Asian markets erased their opening gains and traded in the negative territory. At 7:16 a.m., Japan's Nikkei fell 0.6%, Hong Kong's Hang Seng was 0.8% lower, Australia's ASX 200 fell 0.5%, and South Korea's Kospi was down 0.5%.
The S&P 500 and Nasdaq 100 rose to fresh highs with the former posting the best post-election day in history, according to Bloomberg. The S&P 500 ended 2.53% higher at 5,929.04, and the Nasdaq 100 ended 2.74% higher at 20,781.34.
At 7:21 a.m., GIFT Nifty was at 24,443.00, down by 43.5 points or 0.2%. Brent Crude rose 0.4% to $75.23 a barrel and Gold was 0.1% higher at $2,662.03 an ounce.
Indian benchmark indices ended with over 1% gain on Wednesday, with Infosys, Tata Consultancy Services and overall technology stocks contributing to the benchmark indices' rally amid Donald Trump's victory in the US elections.
The Nifty 50 ended 270.75 points or 1.12%, higher at 24,484.05, and the Sensex closed 901.50 points or 1.13%, up at 80,378.13.
During the session, the Nifty rose as much as 1.34% to 24,537.60, and the Sensex jumped 1.38% to 80,569.73. In terms of intraday gain, the Nifty recorded the best session since Sept. 20, and Sensex since Oct. 28.
Overseas investors remained net sellers of Indian equities for the 28th consecutive session, while domestic institutional investors also stayed net buyers. Foreign portfolio investors sold stocks worth Rs 4,445.6 crore and DIIs mopped up stocks worth approximately Rs 4,889.3 crore, according to the provisional data from the NSE.
Earnings In Focus
AAVAS Financiers, Abbott India, Akzo Nobel India, Alembic Pharmaceuticals, Bajaj Electricals, Carysil, Clean Science and Technology, Cummins India, Emami, Escorts Kubota, Great Eastern Shipping Co, GMM Pfaudler, Goldiam International, Gujarat State Petronet, Gujarat Alkalies and Chemicals, Happy Forgings, HIL, Indigo Paints, ITD Cementation India, Jagran Prakashan, Kennametal India, Linde India, Lupin, Mahindra and Mahindra, NCC, NHPC, Page Industries, RHI Magnesita India, Rolex Rings, Sanofi India, Shyam Metalics and Energy, Subros, Tarsons Products, and Trent.
Also Read: Tata Steel Q2 Results: Firm Swings Back To Black With Rs 759-Crore Profit, Beats Estimates
Earnings Post Market Hours
Apollo Hospitals Q2 FY25 (Consolidated, YoY)
Revenue up 15.3% at Rs 5589 crore versus Rs 4847 crore. (Bloomberg estimates Rs 5,532 crore)
Ebitda up 29.82% at Rs 814 crore versus Rs 627 crore. (Bloomberg estimates Rs 781 crore)
Ebitda margin up 162 bps at 14.56% versus 12.93%. (Bloomberg estimates 14.1%)
Net profit up 59.03% at Rs 396 crore versus Rs 249 crore. (Bloomberg estimates Rs 367 crore)
Tata Steel Q2 FY25 (Consolidated, YoY)
Revenue down 3.2% at Rs 53905 crore versus Rs 55682 crore. (Bloomberg estimate Rs 53,104 crore)
Ebitda up 43.88% at Rs 6141 crore versus Rs 4268 crore. (Bloomberg estimate Rs 5,345 crore)
Ebitda margin up 372 bps at 11.39% versus 7.66%. (Bloomberg estimate 10.10%)
Net profit at Rs 759 crore versus loss of Rs 6511 crore. (Bloomberg estimate Rs 452 crore)
Exceptional loss of Rs 6,899 crore in base quarter from provisions on restructuring and on impairment of non-current assets.
