*Cyient Ltd.* | *CMP* Rs. 1243 | *M Cap* Rs. 13774 Cr | *52 W H/L* 1179/791
(Nirmal Bang Retail Research)
*Result is below expectation*
Order Intake came in at $184.2mn, QoQ $312.3mn, YoY $227.8mn
Dollar revenue came at $ 170 Mn,(-3% QoQ, -5.2% YoY) vs expectation of $ 172.7 Mn, QoQ $ 175.2 Mn, YoY $ 179.3 Mn
Revenue Growth QoQ CC came at -1.9% vs exp of -0.3%, QoQ 2.4%, YoY -0.5%.
Net sales came at Rs. 1471.9 Cr (-0.5% QoQ, -1.2% YoY) vs expectation of Rs. 1494.3 Cr, QoQ Rs. 1479.9 Cr, YoY Rs. 1489.2 Cr
EBIT came at Rs. 191.4 Cr (-4.1% QoQ, -19.7% YoY) vs expectation of Rs. 202.5 Cr, QoQ Rs. 199.5 Cr, YoY Rs. 238.5 Cr
EBIT Margin came at 13% vs expectation of 13.6%, QoQ 14.2%, YoY 16%
Adj. PAT came at Rs. 163 Cr vs expectation of Rs. 158 Cr, QoQ Rs. 179 Cr, YoY Rs. 186 Cr
Stock is trading at P/E of 14.7x its EPS of FY27.
(Nirmal Bang Retail Research)
*Result is below expectation*
Order Intake came in at $184.2mn, QoQ $312.3mn, YoY $227.8mn
Dollar revenue came at $ 170 Mn,(-3% QoQ, -5.2% YoY) vs expectation of $ 172.7 Mn, QoQ $ 175.2 Mn, YoY $ 179.3 Mn
Revenue Growth QoQ CC came at -1.9% vs exp of -0.3%, QoQ 2.4%, YoY -0.5%.
Net sales came at Rs. 1471.9 Cr (-0.5% QoQ, -1.2% YoY) vs expectation of Rs. 1494.3 Cr, QoQ Rs. 1479.9 Cr, YoY Rs. 1489.2 Cr
EBIT came at Rs. 191.4 Cr (-4.1% QoQ, -19.7% YoY) vs expectation of Rs. 202.5 Cr, QoQ Rs. 199.5 Cr, YoY Rs. 238.5 Cr
EBIT Margin came at 13% vs expectation of 13.6%, QoQ 14.2%, YoY 16%
Adj. PAT came at Rs. 163 Cr vs expectation of Rs. 158 Cr, QoQ Rs. 179 Cr, YoY Rs. 186 Cr
Stock is trading at P/E of 14.7x its EPS of FY27.
*L&T Technology Services Ltd.* | *CMP* Rs. 4480 | *M Cap* Rs. 44904 Cr | *52 W H/L* 5990/3855
(Nirmal Bang Retail Research)
Dollar Revenues came at $ 345.1 Mn vs expectation of $ 353 Mn, QoQ $ 312 Mn, YoY $ 305 Mn
CC QoQ came at 10.5% vs expectation of 12.7%, QoQ 3.1%, YoY 5.1%
*Result is below expectation*
Net sales came at Rs. 2982.4 Cr (12.4% QoQ, 17.5% YoY) vs expectation of Rs. 3059.8 Cr, QoQ Rs. 2653 Cr, YoY Rs. 2537.5 Cr
EBIT came at Rs. 393.9 Cr (-6.6% QoQ, -8% YoY) vs expectation of Rs. 451.1 Cr, QoQ Rs. 421.9 Cr, YoY Rs. 428.2 Cr
EBIT Margin came at 13.2% vs expectation of 14.7%, QoQ 15.9%, YoY 16.9%
Adj. PAT came at Rs. 311.1 Cr vs expectation of Rs. 360.4 Cr, QoQ Rs. 322.4 Cr, YoY Rs. 341.4 Cr
Quarter EPS is Rs. 29.4
Stock is trading at P/E of 26x FY27E EPS
(Nirmal Bang Retail Research)
Dollar Revenues came at $ 345.1 Mn vs expectation of $ 353 Mn, QoQ $ 312 Mn, YoY $ 305 Mn
CC QoQ came at 10.5% vs expectation of 12.7%, QoQ 3.1%, YoY 5.1%
*Result is below expectation*
Net sales came at Rs. 2982.4 Cr (12.4% QoQ, 17.5% YoY) vs expectation of Rs. 3059.8 Cr, QoQ Rs. 2653 Cr, YoY Rs. 2537.5 Cr
EBIT came at Rs. 393.9 Cr (-6.6% QoQ, -8% YoY) vs expectation of Rs. 451.1 Cr, QoQ Rs. 421.9 Cr, YoY Rs. 428.2 Cr
EBIT Margin came at 13.2% vs expectation of 14.7%, QoQ 15.9%, YoY 16.9%
Adj. PAT came at Rs. 311.1 Cr vs expectation of Rs. 360.4 Cr, QoQ Rs. 322.4 Cr, YoY Rs. 341.4 Cr
Quarter EPS is Rs. 29.4
Stock is trading at P/E of 26x FY27E EPS
*SBI Life Insurance Company Limited - S* | *CMP* Rs. 1609 | *M Cap* Rs. 161228 Cr | *52 W H/L* 1935/1307
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
APE came at Rs. 5450 Cr vs expectation of Rs. 5795 Cr, YoY Rs. 5330 Cr, QoQ Rs. 6940 Cr
Value of New Business (VNB) came at Rs. 1660 Cr vs expectation of Rs. 1492 Cr, YoY Rs. 1510 Cr, QoQ Rs. 1870 Cr
Value of New Business Margin (%) came at 27.8% vs expectation of 25.4%, YoY 28.1%, QoQ 26.9%
Net Premiums Earned came at Rs. 23861 Cr vs YoY Rs. 25116 Cr, QoQ Rs. 24828 Cr
PBT came at Rs. 841 Cr vs YoY Rs. 836 Cr, QoQ Rs. 572 Cr
PAT came at Rs. 813.5 Cr (0.3% YoY) vs YoY Rs. 810.8 Cr, QoQ Rs. 550.8 Cr
AUM came at Rs. 448040 Cr vs YoY Rs. 388920 Cr, QoQ Rs. 441680 Cr
13th month persistency came at 87.4% vs YoY 86.8%, QoQ 86.1%
61st month persistency came at 62.7% vs YoY 57.4%, QoQ 63.3%
Market Share (IRP) came at 22.8% vs YoY 23.3%, QoQ 25.3%
Quarter EPS is Rs. 8.1
Stock is trading at P/E of 60.1x FY26E EPS & 2.3x Mkt Cap/EV
(Nirmal Bang Retail Research)
*Result is marginally above expectations*
APE came at Rs. 5450 Cr vs expectation of Rs. 5795 Cr, YoY Rs. 5330 Cr, QoQ Rs. 6940 Cr
Value of New Business (VNB) came at Rs. 1660 Cr vs expectation of Rs. 1492 Cr, YoY Rs. 1510 Cr, QoQ Rs. 1870 Cr
Value of New Business Margin (%) came at 27.8% vs expectation of 25.4%, YoY 28.1%, QoQ 26.9%
