Good morning!
The GIFT Nifty is trading marginally lower at 25,793, indicating a flat to positive open for the benchmark index. US and European index futures are trading mixed during Asian trading hours.
S&P 500 futures up 0.26%
Euro Stoxx 50 futures up 0.60%
Indian equities ended the volatile session in red, extending the fall for the second day on Wednesday. Nifty had fallen near the 25,700 levels but closed near 25,700. Intraday, both Nifty and Sensex fell nearly 0.50%. Nifty ended 66.70 points or 0.26% lower at 25,665.60 and Sensex ended 244.98 points or 0.29% lower at 83,382.7. Broader indices on the other hand ended in the positive. Nifty Midcap 150 ended 0.21% higher and Nifty Smallcap 250 closed 0.48% higher. Eight sectoral indices fell with Nifty IT and Nifty Realty leading the decline, Nifty Metal and Nifty PSU Bank were among the laggards.
US Market Wrap
TSMC's earnings gained enthusiasm for stocks, helping US equities rebound from their first back-to-back losses of the year. That optimism looked set to continue with futures for the S&P 500 and the Nasdaq 100 rising 0.2%. Stocks are extending gains as investors regain confidence in the durability of the tech rally, a key bull-market driver, after concerns over stretched valuations and heavy investment, reports Bloomberg.
Asia Market Wrap
Asian stocks are on track for their longest weekly winning streak since May, driven by a surge in technology shares, particularly those linked to artificial intelligence. The MSCI Asia Pacific Index has risen for three consecutive weeks, with a 7.5% increase during this period. On Friday, the index reached another record high, climbing 0.2% as Taiwan Semiconductor Manufacturing Co. (TSMC) shares soared to their highest level ever following strong quarterly earnings.
Commodity Check
Silver dropped on Friday after the US refrained from putting import tariffs on critical minerals, but was still up 15% for the week on surging demand for precious metals. The white metal fell as much as 2.3% in Asian trading. Silver fell 0.8% to $91.6861 an ounce as of 9:21 a.m. in Singapore. Gold dipped 0.3% to $4,603.49, but was up more than 2% for the week, while platinum and palladium edged lower. Gold dipped 0.3% to $4,603.49, but was up more than 2% for the week, while platinum and palladium edged lower, reports Bloomberg.
Oil prices stabilised after a significant drop, following US President Donald Trump's statement suggesting a potential delay in military action against Iran. This development led to a temporary easing of tensions, causing oil prices to steady. Brent crude experienced a 4.2% plunge, but it later traded near $64 a barrel. Similarly, West Texas Intermediate (WTI) was trading around $59 a barrel, reports Bloomberg.
Key Events Today
- Prime Minister Narendra Modi and Trade Minister Piyush Goyal to attend National Start Up Day.
- Japan's Foreign Minister Motegi Toshimitsu on second day of his India visit. Ministry's Press Secretary Toshihiro Kitamura to address a briefing.
- President Droupadi Murmu at the 21st convocation ceremony of Dr BR Ambedkar National Institute of Technology at Jalandhar.
Earnings In Focus:
Central Bank of India., Federal Bank Ltd., Himadri Speciality Chemical Ltd., JB Chemicals & Pharmaceuticals Ltd., Jindal Saw Ltd, JSW Infrastructure Ltd., Kesoram Industries Ltd., L&T Finance Ltd., Polycab India Ltd., Poonawalla Fincorp Ltd., Reliance Industries Ltd., SML Mahindra Ltd., Sobha Ltd., Tata Technologies Ltd., Tech Mahindra Ltd., Leela Palaces Hotels & Resorts Ltd, Wipro Ltd.
