Good morning!
The GIFT Nifty, an early indicator for the benchmark Nifty 50, is down 0.24% at 23,730 as of 6:30 a.m. Equity-index futures for the US (S&P 500) and Europe (Euro Stoxx 50) dipped 0.09% and 0.38% respectively.
Indian Market Recap
Monday was a particularly heavy day for the Indian equity bechmarks Nifty and Sensex who logged their steepest fall since March 30. NSE Nifty 50 plunged 1.49% to close at 23,815.85 and the BSE Sensex fell 1.70% to 76,015.28.
The declines came after the US President Donald Trump rejected Iran's response to a US peace proposal, raising concerns over prolonged conflict in the Persian Gulf. Domestically, markets reacted to remarks by Prime Minister Narendra Modi urging fuel conservation and restraint on gold purchases amid pressure from rising energy prices, adding to concerns around India's external balances.
The benchmark underperformed the broader market, with the Nifty MidCap 150 and Nifty SmallCap 250 both closing lower by about 1%. Kalyan Jewellers and Swiggy led losses in the MidCap index, while Gujarat State Petronet and Jyothy Labs were among the top laggards in SmallCap stocks.
US Market Recap
US stocks recorded gains on gains Monday on strong earnings despite ongoing concerns over the duration of the Iran war ahead of the release of inflation data. The S&P 500 ended 0.2% higher, with energy being the top-performing sector in the market. The tech-heavy Nasdaq 100 surged 0.3% while the Dow Jones Industrial Average ended 0.2% higher.
Asian Market Update
Asia-Pacific markets traded higher on Tuesday even as investors weighed renewed uncertainty over the U.S.-Iran ceasefire after President Donald Trump's warning that the agreement could collapse.
South Korea led gains in the region, with the Kospi rising more than 2% after touching a record high on Monday. The small-cap Kosdaq index added 0.62% Japan's Nikkei 225 advanced 0.2%, while the broader Topix index gained 0.54%. Australia's S&P/ASX 200 was little changed. Hong Kong's Hang Seng index futures traded at 26,421, above the benchmark's previous close of 26,406.84.
Commodity Check
Oil remained steady amid Trump's doubt over the ceasefire with Iran after rejecting Tehran's latest peace offer, prolonging the conflict, which has now entered its third month. Brent crude was above $104 a barrel, following a surge of 2.9% in the previous session, while West Texas Intermediate traded near $98. Amid US-Iran deadlock, gold remained steady with the bullion trading around $4,740 an ounce, after 0.4% gain in the previous session.
Earnings In Focus
Bharat Bijlee, Berger Paints India, Bliss GVS Pharma, Borosil Renewables, Bharat Petroleum Corporation, Clean Max Enviro Energy Solutions, Cohance Lifesciences, Dixon Technologies India, Dr Reddys Laboratories, Elantas Beck India, Ethos, Gopal Snacks, Huhtamaki India, Indraprastha Medical Corporation, INOX India, Sai Silks Kalamandir, Kalpataru, KPR Mill, Sri Lotus Developers and Realty, Max Financial Services, MTAR Technologies, Nazara Technologies, Neuland Laboratories, NIIT Learning Systems, Novartis India, Park Medi World, Pfizer, Religare Enterprises, Keystone Realtors, Sagility, Seshasayee Paper and Boards, SKF India, Industrial Stove Kraft, Tata Power Company, Texmaco Rail Engineering, Thomas Cook India, Torrent Power, Ventive Hospitality, V Guard Industries, Vinati Organics.
Earnings Post Market Hours
JSW Energy (Q4, Cons YoY)
- Revenue up 41.0% at Rs 4,499 crore versus Rs 3,189 crore.
- EBITDA up 86.9% at Rs 2,251 crore versus Rs 1,205 crore.
- EBITDA margin up 1220 bps at 50.0% versus 37.8%.
- Net profit down 8.9% at Rs 372 crore versus Rs 408 crore.
Heritage Foods (Q4, Cons YoY)
- Revenue up 10.4% at Rs 1,158 crore versus Rs 1,048 crore.