Net Premiums Earned came at Rs. 23861 Cr vs YoY Rs. 25116 Cr, QoQ Rs. 24828 Cr
PBT came at Rs. 841 Cr vs YoY Rs. 836 Cr, QoQ Rs. 572 Cr
PAT came at Rs. 813.5 Cr (0.3% YoY) vs YoY Rs. 810.8 Cr, QoQ Rs. 550.8 Cr
AUM came at Rs. 448040 Cr vs YoY Rs. 388920 Cr, QoQ Rs. 441680 Cr
13th month persistency came at 87.4% vs YoY 86.8%, QoQ 86.1%
61st month persistency came at 62.7% vs YoY 57.4%, QoQ 63.3%
Market Share (IRP) came at 22.8% vs YoY 23.3%, QoQ 25.3%
Quarter EPS is Rs. 8.1
Stock is trading at P/E of 60.1x FY26E EPS & 2.3x Mkt Cap/EV
*Aavas Financiers Ltd. - S* | *CMP* Rs. 2096 | *M Cap* Rs. 16591 Cr | *52 W H/L* 2238/1456
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 371.5 Cr vs YoY Rs. 324.5 Cr (14.5% YoY) QoQ Rs. 338 Cr
PBP came at Rs. 200.9 Cr vs YoY Rs. 181.8 Cr (10.5% YoY) QoQ Rs. 194.5 Cr
Provision came at Rs. 7.6 Cr vs YoY Rs. 4.3 Cr, QoQ Rs. 6.1 Cr
PAT came at Rs. 153.7 Cr (7.8% YoY) vs expectation of Rs. 152.2 Cr, YoY Rs. 142.6 Cr, QoQ Rs. 146.4 Cr
AUM came at Rs. 20420.2 Cr vs YoY Rs. 17312.6 Cr, QoQ Rs. 19238 Cr
Disbursements came at Rs. 2023.8 Cr vs YoY Rs. 1893.1 Cr, QoQ Rs. 1594.6 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.14%
Net NPA (%) came at 0.73% vs QoQ 0.81%
ROA came at 3.3% vs QoQ 3.3% & YoY 3.6%
Quarter EPS is Rs. 19.4
Stock is trading at P/E of 23.1x FY26E EPS & 3.8x trailing P/BV
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 371.5 Cr vs YoY Rs. 324.5 Cr (14.5% YoY) QoQ Rs. 338 Cr
PBP came at Rs. 200.9 Cr vs YoY Rs. 181.8 Cr (10.5% YoY) QoQ Rs. 194.5 Cr
Provision came at Rs. 7.6 Cr vs YoY Rs. 4.3 Cr, QoQ Rs. 6.1 Cr
PAT came at Rs. 153.7 Cr (7.8% YoY) vs expectation of Rs. 152.2 Cr, YoY Rs. 142.6 Cr, QoQ Rs. 146.4 Cr
AUM came at Rs. 20420.2 Cr vs YoY Rs. 17312.6 Cr, QoQ Rs. 19238 Cr
Disbursements came at Rs. 2023.8 Cr vs YoY Rs. 1893.1 Cr, QoQ Rs. 1594.6 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.14%
Net NPA (%) came at 0.73% vs QoQ 0.81%
ROA came at 3.3% vs QoQ 3.3% & YoY 3.6%
Quarter EPS is Rs. 19.4
Stock is trading at P/E of 23.1x FY26E EPS & 3.8x trailing P/BV
*Kirloskar Pneumatic Q4 FY25 Concall*
*Outlook:Positive*
1. *Future Guidance & Business Outlook (FY26 and Beyond):*
• Revenue Target for FY26: The company aims to cross INR 2,000 Cr in revenue in FY26, up from INR 1,629 Cr in FY25 (a 23% YoY growth).
• Medium-Term Guidance: Management expects to maintain a 20% revenue growth rate for several years.
• Margins Outlook: EBITDA margin stood at 19% in FY25, and the company aims to sustain or slightly improve it to around 20%, balancing growth with prudent margin trade-offs, especially for L1 government tenders.
• Execution Cycle Improvement: Average execution cycle has come down from 7 months to 5 months.
• Process Gas Systems (CNG, biogas, hydrogen) show growth potential but are currently patchy due to slow rollouts of mother stations and execution delays.
*2. Order Book Details:*
• Order Book at Start of FY26: INR 1,624 Cr, up from INR 1,475 Cr at the start of FY25 (a 12% increase).
• Order Inflows in FY25: Record high of INR 1,860 Cr, up by 23% YoY from INR 1,465 Cr in FY24.
• Order Mix Change: Equipment to package ratio has shifted to 60:40, compared to previous years, benefiting margins and reducing execution time.
*3. Products Driving Growth:*
• Tezcatlipoca (centrifugal compressors): Expected to cross INR 100 Cr in FY26; gaining traction in cement, carbon black, metals, and material conveying industries.
• KC series (ammonia reciprocating compressors) and KG series (CNG compressors): Consistently deliver over INR 100 Cr each year.
*Outlook:Positive*
1. *Future Guidance & Business Outlook (FY26 and Beyond):*
• Revenue Target for FY26: The company aims to cross INR 2,000 Cr in revenue in FY26, up from INR 1,629 Cr in FY25 (a 23% YoY growth).
• Medium-Term Guidance: Management expects to maintain a 20% revenue growth rate for several years.
• Margins Outlook: EBITDA margin stood at 19% in FY25, and the company aims to sustain or slightly improve it to around 20%, balancing growth with prudent margin trade-offs, especially for L1 government tenders.
• Execution Cycle Improvement: Average execution cycle has come down from 7 months to 5 months.
• Process Gas Systems (CNG, biogas, hydrogen) show growth potential but are currently patchy due to slow rollouts of mother stations and execution delays.
