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The GIFT Nifty was trading 0.01% lower at 24,801.50 as of 07:15 a.m., signaling a muted start to Indian markets today.

Asia-Pacific equities moved higher on Wednesday after Wall Street’s six-day winning streak came to an end. Stock benchmarks in Japan, South Korea, and Australia advanced, lifting a broader index of regional shares by 0.4% during early trading.

Futures for the S&P 500 and Nasdaq 100 dipped 0.1%, trimming deeper losses from earlier in the session.

US stocks fell on Tuesday as the rally led by major technology firms slowed, bringing the S&P 500’s six-day rise to a close.

Meanwhile, crude prices increased after CNN reported that US intelligence believes Israel may be preparing for a potential strike on Iranian nuclear sites.

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Markets On The Home Turf

The benchmark equity indices closed lower for the third consecutive session on Tuesday amid volatility in the domestic stock markets.

The NSE Nifty 50 closed 261.55 points or 1.05% lower at 24,683.9 and the BSE Sensex ended 872.98 points or 1.06% down at 81,186.44.

Foreign portfolio investors stayed net sellers of Indian equities for the second straight day on Tuesday as they offloaded stocks worth Rs 10,016.1 crore, the highest since Feb. 28, according to the provisional data from the National Stock Exchange.

Here’s everything that could influence Indian equities today: 

Asian Markets Update

  • S&P 500 futures showed little movement.

  • Hang Seng index futures were broadly unchanged.

  • Futures for the Nikkei 225 on the Osaka Exchange remained steady.

  • Japan’s Topix index rose by 0.3%.

  • Australia’s S&P/ASX 200 index gained 0.6%.

  • Euro Stoxx 50 futures were largely flat.

Commodity Check

  • West Texas Intermediate crude climbed 1.7% to trade at $63.07 per barrel.

  • Spot gold increased by 0.4% to $3,301.70 per ounce.

London Metal Exchange

  • Copper fell 0.04%, reversing gains.

  • Nickel fell 0.28%, continuing downward trend.

  • Aluminium rose 0.88%, snapping its four-day downward streak.

  • Zinc rose 1.27%, sharply reversing losses.

  • Lead rose 0.97%, reversing declines.

US Market Updates

Wall Street’s recent rally paused on Tuesday as stocks slipped amid cautious trading, with investors awaiting new catalysts after a six-day surge that lifted the S&P 500 nearly 20% from its April lows.

The US equity benchmark lost momentum following an $8.6 trillion rally that pushed valuations into “overbought” territory. Despite the pullback, May is shaping up to be a robust month for the S&P 500. Market volatility has eased after months of turbulence, fueled by growing optimism that the tariff measures initiated under the Trump administration will be less severe than initially feared.

On Tuesday, the S&P 500 declined 0.4%, the Nasdaq 100 dropped 0.4%, and the Dow Jones Industrial Average fell 0.3%.

Nifty Earnings To Watch

  • IndusInd Bank

  • Oil & Natural Gas Corp

Other Earnings To Watch

  • Astral Ltd

  • Colgate Palmolive (India) Ltd

  • H.G. Infra Engineering Ltd

  • InterGlobe Aviation Ltd

  • Ircon International Ltd

  • Mankind Pharma Ltd

  • National Aluminium Co

  • NTPC Green Energy Ltd

  • Oil India Ltd

  • Power Finance Corp

  • Rail Vikas Nigam Ltd

  • Trident Ltd

  • Uno Minda Ltd

  • VRL Logistics Ltd

  • VA Tech Wabag Ltd

Earnings Post Market Hours

Dixon Tech Q4 Highlights (Consolidated, YoY)

  • Revenue up 121% to Rs 10,293 crore versus Rs 4,658 crore (Bloomberg estimate: Rs 10,748 crore).

  • Ebitda up 143% to Rs 443 crore versus Rs 182 crore (Bloomberg estimate: Rs 403 crore).

  • Margin expands to 4.3% versus 3.9% (Bloomberg estimate: 3.7%).

  • Net profit up 322% to Rs 401 crore versus Rs 95 crore (Bloomberg estimates: Rs 217 crore)

  • Exceptional Gain of Rs 250 crore in Q4 FY25.