- EBITDA down 34.6% at Rs 52.2 crore versus Rs 79.9 crore.
- EBITDA margin down 310 bps at 4.5% versus 7.6%.
- Net profit down 36.7% at Rs 24.2 crore versus Rs 38.2 crore.
- Note: The board declared a final dividend of Rs 2.50 per share.
Satin Creditcare (Q4, Cons YoY)
- Total income up 49.6% at Rs 923 crore versus Rs 617 crore.
- Net profit at Rs 162 crore versus Rs 21.9 crore.
Corona Remedies (Q4, Cons YoY)
- Revenue up 20.2% at Rs 353 crore versus Rs 294 crore.
- EBITDA up 14.4% at Rs 62 crore versus Rs 54.2 crore.
- EBITDA margin down 90 bps at 17.6% versus 18.5%.
- Net profit up 43.7% at Rs 45.3 crore versus Rs 31.6 crore.
- Note: The board declared a final dividend of Rs 10 per share.
Indian Hotels (Q4, Cons YoY)
- Revenue up 14.0% at Rs 2,765 crore versus Rs 2,425 crore.
- EBITDA up 13.5% at Rs 973 crore versus Rs 857 crore.
- EBITDA margin down 10 bps at 35.2% versus 35.3%.
- Net profit up 14.8% at Rs 600 crore versus Rs 522 crore.
- Note: The board declared a dividend of Rs 3.25 per share.
JBM Auto (Q4, Cons YoY)
- Revenue up 12.6% at Rs 1,852 crore versus Rs 1,646 crore.
- EBITDA up 20.0% at Rs 236 crore versus Rs 197 crore.
- EBITDA margin up 80 bps at 12.8% versus 12.0%.
- Net profit up 11.8% at Rs 74.2 crore versus Rs 66.3 crore.
Syrma SGS (Q4, Cons YoY)
- Revenue up 58.5% at Rs 1,465 crore versus Rs 924 crore.
- EBITDA up 62.0% at Rs 174.1 crore versus Rs 107.5 crore.
- EBITDA margin up 30 bps at 11.9% versus 11.6%.
- Net profit up 54.7% at Rs 101 crore versus Rs 65.4 crore.
- Note: The board declared a final dividend of Rs 1.50 per share.
Anant Raj (Q4, Cons YoY)
- Revenue up 19.6% at Rs 647 crore versus Rs 541 crore.
- EBITDA up 17.6% at Rs 167.4 crore versus Rs 142.4 crore.
- EBITDA margin down 40 bps at 25.9% versus 26.3%.
- Net profit up 23.6% at Rs 147 crore versus Rs 119 crore.
Paradeep Phosphates (Q4, Cons YoY)
- Revenue up 12.1% at Rs 4,702 crore versus Rs 4,194 crore.
- EBITDA up 15.4% at Rs 442.4 crore versus Rs 383.4 crore.
- EBITDA margin up 26 bps at 9.4% versus 9.14%.
- Net profit down 9.6% at Rs 156 crore versus Rs 172 crore.
Rossell Techsys (Q4, Cons YoY)
- Revenue up 61.6% at Rs 142.1 crore versus Rs 87.9 crore.
- EBITDA up 3.9% at Rs 16.1 crore versus Rs 15.5 crore.
- EBITDA margin down 630 bps at 11.3% versus 17.6%.
- Net profit up 9.8% at Rs 7.5 crore versus Rs 6.9 crore.
Manorama Industries (Q4, Cons YoY)
- Revenue up 68.1% at Rs 391 crore versus Rs 233 crore.
- EBITDA up 38.1% at Rs 84.6 crore versus Rs 61.3 crore.
- EBITDA margin down 470 bps at 21.6% versus 26.3%.
- Net profit up 6.1% at Rs 42.5 crore versus Rs 40 crore.
SPR Auto Tech / Shriram Pistons (Q4, Cons YoY)
- Revenue up 47.0% at Rs 1,456 crore versus Rs 988 crore.
- EBITDA up 27.3% at Rs 268 crore versus Rs 210 crore.
- EBITDA margin down 290 bps at 18.4% versus 21.3%.
