Most markets in Asia–Pacific region were trading higher on Thursday after US CPI data for October came in line with expectation. The expected headline inflation fuelled bets that the US Federal Reserve may go for another rate cut in December.
The Nikkei 225 was trading 0.81% higher at 39,316.42 as of 06:48 a.m. The S&P ASX was 0.40% higher at 8,226.20.
On Wednesday, the Dow Jones Industrial Average ended 0.11% higher at 43,958.19. The S&P 500 ended 0.02% higher at 5,985.38. The Nasdaq Composite ended 0.26% down at 19,230.73.
Brent crude was trading 0.19% lower at $72.14 a barrel. Gold spot fell 0.21% to $2,567.45 an ounce.
The GIFT Nifty was trading 0.18%, or 43.50 points down at 23,627.00 as of 06:54 a.m.
The NSE Nifty 50 and BSE Sensex extended losses to the fifth straight session on Wednesday as HDFC Bank Ltd., Reliance Industries Ltd., and Mahindra & Mahindra Ltd. share prices dragged.
The Nifty 50 ended at over a four-month low for the second session in a row. The benchmark large-cap gauge declined over 10% from its life high of 26,277.35. The Nifty ended 324.40 points, or 1.36%, down at 23,559.05, the lowest level since June 24. The Sensex closed 984.23 points, or 1.25%, lower at 77,690.95, the lowest since June 24.
Overseas investors remained net sellers of Indian equities for the 33rd consecutive session on Wednesday, while domestic institutional investors stayed net buyers for eight straight sessions. The FPIs offloaded stocks worth Rs 2,502.58 crore, while domestic institutional investors bought stocks worth Rs 6,145.24 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 84.38 against the US dollar.
Earnings In Focus
Avanti Feeds, Bharat Forge, Crompton Greaves Consumer Electricals, E.I.D. Parry (India), Glenmark Pharmaceuticals, Grasim Industries, Hindustan Aeronautics, Hero Motocorp, Honasa Consumer, Honda India Power Products, Igarashi Motors India, IPCA Laboratories, Jtekt India, Lemon Tree Hotels, Mahanagar Telephone Nigam, Nava, Ratnamani Metals & Tubes, Sanghvi Movers, Sarda Energy & Minerals, Techno Electric and Engineering Company, Tega Industries, and West Coast Paper Mills.
Earnings Post Market Hours
Thermax Q2 FY25 (Consolidated, YoY)
Revenue up 13.4% at Rs 2,612 crore versus Rs 2,303 crore (Estimate Rs 2,559 crore).
Ebitda up 35.9% at Rs 278 crore versus Rs 205 crore (Estimate Rs 236 crore).
Ebitda margin at 10.6% versus 8.9% (Estimate 9.2%).
Net profit up 24.8% at Rs 198 crore versus Rs 159 crore (Estimate Rs 180 crore).
Eicher Motors Q2 FY25 (Consolidated, YoY)
Revenue up 3.6% at Rs 4,263 crore versus Rs 4,115 crore (Estimate Rs 4,414 crore).
Ebitda at Rs 1,088 crore versus Rs 1,088 crore (Estimate Rs 1,158 crore).
Ebitda margins down 90 bps at 25.5% versus 26.4% (Estimate 26.2%).
Net profit up 8.3% at Rs 1,100 crore versus Rs 1,016 crore (Estimate Rs 1,086 crore).
Astrazeneca Pharma Q2 FY25 (Consolidated, YoY)
Revenue up 31.18% at Rs 408 crore versus Rs 311 crore.
Ebitda flat at at Rs 52.5 crore versus Rs 53 crore.
Ebitda margin at 12.81% versus 17%.
Net profit down 75% at Rs 38 crore versus Rs 52 crore.
Godrej Industries Q2 FY25 (Consolidated, YoY)
Revenue up 22% at Rs 4,805 crore versus Rs 3,938 crore.
Ebitda at Rs 575 crore versus Rs 266 crore.
Ebitda margin at 12% versus 6.7%.
Net profit at Rs 489 crore versus Rs 165 crore.
VRL Logistics Q2 FY25 (Consolidated, YoY)
Revenue up 12.7% at Rs 799 crore versus Rs 709 crore.
Ebitda up 44.9% at Rs 133 crore versus Rs 91.8 crore.
Ebitda margin at 16.6% versus 13%.
