1-2 DAYS Technical Call VMM BUY close at 108 Visit our website for disclosure (Nirmal Bang).
1-2 DAYS Technical call Buy ASTERDM above 515.40 with SL 500 Target 545(ANALYST SWATI). Visit our website for disclosure (Nirmal Bang).
*Shree Digvijay Cement Company Ltd.* | *CMP* Rs. 77 | *M Cap* Rs. 1138 Cr | *52 W H/L* 119/61
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 216.4 Cr (15.9% QoQ, -3.5% YoY) vs QoQ Rs. 186.8 Cr, YoY Rs. 224.4 Cr
EBIDTA came at Rs. 27.7 Cr (-17964.5% QoQ, -42.3% YoY) vs QoQ Rs. -0.2 Cr, YoY Rs. 48 Cr
EBITDA Margin came at 12.8% vs QoQ -0.1%, YoY 21.4%
Adj. PAT came at Rs. 18.4 Cr vs QoQ Rs. -4.8 Cr, YoY Rs. 31.7 Cr
Quarter EPS is Rs. 1.2
Stock is trading at P/E of 45.2x TTM EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 216.4 Cr (15.9% QoQ, -3.5% YoY) vs QoQ Rs. 186.8 Cr, YoY Rs. 224.4 Cr
EBIDTA came at Rs. 27.7 Cr (-17964.5% QoQ, -42.3% YoY) vs QoQ Rs. -0.2 Cr, YoY Rs. 48 Cr
EBITDA Margin came at 12.8% vs QoQ -0.1%, YoY 21.4%
Adj. PAT came at Rs. 18.4 Cr vs QoQ Rs. -4.8 Cr, YoY Rs. 31.7 Cr
Quarter EPS is Rs. 1.2
Stock is trading at P/E of 45.2x TTM EPS
*IDBI Bank Ltd. * | *CMP* Rs. 82 | *M Cap* Rs. 88438 Cr | *52 W H/L* 108/66
(Nirmal Bang Retail Research)
*Result ok*
Advances came at Rs. 218399 Cr (16% YoY, 5.6% QoQ)
Net Interest Income came at Rs. 3290 Cr vs YoY Rs. 3688 Cr, (-10.8% YoY ) QoQ Rs. 4228 Cr
Last qtr inclide one one off in NII
NIM came at 4% vs QoQ 5.17%
Non Interest Income came at Rs. 2057 Cr vs YoY Rs. 896 Cr, QoQ Rs. 749 Cr
PBP came at Rs. 3195 Cr vs YoY Rs. 2175 Cr,(46.9% YoY),QoQ Rs. 2802 Cr
Provisions came at Rs. 233 Cr vs YoY Rs. 114 Cr, QoQ Rs. 166 Cr
Adj. PAT came at Rs. 2051 Cr vs YoY Rs. 1628 Cr (26% YoY), QoQ Rs. 1908 Cr
Gross NPA came at Rs. 6695 Cr vs QoQ Rs. 7635 Cr at 2.98% vs QoQ 3.57%
Net NPA came at Rs. 337 Cr vs QoQ Rs. 365 Cr at 0.15% vs QoQ 0.18%
ROA came at 2.11% vs QoQ 2% & YoY 1.8%
Quarter EPS is Rs. 2
Stock is trading at 1.5x trailing P/Adj. BV
(Nirmal Bang Retail Research)
*Result ok*
Advances came at Rs. 218399 Cr (16% YoY, 5.6% QoQ)
Net Interest Income came at Rs. 3290 Cr vs YoY Rs. 3688 Cr, (-10.8% YoY ) QoQ Rs. 4228 Cr
Last qtr inclide one one off in NII
NIM came at 4% vs QoQ 5.17%
Non Interest Income came at Rs. 2057 Cr vs YoY Rs. 896 Cr, QoQ Rs. 749 Cr
PBP came at Rs. 3195 Cr vs YoY Rs. 2175 Cr,(46.9% YoY),QoQ Rs. 2802 Cr
Provisions came at Rs. 233 Cr vs YoY Rs. 114 Cr, QoQ Rs. 166 Cr
Adj. PAT came at Rs. 2051 Cr vs YoY Rs. 1628 Cr (26% YoY), QoQ Rs. 1908 Cr
Gross NPA came at Rs. 6695 Cr vs QoQ Rs. 7635 Cr at 2.98% vs QoQ 3.57%
Net NPA came at Rs. 337 Cr vs QoQ Rs. 365 Cr at 0.15% vs QoQ 0.18%
ROA came at 2.11% vs QoQ 2% & YoY 1.8%
Quarter EPS is Rs. 2
Stock is trading at 1.5x trailing P/Adj. BV
: DFS SECY ASSURES LIFE INSURANCE INDUSTRY OF ' NO ACTION' AGAINST BANCASSURANCE CHANNEL - CNBCTV18
ntraday Derivatives Call Exit BANKNIFTY 29MAY 55000 PE at 800 Visit our website for disclosure (Nirmal Bang)
*TVS Motor Company Ltd.* | *CMP* Rs. 2801 | *M Cap* Rs. 133072 Cr | *52 W H/L* 2958/1873
(Nirmal Bang Retail Research)
No. of Vehicles Sold 1216286 vs QoQ 1211952,YoY 1062529
*Result is above expectations*
Revenue from Operations came at Rs. 9550.4 Cr (5% QoQ, 16.9% YoY) vs expectation of Rs. 9262.1 Cr, QoQ Rs. 9097.1 Cr, YoY Rs. 8168.8 Cr
EBIDTA came at Rs. 1332.6 Cr (23.2% QoQ, 43.9% YoY) vs expectation of Rs. 1190.6 Cr, QoQ Rs. 1081.5 Cr, YoY Rs. 926.2 Cr
EBITDA Margin came at 14% vs expectation of 12.9%, QoQ 11.9%, YoY 11.3%
Adj. PAT came at Rs. 852.1 Cr vs expectation of Rs. 732.8 Cr, QoQ Rs. 618.5 Cr, YoY Rs. 485.4 Cr
Quarter EPS is Rs. 17.9
Stock is trading at P/E of 40.9x FY26E EPS
(Nirmal Bang Retail Research)
No. of Vehicles Sold 1216286 vs QoQ 1211952,YoY 1062529
*Result is above expectations*
Revenue from Operations came at Rs. 9550.4 Cr (5% QoQ, 16.9% YoY) vs expectation of Rs. 9262.1 Cr, QoQ Rs. 9097.1 Cr, YoY Rs. 8168.8 Cr
EBIDTA came at Rs. 1332.6 Cr (23.2% QoQ, 43.9% YoY) vs expectation of Rs. 1190.6 Cr, QoQ Rs. 1081.5 Cr, YoY Rs. 926.2 Cr
EBITDA Margin came at 14% vs expectation of 12.9%, QoQ 11.9%, YoY 11.3%
Adj. PAT came at Rs. 852.1 Cr vs expectation of Rs. 732.8 Cr, QoQ Rs. 618.5 Cr, YoY Rs. 485.4 Cr
Quarter EPS is Rs. 17.9
Stock is trading at P/E of 40.9x FY26E EPS
*Ultratech Cement Ltd.* | *CMP* Rs. 12125 | *M Cap* Rs. 357296 Cr | *52 W H/L* 12145/9250
(Nirmal Bang Retail Research)
Sales volume came at 41.02 mnT vs expectation of 37.5 mnT , QoQ 30.37 mnT (+35.07%) and YoY 35.1 mnT(+16.9%)
EBITDA/tn came at 1126 vs QoQ 950.64 (+18.4%) YoY 1172(-3.9%)
Realisation/tn came at 5052 vs QoQ 4970 (+1.6%) YoY 5170 (-2.3%)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 23063.3 Cr (34.1% QoQ, 13% YoY) vs expectation of Rs. 22983.1 Cr, QoQ Rs. 17193.3 Cr, YoY Rs. 20418.9 Cr
EBIDTA came at Rs. 4618.4 Cr (60% QoQ, 12.3% YoY) vs expectation of Rs. 4733.6 Cr, QoQ Rs. 2887.1 Cr, YoY Rs. 4113.9 Cr
EBITDA Margin came at 20% vs expectation of 20.6%, QoQ 16.8%, YoY 20.1%
Adj. PAT came at Rs. 2491.4 Cr vs expectation of Rs. 2707.3 Cr, QoQ Rs. 1469.5 Cr, YoY Rs. 2330.1 Cr
Quarter EPS is Rs. 84.5
Stock is trading at P/E of 38.2x FY26E EPS
*CSB Bank Ltd.* | *CMP* Rs. 359 | *M Cap* Rs. 6229 Cr | *52 W H/L* 408/266
(Nirmal Bang Retail Research)
*Result is ok*
_NIM and slippages awaited_
Advances came at Rs. 31843 Cr (30% YoY, 10.1% QoQ)