*2. Order Book Details:*
• Order Book at Start of FY26: INR 1,624 Cr, up from INR 1,475 Cr at the start of FY25 (a 12% increase).
• Order Inflows in FY25: Record high of INR 1,860 Cr, up by 23% YoY from INR 1,465 Cr in FY24.
• Order Mix Change: Equipment to package ratio has shifted to 60:40, compared to previous years, benefiting margins and reducing execution time.
*3. Products Driving Growth:*
• Tezcatlipoca (centrifugal compressors): Expected to cross INR 100 Cr in FY26; gaining traction in cement, carbon black, metals, and material conveying industries.
• KC series (ammonia reciprocating compressors) and KG series (CNG compressors): Consistently deliver over INR 100 Cr each year.
*Aavas Financiers Ltd. - S* | *CMP* Rs. 2096 | *M Cap* Rs. 16591 Cr | *52 W H/L* 2238/1456
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 371.5 Cr vs YoY Rs. 324.5 Cr (14.5% YoY) QoQ Rs. 338 Cr
PBP came at Rs. 200.9 Cr vs YoY Rs. 181.8 Cr (10.5% YoY) QoQ Rs. 194.5 Cr
Provision came at Rs. 7.6 Cr vs YoY Rs. 4.3 Cr, QoQ Rs. 6.1 Cr
PAT came at Rs. 153.7 Cr (7.8% YoY) vs expectation of Rs. 152.2 Cr, YoY Rs. 142.6 Cr, QoQ Rs. 146.4 Cr
AUM came at Rs. 20420.2 Cr vs YoY Rs. 17312.6 Cr, QoQ Rs. 19238 Cr
Disbursements came at Rs. 2023.8 Cr vs YoY Rs. 1893.1 Cr, QoQ Rs. 1594.6 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.14%
Net NPA (%) came at 0.73% vs QoQ 0.81%
ROA came at 3.3% vs QoQ 3.3% & YoY 3.6%
Quarter EPS is Rs. 19.4
Stock is trading at P/E of 23.1x FY26E EPS & 3.8x trailing P/BV
*Sterling and Wilson Renewable Energy Ltd.* | *CMP* Rs. 327 | *M Cap* Rs. 7635 Cr | *52 W H/L* 828/216
(Nirmal Bang Retail Research)
Order Book came at Rs.9096cr vs QoQ Rs.10167cr Yoy Rs.8084cr
*Result Improved*
Revenue from Operations came at Rs. 2519.1 Cr (37.1% QoQ, 113.8% YoY) vs QoQ Rs. 1837.2 Cr, YoY Rs. 1178 Cr
EBIDTA came at Rs. 133.6 Cr (89.9% QoQ, 355.1% YoY) vs QoQ Rs. 70.3 Cr, YoY Rs. 29.4 Cr
EBITDA Margin came at 5.3% vs QoQ 3.8%, YoY 2.5%
Adj. PAT came at Rs. 55.4 Cr vs QoQ Rs. 14.8 Cr, YoY Rs. 1.4 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 21.7x FY26E EPS
*Accelya Solutions India Ltd.* | *CMP* Rs. 1384 | *M Cap* Rs. 2066 Cr | *52 W H/L* 1980/1218
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 136.8 Cr (2.7% QoQ, 4.4% YoY) vs QoQ Rs. 133.2 Cr, YoY Rs. 131 Cr
EBIDTA came at Rs. 46.4 Cr (-3.8% QoQ, -8.3% YoY) vs QoQ Rs. 48.3 Cr, YoY Rs. 50.7 Cr
EBITDA Margin came at 34% vs QoQ 36.2%, YoY 38.7%
Adj. PAT came at Rs. 29.8 Cr vs QoQ Rs. 32.4 Cr, YoY Rs. 33.8 Cr
Quarter EPS is Rs. 20
Stock is trading at P/E of 16.4x TTM EPS
*Indian Energy Exchange Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 17009 Cr | *52 W H/L* 244/134
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 141.3 Cr (7.6% QoQ, 16.5% YoY) vs expectation of Rs. 152.4 Cr, QoQ Rs. 131.3 Cr, YoY Rs. 121.3 Cr
EBIDTA came at Rs. 120.7 Cr (7% QoQ, 15.1% YoY) vs expectation of Rs. 135 Cr, QoQ Rs. 112.8 Cr, YoY Rs. 104.9 Cr
EBITDA Margin came at 85.5% vs expectation of 88.5%, QoQ 85.9%, YoY 86.5%
Adj. PAT came at Rs. 112 Cr vs expectation of Rs. 108.5 Cr, QoQ Rs. 103.1 Cr, YoY Rs. 95.1 Cr
Quarter EPS is Rs. 1.3
Stock is trading at P/E of 34.7x FY26E EPS
*Mphasis Ltd.* | *CMP* Rs. 2461 | *M Cap* Rs. 43124 Cr | *52 W H/L* 3239/2025
(Nirmal Bang Retail Research)
TCV ($ Mn) came at $ 390 Mn, QoQ $ 351 Mn, YoY $ 177 Mn
Revenue Growth CC QoQ came at 2.9% vs expectation of 2.9%, QoQ 0.2%, YoY 2.1%
*Result inline with expectation*
Dollar revenue came at $ 430.4 Mn,(2.6% QoQ, 4.7% YoY) vs expectation of $ 431 Mn, QoQ $ 419.3 Mn, YoY $ 411 Mn
Net sales came at Rs. 3710 Cr (4.2% QoQ, 8.7% YoY) vs expectation of Rs. 3707.6 Cr, QoQ Rs. 3561.3 Cr, YoY Rs. 3412.1 Cr
EBIT came at Rs. 567.2 Cr (4% QoQ, 11.6% YoY) vs expectation of Rs. 569.7 Cr, QoQ Rs. 545.6 Cr, YoY Rs. 508 Cr
EBIT Margin came at 15.3% vs expectation of 15.4%, QoQ 15.3%, YoY 14.9%
Adj. PAT came at Rs. 446.5 Cr vs expectation of Rs. 441.4 Cr, QoQ Rs. 427.8 Cr, YoY Rs. 393.2 Cr
