Asia–Pacific share indices declined in early trade on Wednesday tracking strength of safe–haven assets — dollar index and US treasury yields — ahead of key US inflation data.
The Nikkei 225 was trading 305.35 points or 0.78% lower at 39,070.74, and the KOSPI was 18.88 points or 0.76% down at 2,463.69 as of 06:47 a.m.
On Tuesday, the Dow Jones Industrial Average ended 0.86% lower at 43,910.98. The S&P 500 ended 0.29% down at 5,983.99. The Nasdaq Composite ended 0.09% lower at 19,281.40.
Brent crude was trading 0.01% lower at $71.88 a barrel as of 6:37 a.m. Gold spot rose 0.71% to $2,606.81 an ounce.
The GIFT Nifty was 0.12% or 28.50 points lower at 23,884.00 as of 06:49 a.m.
India's benchmark indices declined for four sessions in a row on Tuesday. Shares of HDFC Bank Ltd. and State Bank of India dragged the benchmark indices.
The NSE Nifty 50 ended 257.85 points, or 1.07% down at 23,840.35, the lowest level since June 25. The BSE Sensex ended 820.97 points, or 1.03% down at 78,675.18, the lowest level since Aug. 6.
During the session, the Nifty 50 declined 1.25% to 23,839.15 and the Sensex fell 1.19% to 78,547.84.
Overseas investors remained net sellers of Indian equities for the 32nd consecutive session on Tuesday, while domestic institutional investors stayed net buyers for the seventh straight session. The FPIs offloaded stocks worth Rs 3,024.31 crore, while domestic institutional investors bought stocks worth Rs 1,854.46 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 84.39 against the US dollar.
Earnings In Focus
Ashiana Housing, Astrazeneca Pharma India, Century Plyboards, Deepak Nitrite, Dredging Corporation Of India, FIEM Industries, Garden Reach Shipbuilders and Engineers, Happiest Minds Technologies, HEG, Vodafone Idea, IFCI, ISGEC Heavy Engineering, Kalyan Jewellers India, KSB, Kaveri Seed Company, Mishra Dhatu Nigam, NBCC (India), PI Industries, Pitti Engineering, Precision Camshafts, Prism Johnson, Shilpa Medicare, Sky Gold, Thermax, Thomas Cook (India), Uflex, Unichem Laboratories, and VRL Logistics.
Earnings Post Market Hours
Bosch Q2 FY25 (Consolidate, YoY)
Revenue up 6.39% at Rs 4,394 crore versus Rs 4,130 crore.
Ebitda up 14.05% at Rs 560 crore versus Rs 491 crore.
Ebitda margin up 85 bps at 12.74% versus 11.88%.
Net profit down 46.34% at Rs 536 crore versus Rs 999 crore.
One-time gain of Rs 49 crore versus Rs 785 crore.
Sunflag Iron and Steel Company Q2 FY25 (Consolidated, YoY)
Revenue up 0.93% at Rs 866 crore versus Rs 858 crore.
Ebitda at Rs 99 crore versus Rs 99 crore.
Ebitda margin down 10 bps at 11.43% versus 11.53%.
Net profit up 7.89% at Rs 41 crore versus Rs 38 crore.
PNC Infratech Q2 FY25 (Consolidated, YoY)
Revenue down 25.33% at Rs 1427 crore versus Rs 1911 crore.
Ebitda down 10.77% at Rs 356 crore versus Rs 399 crore.
Ebitda margin up 406 bps at 24.94% versus 20.87%.
Net profit down 43.91% at Rs 83 crore versus Rs 148 crore.
Greaves Cotton Q2 FY25 (Consolidated, YoY)
Revenue down 3.03% at Rs 705 crore versus Rs 727 crore.
Ebitda down 52.17% at Rs 22 crore versus Rs 46 crore.
Ebitda margin down 320 bps at 3.12% versus 6.32%.
Net loss at Rs 14 crore versus loss of Rs 375 crore.
