Asian indices tracked the gains in US indices to open higher on Wednesday. Japan's Nikkei was up 0.4% at 6:53 a.m., when Australia's S&P ASX was 0.6% higher and South Korea's Kospi was 0.88% higher.
US stocks climbed and bond yields decreased following the latest US inflation data, which bolstered speculation that the Federal Reserve might implement the widely anticipated interest-rate cut in September.
The August futures contract of the GIFT Nifty was at 24,233.00, up 14.5 points, or 0.06% as of 7:00 a.m.
The S&P 500 and Nasdaq 100 rose 1.33% and 1.96%, respectively, as of 12:21 p.m. Eastern Daylight Time. The Dow Jones Industrial Average was down 0.77%.
Brent crude was trading 0.51% higher at $81.10 a barrel as of 6:52 a.m. and Gold rose 0.20% to $2,470.16 an ounce.
The Indian benchmark equity indices ended lower for the second consecutive day to log their worst session since Aug. 5 as shares of banks weighed on them. The NSE Nifty 50 closed 208 points or 0.85%, down at 24,139.0 and the S&P BSE Sensex ended 692.89 points or 0.87%, lower at 78,956.03.
Overseas investors remained net sellers on Tuesday for the second consecutive day. The FPIs offloaded equities worth Rs 2,107.2 crore, while domestic investors remained net buyers for the eighth consecutive session and mopped up equities worth Rs 1,239.96 crore, according to provisional data from the National Stock Exchange.
The Indian currency settled flat at 83.97 against the US dollar on Tuesday.
Earnings Post Market Hours
Apollo Hospitals Enterprise (Consolidated, YoY)
Revenue up 15.1% to Rs 5,085.60 crore versus Rs 4,417.80 crore (Bloomberg estimate: Rs 5,089 crore).
Ebitda up 33% at Rs 675.10 crore versus Rs 509 crore (Bloomberg estimate: Rs 698 crore).
Ebitda margin expanded to 13.3% versus 11.5% (Bloomberg estimate: 13.70%).
Net profit up 82% at Rs 315.50 crore versus Rs 173.40 crore (Bloomberg estimate: Rs 300 crore).
Sammaan Capital Q1 FY25 (YoY)
Total income up 8.4% to Rs 1,934 crore versus Rs 1,784 crore.
Net profit up 6.5% at Rs 257 crore versus Rs 241 crore.
NBCC Q1 FY25 (Consolidated, YoY)
Revenue up 11.3% to Rs 2,144.16 crore versus Rs 1,926.10 crore (Bloomberg estimate: Rs 2,774 crore).
Ebitda up 60% at Rs 91.64 crore versus Rs 57.16 crore (Bloomberg estimate: Rs 175 crore).
Ebitda margin expanded to 4.27% versus 2.96% (Bloomberg estimate: 6.30%).
Net profit up 38% at Rs 107.19 crore versus Rs 77.41 crore.
FIEM Industries Q1 FY25 Results Highlights (Consolidated, YoY)
Revenue up 22% to Rs 578 crore versus Rs 475 crore.
Ebitda up 29% to Rs 79 crore versus Rs 61 crore.
Ebitda margin at 13.6% versus 12.8%.
Net profit up 38% to Rs 49 crore versus Rs 35 crore.
NMDC Steel Q1 FY25 (Consolidated, QoQ)
Revenue up 9.6% at Rs 2,023 crore vs Rs 1,846 crore.
Ebitda loss at Rs 403 crore vs loss of Rs 956 crore.
Net loss of Rs 547 crore vs loss of Rs 861 crore.
Gujarat Narmada Valley Fertilizers Chemicals (Consolidated, YoY)
Revenue up 22.3% at Rs 2,021 crore vs Rs 1,652 crore.
Ebitda up 45.7% at Rs 153 crore vs Rs 105 crore.
Ebitda margin at 7.6% vs 6.3%.
Net profit up 34.1% at Rs 118 crore vs Rs 88 crore.
Max Financial Services Q1 FY25 (Consolidated, YoY)
Total income up 28.7% at Rs 11,802 crore vs Rs 9,171 crore.
Net profit up 54.5% at Rs 156 crore vs Rs 101 crore.
Texmaco Rail & Engineering Q1 FY25 Results (Consolidated, YoY)
Revenue up 36% to Rs 891.71 crore versus Rs 655.82 crore.
Ebitda up 250% at Rs 70.44 crore versus Rs 20.15 crore.
Ebitda margin expanded at 7.9% versus 3.1%.
Net profit up 250% at Rs 70.44 crore versus Rs 20.15 crore.