Quarter EPS is Rs. 23.6
Stock is trading at P/E of 21.3x FY27E EPS
*Macrotech Developers Ltd.* | *CMP* Rs. 1320 | *M Cap* Rs. 131679 Cr | *52 W H/L* 1650/1035
(Nirmal Bang Retail Research)
Pre Sales came at Rs.4810cr vs QoQ Rs.4510cr YoY Rs.4230cr
Company has guided for pre sales of Rs.21000cr for FY26 vs Rs.17600cr in FY25 growth of 19%
*Result broadly inline with Expectation*
Revenue from Operations came at Rs. 4224.3 Cr (3.5% QoQ, 5.1% YoY) vs expectation of Rs. 4283.5 Cr, QoQ Rs. 4083 Cr, YoY Rs. 4018.5 Cr
(Nirmal Bang Retail Research)
*Result is ok*
NII came at Rs. 371.5 Cr vs YoY Rs. 324.5 Cr (14.5% YoY) QoQ Rs. 338 Cr
PBP came at Rs. 200.9 Cr vs YoY Rs. 181.8 Cr (10.5% YoY) QoQ Rs. 194.5 Cr
Provision came at Rs. 7.6 Cr vs YoY Rs. 4.3 Cr, QoQ Rs. 6.1 Cr
PAT came at Rs. 153.7 Cr (7.8% YoY) vs expectation of Rs. 152.2 Cr, YoY Rs. 142.6 Cr, QoQ Rs. 146.4 Cr
AUM came at Rs. 20420.2 Cr vs YoY Rs. 17312.6 Cr, QoQ Rs. 19238 Cr
Disbursements came at Rs. 2023.8 Cr vs YoY Rs. 1893.1 Cr, QoQ Rs. 1594.6 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.14%
Net NPA (%) came at 0.73% vs QoQ 0.81%
ROA came at 3.3% vs QoQ 3.3% & YoY 3.6%
Quarter EPS is Rs. 19.4
Stock is trading at P/E of 23.1x FY26E EPS & 3.8x trailing P/BV
*Sterling and Wilson Renewable Energy Ltd.* | *CMP* Rs. 327 | *M Cap* Rs. 7635 Cr | *52 W H/L* 828/216
(Nirmal Bang Retail Research)
Order Book came at Rs.9096cr vs QoQ Rs.10167cr Yoy Rs.8084cr
*Result Improved*
Revenue from Operations came at Rs. 2519.1 Cr (37.1% QoQ, 113.8% YoY) vs QoQ Rs. 1837.2 Cr, YoY Rs. 1178 Cr
EBIDTA came at Rs. 133.6 Cr (89.9% QoQ, 355.1% YoY) vs QoQ Rs. 70.3 Cr, YoY Rs. 29.4 Cr
EBITDA Margin came at 5.3% vs QoQ 3.8%, YoY 2.5%
Adj. PAT came at Rs. 55.4 Cr vs QoQ Rs. 14.8 Cr, YoY Rs. 1.4 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 21.7x FY26E EPS
*Accelya Solutions India Ltd.* | *CMP* Rs. 1384 | *M Cap* Rs. 2066 Cr | *52 W H/L* 1980/1218
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 136.8 Cr (2.7% QoQ, 4.4% YoY) vs QoQ Rs. 133.2 Cr, YoY Rs. 131 Cr
EBIDTA came at Rs. 46.4 Cr (-3.8% QoQ, -8.3% YoY) vs QoQ Rs. 48.3 Cr, YoY Rs. 50.7 Cr
EBITDA Margin came at 34% vs QoQ 36.2%, YoY 38.7%
Adj. PAT came at Rs. 29.8 Cr vs QoQ Rs. 32.4 Cr, YoY Rs. 33.8 Cr
Quarter EPS is Rs. 20
Stock is trading at P/E of 16.4x TTM EPS
*Indian Energy Exchange Ltd.* | *CMP* Rs. 191 | *M Cap* Rs. 17009 Cr | *52 W H/L* 244/134
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 141.3 Cr (7.6% QoQ, 16.5% YoY) vs expectation of Rs. 152.4 Cr, QoQ Rs. 131.3 Cr, YoY Rs. 121.3 Cr
EBIDTA came at Rs. 120.7 Cr (7% QoQ, 15.1% YoY) vs expectation of Rs. 135 Cr, QoQ Rs. 112.8 Cr, YoY Rs. 104.9 Cr
EBITDA Margin came at 85.5% vs expectation of 88.5%, QoQ 85.9%, YoY 86.5%
Adj. PAT came at Rs. 112 Cr vs expectation of Rs. 108.5 Cr, QoQ Rs. 103.1 Cr, YoY Rs. 95.1 Cr
Quarter EPS is Rs. 1.3
Stock is trading at P/E of 34.7x FY26E EPS
*Mphasis Ltd.* | *CMP* Rs. 2461 | *M Cap* Rs. 43124 Cr | *52 W H/L* 3239/2025
(Nirmal Bang Retail Research)
TCV ($ Mn) came at $ 390 Mn, QoQ $ 351 Mn, YoY $ 177 Mn
Revenue Growth CC QoQ came at 2.9% vs expectation of 2.9%, QoQ 0.2%, YoY 2.1%
*Result inline with expectation*
Dollar revenue came at $ 430.4 Mn,(2.6% QoQ, 4.7% YoY) vs expectation of $ 431 Mn, QoQ $ 419.3 Mn, YoY $ 411 Mn
Net sales came at Rs. 3710 Cr (4.2% QoQ, 8.7% YoY) vs expectation of Rs. 3707.6 Cr, QoQ Rs. 3561.3 Cr, YoY Rs. 3412.1 Cr
EBIT came at Rs. 567.2 Cr (4% QoQ, 11.6% YoY) vs expectation of Rs. 569.7 Cr, QoQ Rs. 545.6 Cr, YoY Rs. 508 Cr
EBIT Margin came at 15.3% vs expectation of 15.4%, QoQ 15.3%, YoY 14.9%
Adj. PAT came at Rs. 446.5 Cr vs expectation of Rs. 441.4 Cr, QoQ Rs. 427.8 Cr, YoY Rs. 393.2 Cr
Quarter EPS is Rs. 23.6
Stock is trading at P/E of 21.3x FY27E EPS
*Macrotech Developers Ltd.* | *CMP* Rs. 1320 | *M Cap* Rs. 131679 Cr | *52 W H/L* 1650/1035
(Nirmal Bang Retail Research)
Pre Sales came at Rs.4810cr vs QoQ Rs.4510cr YoY Rs.4230cr