- Net profit up 6.7% at Rs 156 crore versus Rs 147 crore.
- Note: The board declared an interim dividend of Rs 5 per share and approved plans to raise up to Rs 1,000 crore via QIP or other means.
JB Chemicals (Q4, Cons YoY)
- Revenue down 4.8% at Rs 904 crore versus Rs 949 crore.
- EBITDA down 11.2% at Rs 201 crore versus Rs 226 crore.
- EBITDA margin down 160 bps at 22.2% versus 23.8%.
- Net profit down 30.4% at Rs 101 crore versus Rs 146 crore.
- Note: The company recorded a one-time loss of Rs 27 crore in Q4.
GR Infra (Q4, Cons YoY)
- Revenue up 9.9% at Rs 2,500 crore versus Rs 2,276 crore.
- EBITDA down 32.4% at Rs 368 crore versus Rs 545 crore.
- EBITDA margin down 930 bps at 14.7% versus 24.0%.
- Net profit down 48.8% at Rs 207 crore versus Rs 405 crore.
- Note: The company has appointed MD Ajendra Kumar Agarwal as its new Chairman.
Nuvama Wealth (Q4, Cons QoQ)
- Total income up 15.8% at Rs 1,281 crore versus Rs 1,106 crore.
- Net profit up 6.0% at Rs 269 crore versus Rs 254 crore.
- Note: The board declared an interim dividend of Rs 14 per share.
Stocks In News
- Afcons Infra: The infrastructure firm has been selected as the lowest and most suitable bidder for a major project in Europe valued at Rs 7,544 crore.
- Muthoot Microfin: SEBI has officially granted an open offer exemption to the Muthoot family trusts regarding their acquisition in the company.
- Hindustan Aeronautics (HAL): The government has approved granting the additional charge of Director (Operations) to current CMD Kota Ravi.
- MRF: The tyre manufacturer received relief as a Chennai tax body completely set aside a Rs 182 crore tax order previously issued against the company.
- Graphite India: The company has strategically increased its stake in Graftech from 6.82% to 9.79% by investing Rs 62.3 crore through the secondary market.
- Bharat Forge: The company has signed a long-term supply contract with aerospace major Embraer for the manufacturing of landing gear forgings.
- HFCL: The telecom equipment maker has secured export orders worth Rs 184 crore for the supply of optical fiber cables to international markets.
- Vodafone Idea: The telecom operator clarified that it has received no communication from the Vodafone Group regarding a potential stake sale, debunking recent reports that the parent group was mulling the transfer of some shares as treasury stock.
- Windsor Machines: The company has entered into a Memorandum of Understanding (MoU) with Allerindia Developers to sell its Thane-based building for Rs 162 crore.
- Canara Bank: The state-run bank has hiked its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenures, effective from May 12.
- Syrma SGS: The company has dropped its planned acquisition of a 49% stake in K-Solare. The proposed joint venture with Premier Energies was called off because the conditions precedent were not met.
- Adani Ports: The logistics giant has appointed Niraj Bansal as its new CEO-Ports, effective June 1. He will take over from Pranav Choudhary, who ceases to hold the position on May 31.
- Maruti Suzuki: The ongoing hearing regarding the company's matter with the Competition Commission of India (CCI) has been adjourned to May 25 following a request for adjournment by the CCI.
- Dr. Agarwal's Health: The NCLT has allowed the first motion application for the company's merger with Agarwal Eye. A meeting has been scheduled for July 2 for shareholders to approve the merger scheme.
- Rossell Techsys: In a corporate update, the company announced it will invest Rs 30 crore towards capacity additions.
- HG Infra Engineering: The construction firm has received a substantial Letter of Award (LoA) worth Rs 3,931 crore from Welspun Enterprises for a road project located in Maharashtra.
- TeamLease Services: The staffing company's board will meet on May 20 to mull a potential buyback of its equity shares.
- Clean Max Enviro: The renewable energy firm has completed the sale of its equity shares in Clean Max Sapphire to Clean Max Taurus.