Blue Star Q2 FY25 (Consolidated, YoY)
Revenue up 20.42% at Rs 2276 crore versus Rs 1890 crore. (Bloomberg estimate Rs 2212 crore)
Ebitda up 21.13% at Rs 149 crore versus Rs 123 crore. (Bloomberg estimate Rs 153 crore)
Ebitda margin up 3 bps at 6.54% versus 6.5%. (Bloomberg estimate 7%)
Net profit up 35.21% at Rs 96 crore versus Rs 71 crore. (Bloomberg estimate Rs 100 crore)
Usha Martin Q2 FY25 (Consolidated, YoY)
Revenue up 13.5% at Rs 891 crore versus Rs 785 crore. (Bloomberg estimate Rs 881 crore)
Ebitda up 11.8% at Rs 161 crore versus Rs 144 crore. (Bloomberg estimate Rs 162 crore)
Ebitda margin down 27 bps at 18.06% versus 18.34%. (Bloomberg estimate 18.4%)
Net profit down 0.9% at Rs 109 crore versus Rs 110 crore. (Bloomberg estimate Rs 110 crore)
Sonata Software Q2 FY25 (Consolidated, QoQ)
Revenue down 14.13% at Rs 2170 crore versus Rs 2527 crore. (Bloomberg estimate Rs 2188 crore)
EBIT up 0.69% at Rs 144 crore versus Rs 143 crore. (Bloomberg estimate Rs 134 crore)
EBIT margin up 97 bps at 6.63% versus 5.65%. (Bloomberg estimate 6.1%)
Net profit at Rs 106 crore versus Rs 106 crore. (Bloomberg estimate Rs 106 crore)
Novelis Q2 Earnings
Profit down 18% at $128 million (YoY)
Net sales up 5% at $4.3 billion (YoY)
Adjusted EBITDA down 5% at $462 million (YoY)
Alert: Adjusted EBITDA up 1% excluding $25 million impact from Sierre flooding.
Kansai Nerolac Q2 FY25 (Consolidated, YoY)
Revenue up 1.02% at Rs 1864 crore versus Rs 1845 crore. (Bloomberg estimate Rs 1,994 crore)
Ebitda down 20.44% at Rs 214 crore versus Rs 269 crore. (Bloomberg estimate Rs 278 crore)
Ebitda margin down 309 bps at 11.48% versus 14.57%. (Bloomberg estimate 13.9%)
Net profit down 27.77% at Rs 130 crore versus Rs 180 crore. (Bloomberg estimate Rs 189 crore)
JB Chem Pharma Q2 FY25 (Consolidated, YoY)
Revenue up 13.49% at Rs 1001 crore versus Rs 882 crore. (Bloomberg estimate Rs 1,002 crore)
Ebitda up 11.52% at Rs 271 crore versus Rs 243 crore. (Bloomberg estimate Rs 277 crore)
Ebitda margin down 47 bps at 27.07% versus 27.55%. (Bloomberg estimate 27.6%)
Net profit up 15.89% at Rs 175 crore versus Rs 151 crore. (Bloomberg estimate Rs 172 crore)
Chambal Fertilisers Q2 FY25 (Consolidated, YoY)
Revenue down 19.31% at Rs 4346 crore versus Rs 5386 crore. (Bloomberg estimate Rs 5,003 crore)
Ebitda up 28.45% at Rs 790 crore versus Rs 615 crore. (Bloomberg estimate Rs 705 crore)
Ebitda margin up 675 bps at 18.17% versus 11.41%. (Bloomberg estimate 14.1%)
Net profit up 40.68% at Rs 536 crore versus Rs 381 crore. (Bloomberg estimate Rs 441 crore)
Power Grid Corp Q2 FY25 (Consolidated, YoY)
Revenue up 0.08% at Rs 11277 crore versus Rs 11267 crore. (Bloomberg estimates Rs 11,271 crore)
Ebitda down 2.09% at Rs 9700 crore versus Rs 9908 crore. (Bloomberg estimates Rs 9807 crore)
Ebitda margin down 192 bps at 86.01% versus 87.93%. (Bloomberg estimates 87%)
Net profit up 0.31% at Rs 3793 crore versus Rs 3781 crore. (Bloomberg estimates Rs 3,873 crore)
Gujarat Gas Q2 FY25 (Consolidated, QoQ)
Revenue down 15.02% at Rs 3782 crore versus Rs 4450 crore. (Bloomberg estimates Rs 3,990 crore)
Ebitda down 3.91% at Rs 515 crore versus Rs 536 crore. (Bloomberg estimates Rs 485 crore)