Company has guided for pre sales of Rs.21000cr for FY26 vs Rs.17600cr in FY25 growth of 19%
*Result broadly inline with Expectation*
Revenue from Operations came at Rs. 4224.3 Cr (3.5% QoQ, 5.1% YoY) vs expectation of Rs. 4283.5 Cr, QoQ Rs. 4083 Cr, YoY Rs. 4018.5 Cr
EBIDTA came at Rs. 1220.7 Cr (-6.5% QoQ, 16.6% YoY) vs expectation of Rs. 1184.9 Cr, QoQ Rs. 1305.9 Cr, YoY Rs. 1046.9 Cr
EBITDA Margin came at 28.9% vs expectation of 27.7%, QoQ 32%, YoY 26.1%
Adj. PAT came at Rs. 921.7 Cr vs expectation of Rs. 774.1 Cr, QoQ Rs. 944.4 Cr, YoY Rs. 665.5 Cr
Quarter EPS is Rs. 9.2
Stock is trading at P/E of 39.8x FY26E EPS
*Tanla Platforms Ltd.* | *CMP* Rs. 484 | *M Cap* Rs. 6515 Cr | *52 W H/L* 1086/409
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1024.4 Cr (2.4% QoQ, 1.9% YoY) vs QoQ Rs. 1000.4 Cr, YoY Rs. 1005.5 Cr
EBIDTA came at Rs. 163.5 Cr (0% QoQ, 1.9% YoY) vs QoQ Rs. 163.4 Cr, YoY Rs. 160.4 Cr
EBITDA Margin came at 16% vs QoQ 16.3%, YoY 16%
Adj. PAT came at Rs. 117.3 Cr vs QoQ Rs. 118.5 Cr, YoY Rs. 130.2 Cr
Quarter EPS is Rs. 8.7
Stock is trading at P/E of 10.8x FY26E EPS
*SBI Cards & Payments Company Ltd.* | *CMP* Rs. 927 | *M Cap* Rs. 88181 Cr | *52 W H/L* 930/649
(Nirmal Bang Retail Research)
*Result is in line with expectations*
NII came at Rs. 1619.9 Cr (14.5% YoY) vs expectation of Rs. 1590 Cr, YoY Rs. 1414.8 Cr, QoQ Rs. 1570.5 Cr
Income from fees and services came at Rs. 2417 Cr vs YoY Rs. 2336 Cr, QoQ Rs. 2367 Cr
Total Revenue came at Rs. 4036 Cr vs YoY Rs. 3751 Cr, QoQ Rs. 3938 Cr
PBP came at Rs. 1963.7 Cr (7.2% YoY) vs expectation of Rs. 1954.4 Cr, YoY Rs. 1832.6 Cr, QoQ Rs. 1830.8 Cr
Provisions came at Rs. 1245 Cr vs YoY Rs. 944 Cr, QoQ Rs. 1313 Cr
Credit Cost came at 9.9% vs YoY 8.5%, QoQ 10.7%
PAT came at Rs. 534.2 Cr (-19.4% YoY) vs expectation of Rs. 554.9 Cr, YoY Rs. 662.4 Cr, QoQ Rs. 383.2 Cr
Advances came at Rs. 55840 Cr vs YoY Rs. 50846 Cr, QoQ Rs. 54773 Cr
Gross NPA came at Rs. 1720 Cr vs QoQ Rs. 1775 Cr at 3.08% vs QoQ 3.24%
Net NPA came at Rs. 815 Cr vs QoQ Rs. 646 Cr at 1.46% vs QoQ 1.18%
No. of Cards in Force (in Crs) came at 2.08 Cr vs YoY 1.89 Cr, QoQ 2.02 Cr
Spend per card in force came at Rs. 42483 vs YoY Rs. 42144 , QoQ Rs. 42620
Quarter EPS is Rs. 5.6
Stock is trading at P/E of 30.6x FY26E EPS
*TechM Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
*## Co continues to exit non-core portfolios and is on track to realise FY27 set goals with EBIT margin target of 15%.*
1. Revenue declined 1.5% QoQ CC largely due to renewal delay in a Hi-tech client.
2. In an uncertain Macro situation, Co saw delay in deal closures, softness in discretionary spend.
3. Telecom Co’s not yet impacted with tariffs; however, capex has been slow due to higher interest rates. Growth in this vertical to come from consolidation rather than volumes.
4. Co continues to diversify in newer verticals like Aerospace and newer geographies like Japan.
5. EBIT margins expanded 40 bps QoQ to 10.5%. Wage hike impact was mitigated by operational efficiencies and forex gain.
6. Pipeline continues to remain strong.
7. Stock is available at a P/E of 18.9x its FY27E EPS.
*Axis Bank Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*# The quarter was subdued, with the bank maintaining a steady focus on deposit growth.*
*#While the credit card portfolio has stabilized, the personal loan book is expected to improve gradually. Management has provided no specific guidance for FY26, stating that strategic actions will be based on evolving market conditions*
*Outlook: Long Term Positive*
• Small businesses, SMEs, and mid-sized corporations collectively grew by 14% YoY and 3% QoQ, accounting for 23% of total bank loans.
• Total deposits increased by 10% YoY, with term deposits rising 14% YoY, current accounts by 6% YoY, and savings accounts by 3% YoY, respectively.
• The bank has initiated targeted measures to enhance engagement with its salaried customers, resulting in an 18% YoY growth in salary uploads within the new salary book by March 25.