Earnings Post Market Hours
1. Infosys
Key takeaways
Numbers in line with estimates; profits misses, down 10%
One time impact of New Labour Codes dragging profits by Rs.1289 crrore
QoQ CC growth at0.6% vs 2.2% in Q2
Co upgrades FY26 rev guidance to 3%-3.5% (vs 2%-3%)
Large Deal TCV up 56% QoQ at $4.8bn
Attrition down 200 bps at 12.3% vs 14.3 for Q2
Q3FY26 Cons QoQ
Revenue up 2.22% at Rs 45479 crore versus Rs 44490 crore (Est: Rs.45,098.19 Cr)
Ebit up 1.34% at Rs 9479 crore versus Rs 9353 crore (Est: Rs.9,537.77 crore)
Ebit margin down 18 bps at 20.84% versus 21.02% (Est :21.15%)
Net profit down 9.64% at Rs 6654 crore versus Rs 7364 crore (Est: Rs. 7376.90 crore)
Adj profit up 2.8% at Rs.10,518 crore versus Rs.10,229 crore
Guidance, Hiring & Attrition Commentary
Co upgrades FY26 rev guidance to 3%-3.5% (vs 2%-3%)
Maintained margin guidance at 20-22% for FY26
Attrition down 200 bps at 12.3% vs 14.3 for Q2
Headcount up 5,043 in Q3; 18,000 freshers hired in FY26
HDB Financial (Cons, YoY)
Calculated NII up 22% at Rs 2,285 crore versus Rs 1,872 crore
Profit up 36.3% at Rs 644 crore versus Rs 472 crore
Q3 FY26- ICICI PRU AMC (QOQ)
Total Income up 8.9% at Rs 1,624 crore versus Rs 1,491 crore
Profit up 9.8% at Rs 917 crore vs Rs 835 crore
To pay interim dividend of Rs 14.85 per share
Waaree Renewable (Cons, YoY)
Revenue at Rs 851 crore versus Rs 360 crore
EBITDA at Rs 159 crore versus Rs 71.9 crore
Margin at 18.7% versus 20%
Net Profit at Rs 120 crore versus Rs 54 crore
Sterling & Wilson Q3 FY26 (Cons, YoY)
Revenue up 13.9% at Rs 2,092 crore versus Rs 1,837 crore
EBITDA down 4.8% at Rs 66.9 crore versus Rs 70.3 crore
Margin at 3.2% versus 3.8%
Net Loss at Rs 2.8 crore versus Rs 14.8 crore profit
Swaraj Engines Q3 FY26 (YoY)
Revenue up 37% at Rs 473 crore versus Rs 346 crore
EBITDA up 36.6% at Rs 479 crore versus Rs 351 crore
Margin at 101.2% versus 101.5%
Net Profit up 31.8% at Rs 42.1 crore versus Rs 32 crore
DB Corp Q3 FY26 (Cons, YoY)
Revenue down 5.8% at Rs 605 crore versus Rs 643 crore
EBITDA down 23.7% at Rs 135 crore versus Rs 177 crore
Margin at 22.3% versus 27.6%
Net Profit down 19.2% at Rs 95.5 crore versus Rs 118 crore
To pay second interim dividend of Rs 2/share
South Indian Bank Q3 FY26 (YoY)
Net Profit up 9.5% at Rs 374 crore versus Rs 342 crore
NII up 1% at Rs 881 crore versus Rs 869 crore
Operating Profit up 10.5% at Rs 584 crore
Provisions at Rs 80.4 crore versus Rs 66.1 crore
Net NPA at 0.45% versus 0.56% (QoQ)
Gross NPA at 2.67% versus 2.93% (QoQ)
360 ONE WAM Q3 FY26 (Cons, QoQ)
Revenue up 7.6% at Rs 1,181 crore versus Rs 1,098 crore
EBITDA up 4.1% at Rs 725 crore versus Rs 697 crore
Margin at 61.4% versus 63.5%
Net Profit up 3.7% at Rs 327 crore versus Rs 315 crore
Emmvee Photovoltaic Q3 FY26 (Cons, YoY)
Revenue up 118% at Rs 1,152 crore versus Rs 528 crore
EBITDA up 105% at Rs 413 crore versus Rs 202 crore
Margin at 35.9% versus 38.2%
Net Profit up 166% at Rs 263 crore versus Rs 99.2 crore
Nuvoco Vistas Q3 FY26 (Cons, YoY)
Revenue up 12.1% at Rs 2,701 crore versus Rs 2,409 crore
EBITDA up 48.6% at Rs 384 crore versus Rs 258 crore
Margin at 14.2% versus 10.71%