Net Interest Income came at Rs. 371 Cr vs YoY Rs. 386 Cr (-3.8% YoY ) QoQ Rs. 375 Cr
Non Interest Income came at Rs. 381 Cr vs YoY Rs. 197 Cr, QoQ Rs. 219 Cr
PBP came at Rs. 317 Cr vs YoY Rs. 228 Cr (38.9% YoY),QoQ Rs. 221 Cr
Provisions came at Rs. 60 Cr vs YoY Rs. 22 Cr, QoQ Rs. 17 Cr
Credit Cost came at 0.8% vs YoY 0.4%, QoQ 0.2%
Adj. PAT came at Rs. 190 Cr vs YoY Rs. 151 Cr (25.7% YoY), QoQ Rs. 152 Cr
Gross NPA came at Rs. 498 Cr vs QoQ Rs. 458 Cr at 1.57% vs QoQ 1.58%
Net NPA came at Rs. 164 Cr vs QoQ Rs. 183 Cr at 0.52% vs QoQ 0.64%
Quarter EPS is Rs. 11
Stock is trading at P/E of 9.3x FY25E EPS & 1.4x trailing P/Adj. BV
*Aditya Birla Sun Life AMC Ltd. -C* | *CMP* Rs. 641 | *M Cap* Rs. 18485 Cr | *52 W H/L* 911/510
(Nirmal Bang Retail Research)
*Result is below expectations*
Core Revenue came at Rs. 429 Cr vs expectation of Rs. 442 Cr, YoY Rs. 366 Cr, QoQ Rs. 445 Cr
Core EBITDA came at Rs. 244 Cr vs expectation of Rs. 261 Cr, YoY Rs. 205 Cr, QoQ Rs. 274 Cr
EBITDA Margin % came at 56.9% vs YoY 56% vs QoQ 61.6%
PBT came at Rs. 305 Cr vs,YoY Rs. 268 Cr, QoQ Rs. 300 Cr
PAT came at Rs. 228.1 Cr (1.6% YoY) vs expectation of Rs. 203.4 Cr, YoY Rs. 208.4 Cr, QoQ Rs. 224.5 Cr
AUMs (Rs. Bn) came at Rs. 3817 (+10.4%YoY ) vs YoY Rs. 3458, QoQ Rs. 3839
Equity-oriented AUMs (Rs. Bn) came at Rs. 1691 vs, YoY Rs. 1520, QoQ Rs. 1795
Equity-oriented AUMs (% to total AUMs) came at 44 % vs Flat YoY vs QoQ 47%
Equity Market Share came at 4.23% vs YoY 4.9% vs QoQ 4.35%
ROA came at 6.3% vs QoQ 6.3% & YoY 6.6%
Quarter EPS is Rs. 7.9
Stock is trading at 5x trailing P/BV
(Nirmal Bang Retail Research)
Sales volume came at 41.02 mnT vs expectation of 37.5 mnT , QoQ 30.37 mnT (+35.07%) and YoY 35.1 mnT(+16.9%)
EBITDA/tn came at 1126 vs QoQ 950.64 (+18.4%) YoY 1172(-3.9%)
Realisation/tn came at 5052 vs QoQ 4970 (+1.6%) YoY 5170 (-2.3%)
*Result is in-line with expectations*
Revenue from Operations came at Rs. 23063.3 Cr (34.1% QoQ, 13% YoY) vs expectation of Rs. 22983.1 Cr, QoQ Rs. 17193.3 Cr, YoY Rs. 20418.9 Cr
EBIDTA came at Rs. 4618.4 Cr (60% QoQ, 12.3% YoY) vs expectation of Rs. 4733.6 Cr, QoQ Rs. 2887.1 Cr, YoY Rs. 4113.9 Cr
EBITDA Margin came at 20% vs expectation of 20.6%, QoQ 16.8%, YoY 20.1%
Adj. PAT came at Rs. 2491.4 Cr vs expectation of Rs. 2707.3 Cr, QoQ Rs. 1469.5 Cr, YoY Rs. 2330.1 Cr
Quarter EPS is Rs. 84.5
Stock is trading at P/E of 38.2x FY26E EPS
*CSB Bank Ltd.* | *CMP* Rs. 359 | *M Cap* Rs. 6229 Cr | *52 W H/L* 408/266
(Nirmal Bang Retail Research)
*Result is ok*
_NIM and slippages awaited_
Advances came at Rs. 31843 Cr (30% YoY, 10.1% QoQ)
Net Interest Income came at Rs. 371 Cr vs YoY Rs. 386 Cr (-3.8% YoY ) QoQ Rs. 375 Cr
Non Interest Income came at Rs. 381 Cr vs YoY Rs. 197 Cr, QoQ Rs. 219 Cr
PBP came at Rs. 317 Cr vs YoY Rs. 228 Cr (38.9% YoY),QoQ Rs. 221 Cr
Provisions came at Rs. 60 Cr vs YoY Rs. 22 Cr, QoQ Rs. 17 Cr
Credit Cost came at 0.8% vs YoY 0.4%, QoQ 0.2%
Adj. PAT came at Rs. 190 Cr vs YoY Rs. 151 Cr (25.7% YoY), QoQ Rs. 152 Cr
Gross NPA came at Rs. 498 Cr vs QoQ Rs. 458 Cr at 1.57% vs QoQ 1.58%
Net NPA came at Rs. 164 Cr vs QoQ Rs. 183 Cr at 0.52% vs QoQ 0.64%
Quarter EPS is Rs. 11
Stock is trading at P/E of 9.3x FY25E EPS & 1.4x trailing P/Adj. BV
*Aditya Birla Sun Life AMC Ltd. -C* | *CMP* Rs. 641 | *M Cap* Rs. 18485 Cr | *52 W H/L* 911/510
(Nirmal Bang Retail Research)
*Result is below expectations*
Core Revenue came at Rs. 429 Cr vs expectation of Rs. 442 Cr, YoY Rs. 366 Cr, QoQ Rs. 445 Cr
Core EBITDA came at Rs. 244 Cr vs expectation of Rs. 261 Cr, YoY Rs. 205 Cr, QoQ Rs. 274 Cr
EBITDA Margin % came at 56.9% vs YoY 56% vs QoQ 61.6%
PBT came at Rs. 305 Cr vs,YoY Rs. 268 Cr, QoQ Rs. 300 Cr
PAT came at Rs. 228.1 Cr (1.6% YoY) vs expectation of Rs. 203.4 Cr, YoY Rs. 208.4 Cr, QoQ Rs. 224.5 Cr
AUMs (Rs. Bn) came at Rs. 3817 (+10.4%YoY ) vs YoY Rs. 3458, QoQ Rs. 3839
Equity-oriented AUMs (Rs. Bn) came at Rs. 1691 vs, YoY Rs. 1520, QoQ Rs. 1795
Equity-oriented AUMs (% to total AUMs) came at 44 % vs Flat YoY vs QoQ 47%
Equity Market Share came at 4.23% vs YoY 4.9% vs QoQ 4.35%
ROA came at 6.3% vs QoQ 6.3% & YoY 6.6%
Quarter EPS is Rs. 7.9
Stock is trading at 5x trailing P/BV
*Vimta Labs Ltd.* | *CMP* Rs. 1013 | *M Cap* Rs. 2252 Cr | *52 W H/L* 1183/420
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 94.4 Cr (5% QoQ, 18.5% YoY) vs QoQ Rs. 89.9 Cr, YoY Rs. 79.7 Cr
EBIDTA came at Rs. 33 Cr (-0.1% QoQ, 35.3% YoY) vs QoQ Rs. 33.1 Cr, YoY Rs. 24.4 Cr
EBITDA Margin came at 35% vs QoQ 36.8%, YoY 30.6%
Adj. PAT came at Rs. 18.3 Cr vs QoQ Rs. 21.5 Cr, YoY Rs. 12.4 Cr
Quarter EPS is Rs. 8.2
Stock is trading at P/E of 33.4x TTM EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 94.4 Cr (5% QoQ, 18.5% YoY) vs QoQ Rs. 89.9 Cr, YoY Rs. 79.7 Cr
EBIDTA came at Rs. 33 Cr (-0.1% QoQ, 35.3% YoY) vs QoQ Rs. 33.1 Cr, YoY Rs. 24.4 Cr
EBITDA Margin came at 35% vs QoQ 36.8%, YoY 30.6%
Adj. PAT came at Rs. 18.3 Cr vs QoQ Rs. 21.5 Cr, YoY Rs. 12.4 Cr
Quarter EPS is Rs. 8.2
Stock is trading at P/E of 33.4x TTM EPS
*Hatsun Agro Product Ltd.* | *CMP* Rs. 941 | *M Cap* Rs. 20971 Cr | *52 W H/L* 1380/865
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 2210.3 Cr (10% QoQ, 8% YoY) vs QoQ Rs. 2009.8 Cr, YoY Rs. 2046.9 Cr
EBIDTA came at Rs. 228 Cr (6.4% QoQ, -0.7% YoY) vs QoQ Rs. 214.2 Cr, YoY Rs. 229.6 Cr