EBITDA Margin came at 28.9% vs expectation of 27.7%, QoQ 32%, YoY 26.1%
Adj. PAT came at Rs. 921.7 Cr vs expectation of Rs. 774.1 Cr, QoQ Rs. 944.4 Cr, YoY Rs. 665.5 Cr
Quarter EPS is Rs. 9.2
Stock is trading at P/E of 39.8x FY26E EPS
*Tanla Platforms Ltd.* | *CMP* Rs. 484 | *M Cap* Rs. 6515 Cr | *52 W H/L* 1086/409
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1024.4 Cr (2.4% QoQ, 1.9% YoY) vs QoQ Rs. 1000.4 Cr, YoY Rs. 1005.5 Cr
EBIDTA came at Rs. 163.5 Cr (0% QoQ, 1.9% YoY) vs QoQ Rs. 163.4 Cr, YoY Rs. 160.4 Cr
EBITDA Margin came at 16% vs QoQ 16.3%, YoY 16%
Adj. PAT came at Rs. 117.3 Cr vs QoQ Rs. 118.5 Cr, YoY Rs. 130.2 Cr
Quarter EPS is Rs. 8.7
Stock is trading at P/E of 10.8x FY26E EPS
*SBI Cards & Payments Company Ltd.* | *CMP* Rs. 927 | *M Cap* Rs. 88181 Cr | *52 W H/L* 930/649
(Nirmal Bang Retail Research)
*Result is in line with expectations*
NII came at Rs. 1619.9 Cr (14.5% YoY) vs expectation of Rs. 1590 Cr, YoY Rs. 1414.8 Cr, QoQ Rs. 1570.5 Cr
Income from fees and services came at Rs. 2417 Cr vs YoY Rs. 2336 Cr, QoQ Rs. 2367 Cr
Total Revenue came at Rs. 4036 Cr vs YoY Rs. 3751 Cr, QoQ Rs. 3938 Cr
PBP came at Rs. 1963.7 Cr (7.2% YoY) vs expectation of Rs. 1954.4 Cr, YoY Rs. 1832.6 Cr, QoQ Rs. 1830.8 Cr
Provisions came at Rs. 1245 Cr vs YoY Rs. 944 Cr, QoQ Rs. 1313 Cr
Credit Cost came at 9.9% vs YoY 8.5%, QoQ 10.7%
PAT came at Rs. 534.2 Cr (-19.4% YoY) vs expectation of Rs. 554.9 Cr, YoY Rs. 662.4 Cr, QoQ Rs. 383.2 Cr
Advances came at Rs. 55840 Cr vs YoY Rs. 50846 Cr, QoQ Rs. 54773 Cr
Gross NPA came at Rs. 1720 Cr vs QoQ Rs. 1775 Cr at 3.08% vs QoQ 3.24%
Net NPA came at Rs. 815 Cr vs QoQ Rs. 646 Cr at 1.46% vs QoQ 1.18%
No. of Cards in Force (in Crs) came at 2.08 Cr vs YoY 1.89 Cr, QoQ 2.02 Cr
Spend per card in force came at Rs. 42483 vs YoY Rs. 42144 , QoQ Rs. 42620
Quarter EPS is Rs. 5.6
Stock is trading at P/E of 30.6x FY26E EPS
*TechM Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
*## Co continues to exit non-core portfolios and is on track to realise FY27 set goals with EBIT margin target of 15%.*
1. Revenue declined 1.5% QoQ CC largely due to renewal delay in a Hi-tech client.
2. In an uncertain Macro situation, Co saw delay in deal closures, softness in discretionary spend.
3. Telecom Co’s not yet impacted with tariffs; however, capex has been slow due to higher interest rates. Growth in this vertical to come from consolidation rather than volumes.
4. Co continues to diversify in newer verticals like Aerospace and newer geographies like Japan.
5. EBIT margins expanded 40 bps QoQ to 10.5%. Wage hike impact was mitigated by operational efficiencies and forex gain.
6. Pipeline continues to remain strong.
7. Stock is available at a P/E of 18.9x its FY27E EPS.
*Axis Bank Q4FY25 Concall Update*
(Nirmal Bang Retail Research)
*# The quarter was subdued, with the bank maintaining a steady focus on deposit growth.*
*#While the credit card portfolio has stabilized, the personal loan book is expected to improve gradually. Management has provided no specific guidance for FY26, stating that strategic actions will be based on evolving market conditions*
*Outlook: Long Term Positive*
• Small businesses, SMEs, and mid-sized corporations collectively grew by 14% YoY and 3% QoQ, accounting for 23% of total bank loans.
• Total deposits increased by 10% YoY, with term deposits rising 14% YoY, current accounts by 6% YoY, and savings accounts by 3% YoY, respectively.
• The bank has initiated targeted measures to enhance engagement with its salaried customers, resulting in an 18% YoY growth in salary uploads within the new salary book by March 25.
• Axis Bank will execute an aircraft financing deal, providing a long-term US dollar loan to acquire 34 training aircraft.
• The net interest margin stands at 3.97%, reflecting a 4 bps improvement due to enhanced asset quality and improved spreads and interest on income tax refunds.
• 72% of the loan book is secured. Unsecured loans are expected to normalize starting this quarter.
• Management indicated that future actions would depend on market conditions, and no specific guidance was provided for FY 26.
• The credit cards segment is stabilized, and the personal loan segment will start improving in FY26
• They added 500 branches in FY25.
• Enhanced digital features, including in-app OTP; significant growth in digital and technological investments, which account for 9.3% of operating expenses.
Consolidated ROA is at 1.88%, with a consolidated ROE of 17.11%. Subsidies contributed 5 bps to cons. ROA and 30 bps in cons. ROE
*Subsidiary Performance:*
• Axis Finance: PAT came at Rs.676 cr (+ 11% YoY); AUM increased by 22%YoY.
• Axis AMC: PAT came at Rs.501 cr (+ 21% YoY); AUM grew by 17%YoY.
• Axis Securities: PAT came at Rs.419 cr (+ 39% YoY); broking revenues surged by 45%.
• Axis Capital: PAT came at Rs. 161 cr (+7% YoY)
Stock is trading at P/E of 13.3x FY25E EPS & 2.1x trailing P/Adj. BV
*Cyient Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Neutral*
*## Q1 to be subdued amidst Europe seasonality and Macro Uncertainties.*
1. Revenues were down 1.9% QoQ CC affected by Macro environment vis-à-vis impact on margins.
2. Softness started from March and spilled into April; thus Q1 also would be softer.
3. However, Co not seeing any significant challenges; many deals are in ramp up phase.
4. Co has won a large deal in the Green Energy space and currently is in ramping up phase.
5. Deal Pipeline is good; however, decision making is slow.
6. Co is working towards predictable revenues and has deferred from giving guidance temporarily.
7. It is boosting overall leadership team under the new CEO.
8. Stock is available at a PE of 14.7x its FY27 EPS
*L&T Technology Services Ltd. Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
1. Revenues grew 10.5% QoQ CC inclusive of inorganic growth.
2. Co expected higher growth, however was affected by macro environment, delay in ramp ups.
3. 2 of the clients requested for deferment in billing.
4. In Q4, Co has won highest TCV large deal bookings, including one USD 80+ Mn, one USD 50+ Mn, along with a USD 30+ Mn, USD 20+ Mn, and three USD 10+ Mn deals.
5. EBIT margins were impacted by Intelliswift merger and Macro environment headwinds.
6. Co expects FY26 to be a better year than FY25, with a double-digit revenue growth in CC.
7. It has reaffirmed medium-term outlook of USD 2 bn revenue.
8. ER&D Industry to be beneficial amidst technological digital transformation.
9. Q1 to be robust with Co clogging good deals and winning market shares.
10. On Margins, Co is cautiously optimistic. It aspires to reach mid 16% by Q4FY27/Q1FY28.
11. Stock is trading at P/E of 26x FY27E EPS
Trading Tweaks
Price Band changes from no band to 20%: Berger Paints.