Net Profit at Rs 49.1 crore versus loss of Rs 61.4 crore
L&T Technology Q3 FY26 (Cons, QoQ)
Revenue down 1.9% at Rs 2,924 crore versus Rs 2,980 crore
EBIT up 7.3% at Rs 427 crore versus Rs 398 crore
Margin at 14.6% versus 13.4%
Net Profit down 7.9% at Rs 303 crore versus Rs 329 crore
Jio Financial Q3 FY26 (Cons, YoY)
Total Income up 100.7% at Rs 901 crore versus Rs 449 crore
Net Profit down 8.8% at Rs 269 crore versus Rs 295 crore
HDFC Life Q3 FY26 (Cons, YoY)
Net Premium Income up 9% at Rs 18,351 crore versus Rs 16,831 crore
Net Profit down 0.8% at Rs 418 crore versus Rs 421 crore
Solvency Ratio at 180% versus 175% (QoQ)
Angel One Q3 FY26 (Cons, QoQ)
Revenue up 11.1% at Rs 1,335 crore versus Rs 1,202 crore
EBITDA up 27.4% at Rs 529 crore versus Rs 415 crore
Margin at 39.7% versus 34.6%
Net Profit up 26.9% at Rs 269 crore versus Rs 212 crore
To pay first interim dividend of Rs 23/share
Sets Jan 21 as the record date for interim dividend
Board approves 10-for-1 stock split
Fedbank Financial Q3 FY26 (YoY)
Total Income up 4.4% at Rs 556 crore versus Rs 532 crore
Net Profit up 369% at Rs 87.9 crore versus Rs 18.8 crore
Delta Corp Q3 FY26 (Cons, YoY)
Revenue down 7.3% at Rs 160 crore versus Rs 173 crore
EBITDA down 30.3% at Rs 24.1 crore versus Rs 34.6 crore
Margin at 15% versus 20%
Net Profit down 60% at Rs 14.3 crore versus Rs 35.7 crore
Q3 Business Updates
Kolte Patil Developers
Sales Value down 11% at Rs 605 crore
Collections up 25% at Rs 709 crore
Realisation up 4% at Rs 8726/sq. ft
Prestige Estates
Pre-Sales up 39% at Rs 4,184 crore
Sales Volume for Q3 stands at 2.99 Mn Sq Ft
Collections up 40% at Rs 4,548 crore (YoY)
Landmark Cars
Consolidated revenue grew 10.8% YoY to Rs. 1,849 crore
Vehicle sales rose 10.4% YoY to Rs. 1,570 crore
After-sales services increased 13% YoY to Rs. 279 crore.
Godrej Properties
Bookings grew 19% YoY to Rs. 34,171 crore in 2025
Collections rose 28% YoY to Rs. 18,979 crore.
Stocks In News
Biocon: The company concludes an equity fundraise of Rs. 4,150 crore via QIP. SBI Mutual Fund and ICICI Prudential Mutual Fund each acquire over 5% stake, while Mirae Asset Mutual Fund also gets over 5% stake.
Prestige Estates: The company launches a residential project in Bengaluru with a gross development value (GDV) of Rs. 5,000 crore.
Deepak Fertilisers: Maharashtra tax authority reduces penalty to Rs. 96 crore from Rs. 478 crore.
Cipla: The company's arm, Cipla USA, pauses production of Lanreotide and expects re-supply to resume in H1 FY27. Lanreotide is used to treat conditions like acromegaly.
Bharti Hexacom: The company appoints Karthikeyan Velu as CFO effective January 1.
Reliance Power: SEBI initiates a forensic audit of the company.
Kernex Microsystems: The company receives an order worth Rs. 2,466 crore from Chittaranjan Locomotive Works to supply KAVACH locomotive equipment.
Shilpa Medicare: The company's arm, Koanna Healthcare, allots 2.8 crore shares worth 2,000 CAD to a Canadian investor. Koanna Healthcare ceases to be a wholly-owned arm post stake sale.
RateGain Travel: A Philippines-based airline selects AirGain for smarter pricing decisions.