EBITDA Margin came at 10.3% vs QoQ 10.7%, YoY 11.2%
Adj. PAT came at Rs. 49.6 Cr vs QoQ Rs. 40.9 Cr, YoY Rs. 52.2 Cr
Quarter EPS is Rs. 2.2
Stock is trading at P/E of 47x FY26E EPS
*UCO Bank Ltd.* | *CMP* Rs. 31 | *M Cap* Rs. 38749 Cr | *52 W H/L* 62/26
(Nirmal Bang Retail Research)
*Result ok*
Advances came at Rs. 215135 Cr (18% YoY, 5.5% QoQ)
Net Interest Income came at Rs. 2698 Cr vs YoY Rs. 2187 Cr, (23.4% YoY ) QoQ Rs. 2378 Cr
Non Interest Income came at Rs. 1392 Cr vs YoY Rs. 1125 Cr, QoQ Rs. 1186 Cr
PBP came at Rs. 1699 Cr vs YoY Rs. 1273 Cr, (33.5% YoY),QoQ Rs. 1586 Cr
Provisions came at Rs. 663 Cr vs YoY Rs. 467 Cr, QoQ Rs. 590 Cr
Credit Cost came at 1.2% vs QoQ 1.2% & YoY 1%
Adj. PAT came at Rs. 652 Cr vs YoY Rs. 526 Cr (24.1% YoY), QoQ Rs. 639 Cr
Gross NPA came at Rs. 5919 Cr vs QoQ Rs. 6082 Cr at 2.69% vs QoQ 2.91%
Net NPA came at Rs. 1068 Cr vs QoQ Rs. 1283 Cr at 0.5% vs QoQ 0.63%
Slippages came at Rs. 488 Cr vs QoQ Rs. 418 Cr at 0.91% vs QoQ 0.82%
ROA came at 0.8% vs QoQ 0.8% & YoY 0.7%
Quarter EPS is Rs. 0.5
Stock is trading at 1.3x trailing P/Adj. BV
*PNB Housing Finance Ltd. -C* | *CMP* Rs. 987 | *M Cap* Rs. 25648 Cr | *52 W H/L* 1201/615
(Nirmal Bang Retail Research)
*Result has improved*
NII came at Rs. 727.9 Cr vs YoY Rs. 622.9 Cr (16.8% YoY) QoQ Rs. 690.5 Cr
PBP came at Rs. 646.4 Cr vs YoY Rs. 567.1 Cr (14% YoY) QoQ Rs. 579.5 Cr
Provision came at Rs. -65 Cr vs expectation of Rs. -30 Cr, YoY Rs. 7 Cr, QoQ Rs. -36 Cr
PAT came at Rs. 550.4 Cr vs YoY Rs. 440 Cr (25.1% YoY) QoQ Rs. 483.3 Cr
AUM came at Rs. 75765 Cr (+16% YoY, +5%QoQ) vs YoY Rs. 65358 Cr, QoQ Rs. 71917 Cr
Disbursements came at Rs. 6853 Cr (+22% YoY, 27% QoQ) vs YoY Rs. 5607 Cr, QoQ Rs. 5380 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.19%
Net NPA (%) came at 0.69% vs QoQ 0.8%
Quarter EPS is Rs. 21.2
Stock is trading at 1.5x trailing P/BV
*Nippon Life Asset Management Ltd - C* | *CMP* Rs. 635 | *M Cap* Rs. 40310 Cr | *52 W H/L* 816/456
(Nirmal Bang Retail Research)
*Result is in line with expectations*
Revenue from Operations came at Rs. 567 Cr vs expectation of Rs. 574 Cr, YoY Rs. 468 Cr, QoQ Rs. 588 Cr
EBIDTA came at Rs. 365 Cr vs expectation of Rs. 372 Cr, YoY Rs. 291 Cr, QoQ Rs. 386 Cr
EBITDA Margin came at 64.5% vs expectation of 54.9%, QoQ 65.6%, YoY 62.1%
PAT came at Rs. 298.3 Cr (1% YoY) vs expectation of Rs. 280.7 Cr, YoY Rs. 342.9 Cr, QoQ Rs. 295.3 Cr
MF AUM (Rs Bn) came at Rs. 5572 vs YoY Rs. 4313 QoQ Rs. 5700
Market Share Overall came at 8.26% vs YoY 7.97% vs QoQ 8.31%
Market Share in Equity came at 6.86% vs YoY 6.76% vs QoQ 6.99%
PAT Yield (PAT/AUM) came at 0.21% vs YoY 0.32% vs Flat QoQ
Quarter EPS is Rs. 4.7
Stock is trading at P/E of 26.7x FY26E EPS & 9.6x trailing P/BV
*Go Digit General Insurance Ltd. - S* | *CMP* Rs. 309 | *M Cap* Rs. 28503 Cr | *52 W H/L* 407/264
(Nirmal Bang Retail Research)
*Result is declining*
Gross Written Premium came at Rs. 2576 Cr vs YoY Rs. 2335.9 Cr, QoQ Rs. 2677 Cr
GDPI came at Rs. 1981 Cr vs YoY Rs. 1971 Cr, QoQ Rs. 2115 Cr
Net Premiums earned came at Rs. 2246.9 Cr vs YoY Rs. 1981.8 Cr, QoQ Rs. 2084.1 Cr
PAT came at Rs. 115.6 Cr vs YoY Rs. 52.7 Cr, QoQ Rs. 118.5 Cr
Combined Ratio came at 111.3% vs QoQ 108.1%
Market Share came at 3.3% vs Flat QoQ
Quarter EPS is Rs. 1.3
Stock is trading at P/E of 47.6x FY26E EPS & 7x trailing P/BV
*Firstsource Solutions Ltd.* | *CMP* Rs. 354 | *M Cap* Rs. 24673 Cr | *52 W H/L* 423/176
(Nirmal Bang Retail Research)
Dollar revenue came at $ 250 mn, QoQ $ 249 mn, YoY $ 201 mn
Revenue growth QoQ CC came at 2.1%, QoQ 7.6%, YoY 4.5%
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 2210.3 Cr (10% QoQ, 8% YoY) vs QoQ Rs. 2009.8 Cr, YoY Rs. 2046.9 Cr
EBIDTA came at Rs. 228 Cr (6.4% QoQ, -0.7% YoY) vs QoQ Rs. 214.2 Cr, YoY Rs. 229.6 Cr
EBITDA Margin came at 10.3% vs QoQ 10.7%, YoY 11.2%
Adj. PAT came at Rs. 49.6 Cr vs QoQ Rs. 40.9 Cr, YoY Rs. 52.2 Cr
Quarter EPS is Rs. 2.2
Stock is trading at P/E of 47x FY26E EPS
*UCO Bank Ltd.* | *CMP* Rs. 31 | *M Cap* Rs. 38749 Cr | *52 W H/L* 62/26
(Nirmal Bang Retail Research)
*Result ok*
Advances came at Rs. 215135 Cr (18% YoY, 5.5% QoQ)
Net Interest Income came at Rs. 2698 Cr vs YoY Rs. 2187 Cr, (23.4% YoY ) QoQ Rs. 2378 Cr
Non Interest Income came at Rs. 1392 Cr vs YoY Rs. 1125 Cr, QoQ Rs. 1186 Cr
PBP came at Rs. 1699 Cr vs YoY Rs. 1273 Cr, (33.5% YoY),QoQ Rs. 1586 Cr
Provisions came at Rs. 663 Cr vs YoY Rs. 467 Cr, QoQ Rs. 590 Cr
Credit Cost came at 1.2% vs QoQ 1.2% & YoY 1%
Adj. PAT came at Rs. 652 Cr vs YoY Rs. 526 Cr (24.1% YoY), QoQ Rs. 639 Cr
Gross NPA came at Rs. 5919 Cr vs QoQ Rs. 6082 Cr at 2.69% vs QoQ 2.91%
Net NPA came at Rs. 1068 Cr vs QoQ Rs. 1283 Cr at 0.5% vs QoQ 0.63%
Slippages came at Rs. 488 Cr vs QoQ Rs. 418 Cr at 0.91% vs QoQ 0.82%
ROA came at 0.8% vs QoQ 0.8% & YoY 0.7%
Quarter EPS is Rs. 0.5
Stock is trading at 1.3x trailing P/Adj. BV
*PNB Housing Finance Ltd. -C* | *CMP* Rs. 987 | *M Cap* Rs. 25648 Cr | *52 W H/L* 1201/615
(Nirmal Bang Retail Research)
*Result has improved*
NII came at Rs. 727.9 Cr vs YoY Rs. 622.9 Cr (16.8% YoY) QoQ Rs. 690.5 Cr
PBP came at Rs. 646.4 Cr vs YoY Rs. 567.1 Cr (14% YoY) QoQ Rs. 579.5 Cr
Provision came at Rs. -65 Cr vs expectation of Rs. -30 Cr, YoY Rs. 7 Cr, QoQ Rs. -36 Cr
PAT came at Rs. 550.4 Cr vs YoY Rs. 440 Cr (25.1% YoY) QoQ Rs. 483.3 Cr