  • Mobile & Other EMS Division grew by 194% to 9,102 crore from 3,091 crore.

Torrent Pharma Q4 FY25 Results Highlights (Consolidated, YoY)

  • Revenue up 7.8% at Rs 2,959 crore versus Rs 2,745 crore

  • Ebitda up 9.2% at Rs 964 crore versus Rs 883 crore

  • Margin at 32.6% versus 32.2%

  • Net Profit up 11% at Rs 498 crore versus Rs 449 crore

  • Note: Exceptional loss of Rs 24 crore in Q4

  • Exceptional items relate to closure of DPCO pending litigation for previous years.

  • Net profit up by 11%, driven by robust India business

  • The board approved plans to raise up to Rs 5,000 crore via QIP.

GSFC Q4 Earnings (Consolidated, YoY)

  • Revenue down 2.2% at Rs 1,922 Cr versus Rs 1,965 crore

  • Ebitda up 3 times at Rs 80 crore versus Rs 26 crore

  • Margin at 4.2% versus 1.3%

  • Net Profit up 2.9 times Rs 71.7 crore versus Rs 24.7 crore

  • Ebitda aided by lower power fuel and Employee Expenses.

  • PAT aided by increase by other income by 4 crore and higher tax Expense in Q4 FY24.

  • To Pay Dividend of Rs 5/Share

United Spirits Q4 FY25 Results Highlights (Consolidated, YoY)

  • Revenue up 2.4% to Rs 2,946 crore versus Rs 2,666 crore (Bloomberg estimate: Rs 2,977 crore)

  • Ebitda up 39.5% to Rs 505 crore versus Rs 362 crore (Bloomberg estimate: Rs 446 crore)

  • Margin at 17.1% versus 13.6% (Bloomberg estimate: 15%)

  • Net Profit up 17.4% to Rs 451 crore versus Rs 384 crore (Bloomberg estimate: Rs 308 crore)

  • PAT boosted by 57% uptick in Other Income

  • Exceptional loss of Rs 31 crore in Q4 FY24.

Godawari Power Q4 FY25 Results Highlights (Consolidated, YoY)

  • Revenue down 4% at Rs 1,468 crore versus Rs 1,530 crore

  • Ebitda down 3.2% at Rs 318 crore versus Rs 329 crore

  • Margin at 21.7% versus 21.5%

  • Net Profit up 1.3% at Rs 221 crore versus Rs 218 crore

  • Ebitda down due to 35% uptick in Employee Expenses

  • PAT uptick is due to lower tax expense in the Current Quarter.

  • The company approved the enhancement of steel melting capacity by 50,000 MTs at its existing steel plant.

  • Will revise the proposed capacity of solar power plant from 95 MWp to 125 MWp. The additional solar power capacity shall be used for operating expanded steel melting shop.

  • The board also cleared plans to raise long-term debt of Rs 300 crore from banks/ financial institutions.

Gland Pharma Q4 FY25 Results Highlights (Consolidated, YoY)

  • Revenue down 7.3% to Rs 1,425 crore versus Rs 1,537 crore (Bloomberg estimate: Rs 1,552 crore)

  • Ebitda down 0.7% to Rs 347.4 crore versus Rs 350 crore (Bloomberg estimate: Rs 376 crore)

  • Margin at 24.4% versus 22.8% (Bloomberg estimate: 24.2%)

  • Net profit down 3.1% to Rs 186 crore versus Rs 192 crore (Bloomberg estimate: Rs 233 crore)

  • Ebitda flat on 6% uptick in Employee Expenses.

JK Tyre & Industries Q4 FY25 Results Highlights (Standalone, YoY)

  • Revenue up 2.2% to Rs 2,674 crore versus Rs 2,616 crore

  • Ebitda down 21% to Rs 263 crore versus Rs 333 crore

  • Margin at 9.8% versus 12.7%

  • Net profit down 34% to Rs 96.5 crore versus Rs 146 crore

Aster DM Healthcare Q4 Highlights (Consolidated, YoY)

  • Revenue up 2.7% at Rs 1,000 crore versus Rs 974 crore.