BHEL: The company starts supply of semi-high-speed transformers for the Vande Bharat sleeper train project.
NTPC: The company's arm starts operations at 300 MW part capacity of its Rajasthan solar project, which has a total capacity of 500 MW. Commercial operations began on January 13.
Zydus Lifesciences: The company receives final approval from the US FDA for Eltrombopag tablets, used to treat low platelet count.
Infosys: The company completes the merger of its Romania-based step-down arms, In-tech Engineering Services and ProIT SRLRO, on January 14.
Indian Hotels: The company will acquire around 51% stake in Brij Hospitality for Rs. 225 crore.Zydus Lifesciences: The company's arm completes acquisition of two biologics units of Agenus, acquires 5.9% stake in Agenus, and secures commercial rights for Botensilimab and Batstilimab for India and Sri Lanka.
NTPC Green: The company will form a 50:50 joint venture with GAIL to undertake renewable energy projects.
The company's JV declares commercial operations in Gujarat, starting the third part capacity of its 150 MW solar project
The company's arm, NTPC Renewable Energy, declares commercial operations for the first part capacity of 300 MW at its Rajasthan solar project.
Zen Technologies: The company receives orders worth Rs. 404 crore from the Defence Ministry, including Rs. 332 crore for anti-drone systems.JSW Energy: The company's arm signs a pact with Toshiba JSW Power Systems to procure two steam turbine generators of 800 MW capacity each for its thermal project in Salboni.
HG Infra Engineering: The company signs an agreement to sell 100% stake in its arm, HG Khammam Devarapalle, to Neo Infra Income Opportunities Fund.
Lloyds Engineering: The board will meet on January 21 to consider the final call on its rights issue.
Krsnaa Diagnostics: CFO Pawan Daga resigns effective January 19.
HBL Engineering: The company did not receive any order from the 6,300-unit Kavach locomotive tender this week. Total expected locomotive demand reduces to 12,129 units. The company currently has orders worth Rs. 900 crore from Kavach station operations and expects sales of Rs. 1,000 crore from locomotive units in FY27.
JSW Infrastructure: The company receives no objection for change in shareholding pattern of JSW Rail, JSW Minerals, and JSW South in favor of JSWPLPL.
PDS: The company's Hong Kong arm acquires the remaining 15% stake in JCraft.
SJVN: The company inaugurates a 70 MW solar power project in Dhubri.
Jtekt India: The company receives a Rs. 43 crore order from the Haryana tax authority.
Rama Steel Tubes: The board will meet on January 20 to consider fundraising via preferential share issue.
Nephroplus Health: The board approves a $6 million corporate guarantee for its Philippines arm to support working capital requirements.
Fedbank Financial Services: The company reports no deviation in IPO fund utilization of Rs. 1,092 crore and confirms no funds were utilized during Q3 FY26.
Aditya infotech : The Company receives an order for alleging incorrect availment of customs duty concessions on import under CustomsAadhar Housing Finance: RBI approves the acquisition of up to 28.20 crore shares by BCP Asia II Holdco VII Pte. Ltd. and related transactions under SEBI Takeover Regulations.
Atul auto : The Company approved the acquisition of L5 Electric Three-Wheeler Vehicle Business from Atul Greentech Private Limited, Subsidiary Company, business undertaking of AGPL is being acquired as a going concern and by way of a slump sale
MTNL : The company has defaulted in the Payment of Principal (Instalment) & Interes
Nephroplus Health: The board approves a $6 million corporate guarantee for its Philippines arm to support working capital requirements.
Restaurant Brands: The board will meet on January 20 to consider fundraising via equity and debt.
JSW Energy: The company's arm, JSW Thermal Energy, signs a pact with associate company Toshiba JSW Power Systems for the supply of 1,600 MW turbine generators in West Bengal.
Soma Papers: Anancha Perumal Selvi Keshav is appointed as Chairman and Managing Director for five years. Vanteddu Lakshmi Priya Darshini resigns as Whole-time Director and CFO. Vignesh Seethapathi is appointed as CFO.
Krsnaa Diagnostics: CFO Pawan Daga resigns from the company.
NBCC: Received work order worth Rs 55 crore from Indian overseas bank.