Ex-Dividend: Muthoot Finance, Sanofi India.
Ex-Stock Split: Ami Organics From 10 Rs To 5 Rs
List of securities shortlisted in Short-Term ASM Framework Stage 1: Cellecor Gadgets, Waaree Energies.
List of securities to be excluded from ASM Framework: One Point One Solutions.
Dow +487
Nasdaq +458
Dax +103
Nikkei +480
Hangseng +160
Gift Nifty +145(24530)
Dowfut +34
Nasdaqfut +124
Crude Oil 66.82
Dollar Index 99.37
BULK DEAL AS ON 24-04-2025
KINETICENG
+2.46 LK @ 180.9 ANIL LAXMICHAND SHAH
-2.56 LK @ 180.88 RELIANCE CORPORATE ADVISORY SERVICES LIMITED
Nitco Limited
+7 LK @ 131 KAMATH ASSOCIATES
-4.24 LK @ 131 LEADING LIGHT FUND VCC THE TRIUMPH FUND
*News Headlines from Business News Agencies:*
*Business Standard*
• The net interest margin stands at 3.97%, reflecting a 4 bps improvement due to enhanced asset quality and improved spreads and interest on income tax refunds.
• 72% of the loan book is secured. Unsecured loans are expected to normalize starting this quarter.
• Management indicated that future actions would depend on market conditions, and no specific guidance was provided for FY 26.
• The credit cards segment is stabilized, and the personal loan segment will start improving in FY26
• They added 500 branches in FY25.
• Enhanced digital features, including in-app OTP; significant growth in digital and technological investments, which account for 9.3% of operating expenses.
Consolidated ROA is at 1.88%, with a consolidated ROE of 17.11%. Subsidies contributed 5 bps to cons. ROA and 30 bps in cons. ROE
*Subsidiary Performance:*
• Axis Finance: PAT came at Rs.676 cr (+ 11% YoY); AUM increased by 22%YoY.
• Axis AMC: PAT came at Rs.501 cr (+ 21% YoY); AUM grew by 17%YoY.
• Axis Securities: PAT came at Rs.419 cr (+ 39% YoY); broking revenues surged by 45%.
• Axis Capital: PAT came at Rs. 161 cr (+7% YoY)
Stock is trading at P/E of 13.3x FY25E EPS & 2.1x trailing P/Adj. BV
*Cyient Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Neutral*
*## Q1 to be subdued amidst Europe seasonality and Macro Uncertainties.*
1. Revenues were down 1.9% QoQ CC affected by Macro environment vis-à-vis impact on margins.
2. Softness started from March and spilled into April; thus Q1 also would be softer.
3. However, Co not seeing any significant challenges; many deals are in ramp up phase.
4. Co has won a large deal in the Green Energy space and currently is in ramping up phase.
5. Deal Pipeline is good; however, decision making is slow.
6. Co is working towards predictable revenues and has deferred from giving guidance temporarily.
7. It is boosting overall leadership team under the new CEO.
8. Stock is available at a PE of 14.7x its FY27 EPS
*L&T Technology Services Ltd. Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
1. Revenues grew 10.5% QoQ CC inclusive of inorganic growth.
2. Co expected higher growth, however was affected by macro environment, delay in ramp ups.
3. 2 of the clients requested for deferment in billing.
4. In Q4, Co has won highest TCV large deal bookings, including one USD 80+ Mn, one USD 50+ Mn, along with a USD 30+ Mn, USD 20+ Mn, and three USD 10+ Mn deals.
5. EBIT margins were impacted by Intelliswift merger and Macro environment headwinds.
6. Co expects FY26 to be a better year than FY25, with a double-digit revenue growth in CC.
7. It has reaffirmed medium-term outlook of USD 2 bn revenue.
8. ER&D Industry to be beneficial amidst technological digital transformation.
9. Q1 to be robust with Co clogging good deals and winning market shares.
10. On Margins, Co is cautiously optimistic. It aspires to reach mid 16% by Q4FY27/Q1FY28.
11. Stock is trading at P/E of 26x FY27E EPS
Trading Tweaks
Price Band changes from no band to 20%: Berger Paints.
Ex-Dividend: Muthoot Finance, Sanofi India.
Ex-Stock Split: Ami Organics From 10 Rs To 5 Rs
List of securities shortlisted in Short-Term ASM Framework Stage 1: Cellecor Gadgets, Waaree Energies.
List of securities to be excluded from ASM Framework: One Point One Solutions.
Dow +487
Nasdaq +458
Dax +103
Nikkei +480
Hangseng +160
Gift Nifty +145(24530)
Dowfut +34
Nasdaqfut +124
Crude Oil 66.82
Dollar Index 99.37
BULK DEAL AS ON 24-04-2025
KINETICENG
+2.46 LK @ 180.9 ANIL LAXMICHAND SHAH
-2.56 LK @ 180.88 RELIANCE CORPORATE ADVISORY SERVICES LIMITED
Nitco Limited
+7 LK @ 131 KAMATH ASSOCIATES
-4.24 LK @ 131 LEADING LIGHT FUND VCC THE TRIUMPH FUND
*News Headlines from Business News Agencies:*
*Business Standard*
📝 India Inc revenue growth flat in Q4, but margins to widen: Crisil
📝 India confident of achieving steel production target by 2030: Poundrik
📝 Govt support key to growth of India's domestic comics industry, says ICA
📝 Jaypee Infratech to invest Rs 6,000 cr to finish 20,000 homes in 3 years
📝 PepsiCo cuts 2025 profit forecast amid trade tensions and cost pressures
📝 GreenGrahi raises ₹32 cr in a seed funding round led by Avaana Capital
📝 Laurus Labs Q4 results: Net profit rises three-fold to Rs 234 crore
📝 Indian Rupee reverses early losses to end 15 paise stronger at 85.27/$
📝 Devyani to acquire 80.72% stake in Sky Gate Hospitality for ₹419.6 cr
📝 NaBFID plans $2 billion overseas fundraise via loans, bonds in FY25
📝 IndiGo names ex-FAA administrator Michael Whitaker as independent director
📝 GreenLine, Bekaert partner to drive sustainable logistics with LNG trucks
*Economic Times*
📝 Zomato food delivery CEO Rakesh Ranjan still part of leadership team: Eternal
📝 Cisco bags networking gear deal from Vodafone Idea
📝 Tesla doubles down on robotaxi timeline; investors enthused and skeptical
📝 Bhartiya Urban ventures into GCC space with Bhartiya Converge
📝 India likely to export up to 700,000 tons of sugar this season, ISMA member says
📝 Macrotech Developers inks pact for 5-acre joint development in Pune’s Wakad
📝 NSE raises entry bar for SMEs seeking main board migration
📝 India's safeguard steel tariff will help check imports, JSW Steel CEO says
📝 NBFC's credit growth to moderate to 13-15% in FY25 and FY26 from 17% witnessed in last two fiscals: ICRA
📝 Andromeda crosses Rs 1.08 lakh crore in loan disbursals in FY25, eyes Rs 1.20 lakh crore in FY26
📝 First half of FY26 to be better than previous 6 months, gross margin to moderate further: HUL
*Mint*
📝 'India’s FY26 GDP may grow 6.5%; Trump tariffs to have limited impact'
📝 Sebi tweaks framework for ESG Rating Providers using subscriber-pays model
📝 Axis Bank Q4 Results: Profit comes flat; NII grows 6%, NIM declines YoY
📝 Tycoon Palmer Agrees to Iron Ore Mine Expansion by China’s Citic
📝 Adani Energy Solutions Q4 Results: Net profit surges 79% to ₹647.2 crore
📝 Nestle Q4 consolidated net profit at ₹873 crore declines 6.5% year on year
📝 Safety assessment rating for trucks, heavy vehicles on lines of Bharat NCAP soon: Gadkari
📝 Terai gin maker Globus Spirits eyes new categories in craft space
📝 Norway’s $1.7 Trillion Wealth Fund Reports Tech-Driven Loss
📝 Google Blocked Motorola Use of Perplexity AI, Witness Says.