AUM came at Rs. 75765 Cr (+16% YoY, +5%QoQ) vs YoY Rs. 65358 Cr, QoQ Rs. 71917 Cr
Disbursements came at Rs. 6853 Cr (+22% YoY, 27% QoQ) vs YoY Rs. 5607 Cr, QoQ Rs. 5380 Cr
Gross NPA (%) came at 1.08% vs QoQ 1.19%
Net NPA (%) came at 0.69% vs QoQ 0.8%
Quarter EPS is Rs. 21.2
Stock is trading at 1.5x trailing P/BV
*Nippon Life Asset Management Ltd - C* | *CMP* Rs. 635 | *M Cap* Rs. 40310 Cr | *52 W H/L* 816/456
(Nirmal Bang Retail Research)
*Result is in line with expectations*
Revenue from Operations came at Rs. 567 Cr vs expectation of Rs. 574 Cr, YoY Rs. 468 Cr, QoQ Rs. 588 Cr
EBIDTA came at Rs. 365 Cr vs expectation of Rs. 372 Cr, YoY Rs. 291 Cr, QoQ Rs. 386 Cr
EBITDA Margin came at 64.5% vs expectation of 54.9%, QoQ 65.6%, YoY 62.1%
PAT came at Rs. 298.3 Cr (1% YoY) vs expectation of Rs. 280.7 Cr, YoY Rs. 342.9 Cr, QoQ Rs. 295.3 Cr
MF AUM (Rs Bn) came at Rs. 5572 vs YoY Rs. 4313 QoQ Rs. 5700
Market Share Overall came at 8.26% vs YoY 7.97% vs QoQ 8.31%
Market Share in Equity came at 6.86% vs YoY 6.76% vs QoQ 6.99%
PAT Yield (PAT/AUM) came at 0.21% vs YoY 0.32% vs Flat QoQ
Quarter EPS is Rs. 4.7
Stock is trading at P/E of 26.7x FY26E EPS & 9.6x trailing P/BV
*Go Digit General Insurance Ltd. - S* | *CMP* Rs. 309 | *M Cap* Rs. 28503 Cr | *52 W H/L* 407/264
(Nirmal Bang Retail Research)
*Result is declining*
Gross Written Premium came at Rs. 2576 Cr vs YoY Rs. 2335.9 Cr, QoQ Rs. 2677 Cr
GDPI came at Rs. 1981 Cr vs YoY Rs. 1971 Cr, QoQ Rs. 2115 Cr
Net Premiums earned came at Rs. 2246.9 Cr vs YoY Rs. 1981.8 Cr, QoQ Rs. 2084.1 Cr
PAT came at Rs. 115.6 Cr vs YoY Rs. 52.7 Cr, QoQ Rs. 118.5 Cr
Combined Ratio came at 111.3% vs QoQ 108.1%
Market Share came at 3.3% vs Flat QoQ
Quarter EPS is Rs. 1.3
Stock is trading at P/E of 47.6x FY26E EPS & 7x trailing P/BV
*Firstsource Solutions Ltd.* | *CMP* Rs. 354 | *M Cap* Rs. 24673 Cr | *52 W H/L* 423/176
(Nirmal Bang Retail Research)
Dollar revenue came at $ 250 mn, QoQ $ 249 mn, YoY $ 201 mn
Revenue growth QoQ CC came at 2.1%, QoQ 7.6%, YoY 4.5%
*Result is broadly in-line with expectations*
Revenue from Operations came at Rs. 2161.5 Cr (2.8% QoQ, 29.4% YoY) vs expectation of Rs. 2180.7 Cr, QoQ Rs. 2102.4 Cr, YoY Rs. 1670.5 Cr
EBIDTA came at Rs. 332.8 Cr (4.8% QoQ, 33% YoY) vs expectation of Rs. 330.5 Cr, QoQ Rs. 317.7 Cr, YoY Rs. 250.3 Cr
EBITDA Margin came at 15.4% vs expectation of 15.2%, QoQ 15.1%, YoY 15%
Adj. PAT came at Rs. 160.7 Cr vs expectation of Rs. 175.1 Cr, QoQ Rs. 151.5 Cr, YoY Rs. 133.5 Cr
Quarter EPS is Rs. 2.3
Stock is trading at P/E of 30x FY26E EPS
*Indegene Ltd.* | *CMP* Rs. 570 | *M Cap* Rs. 13677 Cr | *52 W H/L* 737/469
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Dollar Revenues came in at $87.4mn, QoQ $85.2mn, YoY $81.1mn
Revenue from Operations came at Rs. 755.6 Cr (4.9% QoQ, 12.3% YoY) vs expectation of Rs. 758.6 Cr, QoQ Rs. 720.4 Cr, YoY Rs. 673 Cr
EBIDTA came at Rs. 147.5 Cr (11.9% QoQ, 6.3% YoY) vs expectation of Rs. 160.1 Cr, QoQ Rs. 131.8 Cr, YoY Rs. 138.7 Cr
EBITDA Margin came at 19.5% vs expectation of 21.1%, QoQ 18.3%, YoY 20.6%
Adj. PAT came at Rs. 117.6 Cr vs expectation of Rs. 115.8 Cr, QoQ Rs. 109.7 Cr, YoY Rs. 92.4 Cr
Quarter EPS is Rs. 4.9
Stock is trading at P/E of 27.4x FY26E EPS
*Castrol India Ltd.* | *CMP* Rs. 210 | *M Cap* Rs. 20772 Cr | *52 W H/L* 279/159
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 1422 Cr (5% QoQ, 7.3% YoY) vs QoQ Rs. 1353.9 Cr, YoY Rs. 1325.2 Cr
EBIDTA came at Rs. 307.4 Cr (-18.2% QoQ, 4.6% YoY) vs QoQ Rs. 375.9 Cr, YoY Rs. 293.7 Cr
EBITDA Margin came at 21.6% vs QoQ 27.8%, YoY 22.2%
Adj. PAT came at Rs. 233.5 Cr vs QoQ Rs. 271.4 Cr, YoY Rs. 216.2 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 19.6x FY26E EPS
*RPG Life Sciences Ltd.* | *CMP* Rs. 2109 | *M Cap* Rs. 3488 Cr | *52 W H/L* 2977/1383
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 143.1 Cr (-17.2% QoQ, 12.7% YoY) vs QoQ Rs. 172.7 Cr, YoY Rs. 127 Cr
EBIDTA came at Rs. 25.5 Cr (-48.1% QoQ, 23% YoY) vs QoQ Rs. 49.2 Cr, YoY Rs. 20.7 Cr
EBITDA Margin came at 17.8% vs QoQ 28.5%, YoY 16.3%
Adj. PAT came at Rs. 7.4 Cr vs QoQ Rs. 34.9 Cr, YoY Rs. 13.2 Cr
Quarter EPS is Rs. 4.5
Stock is trading at P/E of 34.7x TTM EPS
*AWL Agri Business Ltd.* | *CMP* Rs. 279 | *M Cap* Rs. 36274 Cr | *52 W H/L* 404/232
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 18229.6 Cr (8.1% QoQ, 37.7% YoY) vs QoQ Rs. 16859.3 Cr, YoY Rs. 13238 Cr
EBIDTA came at Rs. 448.3 Cr (-43.4% QoQ, 25.6% YoY) vs QoQ Rs. 791.6 Cr, YoY Rs. 357 Cr
EBITDA Margin came at 2.5% vs QoQ 4.7%, YoY 2.7%
Adj. PAT came at Rs. 190.3 Cr vs QoQ Rs. 410.6 Cr, YoY Rs. 156.8 Cr
Quarter EPS is Rs. 1.5
Stock is trading at P/E of 29.6x TTM EPS
*KFin Technologies Ltd.* | *CMP* Rs. 1240 | *M Cap* Rs. 21337 Cr | *52 W H/L* 1641/592
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 282.7 Cr (-2.5% QoQ, 23.8% YoY) vs QoQ Rs. 290 Cr, YoY Rs. 228.3 Cr
EBIDTA came at Rs. 122.3 Cr (-6.4% QoQ, 16.9% YoY) vs QoQ Rs. 130.6 Cr, YoY Rs. 104.6 Cr
EBITDA Margin came at 43.2% vs QoQ 45%, YoY 45.8%
Adj. PAT came at Rs. 85.1 Cr vs QoQ Rs. 90.2 Cr, YoY Rs. 74.5 Cr
Quarter EPS is Rs. 4.9
Stock is trading at P/E of 64.1x TTM EPS
*Hexaware Technologies Ltd* | *CMP* Rs. 702 | *M Cap* Rs. 42420 Cr | *52 W H/L* 850/593
(Nirmal Bang Retail Research)
Rev CC QoQ growth came at -0.2 % vs expectation of 0.6 %, QoQ 0.2 %