FSN E-Commerce Ventures Q2 FY25 (Consolidated, QoQ)
Revenue up 7.38% at Rs 1,875 crore versus Rs 1,746 crore (Estimate Rs 1,887 crore).
Ebitda up 8.33% at Rs 104 crore versus Rs 96 crore (Estimate Rs 115 crore).
Ebitda margin up 4 bps at 5.54% versus 5.49% (Estimate 6.1%).
Net profit up 44.44% at Rs 13 crore versus Rs 9 crore (Estimate Rs 25 crore).
Kirloskar Oil Q2 FY25 (Consolidated, YoY)
Revenue up 14.94% at Rs 1,500 crore versus Rs 1,305 crore.
Ebitda up 45.04% at Rs 293 crore versus Rs 202 crore.
Ebitda margin up 405 bps at 19.53% versus 15.47%.
Net profit up 60.25% at Rs 125 crore versus Rs 78 crore.
BSE Q2 FY25 (Consolidated, QoQ)
Revenue up 22.69% at Rs 746 crore versus Rs 608 crore (Estimate Rs 718 crore).
Ebitda up 36.97% at Rs 389 crore versus Rs 284 crore (Estimate Rs 379 crore).
Ebitda margin up 543 bps at 52.14% versus 46.71% (Estimate margin 52.8%).
Net profit up 31.06% at Rs 346 crore versus Rs 264 crore (Estimate Rs 298 crore).
PTC India Q2 FY25 (Consolidated, YoY)
Revenue up 1.2% at Rs 5,128 crore versus Rs 5,069 crore.
Ebitda up 4% at Rs 306 crore versus Rs 295 crore.
Ebitda margin at 6% vs 5.8%.
Net profit up 7.9% at Rs 163 crore versus Rs 151 crore.
NMDC Steel Q2 FY25 (Consolidated, YoY)
Revenue at Rs 1,522 crore versus Rs 522 crore.
Ebitda loss at Rs 441 crore versus Ebitda of Rs 173 crore.
Net loss of Rs 595 crore vs loss of Rs 131 crore.
Polyplex Corporation Q2 FY25 (Consolidated, YoY)
Revenue up 10.6% at Rs 1,739 crore versus Rs 1,572 crore.
Ebitda up 58.3% at Rs 191 crore versus Rs 121 crore.
Ebitda margin at 11% versus 7.7%.
Net profit at Rs 164 crore versus Rs 48.3 crore.
Suven Pharmaceuticals Q2 FY25 (Consolidated, YoY)
Revenue up 11.6% at Rs 258 crore versus Rs 231 crore.
Ebitda up 5.5% At Rs 104 crore versus Rs 98.6 crore.
Margin at 40.4% vs. 42.7%.
Net profit up 3% At Rs 82 crore versus Rs 79.5 crore.
Medplus Health Q2 FY25 (Consolidated, YoY)
Revenue up 11.93% at Rs 1,576 crore versus Rs 1,408 crore (Estimate Rs 1,593 crore).
Ebitda up 47.61% at Rs 124 crore versus Rs 84 crore (Estimate Rs 115 crore).
Ebitda margin up 190 bps at 7.86% versus 5.96% (Estimate 7.2%).
Net profit up 178.57% at Rs 39 crore versus Rs 14 crore (Estimate Rs 27 crore).
Ingersoll-Rand (India) Q2 FY25 (Consolidated, YoY)
Revenue up 16.66% at Rs 322 crore versus Rs 276 crore.
Ebitda up 18.68% at Rs 79.03 crore versus Rs 66.59 crore.
Ebitda margin up 41 bps at 24.54% versus 24.12%.
Net profit up 20% at Rs 60 crore versus Rs 50 crore.
Ashoka Buildcon Q2 FY25 (Consolidated, YoY)
Revenue up 15.55% at Rs 2,489 crore versus Rs 2,154 crore.
Ebitda up 66.36% at Rs 905 crore versus Rs 544 crore.
Ebitda margin up 1110 bps at 36.35% versus 25.25%.
Net profit up 331.77% at Rs 462 crore versus Rs 107 crore.