Ebitda margin up 157 bps at 13.61% versus 12.04%. (Bloomberg estimates Rs 12.2%)
Net profit down 6.64% at Rs 309 crore versus Rs 331 crore. (Bloomberg estimates Rs 293 crore)
Jindal Steel Q2 FY25 (Consolidated, YoY)
Revenue down 8.47% at Rs 11213 crore versus Rs 12250 crore. (Bloomberg estimate Rs 11,937 crore)
Ebitda down 3.71% at Rs 2201 crore versus Rs 2286 crore. (Bloomberg estimate Rs 2,080 crore)
Ebitda margin up 96 bps at 19.62% versus 18.66%. (Bloomberg estimate 17.4%)
Net profit down 38.12% at Rs 860 crore versus Rs 1390 crore. (Bloomberg estimate Rs 813 crore)
Endurance Technologies Q2 FY25 (Consolidated, YoY)
Revenue up 14.45% at Rs 2913 crore versus Rs 2545 crore. (Bloomberg estimate Rs 2,908 crore)
Ebitda up 20.44% at Rs 383 crore versus Rs 318 crore. (Bloomberg estimate Rs 393 crore)
Ebitda margin up 65 bps at 13.14% versus 12.49%. (Bloomberg estimate 13.5%)
Net profit up 30.96% at Rs 203 crore versus Rs 155 crore. (Bloomberg estimate Rs 209 crore)
JK Lakshmi Cement Q2 FY25 (Consolidated, YoY)
Revenue down 21.66% at Rs 1234 crore versus Rs 1575 crore. (Bloomberg estimate Rs 1,367 crore)
Ebitda down 59.36% at Rs 89 crore versus Rs 219 crore. (Bloomberg estimate Rs 159 crore)
Ebitda margin down 669 bps at 7.21% versus 13.9%. (Bloomberg estimate 11.7%)
Net loss at Rs 19 crore versus profit of Rs 96 crore. (Bloomberg estimate Rs 62 crore)
Aadhar Housing Finance Q2 FY25 (Standalone, YoY)
Total Revenue up 22% at Rs 751 crore versus Rs 614 crore
Net profit up 15% at Rs 228 crore versus Rs 197 crore (Bloomberg estimate Rs 218 crore)
Kirloskar Ferrous Q2 FY25 (Consolidated, YoY)
Revenue up 6.79% at Rs 1666 crore versus Rs 1560 crore.
Ebitda down 23.62% at Rs 194 crore versus Rs 254 crore.
Ebitda margin down 463 bps at 11.64% versus 16.28%.
Net profit down 4.87% at Rs 78 crore versus Rs 82 crore.
Rain Industries Q2 FY25 (Consolidated, YoY)
Revenue down 5.44% at Rs 3934 crore versus Rs 4160 crore.
Ebitda at Rs 282 crore versus Rs 282 crore.
Ebitda margin up 38 bps at 7.16% versus 6.77%.
Net loss at Rs 155 crore versus loss of Rs 66 crore.
Approved the appointment of Jagan Mohan Reddy Nellore as MD for 5 years effective December 10.
Avalon Technologies Q2 FY25 (Consolidated, YoY)
Revenue up 36.9% at Rs 275 crore versus Rs 201 crore
EBITDA at Rs 30.1 crore versus Rs 12.5 crore
Margin at 10.9% versus 6.2%
Net profit at Rs 17.4 crore versus Rs 7.2 crore
Gulf Oil Lubricants India Q2 FY25 (Consolidated, YoY)
Revenue up 7.73% at Rs 864 crore versus Rs 80482 crore. (Bloomberg estimates Rs 848 crore)
Ebitda up 8% at Rs 108 crore versus Rs 100 crore. (Bloomberg estimates Rs 110 crore)
Ebitda margin up 3 bps at 12.5% versus 12.46%. (Bloomberg estimates 13%)
Net profit up 12.16% at Rs 83 crore versus Rs 74 crore. (Bloomberg estimates Rs 84 crore)
Pricol Q2 FY25 (Consolidated, YoY)
Revenue up 15.74% at Rs 669 crore versus Rs 578 crore.
Ebitda up 18.18% at Rs 78 crore versus Rs 66 crore.
Ebitda margin up 24 bps at 11.65% versus 11.41%.
Net profit up 36.36% at Rs 45 crore versus Rs 33 crore.
Delta Corp Q2 FY25 (Consolidated, YoY)
Revenue down 27.97% at Rs 188 crore versus Rs 261 crore.
Ebitda down 65% at Rs 35 crore versus Rs 100 crore.
Ebitda margin down 1969 bps at 18.61% versus 38.31%.