Mahindra & Mahindra: XEV 9S, XUV 7XO recorded 93,689 bookings after launch.
Railtel Corp: Receives letter of acceptance worth Rs 88 crore from Central Railway.
CEAT: The company to make an investment in Clean Max Como and Clean Max Emerald to develop ~59 MW wind-solar projects in Gujarat and Tamil Nadu. The company acquired 26% stake each in Clean Max Como and Clean Max Emerald for Rs 32 crore. The project to generate ~13.58 crore units of renewable electricity.
OneSource Specialty Pharma: Arm Stelis Pte. merges with arm Onesource Specialty in Singapore.
Dr. Reddy's Labs: Arms launched Olopatadine Hydrochloride Ophthalmic Solution in US. Ophthalmic solution is eye drop indicated for the temporary relief of itchy eyes.
Federal Bank: Part time Chairman AP Hota retires effective today.
Electronics Mart: The company commenced operations of new multi brand store in Andhra Pradesh.
Transrail Lighting: The company receives Rs 527 crore orders in MENA region, Africa & India. The cumulative order inflows for FY26 reached Rs 5,637 crore.
Zaggle Prepaid: The company signed an agreement with Jio Credit For 1 year. The company to refer corporate customers to Jio Credit for leasing solutions.
Kirloskar Ferrous: The operations resumed at Hiriyur plant in Karnataka.
Apeejay Surrendra Park Hotels: Launched 1st hotel in Bihar with zone connect by The Park Patna.
Universal Cables: The board approved manufacturing pact with TS Conductor Corp, US. The pact is to manufacture HTLS conductors in Madhya Pradesh.
HCL Tech: Elevates veteran Sandeep Saxena to Chief Growth Officer.
DLF: NCLT approved the merger of 16 arms with the company.
TVS Supply Chain: The company appointed Vikas Chadha as Global CEO from Jan 22.
Nitco: The company appointed Bikash Jain as CFO effective. Jan 16.
Sparc: The board approved issue of 3.85 crore warrants worth Rs 600 crore to Shanghvi Finance.
Himadri Speciality Chemical: The company invests AUD 37.03 lakh in Sicona Battery Tech CCNs. The company now holds 1.41 crore compulsorily convertible notes in Sicona Battery Tech.
R Systems: Launched GCC copilot to power next generation of global capability centers.
TCS: Completed acquisition of 100% stake of Coastal cloud holdings.
Dalmia Bharat: Arm acquired 26% stake of TrueRE Surya for Rs 42.9 crore.
IPO offering
Amagi Labs: Company is engaged in cloud-based broadcast and connected TV technology. Company provides end-to-end solutions for content creation, distribution, and monetisation across traditional TV and streaming platforms. The public issue was subscribed to 0.13 times on day 2. The bids were led by Qualified institutional investors (0.03 times), non-institutional investors (0.08 times), retail investors (0.49 times).
Bulk Deals
Indiamart Intermesh: Smallcap World Fund Inc sold 6.26 lakh shares (1.04%) at Rs 2110 apiece, while Nalanda India Equity Fund Limited bought 11.18 lakh shares (1.86%) at Rs 2110 apiece.
Polycab India: Motilal Oswal Mutual Fund sold 7.61 lakh shares (0.5%) at Rs 7350.02 apiece
Trading Tweak
Ex-Stock Split: Best Agrolife (From Rs 10/- Per Share To Re 1/- Per Share)
Ex-bonus issue: Best Agrolife (1:2)
Ex-dividend: Jaro Institute of Technology Management and Research, HCL Technologies, Tata Consultancy Services.
List of securities to be excluded from ASM Framework: CSB Bank.
Share to exit anchor Lock-in:
F&O Cues
• Nifty January futures down by 0.24% to 25,728 at a premium of 63 points.
• Nifty January futures open interest down by 0.09%.
•Nifty Options on Jan 20: Maximum Call open interest at 26,000 and Maximum Put open interest at 24,500.
Securities in ban period: SAIL, Samman Capital
Currency Check
The Indian rupee closed 6 paise weaker at 90.29 against the US Dollar on Wednesday.
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