  • Ebitda up 20.8% at Rs 192 crore versus Rs 159 crore.

  • Margin at 19.2% versus 16.4%.

  • Net profit at Rs 79 crore versus a loss of Rs 24 crore.

Dredging Corp Q4 Highlights (YoY)

  • Revenue up 42.5% to Rs 462 crore versus Rs 324 crore.

  • Ebitda up 46.7% to Rs 76.7 crore versus Rs 52.3 crore.

  • Margin at 16.6% versus 16%.

  • Net profit up 33.8% to Rs 21.4 crore versus Rs 16 crore.

Arvind SmartSpaces Q4 Highlights (Consolidated, YoY)

  • Revenue up 39% to Rs 163 crore versus Rs 117 crore.

  • Ebitda up 7.3% to Rs 33.6 crore versus Rs 31.3 crore.

  • Margin at 20.6% versus 26.7%.

  • Net profit up 22.6% to Rs 19 crore versus Rs 15.5 crore.

J Kumar Infra Q4 FY25 Results Highlights (Consolidated, YoY)

  • Revenue up 14.6% to Rs 1,633 crore versus Rs 1,425 crore

  • Ebitda up 16.3% to Rs 236 crore versus Rs 203 crore

  • Margin at 14.5% versus 14.2%

  • Net profit up 14% to Rs 114 crore versus Rs 100 crore

Johnson Controls- Hitachi Q4 FY25 Results Highlights (Consolidated, YoY)

  • Revenue up 20.8% at Rs 932 crore versus Rs 772 crore

  • Ebitda up 12.6% at Rs 91.7 crore versus Rs 81.4 crore

  • Margin at 9.8% versus 10.5%

  • Net profit up 14.7% at Rs 56 crore versus Rs 48.8 crore

Fineotex Chemical Q4 Highlights (Consolidated, YoY)

  • Revenue down 21.6% to Rs 120 crore versus Rs 153 crore.

  • Ebitda down 44.4% to Rs 21.3 crore versus Rs 38.3 crore.

  • Margin at 17.8% versus 25%.

  • Net profit down 33.3% to Rs 20 crore versus Rs 30 crore.

Fortis Health Q4 Highlights (Consolidated, YoY)

  • Revenue up 12.4% at Rs 2,007 crore versus Rs 1,786 crore (Bloomberg estimate: Rs 2,020 crore)

  • Ebitda up 14.3% at Rs 435 crore versus Rs 381 crore (Bloomberg estimate: Rs 424 crore)

  • Margin at 21.7% versus 21.3% (Bloomberg estimate: 21%)

  • Net profit up 2.8% at Rs 184 crore versus Rs 179 crore (Bloomberg estimate: Rs 218 crore)

Whirlpool of India Q4 FY25 Earnings Highlights (Consolidated, YoY)

  • Revenue up 15.6% at Rs 2,005 crore versus Rs 1,734 crore (Bloomberg estimate: Rs 1,990 crore)

  • Ebitda up 27.4% at Rs 183 crore versus Rs 144 crore (Bloomberg estimate: Rs 157 crore)

  • Margin at 9% versus 8.3% (Bloomberg estimate: 7.9%)

  • Net Profit up 53.6% at Rs 119 crore versus Rs 77.6 crore (Bloomberg estimate: Rs 100 crore)

Stocks In News

  • Senores Pharma: The company in an agreement to acquire US FDA- approved ANDA for Enalapril Maleate Tablets from Wockhardt through arm. Enalapril is used for treatment of hypertension, heart failure.

  • United Breweries: The company is increasing its manufacturing capabilities through an additional facility from Ilios Breweries in Andhra Pradesh.

  • State Bank of India: The company approved raising up to $3 billion via foreign currency bonds in multiple tranches.

  • Astra Microwave Products: The company issued convertible warrants worth Rs 174 crore on preferential basis.

  • Coal India: The company clarifies that activities related to listing of CMPDIL and BCCL, wholly owned subsidiaries of CIL, are in progress.

  • Nazara Tech: UK-based arm Fusebox Games partners with Banijay Rights for Global Launch of Big Brother: The Game.