Net profit up 81.7% at Rs 35.8 crore versus Rs 19.7 crore.
Vodafone Idea Q2 FY25 (Consolidated, QoQ)
Revenue up 4% at Rs 10,932 crore versus Rs 10,508 crore. (Estimate Rs 11,243 crore).
Ebitda up 8.2% at Rs 4,550 crore versus Rs 4,205 crore. (Estimate Rs 4,655 crore).
Ebitda margin at 41.6% versus 40%. (Estimate 41.4%).
Net loss at Rs 7,176 crore versus a loss of Rs 6,432 crore. (Estimate loss Rs 6429 crore).
Rashtriya Chemicals & Fertilizers Q2 FY25 (Consolidated, YoY)
Revenue up 3.2% at Rs 4,290 crore versus Rs 4,155 crore.
Ebitda up 90.3% at Rs 201 crore versus Rs 106 crore.
Ebitda margin at 4.7% versus 2.5%.
Net profit up 54.7% at Rs 79 crore versus Rs 51 crore.
Torrent Power Q2 FY25 (Consolidated, YoY)
Revenue up 3.08% at Rs 7175 crore versus Rs 6960 crore.
Ebitda down 1.14% at Rs 1207 crore versus Rs 1221 crore.
Ebitda margin down 72 bps at 16.82% versus 17.54%.
Net profit down 8.65% at Rs 496 crore versus Rs 543 crore.
Shilpa Medicare Q2 FY25 (Consolidated, YoY)
Revenue up 9.8% at Rs 344 crore versus Rs 313 crore (Estimate Rs 352 crore).
Ebitda up 42.7% at Rs 86 crore versus Rs 60.3 crore (Estimate Rs 102 crore).
Ebitda margin at 25% versus 19.3% (Estimate 28.9%).
Net profit at Rs 17.9 crore versus Rs 1.6 crore (Estimate Rs 42 crore).
Sun TV Q2 FY25 (Consolidated, YoY)
Revenue down 10.9% at Rs 935 crore versus Rs 1,048 crore.
Ebitda down 25.7% at Rs 541 crore versus Rs 728 crore.
Ebitda margin at 57.9% versus 69.4%.
Net profit down 11.9% at Rs 409 crore versus Rs 465 crore.
SKF India Q2 FY25 (Consolidated, YoY)
Revenue up 10.6% at Rs 1,244 crore versus Rs 1,125 crore.
Ebitda flat at Rs 124 crore.
Ebitda margin at 10% versus 11%.
Net profit up 4.8% at Rs 94.2 crore versus Rs 89.9 crore.
NALCO Q2 FY25 (Consolidated, YoY)
Revenue up 31.4% at Rs 4,001 crore versus Rs 3,044 crore.
Ebitda at Rs 1,549 crore versus Rs 397 crore.
Ebitda margin at 38.7% versus 13%.
Net profit at Rs 1,046 crore versus Rs 187 crore.
PI Industries Q2 FY25 (Consolidated, YoY)
Revenue up 4.91% at Rs 2,221 crore versus Rs 2,117 crore (Estimate Rs 2,297 crore).
Ebitda up 13.97% at Rs 628 crore versus Rs 551 crore (Estimate Rs 638 crore).
Ebitda margin up 224 bps at 28.27% versus 26.02% (Estimate 27.8%).
Net profit up 5.83% at Rs 508 crore versus Rs 480 crore (Estimate Rs 474 crore).
Thomas Cook India Q2 FY25 (Consolidated, YoY)
Revenue up 8.7% at Rs 2,004 crore versus Rs 1,843 crore.
Ebitda up 21.1% at Rs 125 crore versus Rs 103 crore.
Ebitda margin at 6.2% versus 5.6%.
Net profit up 39.6% at Rs 71.9 crore versus Rs 51.5 crore.
KSB Q2 FY25 (Consolidated, YoY)
Revenue up 9.21% at Rs 616 crore versus Rs 564 crore.
Ebitda up 27.65% at Rs 87.06 crore versus Rs 68.2 crore.
Ebitda margin up 204 bps at 14.13% versus 12.09%.
Net profit up 22.91% at Rs 59 crore versus Rs 48 crore.
Garden Reach Shipbuilders and Engineers Q2 FY25 (Consolidated, YoY)
Revenue up 28.4% at Rs 1,152.9 crore versus Rs 897.9 crore (estimate Rs 915 crore).
