The development was disclosed through a regulatory filing.

Source: Exchange Filing

Sensex Opens At 77,903.43. Its Previous Close Was 78,079.96

Nifty Opens At 24,361.90. Its Previous Close Was 24,361.90

Brokerages have taken sharply different positions across several key Q1 names. Tata Motors faces a target cut from Citi, while Honasa has a Rs 390-650 target range. Solar Industries has an even wider Rs 11,200-20,180 range, while Jubilant FoodWorks' targets span Rs 360-670.

Stock Market Live: Rupee Opens At 95.37 Against Dollar

Diamond Power Infrastructure reported strong year-on-year growth across revenue, EBITDA and net profit in Q1 FY27.

Brigade Enterprises reported a 12.9% decline in revenue, but EBITDA increased 11.7% and net profit rose 33.6%.

Travel Food Services reported a 20.5% rise in revenue and a 38% increase in net profit.

Elgi Equipments reported a 22.5% rise in revenue in Q1 FY27. EBITDA increased 27.7%, while net profit rose 20.7%.

Manorama Industries reported a 39.3% rise in revenue, while EBITDA increased 41.6%. Net profit jumped 67.8%.

• Gland Pharma has appointed Deepak Sapra as Chief Executive Officer, effective Nov. 16, according to an exchange filing.
• Sapra currently serves as CEO, API & Services Business, at Dr. Reddy's Laboratories.
• He brings extensive experience in the pharmaceutical and active pharmaceutical ingredients (API) segment.
• The appointment comes as Gland Pharma looks to strengthen its leadership team and drive its next phase of growth across key markets.
• The company disclosed the management change through a regulatory filing.

Source: Exchange Filing

• Man Industries said it has been included in QatarEnergy's Preferred Manufacturers List (PML), according to an exchange filing.

• The inclusion relates to Carbon Steel Longitudinal Submerged Arc Welded (LSAW) Pipes.

• The approval covers:

  • LSAW Pipes
  • Bends
  • Coating Solutions

• Being added to QatarEnergy's PML enables Man Industries to participate in approved vendor opportunities linked to the energy major's projects and procurement requirements.

• The development is expected to strengthen the company's presence in the Middle East energy infrastructure market and enhance its eligibility for future orders.

Source: Exchange Filing

Indigo Paints reported a 19.7% rise in revenue in Q1 FY27. EBITDA increased 40%, while net profit jumped 61.1%.

Endurance Technologies reported a 30% rise in revenue in Q1 FY27. EBITDA increased 20.7%, while net profit rose 8%.

APAR Industries closed its QIP and allotted 16.9 lakh shares at Rs 14,805 per share.

Revenue rose 66% to Rs 576 crore and EBITDA increased 46.6% to Rs 69.2 crore, while net profit was broadly unchanged at Rs 25.9 crore.

Revenue rose 7.7% to Rs 705 crore, EBITDA increased 8.8% and net profit rose 12.4% to Rs 54.9 crore.

The company reassessed manufacturing capacity to 9.1 lakh pairs per day from 10.5 lakh pairs earlier.

Revenue rose 27.2% to Rs 805 crore, EBITDA increased 58.9% to Rs 178 crore and net profit rose 69.6% to Rs 134 crore.

Revenue rose 44.8% to Rs 1,365 crore, EBITDA increased 30.3% to Rs 259.8 crore and net profit rose 43.2% to Rs 197 crore.

Revenue declined 5.8%, but EBITDA jumped 75.3% to Rs 126.6 crore and net profit rose to Rs 158 crore from Rs 65.4 crore.

• Amber Enterprises reported a consolidated net profit of Rs 22.3 crore in Q1, down 78.5% from Rs 103 crore in the year-ago period.

• Revenue increased 12.7% year-on-year to Rs 3,888 crore from Rs 3,449 crore.

• EBITDA rose 21.5% to Rs 312 crore from Rs 257 crore a year earlier.

• EBITDA margin improved to 8% from 7.4% in the corresponding quarter last year.

• The company reported a one-time loss of Rs 123 crore during the quarter, which weighed heavily on the bottom line.

• Excluding the exceptional loss, operating performance remained strong, reflected in double-digit revenue growth, higher EBITDA and margin expansion.

Source: Company Filing

Revenue increased 39.4% to Rs 1,782 crore, while EBITDA rose to Rs 249 crore from Rs 124 crore. Net profit increased to Rs 166 crore from Rs 79.5 crore.

• VST Tillers Tractors reported a consolidated net profit of Rs 48 crore in Q1, up 9.1% from Rs 44 crore in the year-ago period.

• Revenue increased 11% year-on-year to Rs 313 crore from Rs 282 crore.

• EBITDA rose 8.3% to Rs 40 crore from Rs 37 crore a year earlier.

• EBITDA margin stood at 12.7%, compared with 13% in the corresponding quarter last year.

• The company delivered steady growth in revenue, operating profit and net profit during the quarter.

• Margins remained largely stable, with a marginal contraction despite double-digit topline growth.

Source: Company Filing

Revenue rose 23.7% to Rs 2,795 crore, EBITDA increased 42.4% to Rs 321 crore and net profit jumped 83.6% to Rs 161 crore.

Revenue declined 5.6%, but EBITDA rose 59.6% and net profit jumped 72.8%. EBITDA margin expanded to 20.5% from 12.2%.

Revenue rose 6.4% to Rs 3,586 crore, EBITDA increased 39.4% to Rs 220 crore and net profit rose 35.1% to Rs 73.5 crore. The company also approved up to Rs 1,100 crore fundraising through NCDs.