- United Spirits: The company has amended the share sale agreement for Royal Challengers Bangalore (RCB). While the overall deal value remains steady at Rs 16,660 crore, new buyers like Big Banyan Holdings, Times LLP, and ICONIQ have joined the consortium, while Aelius Investments and Metropolitan Media have exited.
- CarTrade Tech: The auto platform highlighted its strong financial performance, noting that it has delivered over 50% YoY EBITDA growth in each of the last 12 consecutive quarters.
- BLS International Services: The Ministry of Corporate Affairs (MCA) has formally approved the strike-off of its subsidiary, Reired BLS.
- Prime Focus: The NCLAT has opted to continue its interim order regarding the insolvency plea filed against the company, adjourning the matter for further hearing on May 12.
- BlackBuck: The MCA has approved the strike-off of the company's arm, ZZ Logistics (ZZLSPL), meaning it ceases to be a subsidiary of the company.
- Gabriel India: The NCLT Mumbai bench has cleared a composite restructuring scheme. Under this plan, Anchemco will merge into the Asia Investments unit, and the automotive business will be demerged directly into Gabriel India.
- Somany Ceramics: The company has called a meeting of its unsecured creditors via video conferencing on June 13 to discuss and approve an amalgamation plan that merges three specific units into Somany Ceramics.
- ACME Solar: The company has incorporated a new subsidiary named ACME Greentech Twenty One. Furthermore, two of its arms, ACME Sun Power and ACME Surya Power, have commissioned Battery Energy Storage System (BESS) projects in Rajasthan with capacities of 33.3 MW and 35.7 MW, respectively.
- Easy Trip Planners: The online travel company's board has adjourned its meeting regarding fundraising via QIP and other modes, pushing the deliberations to May 13.
- NHPC: The state-run hydropower firm's stake in its arm, Chenab Valley Power Projects (CVPPL), has dropped to 50.86% from 58.16%. This dilution follows a stake increase by the Jammu and Kashmir State Power Development Corp (JKSPDCL).
- Voltas: The company has emerged victorious in its Qatar appeal case against the OHL joint venture. The court ordered a Rs 425 crore payment to the Voltas JV, directed OHL&C to pay Rs 104 crore in compensation to the Voltas consortium, and mandated the return of Rs 433 crore in bank guarantees.
Corporate Actions
Shares to exit anchor Lock-in
Billionbrains Garage Ventures: 6 months lock in, 4182 mn lock in shares, 68% of total outstanding shares
Board Meeting
Borosil Renewables- Fund Raising
Indus Infra Trust- Fund Raising
State Bank of India- Fund Raising
Bulk Block Deals
NRB Bearings : Trilochan Singh Sahney Trust 1 sold 1412840 shares at Rs. 329.97 per share
Kalpataru : GSS India Opportunities AIF -Scheme I bought 4832604 shares at Rs. 385.15 per share, GSS Opportunities Investment I VCC sold 4832604 shares at Rs. 385.15 per share
Insider Trades/Pledge
NIL
Trading Tweaks
Price Band change from 20% to 10%: ELPRO INTERNATIONAL
Short Term ASM
List of securities shortlisted in Short - Term ASM Framework Stage: Avalon Technologies, Black Box, Elpro International, Firstsource Solutions, MIRC Electronics, Paramount Communications,
List of securities to be excluded from ASM Framework: Orient Technologies
F&O Cues
Nifty May futures is down 1.55% to 23,860.00 at a premium of 44.15 points.
Nifty Options 12th May Expiry: Maximum Call open interest at 25000 and Maximum Put open interest at 23500.
Securities in ban period: SAIL
Currency Check
The Indian rupee clocked its sharpest one-day fall since march to close 83 paise lower at 95.31 against the US dollar.
On Friday, the legal tender had settled at 94.48 per dollar.
According to analysts, Prime Minister Narendra Modi's address surrounding concerns regarding West Asia war impact on crude oil prices, higher import bill, have put pressure on the currency.
"The PM Modi speech has raised concerns about the pressure of a higher import bill on India's economy and currency stability, especially with elevated crude prices continuing to strain the external balance," said Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities
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