KNR Constructions Q2 FY25 (Consolidate, YoY)
Revenue up 87.37% at Rs 1,945 crore versus Rs 1,038 crore.
Ebitda up 276.62% at Rs 870 crore versus Rs 231 crore.
Ebitda margin up 2247 bps at 44.73% versus 22.25%.
Net profit up 305.59% at Rs 580 crore versus Rs 143 crore.
Exceptional Item of Rs 15 crore.
Technocraft Industries Q2 FY25 (Consolidated, YoY)
Revenue up 20.96% at Rs 629 crore versus Rs 520 crore.
Ebitda down 5.82% at Rs 97 crore versus Rs 103 crore.
Ebitda margin down 438 bps at 15.42% versus 19.8%.
Net profit up 1.42% at Rs 71 crore versus Rs 70 crore.
Techno Electric and Engineering Company Q2 FY25 (Consolidated, YoY)
Revenue down 4.55% at Rs 441 crore versus Rs 462 crore.
Ebitda down 9.09% at Rs 70 crore versus Rs 77 crore.
Ebitda margin down 79 bps at 15.87% versus 16.66%.
Net profit up 27.02% at Rs 94 crore versus Rs 74 crore.
Sula Vineyards Q2 FY25 (Consolidated, YoY)
Revenue down 1.5% at Rs 132 crore versus Rs 134 crore (Estimate Rs 132 crore).
Ebitda down 24.44% at Rs 34 crore versus Rs 45 crore (Estimate Rs 29 crore).
Ebitda margin down 782 bps at 25.75% versus 33.58% (Estimate 22%).
Net profit down 39.13% at Rs 14 crore versus Rs 23 crore (Estimate Rs 11 crore).
Gujarat State Fertilizers and Chemicals Q2 FY25 (Consolidated, YoY)
Revenue down 15.52% at Rs 2,635 crore versus Rs 3,119 crore (Estimate Rs 3,291 crore).
Ebitda up 19.32% at Rs 284 crore versus Rs 238 crore (Estimate Rs 306 crore).
Ebitda margin up 314 bps at 10.77% versus 7.63% (Estimate Rs 9.3%).
Net profit down 3.55% at Rs 298 crore versus Rs 309 crore (Estimate Rs 249 crore).
EIH Hotels Q2 FY25 (Consolidated, YoY)
Revenue up 10.92% at Rs 589 crore versus Rs 531 crore (Estimate Rs 509 crore).
Ebitda up 21.52% at Rs 175 crore versus Rs 144 crore (Estimate Rs 134 crore).
Ebitda margin up 259 bps at 29.71% versus 27.11% (Estimate 26.3%),
Net profit up 41.48% at Rs 133 crore versus Rs 94 crore.
Appoints Vineet Kapur as CFO effective December 24.
Repco Home Finance Q2 FY25 (YoY)
Net Profit up 14.7% at Rs 112.5 crore versus Rs 98.1 crore.
Total income up 11.5% at Rs 428 crore versus Rs 384 crore.
ION Exchange Q2 FY25 (Consolidated, YoY)
Revenue up 20.82% at Rs 644 crore versus Rs 533 crore.
Ebitda up 13.33% at Rs 68 crore versus Rs 60 crore.
Ebitda margin down 69 bps at 10.55% versus 11.25%.
Net profit up 21.42% at Rs 51 crore versus Rs 42 crore.
3M India Q2 FY25 (Consolidated, YoY)
Revenue up 6.9% at Rs 1,111 crore versus Rs 1,040 crore.
Ebitda down 4.6% at Rs 183 crore versus Rs 192 crore.
Ebitda margin at 16.5% vs 18.5%.
Net profit down 8.4% at Rs 134 crore versus Rs 146 crore.
Cello World Q2 FY25 (Consolidated, YoY)
Revenue flat at Rs 490 crore.
Ebitda down 1.5% at Rs 119 crore versus Rs 120 crore.
Ebitda margin at 24.2% vs 24.6%.
Net profit flat at Rs 87 crore.