Net profit down 60.86% at Rs 27 crore versus Rs 69 crore.
Also Read: Tata Steel Q2 Results: Firm Swings Back To Black With Rs 759-Crore Profit, Beats Estimates
Stocks To Watch
Reliance Power: The company’s unit, Rosa Power, has prepaid Rs 485 crore in debt to varde partners and became a zero-debt company. Company to pursue growth opportunities in the clean green power sector.
UltraTech Cement: The company bought an additional 11.6% stake in UAE-based unit Ras Al Khaimah for $22.02 million.
Hindustan Zinc: The government will exercise the oversubscription option in the offer for sale.
RVNL: The company received an order for a rail project worth Rs 180 crore from East Central Railway.
SpiceJet: The company obtained an extension of up to three months from the registrar of companies for conducting the FY24 AGM. The AGM will be held by Dec. 31, 2024.
Kalpataru Projects: The board approved raising up to Rs 200 crore via NCDs.
Polycab India: The company emerged as the lowest bidder for the Rs 1,550 crore project from BSNL.
IPO Offering
Swiggy: The public issue was subscribed to 0.12 times on day 1. There were no bids led by qualified institutional investors, non-institutional investors (0.06 times), retail investors (0.54 times), or reserved for employees (0.74 times).
ACME Solar Holdings: The public issue was subscribed to 0.39 times on day 1. The bids were led by qualified institutional investors (0.15 times), non-institutional investors (0.32 times), retail investors (1.19 times), reserved for employees (0.6 times).
Sagility India: The public issue was subscribed to 0.52 times on day 2. The bids were led by qualified institutional investors (0.07 times), non-institutional investors (0.24 times), retail investors (2.24 times), and reserved for employees (2.44 times).
Niva Bupa Health Insurance: The company will offer its shares for bidding on Thursday. The price band is set from Rs 70 to Rs 74 per share. The Rs 2,200 crore IPO issue is a combination of a fresh issue of Rs 800 crore and the rest offer for sale. The company raised xx crores from anchor investors.
Block Deals
Sapphire Foods India: PI Opportunities AIF V LLP bought 13.75 lakh shares (2.15%) at Rs 321 apiece, while Prazim Trading and Investment Company sold 13.75 lakh shares (2.15%) at Rs 321 apiece.
Tourism Finance Corp: Aditya Kumar Halwasiya bought 5 lakh shares (0.53%) at Rs 160.93 apiece.
Trading Tweaks
Ex/dividend: Symphony, Share India, Navin Fluorine, GSK Pharma.
Price band change from 20% to 10%: Elgi Rubber Company.
Moved in short-term ASM: Elgi Rubber Company, Jagsonpal Pharmaceuticals, Oriana Power, Orient Technologies.
F&O Cues
Nifty November futures up by 1.22% to 24,587 at a premium 103 points.
Nifty November futures open interest down by 0.6%.
Nifty Bank November futures up by 0.55% to 52,650 at a premium of 333 points.
Nifty Bank November futures open interest up 3%.
Nifty Options Nov. 7 Expiry: Maximum call open interest at 27,000 and maximum put open interest at 24,000.
Bank Nifty Options Nov. 6 Expiry: Maximum call open Interest at 52,500 and maximum put open interest at 50,000.
Securities in ban period: Nil.
Also Read: Your Guide To FII Positions For Nov. 7 Trade
Money Market
The Indian rupee hit a fresh record low on Wednesday in the face of a resurgent US dollar and uncertainty over the US presidential election results. The domestic unit had opened lower for the third consecutive session earlier today.
The rupee depreciated 15 paise in the day to 84.25 against the greenback.
Research Reports
Niva Bupa IPO - Should You Apply? Read Anand Rathi's Analysis
Swiggy IPO - 'Subscribe For Long-Term', Says Anand Rathi, Here's Why
ACME Solar IPO - Subscribe Or Not? Read Anand Rathi's Analysis
Cyient DLM To Lupin — Here Are Top Stock Picks For November 2024 By DRChoksey
Swiggy IPO: High-Risk Investors May 'Subscribe For Long Term', Says Motilal Oswal
Residential Real Estate: Resilient With Deleveraging Focus: CareEdge Analysis
NLC India - Growth Outlook Intact; Maintain 'Buy': Axis Securities
MM Forgings - Attractive Valuation; Retaining A 'Buy': Anand Rathi
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