Dollar revenue came at $371.5mn vs expectation of $380mn, QoQ $372.3mn, YoY $330.6mn
*Result is below expectation*
Net sales came at Rs. 3207.9 Cr,(1.7% QoQ, 16.7% YoY) vs expectation of Rs. 3264 Cr, QoQ Rs.3154.4 Mn, YoY Rs. 2748.8 Cr
EBIT came at Rs. 455 Cr (9.7% QoQ, 27% YoY) vs expectation of Rs. 426.6 Cr, QoQ Rs. 414.1 Cr, YoY Rs. 357.6 Cr
EBIT Margin % came at 14.2% vs expectation of 13.1%, QoQ 13.1%, YoY 13%
PAT came at 327.2 Cr vs expectation of 323 cr, QoQ 318.9 Cr, YoY 279.6 Cr
Quarter EPS is Rs. 5.4
Stock is trading at P/E of 22x EPS of FY27
Revenue from Operations came at Rs. 2161.5 Cr (2.8% QoQ, 29.4% YoY) vs expectation of Rs. 2180.7 Cr, QoQ Rs. 2102.4 Cr, YoY Rs. 1670.5 Cr
EBIDTA came at Rs. 332.8 Cr (4.8% QoQ, 33% YoY) vs expectation of Rs. 330.5 Cr, QoQ Rs. 317.7 Cr, YoY Rs. 250.3 Cr
EBITDA Margin came at 15.4% vs expectation of 15.2%, QoQ 15.1%, YoY 15%
Adj. PAT came at Rs. 160.7 Cr vs expectation of Rs. 175.1 Cr, QoQ Rs. 151.5 Cr, YoY Rs. 133.5 Cr
Quarter EPS is Rs. 2.3
Stock is trading at P/E of 30x FY26E EPS
*Indegene Ltd.* | *CMP* Rs. 570 | *M Cap* Rs. 13677 Cr | *52 W H/L* 737/469
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Dollar Revenues came in at $87.4mn, QoQ $85.2mn, YoY $81.1mn
Revenue from Operations came at Rs. 755.6 Cr (4.9% QoQ, 12.3% YoY) vs expectation of Rs. 758.6 Cr, QoQ Rs. 720.4 Cr, YoY Rs. 673 Cr
EBIDTA came at Rs. 147.5 Cr (11.9% QoQ, 6.3% YoY) vs expectation of Rs. 160.1 Cr, QoQ Rs. 131.8 Cr, YoY Rs. 138.7 Cr
EBITDA Margin came at 19.5% vs expectation of 21.1%, QoQ 18.3%, YoY 20.6%
Adj. PAT came at Rs. 117.6 Cr vs expectation of Rs. 115.8 Cr, QoQ Rs. 109.7 Cr, YoY Rs. 92.4 Cr
Quarter EPS is Rs. 4.9
Stock is trading at P/E of 27.4x FY26E EPS
*Castrol India Ltd.* | *CMP* Rs. 210 | *M Cap* Rs. 20772 Cr | *52 W H/L* 279/159
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 1422 Cr (5% QoQ, 7.3% YoY) vs QoQ Rs. 1353.9 Cr, YoY Rs. 1325.2 Cr
EBIDTA came at Rs. 307.4 Cr (-18.2% QoQ, 4.6% YoY) vs QoQ Rs. 375.9 Cr, YoY Rs. 293.7 Cr
EBITDA Margin came at 21.6% vs QoQ 27.8%, YoY 22.2%
Adj. PAT came at Rs. 233.5 Cr vs QoQ Rs. 271.4 Cr, YoY Rs. 216.2 Cr
Quarter EPS is Rs. 2.4
Stock is trading at P/E of 19.6x FY26E EPS
*RPG Life Sciences Ltd.* | *CMP* Rs. 2109 | *M Cap* Rs. 3488 Cr | *52 W H/L* 2977/1383
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 143.1 Cr (-17.2% QoQ, 12.7% YoY) vs QoQ Rs. 172.7 Cr, YoY Rs. 127 Cr
EBIDTA came at Rs. 25.5 Cr (-48.1% QoQ, 23% YoY) vs QoQ Rs. 49.2 Cr, YoY Rs. 20.7 Cr
EBITDA Margin came at 17.8% vs QoQ 28.5%, YoY 16.3%
Adj. PAT came at Rs. 7.4 Cr vs QoQ Rs. 34.9 Cr, YoY Rs. 13.2 Cr
Quarter EPS is Rs. 4.5
Stock is trading at P/E of 34.7x TTM EPS
*AWL Agri Business Ltd.* | *CMP* Rs. 279 | *M Cap* Rs. 36274 Cr | *52 W H/L* 404/232
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 18229.6 Cr (8.1% QoQ, 37.7% YoY) vs QoQ Rs. 16859.3 Cr, YoY Rs. 13238 Cr
EBIDTA came at Rs. 448.3 Cr (-43.4% QoQ, 25.6% YoY) vs QoQ Rs. 791.6 Cr, YoY Rs. 357 Cr
EBITDA Margin came at 2.5% vs QoQ 4.7%, YoY 2.7%
Adj. PAT came at Rs. 190.3 Cr vs QoQ Rs. 410.6 Cr, YoY Rs. 156.8 Cr
Quarter EPS is Rs. 1.5
Stock is trading at P/E of 29.6x TTM EPS
*KFin Technologies Ltd.* | *CMP* Rs. 1240 | *M Cap* Rs. 21337 Cr | *52 W H/L* 1641/592
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 282.7 Cr (-2.5% QoQ, 23.8% YoY) vs QoQ Rs. 290 Cr, YoY Rs. 228.3 Cr
EBIDTA came at Rs. 122.3 Cr (-6.4% QoQ, 16.9% YoY) vs QoQ Rs. 130.6 Cr, YoY Rs. 104.6 Cr
EBITDA Margin came at 43.2% vs QoQ 45%, YoY 45.8%
Adj. PAT came at Rs. 85.1 Cr vs QoQ Rs. 90.2 Cr, YoY Rs. 74.5 Cr
Quarter EPS is Rs. 4.9
Stock is trading at P/E of 64.1x TTM EPS
*Hexaware Technologies Ltd* | *CMP* Rs. 702 | *M Cap* Rs. 42420 Cr | *52 W H/L* 850/593
(Nirmal Bang Retail Research)
Rev CC QoQ growth came at -0.2 % vs expectation of 0.6 %, QoQ 0.2 %
Dollar revenue came at $371.5mn vs expectation of $380mn, QoQ $372.3mn, YoY $330.6mn
*Result is below expectation*
Net sales came at Rs. 3207.9 Cr,(1.7% QoQ, 16.7% YoY) vs expectation of Rs. 3264 Cr, QoQ Rs.3154.4 Mn, YoY Rs. 2748.8 Cr
EBIT came at Rs. 455 Cr (9.7% QoQ, 27% YoY) vs expectation of Rs. 426.6 Cr, QoQ Rs. 414.1 Cr, YoY Rs. 357.6 Cr
EBIT Margin % came at 14.2% vs expectation of 13.1%, QoQ 13.1%, YoY 13%
PAT came at 327.2 Cr vs expectation of 323 cr, QoQ 318.9 Cr, YoY 279.6 Cr
Quarter EPS is Rs. 5.4
Stock is trading at P/E of 22x EPS of FY27
*Adani Total Gas Ltd.* | *CMP* Rs. 617 | *M Cap* Rs. 67864 Cr | *52 W H/L* 1198/533
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1341.3 Cr (3.6% QoQ, 14.9% YoY) vs QoQ Rs. 1294.5 Cr, YoY Rs. 1167 Cr
EBIDTA came at Rs. 266.3 Cr (0.6% QoQ, -7.6% YoY) vs QoQ Rs. 264.7 Cr, YoY Rs. 288 Cr
EBITDA Margin came at 19.9% vs QoQ 20.5%, YoY 24.7%
Adj. PAT came at Rs. 154.6 Cr vs QoQ Rs. 142.4 Cr, YoY Rs. 168 Cr
Quarter EPS is Rs. 1.4
Stock is trading at P/E of 103.7x TTM EPS
*Oberoi Realty Ltd.* | *CMP* Rs. 1656 | *M Cap* Rs. 60213 Cr | *52 W H/L* 2350/1359
(Nirmal Bang Retail Research)
*Result below Expectation*
Revenue from Operations came at Rs. 1150.1 Cr (-18.5% QoQ, -12.5% YoY) vs expectation of Rs. 1521.8 Cr, QoQ Rs. 1411.1 Cr, YoY Rs. 1314.8 Cr
EBIDTA came at Rs. 618.1 Cr (-27.8% QoQ, -21.6% YoY) vs expectation of Rs. 848 Cr, QoQ Rs. 856.1 Cr, YoY Rs. 788.6 Cr
EBITDA Margin came at 53.7% vs expectation of 55.7%, QoQ 60.7%, YoY 60%