Ahluwalia Contracts Q1 FY25 (Consolidated, YoY)
Revenue up 20.33% at Rs 919 crore vs Rs 764 crore (Bloomberg estimate: Rs 975 crore).
Ebitda down 27.26% at Rs 60.09 crore vs Rs 82.62 crore (Bloomberg estimate: Rs 98 crore).
Ebitda margin down 427 bps at 6.53% vs 10.81% (Bloomberg estimate: Rs 10%).
Net profit down 38.88% at Rs 30.56 crore vs Rs 50 crore (Bloomberg estimate: Rs 57 crore).
HEG Q1 FY25 (Consolidated, YoY)
Revenue down 14.9% at Rs 571 crore vs Rs 671 crore.
Ebitda down 74.4% at Rs 38.7 crore vs Rs 151 crore.
Margin at 6.8% vs 22.5%.
Net profit down 83.4% at Rs 23 crore vs Rs 139 crore.
Board approves splitting each stock into 5.
Piramal Enterprises Q1 FY25 (Consolidated, YoY)
Total income down 26% to Rs 2,145 crore versus Rs 2,899 crore (Bloomberg estimate: Rs 1,260 crore).
Net profit up 64% at Rs 181 crore versus Rs 509 crore (Bloomberg estimate: Rs 224 crore).
Total income down on account of Rs 889 crore income from sale of Shriram Finance Stake in the first quarter of financial year ended March 2024.
MTAR Technologies Q1 FY25 (Consolidated, YoY)
Revenue down 16.3% to Rs 128 crore versus Rs 153 crore (Bloomberg estimate: Rs 140 crore).
Ebitda down 53.3% at Rs 16.3 crore versus Rs 34.9 crore (Bloomberg estimate: Rs 26 crore).
Ebitda margin contracted to 12.7% versus 22.8% (Bloomberg estimate: 18.40%).
Net profit down 78.3% at Rs 4.4 crore versus Rs 20.3 crore (Bloomberg estimate: Rs 12 crore).
FSN E-Commerce Ventures Q1 FY25 (Consolidated, QoQ)
Revenue up 4.7% to Rs 1,746.11 crore versus Rs 1,667.98 crore (Bloomberg estimate: Rs 1,763 crore).
Ebitda up 3% to Rs 96.12 crore versus Rs 93.28 crore (Bloomberg estimate: Rs 99 crore).
Ebitda margin contracted to 5.5% versus 5.6% (Bloomberg estimate: 5.60%).
Net profit up 49% to Rs 13.6 crore versus Rs 9.1 crore (Bloomberg estimate: Rs 19 crore).
Note: To buy additional 39% stake in Dot & Key Wellness for Rs 265 crore.
Manappuram Finance Q1 FY25 (Consolidated, YoY)
Total income up 20% to Rs 1,622 crore versus Rs 1,357 crore.
Net profit up 16% at Rs 441 crore versus Rs 381 crore (Bloomberg estimate: Rs 474 crore).
Nazara Technologies Q1 FY25 Results Highlights (Consolidated, YoY)
Revenue down 6.1% to Rs 250.08 crore versus Rs 266.21 crore (Bloomberg estimate: Rs 267 crore)
Ebit at Rs 9.7 crore versus loss of Rs 17.93 crore (Bloomberg estimate: Rs 18 crore).
Ebit margin at 3.9% (Bloomberg estimate: 6.8%).
Net profit up at Rs 23.62 crore versus Rs 0.18 crore (Bloomberg estimate: Rs 23 crore).
Note: Loss of Rs 17 crore from discontinued operation in the last quarter of the financial year ended 2024.
Marksans Pharma Q1 FY25 (Consolidated, YoY)
Revenue up 18.2% at Rs 591 crore vs Rs 500 crore (Bloomberg estimate: Rs 569 crore)
Ebitda up 26.02% at Rs 128.8 crore vs Rs 102.2 crore (Bloomberg estimate: Rs 71 crore)
Ebitda margin up 135 bps at 21.79% vs 20.44% (Bloomberg estimate: 12.4%)
Net profit up 26.42% at Rs 89 crore vs Rs 70.4 crore (Bloomberg estimate: Rs 26 crore)
Kewal Kiran Clothing Q1 FY25 Results Highlights (Consolidated, YoY)
Revenue down 15.2% to Rs 151.25 crore versus Rs 178.40 crore.
Ebitda down 19% at Rs 27.57 crore versus Rs 34.14 crore.
Ebitda margin at 18.2% versus 19.1%.
Net profit down 15.2% at Rs 151.25 crore versus Rs 178.40 crore.
