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Market breadth was skewed in favour of buyers. Around 2,497 stocks declined, 1,426 stocks rose, and 93 stocks remained unchanged on BSE.
Revenue down 1% at Rs 5,633 crore vs Rs 5,692 crore
EBITDA up 6.4% at Rs 1,124 crore vs Rs 1,056 crore
EBITDA margin at 19.9% vs 18.6%
Net profit up 3.4% at Rs 333 crore vs Rs 322 crore
Net profit fell 0.4% at Rs 402 crore vs Rs 403 crore
Revenue rose 21% at Rs 4,698 crore vs Rs 3,889 crore
Ebitda rose 6.34% at Rs 583.38 crore vs Rs 548.56 crore
Margin fell 168 bps at 12.41% vs 14.1%
Revenue up 20% to Rs 5,806 crore from Rs 4,834 crore
Ebitda up 42% at Rs 572 crore from Rs 402 crore
Margin up 160 basis points at 9.9% from 8.3%
Net profit up 42% at Rs 408 crore from Rs 287 crore
Mahindra & Mahindra Financial Services Ltd. is in pact with Tata AIG to broaden distribution of non-life insurance products.
Source: Exchange filing
Net profit fell 3.6% at Rs 93 crore vs Rs 96 crore
EBITDA fell 1.5% at Rs 133 crore vs Rs 135 crore
Margin18.9% vs 20.2%
Revenue rose 5.6% at Rs 706 crore vs Rs 668 crore
Net NPA at 0.38% vs 0.40% (QoQ)
Gross NPA at 1.32% vs 1.40% (QoQ)
NII rose 14% at Rs 1,024 crore vs Rs 897 crore (YoY)
Net profit rose 28% at Rs 459 crore vs Rs 359 crore (YoY)
EBIT margin 12.8% vs 12.5%
EBIT rose 6.4% at Rs 104 crore vs Rs 98 crore
Revenue rose 4.3% at Rs 813 crore vs Rs 779.73 crore
Net profit fell 24% at Rs 71.5 crore vs Rs 94.4 crore
Stock Market Live: Nifty, Sensex Fall As RIL, HDFC Bank Drag
Net profit of Rs 5 crore vs loss of Rs 95 crore
Revenue rose 77.7% at Rs 915 crore vs Rs 515 crore
EBITDA of Rs 25 crore vs EBITDA loss of Rs 37 crore
NII up 12% at Rs 3,548 crore vs Rs 3,176 crore
Net profit at Rs 880 crore vs Rs 418 crore
Gross NPA at 4.54% vs 4.50% QoQ
Net NPA at 0.73% vs 1.23% QoQ
Revenue down 16.2% to Rs 315 crore from Rs 376 crore
Ebitda down 65.3% at Rs 40 crore from Rs 115 crore
Margin down 1800 bps at 12.7% from 30.7%
Net profit down 54.8% at Rs 48 crore from Rs 105 crore
Welfare Schemes May Get Higher Allocation
Share of revenue expenditure in total expenditure down from pre-pandemic average of 88%
Expect FY25 revenue expenditure to grow by 6.8%
Govt expected to do higher allocation towards agriculture, welfare schemes, job creation and rural housing
Major schemes/ministries that can see higher allocation:
MNREGA
PM Awas Yojana
PM Gram Sadak Yojana
PM Kisan Samman Nidhi
Schemes related labour intensive MSME sectors
Key Budget Themes: Employment Generation
Textile: Introduction of PLI scheme for cotton-based apparel and garment manufacturing.
Hospitality and Tourism: Incentives like tax breaks or subsidies to promote investments
Real Estate Infra; Higher fund allocation to PMAY/schemes focused on affordable housing
Infra: Boost in construction activity via more project awards across PPP & EPC mode
PLI Allocation in Budget
Allocation under major PLI schemes have grown significantly in FY25
Large Scale Electronics, IT Hardware, Auto, Pharma dominate most of the allocation
Govt may increase allocation, include labor-intensive sectors like textiles, leather, footwear and toys
BASF India is to sell flocculants business for mining applications to specialty chem producer, Solenis.