Ebitda up 40.7% at Rs 68.7 crore versus Rs 48.8 crore (Estimate Rs 60 crore).
Ebitda margin at 6% versus 5.4% (Estimate Rs 6.5%).
Net profit up 21.1% at Rs 97.8 crore versus Rs 80.7 crore (Estimate Rs 87 crore).
Mishra Dhatu Nigam Q2 FY25 (Consolidated, YoY)
Revenue up 15.41% at Rs 262 crore versus Rs 227 crore.
Ebitda up 36.11% at Rs 49 crore versus Rs 36 crore.
Ebitda margin up 284 bps at 18.7% versus 15.85%.
Net profit up 71.42% at Rs 24 crore versus Rs 14 crore.
HEG Q2 FY25 (Consolidated, YoY)
Revenue down 7.5% at Rs 568 crore versus Rs 614 crore.
Ebitda down 4.9% at Rs 97 crore versus Rs 102 crore.
Ebitda margin up 46 bps at 17.07% versus 16.61%.
Net profit down 14.58% at Rs 82 crore versus Rs 96 crore.
Deepak Nitrite Q2 FY25 (Consolidated, YoY)
Revenue up 14.3% at Rs 2,032 crore versus Rs 1,778 crore (Estimate Rs 2,068 crore)
Ebitda down 1.6% at Rs 298 crore versus Rs 302 crore (Estimate Rs 312 crore)
Ebitda margin at 14.6% versus 17% (Estimate 15.1%).
Net profit down 5.3% at Rs 194 crore versus Rs 205 crore (estimate Rs 201 crore).
Brigade Enterprises Q2FY25 Highlights (Consolidated, YoY)
Revenue down 21.6% to Rs 1,072 crore vs Rs 1,367 crore.
Ebitda down 10.1% at Rs 292 crore vs Rs 325 crore.
Margin expanded to 27.2% vs 23.8%.
Net profit up 2.3% at Rs 115 crore vs Rs 113 crore.
Apollo Tyres Q2 FY25 (Consolidated, YoY)
Revenue up 2.51% at Rs 6,437 crore versus Rs 6,279 crore.
Ebitda down 24.24% at Rs 878 crore versus Rs 1,159 crore.
Ebitda margin down 481 bps at 13.63% versus 18.45%.
Net profit down 37.34% at Rs 297 crore versus Rs 474 crore.
Dilip Buidcon Q2 FY25 (Consolidated, YoY)
Revenue down 13.62% at Rs 2,461 crore versus Rs 2,849 crore.
Ebitda up 46.33% at Rs 499 crore versus Rs 341 crore.
Ebitda margin up 830 bps at 20.27% versus 11.96%.
Net profit down 63.66% at Rs 266 crore versus Rs 732 crore.
Exceptional Item of Rs 158 crore.
Uflex Q2 FY25 (Consolidated, YoY)
Revenue up 13.8% at Rs 3,833 crore versus Rs 3,369 crore.
Ebitda up 1.7% at Rs 392 crore versus Rs 386 crore.
Ebitda margin at 10.2% versus 11.5%.
Net profit up 2% at Rs 64.6 crore versus Rs 63.3 crore.
SKY Gold Q2 FY25 (Consolidated, YoY)
Revenue up 94.19% at Rs 769 crore versus Rs 396 crore.
Ebitda up 160% at Rs 39 crore versus Rs 15 crore.
Ebitda margin up 128 bps at 5.07% versus 3.78%.
Net profit up 428.57% at Rs 37 crore versus Rs 7 crore.
FIEM Industries Q2 FY25 (Consolidated, YoY)
Revenue up 20.23% at Rs 612 crore versus Rs 509 crore.
Ebitda up 19.28% at Rs 80.4 crore versus Rs 67.4 crore.
Ebitda margin down 10 bps at 13.13% versus 13.24%.
Net profit up 16.27% at Rs 50 crore versus Rs 43 crore.
Precision Camshafts Q2 FY25 (Consolidated, YoY)
Revenue down 11.6% at Rs 225 crore versus Rs 255 crore.
Ebitda down 17.7% at Rs 22.8 crore versus Rs 27.7 crore.
Ebitda margin at 10.1% versus 10.9%.
Net profit flat at Rs 8.4 crore.
