Good morning!

The GIFT Nifty was up 0.33% at 24,830 as of 06:42 a.m., signaling a marginally positive start to Indian markets today.

US stock futures surged and the dollar strengthened after a US trade court ruled President Donald Trump’s global tariffs illegal and blocked their implementation. The ruling, issued by a three-judge panel at the US Court of International Trade in Manhattan, sided with Democratic-led states and small businesses that challenged Trump’s use of emergency powers to impose the tariffs. The Trump administration has announced plans to appeal the ruling.

Investor sentiment was further boosted by upbeat earnings from Nvidia Corp. Shares of the chipmaker jumped nearly 5% in post-market trading in New York after the company delivered a solid revenue forecast, despite challenges from export restrictions to China. Asian markets also opened higher, with equities in Japan and South Korea advancing.

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Markets On The Home Turf

The benchmark equity indices closed lower for the second consecutive session on Wednesday as share prices of ITC Ltd. and Reliance Industries Ltd. dragged the most.

The NSE Nifty 50 closed 73.75 points or 0.3% lower at 24,752.45 and the BSE Sensex ended 239.31 points or 0.29% down at 81,312.32. During the day, the Nifty fell 0.36% to 24,737, while the Sensex dropped 0.38% to 81,244.

Foreign portfolio investors mopped up stocks worth Rs 4,662.9 crore, according to the provisional data from the National Stock Exchange.

Domestic institutional investors stayed net buyers for the seventh straight session as they bought equities worth Rs 7,912 crore, the data showed.

The FPIs had bought shares worth Rs 348.45 crore on Monday.

Here’s everything that could influence Indian equities today:

Asian Markets Update

  • S&P 500 futures rose 1.62%.

  • Hang Seng index futures were down 0.94%.

  • Futures for the Nikkei 225 on the Osaka Exchange rose 0.94%.

  • Japan’s Topix index advanced 1.30%.

  • Australia’s S&P/ASX 200 index rose marginally.

  • Euro Stoxx 50 futures were up 1.19%.

Commodity Check

  • West Texas Intermediate crude advanced 0.95% to trade at $62.43 per barrel.

  • Spot gold declined by 0.92% to $3,258.63 per ounce.

London Metal Exchange

  • Copper fell 0.33%, extending losses.

  • Nickel was down 2.58%, extending downward trend.

  • Aluminium was down 0.66%, reversing gains.

  • Zinc was down 0.68%, snapping three-day gains.

  • Lead fell 0.15%, extending declines.

US Market Updates

US stocks surged in late trading on speculation that Nvidia Corp.’s strong earnings report will further fuel the ongoing artificial intelligence-driven rally.

The world’s most valuable chipmaker rose about 5% following a robust revenue forecast for the current period, despite results being weighed down by a slowdown in China. Nvidia’s outlook indicates an acceleration in production of Blackwell, its latest semiconductor design.

Earlier in the day, equities had extended losses during regular trading hours, with the S&P 500 closing down 0.6%. Minutes from the latest Federal Reserve policy meeting revealed a cautious, wait-and-see stance.

Nifty Earnings To Watch

  • Bajaj Auto

Other Earnings To Watch

  • Alkem Laboratories

  • Amara Raja Energy & Mobility

  • Mrs. Bectors Food Specialities

  • Campus Activewear

  • Century Plyboards (India)

  • Concord Biotech

  • Confidence Petroleum India

  • Engineers India

  • Gujarat Pipavav Port

  • ICRA,

  • IPCA Laboratories

  • ISGEC Heavy Engineering

  • JNK India

  • KNR Constructions

  • Landmark Cars

  • Lemon Tree Hotels

  • Lumax Auto Technologies

  • Mazagon Dock Shipbuilders

  • Samvardhana Motherson International

  • NBCC (India), 

  • Ola Electric Mobility

  • Procter & Gamble Health

  • Prestige Estates Projects

  • Samhi Hotels

  • Shivalik Bimetal Controls

  • Senco Gold

  • Shalby

  • SJVN

  • Sobha

  • Suzlon Energy

  • Tarc

  • Technocraft Industries (India)

  • Varroc Engineering

  • Welspun Living

  • Wockhardt Yatra Online

Earnings Post Market Hours

Deepak Nitrite Q4 Highlights (Consolidated, YoY)

  • Revenue up 2.5% to Rs 2,179.69 crore versus Rs 2,126.21 crore.