EPL Q1 FY25 (Consolidated, YoY)
Revenue up 10.7% to Rs 1,007.40 crore versus Rs 910.20 crore (Bloomberg estimate: Rs 1,016 crore).
Ebitda up 17% at Rs 185.80 crore versus Rs 159 crore (Bloomberg estimate: Rs 198 crore).
Ebitda margin expanded to 18.4% versus 17.5% (Bloomberg estimate: 19.50%).
Net profit up 18% at Rs 65.70 crore versus Rs 55.60 crore (Bloomberg estimate: Rs 67 crore).
TBO Tek Q1 FY25 Results Highlights (Consolidated, QoQ)
Revenue up 13% to Rs 418 crore versus Rs 369 crore.
EBIT up 31% to Rs 66 crore versus Rs 51 crore.
EBIT margin at 15.8% versus 13.7%.
Net profit up 32% to Rs 61 crore versus Rs 46 crore.
Techno Electric & Engineering Q1 (Consolidated, YoY)
Revenue up 36.86% at Rs 375 crore vs Rs 274 crore (Bloomberg estimate Rs 441 crore)
Ebitda up 145.75% at Rs 52.15 crore vs Rs 21.22 crore
Ebitda margin up 616 bps at 13.9% vs 7.74%
Net profit up 288.36% at Rs 98.1 crore vs Rs 25.26 crore (Bloomberg estimate Rs 57 crore)
Anupam Rasayan India Q1 FY25 Results Highlights (Consolidated, YoY)
Revenue up 34.2% to Rs 254 crore versus Rs 386 crore. (Bloomberg estimate Rs 383 crore)
Ebitda up 47.7% to Rs 53 crore versus Rs 101 crore. (Bloomberg estimate Rs 89 crore)
Margin at 20.8% versus 26.2%. (Bloomberg estimates Rs 23.4%)
Net profit up 76.6% to Rs 12.2 crore versus Rs 52.2 crore. (Bloomberg estimate Rs 36 crore)
Eclerx Services Q1 FY25 (Consolidated, YoY)
Revenue up 2.08% at Rs 782 crore vs Rs 766 crore (Bloomberg estimate Rs 778 crore)
Ebitda down 16.59% at Rs 134.7 crore vs Rs 161.5 crore (Bloomberg estimate Rs 172 crore)
Ebitda margin down 385 bps at 17.22% vs 21.08% (Bloomberg estimate 22%)
Net profit down 13.84% at Rs 112 crore vs Rs 130 crore (Bloomberg estimate Rs 114 crore)
Endurance Technologies Q1 FY25 (Consolidated, YoY)
Revenue up 15.3% to Rs 2,825.50 crore versus Rs 2,449.96 crore (Bloomberg estimate: Rs 2,795 crore).
Ebitda up 16% at Rs 374.09 crore versus Rs 321.25 crore (Bloomberg estimate: Rs 386 crore).
Ebitda margin contracted to 13.2% versus 13.1% (Bloomberg estimate: 13.80%).
Net profit up 25% at Rs 203.86 crore versus Rs 163.50 crore (Bloomberg estimate: Rs 201 crore).
Hero MotoCorp Q1 FY25 Results Highlights (Consolidated, YoY)
Revenue up 15.7% to Rs 10,143.73 crore versus Rs 8,767.27 crore (Bloomberg estimate: Rs 10,432 crore).
Ebitda up 21% at Rs 1,459.75 crore versus Rs 1,206.25 crore (Bloomberg estimate: Rs 1,541 crore).
Ebitda margin expanded to 14.4% versus 13.8% (Bloomberg estimate: 14.80%).
Net profit up 36% at Rs 1,122.63 crore versus Rs 824.72 crore (Bloomberg estimate: Rs 1,157 crore).
SJVN Q1 FY25 (Consolidated, YoY)
Revenue up 29% to Rs 870.37 crore versus Rs 674.79 crore (Bloomberg estimate: Rs 737 crore).
Ebitda up 33% at Rs 667.49 crore versus Rs 502.70 crore (Bloomberg estimate: Rs 548 crore).
Ebitda margin expanded to 76.7% versus 74.5% (Bloomberg estimate: 74.40%).
Net profit up 31% at Rs 357.09 crore versus Rs 271.75 crore (Bloomberg estimate: Rs 303 crore).
Yatharth Hospital & Trauma Care Services (Consolidated, YoY)
Revenue up 37.1% to Rs 211.78 crore versus Rs 154.51 crore (Bloomberg estimate: Rs 199 crore).
Ebitda up 30% at Rs 53.65 crore versus Rs 41.40 crore (Bloomberg estimate: Rs 52 crore).