Revenue rose 21.6% to Rs 1,896 crore, while net profit swung to Rs 161 crore from a loss of Rs 1,356 crore. The board also approved fundraising of up to Rs 500 crore through NCDs.

Birla Estates has entered Navi Mumbai redevelopment with a Vashi project having revenue potential of around Rs 2,600 crore.

Docon Technologies sold Thyrocare shares at Rs 631.71 and Rs 624 per share. Buyers included HSBC Mutual Fund, Kotak Mahindra Life Insurance, DSP Mutual Fund and ICICI Prudential Mutual Fund.

Accel India IV, VYC11 and VY EM2 sold a combined 3.15 crore shares at Rs 136 per share, with SBI Mutual Fund buying the shares. Bessemer India Capital Holdings II separately sold 1.21 crore shares at Rs 140.15.

Leap India's IPO was subscribed 8.38x, with QIB subscription at 16.84x, NII at 12.64x and retail at 1.71x.

The IPO was subscribed 38.69x, including 65.06x in NII, 42.26x in QIB and 25.35x in retail.

Overall subscription reached 56.12x, with QIB subscription at 155.83x, NII at 34.91x and retail at 8.41x.

Macquarie retained Outperform with a Rs 220 target. Q1 volumes were in line, but higher gas costs affected margins despite price hikes.

Gas availability, sourcing mix and FY27 volume and margin guidance remain key factors to watch.

Macquarie retained Underperform with a Rs 825 target. Q1 operations were broadly in line, but PAT missed expectations because of higher finance costs.

EBITDA per bed also declined sequentially because of the drag from newly added beds.

Macquarie retained Underperform with a Rs 32,500 target after Q1 EBITDA came in below expectations because of logistical constraints.

Management has reiterated its double-digit volume-growth target for FY27, but Macquarie remains cautious.

Macquarie retained Outperform with a Rs 580 target and raised revenue forecasts on better parcel volumes.

It expects strong operating leverage and margin expansion, modelling 21% revenue CAGR and more than 50% EBITDA CAGR for FY26-29E.

Jefferies said VNB of Rs 450 crore was 17% above estimates, while VNB margin was 360 basis points ahead of estimates.

APE and VNB growth of 15% and 33%, respectively, were ahead of private peers. Jefferies expects Axis Max Life to deliver an 18% VNB CAGR over the next three years.

BofA India Strategy said companies representing 97% of market capitalisation were tracking a 3% beat and 13% YoY earnings growth.

Metals led the earnings beat, while Metals, Materials and Telecom saw relatively better growth. BofA expects a gradual recovery as commodity prices, supply chains and price pass-throughs improve.

Kotak Securities retained Sell but raised its target to Rs 11,200 from Rs 10,300, citing an all-round beat, Pinaka-led defence growth and a Rs 21,400 crore order book.

Goldman Sachs retained Buy with a Rs 20,180 target, citing strong Q1 execution, upcoming orders, Dhule plant commissioning and sustained international explosives growth.

LG Electronics India reported a 15.5% rise in revenue to Rs 7,233 crore and a 27% rise in net profit to Rs 653 crore.

Morgan Stanley retained Overweight with a Rs 1,610 target, while Jefferies retained Buy with a Rs 1,810 target. Both highlighted strong category growth and margin performance.

Citi and Jefferies retained Buy and raised their targets to Rs 670 and Rs 650, respectively. Morgan Stanley retained Equal-weight with a Rs 439 target, while Macquarie retained Underperform with a Rs 360 target.

The key debate is whether improving Domino's LFL growth and Popeyes can outweigh input-cost and margin pressures.

Morgan Stanley retained Equal-weight with a Rs 300 target. It sees improving India revenue growth as structural and expects elevated FY27 growth.

Margins remain under pressure from competitive intensity in diapers and higher manufacturing costs.

Honasa Consumer reported a 27% rise in revenue to Rs 756 crore, while EBITDA jumped 140.2% to Rs 110 crore and EBITDA margin expanded to 14.6%.

Citi retained Sell but raised its target to Rs 390 from Rs 320, while Jefferies retained Buy and raised its target to Rs 650 from Rs 565. Jefferies highlighted strong revenue and margin delivery, while Citi flagged competition and the need to monitor reinvestment and margin expansion.

Stock Market Live: Tata Motors PV reported a 9.3% rise in revenue to Rs 95,799 crore in Q1 FY27, while EBITDA fell 17.2% to Rs 6,326 crore. EBITDA margin stood at 6.6% versus 8.7% a year ago.

Net profit fell 80.3% to Rs 775 crore from Rs 3,924 crore, while JLR revenue declined 9.6% to £6 billion, with volumes impacted by supply constraints. Citi retained its Sell rating and cut its target price to Rs 305 from Rs 320, citing significant margin headwinds.

Stock Market Live: The S&P 500 rose 50.49 points, or 0.65%, to 7,798.99, after hitting an intraday record high of 7,816.70 during Thursday’s session. 

The Dow Jones Industrial Average gained 69.72 points, or 0.13%, to 53,839.99, while the Nasdaq Composite advanced 214.54 points, or 0.81%, to 26,803.03. The Nasdaq 100 climbed 341.90 points, or 1.15%, to 30,084.50, and the Russell 2000 added 7.36 points, or 0.24%, to 3,052.85.

Stock Market Live: The ASX 200 was down 62.30 points, or 0.68%, at 9,126.20, while the Nikkei was up 647.69 points, or 0.95%, at 68,956.28.

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