Markets pared opening gains on Tuesday to finally end in the negative terrain but managed to hold short term support of 50 DMA amidst positive global market cues. With appearance of breakaway gap, the downtrend of a larger amplitude has been activated with an immediate target seen at 22,500. We expect selling from Yen Carry trade unwinding to spill over to equities in the coming days after the recent rebound in USDJPY comes to a halt at around 148.
Results Today – Pidilite Industries, Godrej Consumer Products
Nifty 50 Chart
Stocks to watch
Positive Read through
- Realty – Government allows both with & without indexation for property acquire pre-July 2, 2024 Bata – EBITDA fell 23 pct, margin slipped 540 bps YoY.
- Tata Power – Posted healthy operational performance, EBITDA jumped 21.9 pct YoY Guj gas – Operational numbers miss estimates, EBITDA fell 9.3 pct QoQ.
- Lupin – Both US & India report healthy growth, margin at multi-quarter high of 22.2 pct Fortis – Rebranding exercise impacts Q1FY25, diagnostic business margin fell 400 bps YoY.
- PI Ind – Q1 above estimates, margin at 28 pct vs 25 pct YoY ΕIH – Reported earnings weaken YoY, margin fell 560 bps.
- Cummins – Domestic business outperforms exports business, margin expanded 486 bps YoY Rain Ind – Sales falls 12 pct, margin shrank 500 bps YoY.
- Aurobindo – USFDA nod for Estradiol vaginal inserts USP, market size USD 268 mn JM Fin – Profit declines 14 pct & sales declined 3 pct YoY.
- Chambal Fert – Profit rose 32 pct, margin increased 400 bps YoY VIP Ind – Profit fell 93 pct, margin slipped 500 bps YoY.
- Bosch – EBITDA grew 11 pct, margin at 12 pct vs 11.3 pct YoY Gland Pharma – Posted earnings lower than estimates, margin at 5-quarter low of 18.9 pct.
- PB Fin – Adjusted EBITDA grew 120 pct, margin increases 200 bps YoY VIP Ind – Profit fell to Rs. 40 mn from Rs. 578 mn YoY.
- Suzlon – To acquire 76 pct in Renom Energy for Rs. 6.60 bn in 2 tranches Indigo Paints – Posted loss in Q1FY25 against profit in Q1FY24.
- Krsnaa Diagnostics – Profit & sales rose 22 pct each, margin up 260 bps YoY.
- Metro Brands – Enters into a distribution agreement with New Era Cap for its products.
- Gr Infra – Declared lowest bidder to set-up transmission project in Karnataka.
- Linde India – Posted steady Q1, sales up 4 pct, margin flat at 28.2 pct YoY.
- Fusion Micro – AUM grew 25 pct YoY, NII rose 35 pct YoY.
- Gulf Oil – EBITDA grew 22 pct, margin increases 130 bps YoY.
Negative Read through
- Bata – EBITDA fell 23 pct, margin slipped 540 bps YoY.
- Guj gas – Operational numbers miss estimates, EBITDA fell 9.3 pct QoQ.
- Fortis – Rebranding exercise impacts Q1FY25, diagnostic business margin fell 400 bps YoY.
- ΕIH – Reported earnings weaken YoY, margin fell 560 bps.
- Rain Ind – Sales falls 12 pct, margin shrank 500 bps YoY.
- JM Fin – Profit declines 14 pct & sales declined 3 pct YoY.
- VIP Ind – Profit fell 93 pct, margin slipped 500 bps YoY.
- Gland Pharma – Posted earnings lower than estimates, margin at 5-quarter low of 18.9 pct.
- VIP Ind – Profit fell to Rs. 40 mn from Rs. 578 mn YoY.
- Indigo Paints – Posted loss in Q1FY25 against profit in Q1FY24.
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