Ebitda margin contracted to 25.3% versus 26.8% (Bloomberg estimate: 26.40%).
Net profit down 60% at Rs 30.38 crore versus Rs 19.03 crore (Bloomberg estimate: Rs 32 crore).
Ratnamani Metals & Tubes Q1 FY25 (Consolidated, YoY)
Revenue up 0.7% to Rs 1,183.70 crore versus Rs 1,174.93 crore (Bloomberg estimate: Rs 1,209 crore).
Ebitda down 20% at Rs 164.03 crore versus Rs 206.27 crore (Bloomberg estimate: Rs 200 crore).
Ebitda margin contracted to 13.9% versus 17.6% (Bloomberg estimate: 16.50%).
Net profit up 21% at Rs 105.88 crore versus Rs 134.86 crore (Bloomberg estimate: Rs 141 crore).
Ashoka Buildcon Q1 FY25 (Consolidated, YoY)
Revenue up 27.39% at Rs 2465 crore vs Rs 1935 crore (Bloomberg estimate Rs 2,894 crore)
Ebitda up 26.63% at Rs 599 crore vs Rs 473 crore
Ebitda margin down 14 bps at 24.3% vs 24.44%
Net profit up 154.83% at Rs 158 crore vs Rs 62 crore (Bloomberg estimate Rs 202 crore)
Rainbow Children's Medicare Q1 FY25 (Consolidated, YoY)
Revenue up 15% to Rs 330.21 crore versus Rs 287.16 crore (Bloomberg estimate: Rs 327 crore).
Ebitda up 7% at Rs 93.71 crore versus Rs 87.68 crore (Bloomberg estimate: Rs 94 crore).
Ebitda margin contracted to 28.4% versus 30.5% (Bloomberg estimate: 28.8%).
Net profit down 4% at Rs 39.73 crore versus Rs 41.49 crore (Bloomberg estimate: Rs 35 crore).
Landmark Cars Q1 FY25 (Consolidated, YoY)
Revenue up 19.9% to Rs 831.98 crore versus Rs 693.98 crore (Bloomberg estimate: Rs 859 crore).
Ebitda up 9% at Rs 48.51 crore versus Rs 44.37 crore (Bloomberg estimate: Rs 50 crore).
Ebitda margin contracted to 5.8% versus 6.4% (Bloomberg estimate: 5.80%).
Net profit down 53% at Rs 3.45 crore versus Rs 7.27 crore (Bloomberg estimate: Rs 12 crore).
Valor Estate Q1 FY25 (Consolidated, YoY)
Revenue at Rs 79.5 crore vs Rs 2.43 crore
EBITDA at Rs 13.7 crore vs loss of Rs 8.7 crore
Margin at 17.2%
Net loss at Rs 13.2 crore vs loss of Rs 25.9 crore
GMR Airports Infrastructure Q1 FY25 (Consolidated, YoY)
Revenue up 19.1% at Rs 2,402 crore vs Rs 2,018 crore (Bloomberg estimate Rs 2,576 crore)
Ebitda up 19.2% at Rs 896 crore vs Rs 752 crore (Bloomberg estimate Rs 830 crore)
Margin at 37.3% vs 37.2% (Bloomberg estimate 32.2%)
Net loss at Rs 338 crore vs profit of Rs 17 crore (Bloomberg estimate net loss of Rs 209 crore)
AllCargo Logistics Q1 FY25 (Consolidated, YoY)
Revenue up 16.6% to Rs 3,812.81 crore versus Rs 3,271.06 crore (Bloomberg estimate: Rs 3,654 crore).
Ebitda down 5% at Rs 132.74 crore versus Rs 139 crore (Bloomberg estimate: Rs 169 crore).
Ebitda margin contracted to 3.5% versus 4.2% (Bloomberg estimate: 4.60%).
Net profit down 96% at Rs 4.28 crore versus Rs 118.94 crore (Bloomberg estimate: Rs 33 crore).
Astra Microwave Products Q1 FY25 (Consolidated, YoY)
Revenue up 16% to Rs 155 crore versus Rs 134 crore (Bloomberg estimate: Rs 150 crore).
Ebitda up at Rs 24 crore versus Rs 3.1 crore (Bloomberg estimate: Rs 6 crore).
Ebitda margin expanded to 15.5% versus 2.3% (Bloomberg estimate: 3.90%).
Net profit up at Rs 7.2 crore versus loss of Rs 6.7 crore (Bloomberg estimate: Loss of Rs 4 crore)
Muthoot Finance Q1 FY25 (YoY)
Total income up 22.6% to Rs 3,710 crore versus Rs 3,026 crore
Net profit up 10.6% at Rs 1,079 crore versus Rs 975 crore (Bloomberg estimate: Rs 1,164 crore).