Adj. PAT came at Rs. 433.2 Cr vs expectation of Rs. 535.5 Cr, QoQ Rs. 618.4 Cr, YoY Rs. 788 Cr
Quarter EPS is Rs. 11.9
Stock is trading at P/E of 20.6x FY26E EPS
(Nirmal Bang Retail Research)
*Result is ok*
Revenue from Operations came at Rs. 1341.3 Cr (3.6% QoQ, 14.9% YoY) vs QoQ Rs. 1294.5 Cr, YoY Rs. 1167 Cr
EBIDTA came at Rs. 266.3 Cr (0.6% QoQ, -7.6% YoY) vs QoQ Rs. 264.7 Cr, YoY Rs. 288 Cr
EBITDA Margin came at 19.9% vs QoQ 20.5%, YoY 24.7%
Adj. PAT came at Rs. 154.6 Cr vs QoQ Rs. 142.4 Cr, YoY Rs. 168 Cr
Quarter EPS is Rs. 1.4
Stock is trading at P/E of 103.7x TTM EPS
*Oberoi Realty Ltd.* | *CMP* Rs. 1656 | *M Cap* Rs. 60213 Cr | *52 W H/L* 2350/1359
(Nirmal Bang Retail Research)
*Result below Expectation*
Revenue from Operations came at Rs. 1150.1 Cr (-18.5% QoQ, -12.5% YoY) vs expectation of Rs. 1521.8 Cr, QoQ Rs. 1411.1 Cr, YoY Rs. 1314.8 Cr
EBIDTA came at Rs. 618.1 Cr (-27.8% QoQ, -21.6% YoY) vs expectation of Rs. 848 Cr, QoQ Rs. 856.1 Cr, YoY Rs. 788.6 Cr
EBITDA Margin came at 53.7% vs expectation of 55.7%, QoQ 60.7%, YoY 60%
Adj. PAT came at Rs. 433.2 Cr vs expectation of Rs. 535.5 Cr, QoQ Rs. 618.4 Cr, YoY Rs. 788 Cr
Quarter EPS is Rs. 11.9
Stock is trading at P/E of 20.6x FY26E EPS
Dow +114
Nasdaq -17
Dax +22
Nikkei +134
Hangseng +168
Gift Nifty +40(24493)
Dowfut +80
Nasdaqfut +75
Crude Oil 64.72
Dollar Index 98.89
Stocks To Watch
IndusInd Bank: Deputy chief executive officer Arun Khurana has resigned with immediate effect, citing recent accounting discrepancies in the bank's derivatives business as the primary reason.
Gensol Engineering: The Enforcement Directorate conducted search and seizure operations at the company's Ahmedabad and Gurgaon premises, seizing documents, electronic devices, and financial records. This development could lead to uncertainty and scrutiny for the company.
Avenue Supermarts: The company has expanded its retail presence by opening a new store in Madhya Pradesh, bringing the total number of stores to 418.
Aurobindo Pharma: The company had reported a fire incident at its manufacturing facility in Andhra Pradesh.
Tata Technologies: American private equity firm TPG Rise plans to sell approximately 4% of its stake (nearly 1.58 crore shares) in a price range of Rs 670-699 per share, offering a discount of up to 5% from the current market price.
HG Infra Engineering: The company's arm received a provisional certificate for a project valued at Rs 1,123 crore.
Landmark Cars: The company has sold its Jeep Punjab business, consisting of two showrooms and one workshop,marking its complete exit from the state. This strategic move aims to consolidate operations and rationalise costs.
ITDC: The company has appointed Mugdha Sinha as its new managing director, which marks a change in the key leadership.
IOL Chemicals and Pharma: The company's product "Ibuprofen" received approval from China's Center for Drug Evaluation of National Medical Products, authorizing exports to the Chinese market.
Vimta Labs: The company's board has approved a bonus share issue in the ratio of 1:1.
Morepen Laboratories: The company incorporated a new arm in a free zone in Dubai, UAE, with a capital of AED 50,000.
Trading Tweaks
Price Band changes from 5 to 2%: Kesoram Industries.
Price Band changes from 20 to 10%: Carraro India.
Ex-Dividend: 360 One WAM.
Ex-Rights Issue: Max India
List of securities to be excluded from ASM Framework: Cupid, Rama Phosphates.
Securities in ban period:
RBL Bank
Currency Update
Rupee closed 42 paise stronger at 85.03 a dollar. On an intraday basis, the local currency jumped 50 paise to 84.95 a dollar, marking the highest levels since April 4. It closed at 85.45 a dollar on Friday.
The yield on the benchmark 10-year government bond ended three bps lower at 6.40.
*News Headlines from Business News Agencies :*
*Business Standard :*
📝 India's IIP grows 3% in March, full-year growth slows to 4% in FY25
📝 Inherent risks in sustainable finance drive up lending costs: RBI's Rao
📝 Uttar Pradesh defence corridor gets ₹30K crore investment proposals
📝 We're mulling yen-led fundraise to diversify borrowing: Shriram Finance CEO
📝 IRFC Q4 results: Net profit down 3% at Rs 1,667 cr, expenses at Rs 5,042 cr
📝 UP aims to triple exports to Rs 5 trn in five years with help of new policy
📝 Mahindra Lifespace Q4 sale bookings decline 3% to Rs 1,055 crore
📝 US tariff may impact Indian autoparts exporters by up to Rs 4,500 cr: ICRA
📝 PV industry to hit record 5 mn domestic, export units in FY26: Crisil
📝 Eka Mobility aims to manufacture 10,000 e-buses annually by FY27
📝 Mega buyouts can support, not hinder Japan Inc's reform despite Toyota deal
📝 India may save $66 billion by phasing out thermal coal imports by 2029
*Economic Times :*
📝 Global giants P&G to PepsiCo look to India for growth while small rivals speed ahead
📝 Tata Motors' EV journey moving in the right direction: Anand Kulkarni, Chief Products Officer
📝 UltraTech Cement board announces Rs 77.50 per share final dividend
Nasdaq -17
Dax +22
Nikkei +134
Hangseng +168
Gift Nifty +40(24493)
Dowfut +80
Nasdaqfut +75
Crude Oil 64.72
Dollar Index 98.89
Stocks To Watch
IndusInd Bank: Deputy chief executive officer Arun Khurana has resigned with immediate effect, citing recent accounting discrepancies in the bank's derivatives business as the primary reason.