Dish TV Q2 FY25 (Consolidated, YoY)
Revenue down 17.4% at Rs 396 crore versus Rs 479 crore.
Ebitda down 26% at Rs 145 crore versus Rs 195 crore.
Ebitda margin at 36.5% versus 40.8%.
Net loss of Rs 37.4 crore versus a profit of Rs 5.4 crore.
Stocks To Watch
Wipro: The company and Sahara International Petrochemical completed the implementation of SAP S/4HANA.
Indian Overseas Bank: The company will hike MCLR by 5 basis points for a one-year tenure effective Nov. 15.
Tata Communications: The company will sell unit Tata Communications Payment Solutions to Australian digital payments and financial services provider Findi for over Rs 400 crore.
Tata Power: The company’s arm commissioned 126 MW floating solar projects in Madhya Pradesh.
Inox Green: The company approved the demerger of the power evacuation business.
Deepak Nitrite: The company's arm Deepak Chem Tech has signed an agreement with affiliates of Trinseo PLC to manufacture polycarbonate resins with an investment of Rs 5,000 crore.
Cipla: The company received eight observations from the US Food and Drug Administration for its manufacturing facility in Bengaluru.
Varun Beverages: PepsiCo's bottling franchise partner has set the floor price for its Rs 7,500-crore qualified institutional placement at Rs 594.56 per share. The floor price is at a premium of 4.66% to Wednesday's closing price of Rs 568.10 per share on NSE.
Listing Day
Niva Bupa Health Insurance Company: The company's shares will debut on the stock exchange on Thursday. The Rs 2,200-crore IPO has been subscribed times on times 1.8 on the final day. The bids were led by qualified institutional investors (2.06 times), non-institutional investors (0.68 times), and retail investors (2.73 times). The issue for the same is Rs 74.
IPO Offering
Zinka Logistics Solution: The public issue was subscribed to 0.24 times on day 1. The bids were led by retail investors (0.51 times), qualified institutional investors (0.26 times), and non-institutional investors (0.02 times).
Block Deals
Trent: Dodona Holdings Limited sold 13.52 lakh shares (0.38%) at Rs 6,495 apiece, while Siddhartha Yog bought 13.52 lakh shares (0.38%) at Rs 6,495 apiece.
Bulk deals
PNB Housing Finance: Quality Investment Holdings PCC sold 2.45 crore shares (9.43%) at Rs 939.42 apiece, while Morgan Stanley Asia (Singapore) PTE. - Odi bought 1.19 crore shares (4.6%) at Rs 939.3 apiece, Morgan Stanley Asia Singapore Pte bought 22.5 lakh shares (0.86%) at Rs 939.3 apiece, Societe Generale - Odi bought 17.09 lakh shares (0.65%) at Rs 939.3 apiece, and Ghisallo Master Fund Lp bought 17.9 lakh shares (0.68%) at Rs 939.3 apiece.
Pledge Share Details
Uflex: Promoter Flex International revoked a pledge for 6 lakh shares on Nov. 8.
Paisalo Digital: Promoter Equilibrated Venture Cflow revoked a pledge for 53.5 lakh shares on Nov. 12.
Trading Tweaks
Price band changes from 10% to 5%: Suzlon Energy.
Ex/record dividend: Amara Raja, IRCTC, Power Grid, KPI Green, Concor, AKZO Nobel, Astral Pipes, Page Industries, Oil India, Rites, Aptus Value, Indian Metal.
Ex/record Stock Split: JTL Industries. (Rs 2 to Re 1.)
Moved out short-term ASM: Waaree Energies.
F&O Cues
Nifty November futures down by 1.1% to 23,658 at a premium 99 points.
Nifty November futures open interest up by 2.8%.
Nifty Options Nov. 14 Expiry: Maximum call open interest at 26,900 and maximum put open interest at 23,000.
Securities in ban period: Aarti Industries, Aditya Birla Fashion Retail, GNFC, Granules, Hindustan Copper.
Money Market
The Indian rupee closed flat at 84.38 against the US dollar on Wednesday, holding near its all-time low of 84.4162.
Rupee has come under pressure amid the strengthening of the US dollar following the presidential poll victory of Donald Trump. The dollar spot index remained firm at 105.94, marking a 6.5-month high.
Correction: Correction in AstraZeneca Q2 results.
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