  • Ebitda up 5% to Rs 316.51 crore versus Rs 301.12 crore.

  • Margin at 14.5% versus 14.2%.

  • Net Profit down 20% to Rs 202.41 crore versus Rs 253.86 crore.

  • Exceptional Gain of Rs 79.8 cr in Q4 FY24

Cummins India Q4 Highlights (Standalone, YoY)

  • Revenue up 6.1% to Rs 2,457 crore versus Rs 2,316 crore (Estimate: Rs 2,693 crore).

  • Ebitda down 4.4% to Rs 520 crore versus Rs 544 crore (Estimate: Rs 523 crore).

  • Ebitda margin at 21.2% versus 23.5% (Estimate: 19.4%).

  • Net profit down 7% to Rs 521 crore versus Rs 561 crore (Estimate: Rs 476 crore).

  • Domestic sales were higher by 1% compared to the same quarter last year and lower by 25% compared to the previous quarter.

  • Exports sales are higher by 39% compared to the same quarter last year and higher by 3% compared to the previous quarter.

Insecticides (India) Q4 Highlights (Consolidated, YoY)

  • Revenue up 31.7% to Rs 359 crore versus Rs 272.5 crore.

  • Ebitda to Rs 28.5 crore versus Rs 8.7 crore.

  • Margin at 7.9% versus 3.2%.

  • Net Profit up 84.7% to Rs 13.9 crore versus Rs 7.5 crore.

  • Deferred Tax Credit of 4 crore in Q4 FY24

  • Revenue Growth of 32% is registered in Q4 vs Q4FY24 with significant improvement in profit margins across segments

  • Premiumization led Profit Growth

  • A robust performance was noted in Shinwa, Izuki, Mission SC, Mycoraja and new launches.

Nuvama Wealth Management Q4 Highlights (Consolidated, QoQ)

  • Revenue up 8.3% to Rs 1,120 crore versus Rs 1,034 crore.

  • Ebitda down 1.2% to Rs 575 crore versus Rs 582 crore.

  • Margin at 51.3% versus 56.2%.

  • Net Profit up 1.3% to Rs 255 crore versus Rs 252 crore.

  • Ebitda Down due to an increase in other expenses by 40% and employee expenses by 22%.

  • Wealth Management Business Grew by 15%.

  • Capital Market Business grew by 25%

Bata India Q4 Highlights (Consolidated, YoY)

  • Revenue down 1.2% to Rs 788 crore versus Rs 798 crore.

  • Ebitda down 2% to Rs 178 crore versus Rs 182 crore.

  • Margin at 22.6% versus 22.8%.

  • Net Profit down 27.9% to Rs 45.9 crore versus Rs 63.6 crore.

Birlasoft Q4 (Consolidated, YoY)

  • Revenue  down 3.31% at Rs 1317 crore versus Rs 1362 crore.

  • EBIT up 7.47% at Rs 152.5 crore  versus Rs 141.9 crore.

  • EBIT margin up 116 bps at 11.57% versus 10.41%.

  • Net profit up 4.27% at Rs 122 crore versus Rs 117 crore.

Welspun Corp Q4 Highlights (Cons, YoY)

  • Revenue down 12% at Rs 3,925 crore versus Rs 4,461 crore

  • EBITDA up 39.4% at Rs 460 crore versus Rs 330 crore

  • Margin At 11.7% Vs 7.4%

  • Net Profit at Rs 698 crore versus Rs 269 crore.

  • Exceptional Gain of Rs 476 crore.

SAIL Q4 Highlights (Consolidated, QoQ)

  • Revenue up 19.7% to Rs 29,316.14 crore versus Rs 24,489.91 crore.

  • Ebitda up 72% to Rs 3,483.86 crore versus Rs 2,029.87 crore.

  • Margin at 11.9% versus 8.3%.

  • Net Profit up 393% to Rs 1,251.00 crore versus Rs 253.86 crore.

  • Exceptional Loss of Rs 29 crore vs 28 crore Exceptional Gain.

  • Other Income increases by 27%, from 297 cr vs 233 cr.

  • Total Expenses at 28,029 cr vs 24,560 cr.

Avanti Feeds Q4 Highlights (Consolidated, YoY)

  • Revenue up 7.9% to Rs 1,385 crore versus Rs 1,284 crore.

  • Ebitda up 36.5% to Rs 177 crore versus Rs 130 crore.

  • Margin at 12.8% versus 10.1%.