Earnings in Focus
Capacite Infraprojects, EID-Parry (India), Equinox India Development, Entero Healthcare Solutions, Gabriel India, Glenmark Pharma, Hindustan Aeronautics, KIOCL, KNR Construction, Mazagon Dock Shipbuilders, Pitti Engineering, Red Tape, RHI Magnesita India, Reliance Power, Suprajit Engineering, Swan Energy, and Tarsons Products, Voltas.
Stocks to Watch
Vedanta, Hindustan Zinc: The company will sell a 2.6% stake in HZL through an offer for sale via stock exchanges.
SJVN: The board received in-principal approval for diluting a stake in SJVN Green Energy and received approval for monetisation of Nathpa Jhakri Hydro Power Station via securitisation of partial future revenue/return on equity.
Mahindra & Mahindra: The company reported total production down by 1.2% at 69,138, total sales up 2.1% at 64,929, and total exports down by 40% at 1,515.
Five-Star Business Finance: The company should consider raising funds via securities.
Bombay Dyeing: The company completed the sale of a Worli land parcel in Mumbai to Sumitomo Realty for Rs 538 crore.
IPO offering
Saraswati Saree Depot: The public issue was subscribed to 16.34 times on day 2. The bids were led by non-institutional investors (57.18 times), retail investors (20.30 times) and qualified institutional investors (1.32 times).
Block Deal
Sundram Fasteners: TVS Sundram Fasteners Pvt. sold 32.95 lakh shares (1.56%) at Rs 1,318 apiece, SBI Mutual Fund bought 22 lakh shares (1.04%) at Rs 1,318 apiece, and Nippon India Mutual Fund bought 10.95 lakh shares (0.52%) at Rs 1,318 apiece.
Bulk Deals
Prataap Snacks: Rajesh Kumar Mehta sold 3.39 lakh shares (1.41%) at Rs 793.53 apiece.
Brainbees Solutions: Nomura India Investment Fund Mother Fund A/C (MF INDIA) bought 48.47 lakh shares (0.93%) at Rs 681.03 apiece, and TNTBC as the Trustee of Nomura India Stock Mother Fund (Nomura) Nismf bought 32,25 lakh shares (0.62%) at Rs 681.03 apiece.
Insider Trade
Man Infraconstruction: Promoter Mansi P. Shah bought 20,000 shares on Aug. 12.
Trading Tweaks
Price band change from 10% to 5%: SMS Lifesciences India,
Ex/record dividend: EPL, Gujarat Pipavav Port, Kalyani Steels, Bharat Electronics, TTK Prestige, Hitachi Energy, Motherson Sumi Wiring India, Samvardhana Motherson International, Maharashtra Seamless, JB Chemicals & Pharmaceuticals, Railtel Corp., and H.G. Infra Engineering.
Ex/record buyback: TTK Prestige
Ex/record AGM: EPL, Flair Writing Industries, Federal-Mogul Goetze, Gujarat Pipavav Port, Wonderla Holidays, Power Finance Corp., Bharat Electronics, TTK Prestige, Hitachi Energy, Motherson Sumi Wiring India, and Samvardhana Motherson International.
Moved in the short-term framework: Supriya Lifescience, Venky's (India), Vishnu Prakash R. Punglia.
Moved out short-term framework: Kernex Microsystems (India), PCBL, Selan Exploration Technology, and TCPL Packaging.
F&O Cues
Nifty August futures down by 0.81% to 24,161 at a premium of 22 points.
Nifty August futures open interest up by 2.5%.
Nifty Bank August futures down by 1.25% to 50,052 at a premium of 221 points.
Nifty Bank August futures open interest up by 17%.
Nifty Options Aug. 14 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 23,500.
Bank Nifty Options Aug. 14 Expiry: Maximum call open interest at 50,500 and maximum put open interest at 42,000.
Securities in ban period: Aaarti Industries, Aditya Birla Capital, Aditya Birla Fashion, Bandhan Bank, Biocon, Birlasoft, Chambal Fertilizers, Granules, India Cements, IndiaMart Intermesh, LIC Housing Finance, Manappuram, PNB, RBL Bank, SAIL, and Sun TV.
Money Market Update
The Indian rupee closed flat against the US dollar on Tuesday after opening stronger amid a steady dollar and easing crude oil prices.
The rupee closed flat after appreciating two paise to Rs 83.95 in the morning against the US dollar, according to Bloomberg. It had closed at Rs 83.97 on Monday.
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