Gensol Engineering: The Enforcement Directorate conducted search and seizure operations at the company's Ahmedabad and Gurgaon premises, seizing documents, electronic devices, and financial records. This development could lead to uncertainty and scrutiny for the company.
Avenue Supermarts: The company has expanded its retail presence by opening a new store in Madhya Pradesh, bringing the total number of stores to 418.
Aurobindo Pharma: The company had reported a fire incident at its manufacturing facility in Andhra Pradesh.
Tata Technologies: American private equity firm TPG Rise plans to sell approximately 4% of its stake (nearly 1.58 crore shares) in a price range of Rs 670-699 per share, offering a discount of up to 5% from the current market price.
HG Infra Engineering: The company's arm received a provisional certificate for a project valued at Rs 1,123 crore.
Landmark Cars: The company has sold its Jeep Punjab business, consisting of two showrooms and one workshop,marking its complete exit from the state. This strategic move aims to consolidate operations and rationalise costs.
ITDC: The company has appointed Mugdha Sinha as its new managing director, which marks a change in the key leadership.
IOL Chemicals and Pharma: The company's product "Ibuprofen" received approval from China's Center for Drug Evaluation of National Medical Products, authorizing exports to the Chinese market.
Vimta Labs: The company's board has approved a bonus share issue in the ratio of 1:1.
Morepen Laboratories: The company incorporated a new arm in a free zone in Dubai, UAE, with a capital of AED 50,000.
Trading Tweaks
Price Band changes from 5 to 2%: Kesoram Industries.
Price Band changes from 20 to 10%: Carraro India.
Ex-Dividend: 360 One WAM.
Ex-Rights Issue: Max India
List of securities to be excluded from ASM Framework: Cupid, Rama Phosphates.
Securities in ban period:
RBL Bank
Currency Update
Rupee closed 42 paise stronger at 85.03 a dollar. On an intraday basis, the local currency jumped 50 paise to 84.95 a dollar, marking the highest levels since April 4. It closed at 85.45 a dollar on Friday.
The yield on the benchmark 10-year government bond ended three bps lower at 6.40.
*News Headlines from Business News Agencies :*
*Business Standard :*
📝 India's IIP grows 3% in March, full-year growth slows to 4% in FY25
📝 Inherent risks in sustainable finance drive up lending costs: RBI's Rao
📝 Uttar Pradesh defence corridor gets ₹30K crore investment proposals
📝 We're mulling yen-led fundraise to diversify borrowing: Shriram Finance CEO
📝 IRFC Q4 results: Net profit down 3% at Rs 1,667 cr, expenses at Rs 5,042 cr
📝 UP aims to triple exports to Rs 5 trn in five years with help of new policy
📝 Mahindra Lifespace Q4 sale bookings decline 3% to Rs 1,055 crore
📝 US tariff may impact Indian autoparts exporters by up to Rs 4,500 cr: ICRA
📝 PV industry to hit record 5 mn domestic, export units in FY26: Crisil
📝 Eka Mobility aims to manufacture 10,000 e-buses annually by FY27
📝 Mega buyouts can support, not hinder Japan Inc's reform despite Toyota deal
📝 India may save $66 billion by phasing out thermal coal imports by 2029
*Economic Times :*
📝 Global giants P&G to PepsiCo look to India for growth while small rivals speed ahead
📝 Tata Motors' EV journey moving in the right direction: Anand Kulkarni, Chief Products Officer
📝 UltraTech Cement board announces Rs 77.50 per share final dividend
📝 CtrlS Data centers to invest Rs 500 crore for greenfield data centre in Bhopal
📝 Proposed Rs 555 cr acquisition of SML Isuzu strong strategic fit for company: M&M
📝 Hero Realty to invest Rs 3,000 crore in Gurgaon project
📝 Bandhan Bank opens 16 new branches in 5 states
📝 Experion Developers to invest over Rs 2,000 cr on new Gurugram housing project
📝 Adani Energy Solutions eyes capex hike to Rs 18k crore
📝 Airtel Payments Bank RuPay ON-THE-GO Card enabled with NCMC
📝 Japan's Takeda to launch dengue vaccine in India with Biological E next year
📝 Housing demand, price growth to moderate in FY26 amid increasing inventory levels
*Mint :*
📝 India inks ₹64,000 cr deal with France to buy 26 Rafale jets for Indian Navy
📝 DHL resumes global shipments above $800 after talks with US authorities
📝 UCO Bank posts 24pc on-year jump in consolidated net profit to ₹665.7 cr in Jan-Mar
📝 US generics, domestic market to drive healthy growth for pharma companies in Q4
📝 Swiss Agree to Tariff Negotiations with Trump Administration
📝 Auto component makers may see up to ₹4.5k cr revenue hit this fiscal due to tariffs
📝 Dixon, Amber set to gain from new production incentives, US tariffs
📝 Indian bond yields rise on anticipation of new 10-year issuance, position unwinding
📝 Deloitte flags lapses in Dailyhunt parent’s internal controls
📝 S&P warns Australia's AAA rating at risk from election pledges
📝 India to continue capex focus to drive economic growth amid global caution, says Deloitte’s Rumki Mazumdar
BLOCK DEAL IN SAMHI 87.21 LAKH SHARES @ 174.30 IN NSE
*TVS Motor Company Ltd – Q4 FY25 Concall Update*
*Outlook:- Positive*
*Future Outlook*
• Management expects the domestic two-wheeler market in FY26 to grow similarly to FY25. Q1 FY26 could see moderate growth (due to a high base effect from last year). Growth is expected to pick up from Q2 onwards, helped by: A higher number of marriage dates, A normal monsoon forecast, Increased disposable income from income tax rebates, Lower EMIs due to a 50bps repo rate cut, aiding affordability.
• EV two-wheeler penetration increased to 6.8% in FY25. EV adoption is expected to further rise, supported by the PM-eBus Sewa Scheme, PLI benefits, and state-level EV policies.
• TVS iQube will continue expanding its network presence beyond the current 950 dealers. New EV products (both two-wheelers and three-wheelers) are in advanced stages and are expected to launch over the next few quarters.
• Positive outlook for exports in FY26. Africa is expected to recover after previous economic challenges, while LATAM markets (Mexico, Colombia, Guatemala) continue to show strong growth. TVS aims to grow ahead of the industry in international markets.
• EBITDA Margin: Q4 FY25 EBITDA margin stood at 14% (including full-year PLI benefits), Adjusted standalone EBITDA margin was 12.5% (vs 11.3% last year). Management is confident of sustaining and gradually improving EBITDA margins.
• Company plans to launch approximately one new product per quarter over the next few years, depending on strategic timing.
*Other Highlights*
• The PLI benefit contributed ~0.5% to revenues. Management expects these incentives to grow further with upcoming product launches.
• The scooter segment has grown stronger than motorcycles, now accounting for approximately 38% of the overall industry mix, aided by EV adoption.
• In EVs, TVS introduced three battery variants (2.2 kWh, 3.4 kWh, and 5.1 kWh), catering to different customer needs.
• FY25 standalone capex stood at ~₹1,800 crore, compared to ~₹1,100 crore in the previous year.
• TVS has developed CNG scooter technology; launch timing will depend on market readiness and CNG availability.
*• Stock is trading at P/E of 40.9x FY26E EPS*
US Treasury Secretary Scott Bessent said he wouldn’t be surprised if a trade deal with India was the first to be announced.
📝 Proposed Rs 555 cr acquisition of SML Isuzu strong strategic fit for company: M&M
📝 Hero Realty to invest Rs 3,000 crore in Gurgaon project
📝 Bandhan Bank opens 16 new branches in 5 states
📝 Experion Developers to invest over Rs 2,000 cr on new Gurugram housing project
📝 Adani Energy Solutions eyes capex hike to Rs 18k crore
📝 Airtel Payments Bank RuPay ON-THE-GO Card enabled with NCMC
📝 Japan's Takeda to launch dengue vaccine in India with Biological E next year
📝 Housing demand, price growth to moderate in FY26 amid increasing inventory levels
*Mint :*
📝 India inks ₹64,000 cr deal with France to buy 26 Rafale jets for Indian Navy
📝 DHL resumes global shipments above $800 after talks with US authorities
📝 UCO Bank posts 24pc on-year jump in consolidated net profit to ₹665.7 cr in Jan-Mar
📝 US generics, domestic market to drive healthy growth for pharma companies in Q4
📝 Swiss Agree to Tariff Negotiations with Trump Administration
📝 Auto component makers may see up to ₹4.5k cr revenue hit this fiscal due to tariffs
📝 Dixon, Amber set to gain from new production incentives, US tariffs
📝 Indian bond yields rise on anticipation of new 10-year issuance, position unwinding
📝 Deloitte flags lapses in Dailyhunt parent’s internal controls
📝 S&P warns Australia's AAA rating at risk from election pledges
📝 India to continue capex focus to drive economic growth amid global caution, says Deloitte’s Rumki Mazumdar
BLOCK DEAL IN SAMHI 87.21 LAKH SHARES @ 174.30 IN NSE
*TVS Motor Company Ltd – Q4 FY25 Concall Update*
*Outlook:- Positive*
*Future Outlook*
• Management expects the domestic two-wheeler market in FY26 to grow similarly to FY25. Q1 FY26 could see moderate growth (due to a high base effect from last year). Growth is expected to pick up from Q2 onwards, helped by: A higher number of marriage dates, A normal monsoon forecast, Increased disposable income from income tax rebates, Lower EMIs due to a 50bps repo rate cut, aiding affordability.