  • Net Profit up 45.8% to Rs 152 crore versus Rs 104 crore.

  • Other Income increased by 36% from 49.88 cr vs 36.45 cr.

IRCTC Q4 Highlights (Consolidated, YoY)

  • Revenue up 10.1% to Rs 1,268.52 crore versus Rs 1,151.71 crore.

  • Ebitda up 6% to Rs 385.48 crore versus Rs 362.43 crore.

  • Margin at 30.4% versus 31.5%.

  • Net Profit up 26% to Rs 358.22 crore versus Rs 284.18 crore.

  • Exceptional gain of Rs 45.68 crore in the fourth quarter.

FDC Q4 Highlights (Consolidated, YoY)

  • Revenue up 6.5% to Rs 492 crore versus Rs 462 crore.

  • Ebitda down 4.2% to Rs 54 crore versus Rs 56.3 crore.

  • Margin at 11% versus 12.2%.

  • Net Profit down 16.4% to Rs 38.7 crore versus Rs 46.3 crore.

Cohance Lifesciences Q4 Highlights (Consolidated, YoY)

  • Revenue up 30.5% to Rs 330 crore versus Rs 253 crore.

  • Ebitda down 8.4% to Rs 67.2 crore versus Rs 73.3 crore.

  • Margin at 20.3% versus 29%.

  • Net Profit down 16.7% to Rs 44.3 crore versus Rs 53.2 crore.

Heidelbergcement India Q4 Highlights (YoY)

  • Revenue up 2.7% to Rs 612 crore versus Rs 597 crore.

  • Ebitda up 2% to Rs 90.6 crore versus Rs 89 crore.

  • Margin at 14.8% versus 14.9%.

  • Net Profit up 4.8% to Rs 50.5 crore versus Rs 48 crore.

Jindal Worldwide Q4 Highlights (Consolidated, YoY)

  • Revenue up 5.5% to Rs 606 crore versus Rs 574 crore.

  • Ebitda down 11.8% to Rs 49 crore versus Rs 55.5 crore.

  • Margin at 8% versus 9.7%.

  • Net Profit down 21.8% to Rs 22 crore versus Rs 28.2 crore.

Natco Pharma Q4 Highlights (Consolidated, YoY)

  • Revenue up 14.3% to Rs 1,221 crore versus Rs 1,068 crore.

  • Ebitda up 10.2% to Rs 548 crore versus Rs 497 crore.

  • Margin at 44.9% versus 46.6%.

  • Net Profit up 5.3% to Rs 407 crore versus Rs 386 crore.

Stocks In The News 

  • IndusInd Bank: SEBI has barred former IndusInd Bank CEO Sumant Kathpalia and four others from dealing in the share market.

  • Gensol Engineering: The National Company Law Tribunal in Ahmedabad has ordered the freezing and attachment of all bank accounts and lockers belonging to Gensol Engineering and its associated entities.

  • Infosys: The company is in an agreement with E.ON to enable AI-powered digital workplace transformation.

  • Tata Chemicals: N Chandrasekaran resigned as director and chairperson, effective May 29, and appointed S Padmanabhan as director and chairperson, effective May 30.

  • DLF: The company’s arm incorporated a wholly-owned subsidiary in GIFT City, Gujarat.

  • Grasim Industries: The board meeting will be held to consider the issue of Non-Convertible Debentures on a private placement basis, in one or more tranches, subject to regulatory and statutory approvals as may be required.

  • LTIMindtree: Aramco Digital and Co launched NextEra, which is a Next-Gen IT services company in Saudi Arabia.

  • Adani Energy Solutions: The board will meet on May 31 to consider a proposal for raising funds.

  • Aurobindo Pharma: The company incorporated a step-down arm, Curateq Biologics B.V., in Netherlands.

  • Schaeffler India: The company inaugurated a plant in Shoolagiri, Tamil Nadu.

  • FSN E-Commerce: NCLT approved the Scheme of Amalgamation of its arm Iluminar Media with Nykaa Fashion.

  • Radico Khaitan: The company withdrew the ‘Trikal’ brand name for a new range of single-malt whiskey. The brand name had previously drawn criticism from religious quarters due to label on the bottle having a geometric face with circular pattern on the forehead.

  • Reliance Power: The arm received a letter of award from SJVN for the Solar and Battery Energy Storage System Project. The company to add 600 MW Of Solar DC Capacity & 700 MWh Of Battery Energy Storage System Capacity.