Stocks To Watch
Shree Renuka: NCLT approved the merger of its arms, Monica Trading, Shree Renuka Agri and Shree Renuka Tunaport, with the company.
Aurobindo Pharma: The company arm received a GMP certificate from the European Medicines Agency for Biosimilars Manufacturing unit in Hyderabad.
Varun Beverages: The company acquired SBC Tanzania for approximately Rs 1,304 crore and SBC Beverages Ghana for Rs 127 crore. The company also acquired the remaining 39.93% stake in Lunarmech Tech for Rs 200 crore.
PNB Housing: Carlyle Group plans to sell shares for up to $273 million in block trade at a floor price of Rs 939.3 apiece through its arm, Quality Investment Holdings Pcc.
SBI Life: The company approved the appointment of CS Setty as Chairman and Nominee Director effective today.
Tata Chemicals: The company's Europe-based arm to make an investment of Rs 655 crore in a sodium bicarbonate plant in the UK. The arm will cease chemical production at the Lostock plant by the end of January 2025.
UltraTech Cement: The company will raise funds up to Rs 3,000 crore via bonds on a private placement basis on Nov 15.
FSN E-Commerce Ventures: The company’s stepdown arm Nessa International Holdings incorporated arm Nysaa Distribution FZE in Dubai.
Listing Day
Swiggy: The company's shares will debut on the stock exchange on Wednesday. The Rs 11,327-crore IPO has been subscribed times on times on 3.59 final day. The bids were led by qualified institutional investors (6.02 times), non-institutional investors (0.41 times), reserved for employees (1.65 times) and retail investors (1.14 times). The issue for the same is Rs 390.
ACME Solar Holdings: The company's shares will debut on the stock exchange on Wednesday. The Rs 2,900-crore IPO has been subscribed times on times on 2.75 times final day. The bids were led by qualified institutional investors (3.54 times), retail investors (3.1 times) and reserved for employees (1.59 times) and non-institutional investors (0.97 times). The issue price for the same is Rs 289.
IPO Offering
Zinka Logistics Solution: The company will offer its shares for bidding on Wednesday. The price band is set at Rs 259 to Rs 273 per share. The Rs 1,114.72 crore IPO issue is a combination of a fresh issue of Rs 550 crore and an offer for sale. The company on Tuesday raised Rs 501 crores from anchor investors.
Insider Trades
Bharat Wire Ropes: Promoter Manan Mittal bought 45,079 shares between Nov. 6 and 12.
Pledge Share Details
Sterling and Wilson Renewable Energy: Promoter Kainaz Khurshed Daruvala created a pledge for 3.8 lakh shares on Nov. 7.
Wardwizard Innovations and Mobility: Promoter Yatin Sanjay Gupte 1.15 lakh shares on Oct. 28.
Trading Tweaks
Price band changes from 10% to 5%: Akums Drugs and Pharmaceuticals, Antony Waste Handling Cell.
Price band changes from 5% to 20%: Maharashtra Scooters.
Moved out short-term ASM: Ami Organics, Force Motors, Gala Precision Engineering, Poonawalla Fincorp.
Moved in short-term ASM: Pix Transmissions.
F&O Cues
Nifty November futures are down by 1.22% to 23,931 at a premium of 48 points.
Nifty November futures open interest up by 4.8%.
Nifty Bank November futures are down by 1.42% to 51,334 at a premium of 177 points.
Nifty Bank November futures open interest up 16%.
Nifty Options Nov. 14 Expiry: Maximum call open interest at 26,900 and maximum put open interest at 22,250.
Bank Nifty Options Nov. 13 Expiry: Maximum call open interest at 53,000 and maximum put open interest at 49,000.
Securities in ban period: Aarti Industries, Aditya Birla Fashion Retail, Granules, Hindustan Copper, Manappuram.
Money Market
The Indian rupee closed flat at 84.39 against the US dollar on Tuesday. It is nearly unchanged from Monday’s close of 84.388, as per Bloomberg data.
Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, noted the rupee's range-bound performance, setting a daily forecast of 84.30 to 84.50.
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