Market Morning Notes For 27th January 2025

Market Commentary

Global markets – US indices ended their rally on Friday as market digested a mixed bag of economic data and earnings reports. Dow closed negative by 0.3 pct while Nasdaq closed red by 0.5 pct.

Commodities – Gold prices fell and stood at USD 2,756 backed by uncertainty over Fed decision. On the other hand, oil prices rose and stood at USD 78.44/bbl.

Asian markets – Asian markets opened mixed in morning session led by China’s AI push. Hang Seng rose 0.6 pct. While Nikkei fell by 2.3 pct as tech shares declined.

Indian Indices – India’s equity benchmarks are likely to open gap down as Gift Nifty indicates. Benchmark Indices ended Friday in red after disappointed Q3 earnings and FII outflow.

Results Today – Tata Steel, Bajaj Housing Fin

  Stocks to watch

Positive Read through

• ICICI Bank – Posted Q3 mixed, business momentum weakens; return ratios remain steady.
• Macrotech – Q3 pre-sales jumped 32 pct YoY, debt reduced by Rs. 6.10 bn.
• DLF – Posts best-ever quarterly new sales booking collections up 23 pct YoY.
• AB Real Estate – Arm signs JV agreement with Mitsubishi Estate for a project, investment at Rs. 5.6 bn.
• EMS – EBITDA jumped 52 pct, margin at 29 pct vs 23.5 pct YoY.
• Indigo – Ex-forex, earnings in-line, Q4 ASK guidance of 20 pct YoY.
• JK Cement – Q3 sales volumes up 5 pct, to acquire 60 pct stake in Saifco Cement for Rs. 1.74 bn.
• HCLTech – Joins Salesforce as an AgentForce partner to drive agentic AI innovation.
• Shakti Pumps – Sales grew 31 pct, margin at 23.8 pct vs 14.3 pct YoY.
• Balkrishna Industries – EBITDA rose 11.1 pct, profit grew 47.2 pct YoY.
• Bank of India – NII up 11.1 pct YoY, GNPA ratio at 3.69 pct vs 4.41 pct QoQ.
• Adani Power – Fundraise via NCDs upped to Rs. 110 bn, to raise Rs. 50 bn via QIP and share issue.
• SBFC Finance – Q3 disbursements rose 4.7 pct, asset quality steady QoQ.
• JSW Steel – Reported Q3 above estimates, good recovery in Indian subsidiaries.

Negative Read through

• AU Small Finance Bank – FY25 loan growth guidance cut to 20 pct, FY26 growth guidance withheld.
• Yes Bank – Retail book declined by 3.2 pct, NIM flat YoY and QoQ at 2.4 pct.
• CreditAccess – FY25 guidance revised lower for the second time in 3 months, NIM at 6-quarter low.
• IDFC First – Q3 below poll, slippage ratio is the highest in 11 quarters.
• Trident – EBITDA declined 18.8 pct, margin at 12.8 pct vs 14.3 pct YoY.
• NTPC Green – EBITDA declined 2.3 pct, margin at 83.5 pct vs 88.9 pct YoY.
• NTPC – Muted Q3, capacity addition slow.
• Godrej Consumer – Q3 in-line with muted expectations, domestic volume growth flat.
• Aragen Life – EBITDA fell 13.4 pct, margin at 26.2 pct vs 31.3 pct YoY.
• Intellect Design – Sales declined 3.9 pct, margin at 19.5 pct vs 20.6 pct YoY.
• Torrent Pharma – Posted Q3 below estimates, US business sales flat.
• TCI – EBITDA flat, margin declined 134 basis points YoY.

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