  • HG Infra: The company received a letter of intent from Gujarat Urja Vikas Nigam for 600 MWH battery energy storage order.

  • Max Financial Services: Prashant Tripathy, managing director and CEO of Axis Max Life Insurance, the material subsidiary of the company, has expressed his desire to retire early from his position, effective end of the day September 30, 2025, to devote time to personal pursuits and priorities.

  • Rites: The company signed MoU with Shree Cement for development of rail infra & allied services.

IPO Offering

  • Aegis Vopak Terminals: The public issue was subscribed 2.09 times on the final day. The bids were led by qualified institutional investors (3.3 times), non-institutional investors (0.56 times), and retail investors (0.77 times).

  • Schloss Bangalore (Leela Hotels IPO): The public issue was subscribed 4.5 times on day 3. The bids were led by qualified institutional investors (7.46 times), non-institutional investors (1.02 times), retail investors (0.83 times).

  • Prostarm Info Systems: The public issue was subscribed 12.65 times on day 2. The bids were led by qualified institutional investors (1.03 times), non-institutional investors (27.23 times), and retail investors (13.04 times).

  • Scoda Tubes: The public issue was subscribed 2.06 times on day 1. The bids were led by qualified institutional investors (1.04 times), non-institutional investors (2.86 times), and retail investors (2.09 times).

Brokerage Radar

Jefferies On Jindal Stainless

  • Initiated ‘buy’ rating with a target price of Rs 800.

  • Jindal Stainless is a leader in India’s fast-growing stainless steel market.

  • The company benefits from lower Ebitda per ton volatility and a better balance sheet compared to Indian carbon steel players.

  • China’s stainless steel conversion spread is at a 10-year low, and any expansion could boost margins.

  • Expected to deliver 10% volume and 21% earnings per share compound annual growth rate with 17% return on equity over fiscals 2025-27.

  • Trading at 11 times enterprise value to Ebitda for the financial year 2026, reasonable given a 25% premium over carbon steel globally.

JPMorgan On Steel Authority of India 

  • Maintained ‘neutral’ rating with a target price of Rs 112.

  • The quarter ended March showed a healthy earnings beat as sales volume growth momentum continued.

  • Debt declined 12% quarter-on-quarter, and the debt to trailing 12 months Ebitda ratio improved sharply to 3.31 times versus 4.42 times in the previous quarter.

  • JPMorgan will monitor current inventory levels during the upcoming earnings call.

Morgan Stanley On Dr Agarwal’s Healthcare

  • Maintained ‘overweight’ rating with a target price of Rs 502.

  • The quarter ended March was good overall.

  • Earnings before interest, taxes, depreciation and amortisation margin declined mainly due to higher personnel costs.

  • Employee stock ownership plan costs and initial public offering expenses also impacted the quarter.

Read more about all brokerage calls on Thursday here.

Bulk Deals

  • ITC: Tobacco Manufacturers India sold 15.65 crore shares (1.25%) at Rs 413.12 apiece, while Tobacco Manufacturers India sold 15.65 crore shares (1.25%) at Rs 413.78 apiece.

  • ADF Foods: Infinity Capital bought 16.85 lakh shares (1.54%) at Rs 225 apiece, Abakkus Emerging Opportunities Fund 1 sold 16.86 lakh shares (1.54%) at Rs 225 apiece

Insider Trading

  • Supreme Industries: Promoter Jovial Investment and Trading Company bought 63,914 shares on May 26.

  • Asahi India Glass: Promoter Sanjay Labroo revoked a pledge for 8 lakh shares.

  • Usha Martin: Promoter Peterhouse Investments India sold 2.3 lakh shares.

  • Voltamp Transformers: Promoter Taral K. Patel sold 20,600 shares on May 26.

  • MTAR Technologies: Promoter P Kalpana Reddy sold 15,000 shares on May 27.

Trading Tweaks

  • Price Band change from 20% to 10%: IFCI

  • Shares to Exit-Lock In: Gandhar Oil Refinery

  • Ex-Dividend: Tata Consumer Products.

F&O Cues

  • Nifty May Futures down by 0.46% to 24,747 at a discount of 5 points.

  • Nifty May futures open interest down by 22.83%.

  • Nifty Options May 29 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,000.

  • Securities in ban period: Nil.

Currency Update 

The Indian rupee weakened by 3 paise to close at 85.37 against the US dollar on Wednesday, extending its fall for the second day, in comparison to its previous close of 85.33 on Tuesday.

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