• EV two-wheeler penetration increased to 6.8% in FY25. EV adoption is expected to further rise, supported by the PM-eBus Sewa Scheme, PLI benefits, and state-level EV policies.
• TVS iQube will continue expanding its network presence beyond the current 950 dealers. New EV products (both two-wheelers and three-wheelers) are in advanced stages and are expected to launch over the next few quarters.
• Positive outlook for exports in FY26. Africa is expected to recover after previous economic challenges, while LATAM markets (Mexico, Colombia, Guatemala) continue to show strong growth. TVS aims to grow ahead of the industry in international markets.
• EBITDA Margin: Q4 FY25 EBITDA margin stood at 14% (including full-year PLI benefits), Adjusted standalone EBITDA margin was 12.5% (vs 11.3% last year). Management is confident of sustaining and gradually improving EBITDA margins.
• Company plans to launch approximately one new product per quarter over the next few years, depending on strategic timing.
*Other Highlights*
• The PLI benefit contributed ~0.5% to revenues. Management expects these incentives to grow further with upcoming product launches.
• The scooter segment has grown stronger than motorcycles, now accounting for approximately 38% of the overall industry mix, aided by EV adoption.
• In EVs, TVS introduced three battery variants (2.2 kWh, 3.4 kWh, and 5.1 kWh), catering to different customer needs.
• FY25 standalone capex stood at ~₹1,800 crore, compared to ~₹1,100 crore in the previous year.
• TVS has developed CNG scooter technology; launch timing will depend on market readiness and CNG availability.
*• Stock is trading at P/E of 40.9x FY26E EPS*
US Treasury Secretary Scott Bessent said he wouldn’t be surprised if a trade deal with India was the first to be announced.
*Wipro* has bagged a 5 year IT transformation deal from Germany based firm Vorwerk. It will modernise Vorwerk's IT infrastructure using its AI-powered infrastructure operations solution. Positive
*UltraTech Cement Q4 FY25 Earnings Call update*
*Outlook: Longterm Positive*
- UltraTech added 42.6 million tons of capacity in FY25, raising its total domestic capacity to 184 million tons, including the integration of Kesoram and India Cements.
- The company completed the acquisition of Kesoram Cement, with full operational control from March 1, 2025. The financial performance of Kesoram has been consolidated with UltraTech from April 1, 2024.
- India Cements, acquired in December 2024, achieved EBITDA breakeven in the first quarter post-acquisition and crossed 1 million metric tons in sales in March 2025.India Cements is expected to achieve EBITDA per ton of ₹500 by FY26 and ₹800 by FY27.
- EBITDA per ton for UltraTech’s organic business stood at ₹1,270/ton for the quarter; including Kesoram’s performance, it was ₹1,238/ton.
- Significant cost improvements were reported, with fuel costs dropping 14% year-on-year (₹881/ton in Q4 FY25 vs. ₹1,025/ton in Q4 FY24).
- The company is on track to deliver over ₹300/ton in efficiency improvements as part of a three-year cost optimization program.
- Capex for FY25 was around ₹9,000 crore, with a similar outlay planned for FY26 (₹9,000–10,000 crore), primarily for strategic investments and ongoing expansion.
- Effective capacity utilization was 89% for the quarter and 78% for the full year.
- Management expects double-digit volume growth in FY26 on a like-for-like basis, despite near-term challenges from heat waves affecting construction activity in early FY26.
- The company targets further capacity expansion to reach approximately 212 million tons by FY27.
- Kesoram Cement will be gradually rebranded as UltraTech, while India Cements will eventually transition through tolling arrangements to the UltraTech brand.
Share is trading at 21.4x FY26 EV / EBITDA
*KPIT Tech Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
1. Q4 numbers were in line with expectations. Revenues grew 3% QoQ CC and ebit margins remained flat at 17.3% QoQ.
2. Co’s investments and engagements in China are bearing fruitful outcomes. Co is strategically placed to take learnings from Chinese OEM’s globally.
3. European pipeline is very strong. There is an urge to catch amongst OEMS and Co is an established player in these markets to benefit.
4. USA – Passenger cars as well as Off highway market is growing.
5. Current tariff uncertainty creating delays in decision making. Should get clarity in 3 4 months.
6. H2 to be stronger than H1. However, H1 will also grow positively.
7. Once macro environment cools off, the pace of order book execution would accelerate.
8. Co making investments for future; hence margins might be maintained at current levels.
9. There can be a possible M&A in medium term.
10. Drivers of growth – a. OEMs consolidation, b. Cyber Security, c. Upcoming New Vehicle launches.
11. Co has collaborated with Mercedes Benz (India) to enhance efficiencies.
12. Stock is trading at 38x FY27E earnings.
*UltraTech Cement Q4 FY25 Earnings Call update*
*Outlook: Longterm Positive*
- UltraTech added 42.6 million tons of capacity in FY25, raising its total domestic capacity to 184 million tons, including the integration of Kesoram and India Cements.
- The company completed the acquisition of Kesoram Cement, with full operational control from March 1, 2025. The financial performance of Kesoram has been consolidated with UltraTech from April 1, 2024.
- India Cements, acquired in December 2024, achieved EBITDA breakeven in the first quarter post-acquisition and crossed 1 million metric tons in sales in March 2025.India Cements is expected to achieve EBITDA per ton of ₹500 by FY26 and ₹800 by FY27.
- EBITDA per ton for UltraTech’s organic business stood at ₹1,270/ton for the quarter; including Kesoram’s performance, it was ₹1,238/ton.
- Significant cost improvements were reported, with fuel costs dropping 14% year-on-year (₹881/ton in Q4 FY25 vs. ₹1,025/ton in Q4 FY24).
- The company is on track to deliver over ₹300/ton in efficiency improvements as part of a three-year cost optimization program.
- Capex for FY25 was around ₹9,000 crore, with a similar outlay planned for FY26 (₹9,000–10,000 crore), primarily for strategic investments and ongoing expansion.
- Effective capacity utilization was 89% for the quarter and 78% for the full year.
- Management expects double-digit volume growth in FY26 on a like-for-like basis, despite near-term challenges from heat waves affecting construction activity in early FY26.
- The company targets further capacity expansion to reach approximately 212 million tons by FY27.
- Kesoram Cement will be gradually rebranded as UltraTech, while India Cements will eventually transition through tolling arrangements to the UltraTech brand.
Share is trading at 21.4x FY26 EV / EBITDA
*KPIT Tech Concall Update*
(Nirmal Bang Retail Research)
*Outlook – Positive*
1. Q4 numbers were in line with expectations. Revenues grew 3% QoQ CC and ebit margins remained flat at 17.3% QoQ.
2. Co’s investments and engagements in China are bearing fruitful outcomes. Co is strategically placed to take learnings from Chinese OEM’s globally.
3. European pipeline is very strong. There is an urge to catch amongst OEMS and Co is an established player in these markets to benefit.
4. USA – Passenger cars as well as Off highway market is growing.
5. Current tariff uncertainty creating delays in decision making. Should get clarity in 3 4 months.
6. H2 to be stronger than H1. However, H1 will also grow positively.
7. Once macro environment cools off, the pace of order book execution would accelerate.
8. Co making investments for future; hence margins might be maintained at current levels.
9. There can be a possible M&A in medium term.
10. Drivers of growth – a. OEMs consolidation, b. Cyber Security, c. Upcoming New Vehicle launches.
11. Co has collaborated with Mercedes Benz (India) to enhance efficiencies.
12. Stock is trading at 38x FY27E earnings.