Source: Exchange filing
Lloyds Metals & Energy Ltd. has recorded the highest-ever quarterly iron ore production in April-June.
Lloyds Metals & Energy Ltd. recorded 6% increase in iron ore production in April-June at 4 ton.
The quarter one direct reduced iron rose 16% to 76,000 ton.
Source: Exchange filing
Tata Power Renewable Energy signs MoU with NHPC Renewable Energy for solar initiatives
Arm's pact with NHPC Renewable Energy aims for 100% solarisation of govt buildings
Source: Exchange filing
Achieves highest sales volume in Q1
Q1 sales volume rose 45% on the year to 1.2 lakh ton
Source: Exchange filing
Nomura retained 'Reduce' on Eicher Motors Ltd. with a target price Rs 4,119, which implied a 16% downside.
Royal Enfield (RE) Guerrilla 450 launched at a starting price of INR239k
Taking several cues from the Himalayan 450
Lower pricing, ~16% economical than the Himalayan 450
Focussed on increasing its reach with more focus on in-city usage
Price at 35% premium to RE 350cc bikes, and a ~3% premium to Triumph Speed 400
Do not expect much improvement in the overall growth for RE
Maintain our sales estimate for RE
Earnings growth could be the slowest amongst our 2W coverage universe
BJAUT remains our top pick in the 2W segment
Aurobindo Pharma Ltd. is to buy back shares at Rs 1,460 per share via tender offer.
Aurobindo Pharma Ltd. has approved buyback of 0.88% stake worth up to Rs 750 crore.
Source: Exchange filing
Market breadth was skewed in favour of sellers. Around 1,607 stocks declined, 1,392 stocks advanced, and 139 stocks remained unchanged on BSE.
Bernstein maintained a 'Market perform' on the stock with the an unchanged target price at Rs 4,800.
Modest TCV makes growth recovery difficult in FY25
Margins miss on estimates
Deal wins started to flow in revenue
Clients starting to scale up high priority programs
Utilisation improved above management’s band
Noted greenshoots in demand
Clients beginning to deploy savings towards high priority transformation programs
At pre-open, the NSE Nifty 50 was trading 0.28% lower at 24,543.80, and the S&P BSE Sensex was trading 0.25% lower at 80,514.25.
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.96% on Tuesday.
Source: Cogencis
The local currency opened flat at 83.58 against the US dollar.
It closed at 83.59 on Tuesday.
Source: Bloomberg
Broader macro environment has remained unchanged
Growth improvement was led by the resumption of paused projects
Many large clients restarted paused transformation projects
Wins in certain vendor consolidation should drive revival of demand
Expects demand to be led by cost-takeout, select high-priority transformation projects
Clients deploying savings towards high-priority transformation programs
Clients are also making foundational investments for AI
Ramp-up in deals reflecting in revenues
Expect wage hike in Q3FY25
Looking to take margins to pre merger levels of 18%
Maintain Reduce with a target price Rs. 8,300 from Rs. 7,900, which implied a downside of 14%.
Domestic 2W prospects are healthy
Though the company position has slipped
Response to newly-launched CNG motorcycle needs to be watched
Mgmt guided for exports recovery to be gradual
Raise FY26E EPS by 2.6% see 13% EPS CAGR FY24-27E
Rates neutral with a target price of Rs. 2,800 from earlier Rs. 2,870, which implied a downside of 6%.
The company's success in premium segments will be crucial
Expects negative share price reaction
Intensive competition to threaten margins
IREDA To Invest Rs 290 Crore With SJVN In Nepal's Karnali Hydro Project
Crisil Sees Indian Telecom User Revenue Rising 25% By FY26
Zomato: Motilal Oswal Mutual Fund sold 2.84 crore shares (0.32%), while Societe Generale bought 1.27 crore shares (0.14%) and Polar Capital Funds bought 63.5 lakh shares (0.07%), among others, at Rs 226.85 apiece.
Motilal Oswal Mutual Fund Offloads Zomato Stake Worth Rs 645 Crore
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