Currency/Bond
Rupee closed 15 paise stronger at 85.27 against US dollar.
The yield on the benchmark 10-year government bond closed flat at 6.32%
Stocks in Ban: NIL
.Stocks To Watch
Power Grid Corp: The company's 85 MW Solar PV Power Plant that is located in Madhya Pradesh is set to start commercial operation.
Container Corp: The company signed an MoU with the Railway Ministry, Petroleum Ministry and GAIL to develop LNG infrastructure at various terminals.
BHEL: The company reported minor fire incident near its Bhopal unit. There is no damage to any machinery,plant or property and no injuries or casualties have been reported in the incident.
PB Fintech: The company is set to make an investment of Rs 539 crore into the unit PB Healthcare Services.
Rites: The company has received a railway order worth Rs 28 crore from Mahanadi Coalfields.
RBL Bank: The bank has approved the re-appointment of Deepak Kumar as Chief Risk Officer for one year from May 1, 2025
📝 India confident of achieving steel production target by 2030: Poundrik
📝 Govt support key to growth of India's domestic comics industry, says ICA
📝 Jaypee Infratech to invest Rs 6,000 cr to finish 20,000 homes in 3 years
📝 PepsiCo cuts 2025 profit forecast amid trade tensions and cost pressures
📝 GreenGrahi raises ₹32 cr in a seed funding round led by Avaana Capital
📝 Laurus Labs Q4 results: Net profit rises three-fold to Rs 234 crore
📝 Indian Rupee reverses early losses to end 15 paise stronger at 85.27/$
📝 Devyani to acquire 80.72% stake in Sky Gate Hospitality for ₹419.6 cr
📝 NaBFID plans $2 billion overseas fundraise via loans, bonds in FY25
📝 IndiGo names ex-FAA administrator Michael Whitaker as independent director
📝 GreenLine, Bekaert partner to drive sustainable logistics with LNG trucks
*Economic Times*
📝 Zomato food delivery CEO Rakesh Ranjan still part of leadership team: Eternal
📝 Cisco bags networking gear deal from Vodafone Idea
📝 Tesla doubles down on robotaxi timeline; investors enthused and skeptical
📝 Bhartiya Urban ventures into GCC space with Bhartiya Converge
📝 India likely to export up to 700,000 tons of sugar this season, ISMA member says
📝 Macrotech Developers inks pact for 5-acre joint development in Pune’s Wakad
📝 NSE raises entry bar for SMEs seeking main board migration
📝 India's safeguard steel tariff will help check imports, JSW Steel CEO says
📝 NBFC's credit growth to moderate to 13-15% in FY25 and FY26 from 17% witnessed in last two fiscals: ICRA
📝 Andromeda crosses Rs 1.08 lakh crore in loan disbursals in FY25, eyes Rs 1.20 lakh crore in FY26
📝 First half of FY26 to be better than previous 6 months, gross margin to moderate further: HUL
*Mint*
📝 'India’s FY26 GDP may grow 6.5%; Trump tariffs to have limited impact'
📝 Sebi tweaks framework for ESG Rating Providers using subscriber-pays model
📝 Axis Bank Q4 Results: Profit comes flat; NII grows 6%, NIM declines YoY
📝 Tycoon Palmer Agrees to Iron Ore Mine Expansion by China’s Citic
📝 Adani Energy Solutions Q4 Results: Net profit surges 79% to ₹647.2 crore
📝 Nestle Q4 consolidated net profit at ₹873 crore declines 6.5% year on year
📝 Safety assessment rating for trucks, heavy vehicles on lines of Bharat NCAP soon: Gadkari
📝 Terai gin maker Globus Spirits eyes new categories in craft space
📝 Norway’s $1.7 Trillion Wealth Fund Reports Tech-Driven Loss
📝 Google Blocked Motorola Use of Perplexity AI, Witness Says.
Currency/Bond
Rupee closed 15 paise stronger at 85.27 against US dollar.
The yield on the benchmark 10-year government bond closed flat at 6.32%
Stocks in Ban: NIL
.Stocks To Watch
Power Grid Corp: The company's 85 MW Solar PV Power Plant that is located in Madhya Pradesh is set to start commercial operation.
Container Corp: The company signed an MoU with the Railway Ministry, Petroleum Ministry and GAIL to develop LNG infrastructure at various terminals.
BHEL: The company reported minor fire incident near its Bhopal unit. There is no damage to any machinery,plant or property and no injuries or casualties have been reported in the incident.
PB Fintech: The company is set to make an investment of Rs 539 crore into the unit PB Healthcare Services.
Rites: The company has received a railway order worth Rs 28 crore from Mahanadi Coalfields.
RBL Bank: The bank has approved the re-appointment of Deepak Kumar as Chief Risk Officer for one year from May 1, 2025