  • Sonata Software: The company Launches ‘AgentBridge’, a managed services offering for agentic workflows.

  • Ugro Capital: The company approved raising up to Rs 400 crore via rights issue and Rs 914 crore via convertible bonds.

  • Atul Auto: The appellate court has disposed of an appeal, rather than vacating a stay, in a litigation case involving Atul Auto and its arm. This case concerns the infringement of the plaintiff’s “Mobil” trademark.

  • REC: The company incorporated Mekhali Power Transmission as a wholly owned subsidiary of the unit.

  • Ircon International: The company received an order worth Rs 254 crore from Southwestern Railway.

  • Adani Green: Promoter Ardour Investment Holding Ltd. exercised and converted nearly 19 lakh warrants into an equal number of equities worth Rs 209 crore.

  • PDS: The company dissolved its step-down subsidiary as a part of streamlining the corporate structure of PDS Group.

  • Emami Paper: Appoints Mukesh Kumar Agarwal as the CFO.

  • PCBL Chemical: Begins commercial production of polymer in the manufacturing facility of Aquapharm in Maharashtra.

IPO Offering

  • Belrise Industries: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 85 to Rs 90 per share. The Rs 2,150-crore IPO issue is entirely a fresh Issue. The company raised 645 crore from anchor investors.

  • Borana Weaves: The public issue was subscribed to 8.54 times on day 1. The bids were led by qualified institutional investors (1.5 times), non-institutional investors (11.55 times), retail investors (25 times).

Brokerage Radar

Citi on Torrent Pharma

  • Maintained ‘buy’ rating with a target price of Rs 4,000.

  • The quarter ended March 2025 showed healthy underlying trends in the branded pharmaceutical markets.

  • Margins surprised positively during the quarter.

  • The margin expansion trend will continue, supported by operating leverage in the branded segments, Citi said.

Citi on Zydus Life Sciences

  • Maintained ‘sell’ rating with a target price of Rs 900.

  • The quarter ended March 2025 was ahead of expectations due to higher non-recurring components in the United States.

  • The company has guided for an Ebitda margin of 26% in the financial year ending March 2026, which is 300-400 basis points lower than the margin in fiscal 2025.

  • Extended sales of Myrbetriq and Sitagliptin may help prevent a decline in US sales in the financial year ending March 2026.

Citi on Hindalco Industries

  • Maintained ‘buy’ rating and hiked the target price to Rs 800 from Rs 725.

  • Stronger aluminum performance and debt reduction are key positives.

  • Management expects India aluminum costs to remain largely stable in the quarter ending June 2025.

  • Downstream Ebitda per tonne is expected to improve steadily.

  • India operations should benefit from lower costs, while Novelis is expected to gain from better scrap supply and improved profitability at the Bay Minette facility.

Bulk Deals

  • Edelweiss Financial Services: Carnelian Asset Management & Advisors Pvt. bought 80 lakh shares (0.84%) at Rs 90.4 apiece.

  • Gensol Engineering: Neo Apex Venture Llp bought 3.62 lakh shares (0.95%) at Rs 70.2 apiece

  • Protean eGov Techno: Massachusetts Institute of Technology sold 4.01 lakh shares (0.99%) at Rs 1,026 apiece.

Trading Tweaks

  • Price Band change from 20% to 10%: BLS E-Services

  • List of securities to be included from ASM Framework: BLS E-Services, Cochin Shipyard, IOL Chemicals and Pharmaceuticals, KPI Green Energy, Premier Explosives, Precision Wires India.

  • List of securities to be excluded from ASM Framework: Hester Biosciences, K.P.R. Mill, Ksolves India.

F&O Cues

  • Nifty May Futures down by 0.78% to 24,782 at a premium of 99 points.

  • Nifty May futures open interest down by 5.09%.

  • Nifty Options May 22 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,000.

  • Securities in ban period: RBL Bank, Manappuram Finance.

Currency Update

The Indian rupee continued its downward trend, closing 24 paise weaker at Rs 85.64 against the US dollar on Tuesday, compared to its closing value of Rs 85.40 on Monday.

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