Share Market Highlights 31 January 2025: Markets continue rally as Economic Survey predicts pro-growth Budget; Sensex leaps 740 pts to close at 77,500, Nifty ends above 23,500

Shares of GAIL (India) soared 7 per cent in early trade on Friday post recording a 28 per cent increase in consolidated net profit for the quarter ended December 2024 at ₹4,084.24 crore as against ₹3,193.34 crore in the corresponding quarter previous year.

The stock closed 6.04 per cent positive on the NSE at ₹177.20, after hitting a high of ₹178.87.

Analysts were divided, a majority having retained buy ratings due to steady overall prospects of the company, while some have flagged concerns over marketing volatility and earnings miss.

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“We’re optimistic and excited about the potential boost Union Budget 2025 will bring to the electronics sector. Prime Minister’s vision of making this a 500 billion USD sector by 2030 from the current 150 billion USD will require bigger initiatives, and this budget is expected to make a move in that direction. Also, advocating on the immediate needs of the consumer electronics ecosystem in the form of simpler tariff regimes, PLI schemes on new product categories, better implementation of One Window Clearance and affordable lending from banks, must be looked into. With the Make in India initiative gaining momentum, further fiscal incentives and tax reliefs for domestic manufacturers can help reduce the cost burden and encourage investments in technology upgrades and research & development. 

This budget could become a catalyst for explosive growth of the industry for the next 5 years, similar to the boom in IT sector in early 2000’s. The government’s budget proposal must consider these aspects, driving growth in the consumer durables sector and ensure sustainable growth in the industry”.

“With India becoming the digital-first economy and a powerhouse of technological advancements and adoption, the upcoming budget holds great importance for startups in the technology and AI sectors. As a tech startup, we hope to see investment initiatives that nourish innovation and give a boost to AI infrastructure, startups working towards developing new technologies, and research and development. Support in streamlining data compliance will empower software startups. 

AI adoption policies across sectors, along with investments in robust AI/data skills training, are vital for a globally competitive tech-driven workforce. 

Finally, easy access to private funding and reduced compliance burdens for startups will accelerate growth and global scaling. This budget must empower India’s tech future.”

“As the Indian sports industry continues to grow at a rapid pace, with the market expected to reach $10 billion by 2025, we expect that the budget will take several steps that will empower growth in the Indian sports ecosystem. With schemes such as Khelo India and Fit India, we look forward to the government investing adequate amounts in order to build sports infrastructure, encourage the participation of people in sports, and offer incentives to companies like ours which are trying to create a culture of fitness and sport in the country, and work towards promoting other sports apart from Cricket. Nowadays, Big Corporates have also taken a charge and are investing in Sports like Hockey, Football, Tennis, Badminton etc and India’s tally in international sport events is growing significantly. 

We also expect the reduction in GST rates for sports equipment as well as other policies promoting the growth of a domestic manufacturing base in the Indian sports industry, which will enable us to further expand our offerings in sports wear and make high-quality sports wear more accessible to consumers across India.”

“As India sets out on a journey to fulfill an ambitious target for renewable energy, we should expect this budget to articulate policies and incentives to facilitate growth and innovation in the solar energy space. According to MNRE, installed renewable energy capacity as of Dec 2024 was 209.4 GW.Of which, solar has exceeded 97 GW, comprising more than 46 percent of the total mix of renewable energy. This is significant since solar installed capacity was just 10 MW in 2010.

This would be exponential as India has been able to add over 5 times its earlier solar capacity into 40 GW in the past 5 years.

We hope that the budget will address key challenges such as financing costs, land acquisition, and grid connectivity, and announce measures to promote domestic manufacturing of solar cells and modules, such as extension of the interest subsidy scheme for solar projects, increase in the outlay for the Solar Energy Corporation of India (SECI), and clarity on the GST rates for solar equipment.”

“As we approach Budget 2025, a strategic policy support could help unlock the full potential of coworking spaces and enable us to contribute even more significantly to India’s economic growth. We request for a formal recognition of coworking as a distinct industry. Currently, we often find ourselves categorized within broader real estate or commercial classifications, which fail to capture the unique dynamics of our business model. Formal industry status would be transformative, providing access to tailored policies and a more supportive regulatory framework designed specifically for our operational needs.

To further drive regional development, we urge the government to introduce targeted tax incentives and policies that specifically encourage investment in Tier-II and Tier-III cities. This will enable us to further expand beyond the major metropolitan areas and unlock the vast potential of these emerging markets. By establishing coworking spaces in smaller cities, we can create local hubs for innovation, generate employment opportunities, boost local economies, and foster thriving entrepreneurial ecosystems. 

Moreover, offering incentives for green buildings and on the use of renewable energy would promote sustainable development. Incentivizing green practices would not only reduce the carbon footprint but also set new standards for sustainable business operations in real estate.”

Bandhan Bank reported a consolidated net profit for the quarter ended December 2024 at ₹426.48 crore as against ₹732.71 crore in the corresponding quarter previous year.

Inox Green Energy Services reported a consolidated net profit for the quarter ended December 2024 at ₹5.19 crore as against the loss of ₹1.35 crore in the corresponding quarter previous year.

Shares closed 4.64% higher on the NSE at ₹160.96

“India’s overall macroeconomic stability is evident from its comfortable forex reserves of over USD 640.3 billion, covering over 8 months of import bills, a realized GDP growth of 6.4%, a manageable current account deficit of 1% of GDP, and inflationary trends within the range of 5%. The government’s strategy is particularly noteworthy, with a focus on MSME importance as the middle ground, deregulation for MSMEs at the grassroots, and flexibility in labour working norms. Additionally, the emphasis on education and R&D, flexibility for educational institutions in course structuring, and encouragement of industry-government-academia interfaces are all pragmatic steps. Furthermore, initiatives in agriculture, such as land pooling to encourage collective and corporate farming, akin to the Kerala Navodhan model, and targeting micro-irrigation, address critical issues like marginal landholdings. Overall, these measures demonstrate a very apt and practical thinking approach.”

The shares of Bank of Baroda (BoB) were trading at ₹213.30, down by ₹9.09 or 4.09 per cent on the NSE today at 3.05 pm. The shares reached its 52-weeks low today at ₹211.05.

BoB has revised its net interest margin (NIM) guidance downward for FY25 to 3-3.1 per cent following a 16 basis points quarter-on-quarter decline in Q3FY25 margins to 2.94 per cent. Despite this, the bank reported better-than-expected profits due to lower provisions.

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The Reserve Bank of India’s $5 billion 6-month dollar/rupee buy-sell swap auction was oversubscribed five-fold on Friday, with the central receiving bids totalling $25.59 billion from 253 participants.

The swap will infuse rupee liquidity into the banking system and is part of a swathe of the central bank’s measures to inject a total of about ₹1.5 lakh crore of liquidity into the banking system.

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Sun Pharmaceutical Industries reported a consolidated net profit for the quarter ended December 2024 at ₹2903.3 crore as against ₹2523.7 crore in the corresponding quarter previous year.

Declared interim dividend of ₹10.50

Shares rose 1.10% on the NSE to ₹1,758.20.

Benchmark indices Sensex and Nifty maintained their positive trend on Friday after the release of Economic Survey 2024-25 and buying in Larsen & Toubro post its earnings announcement.

The 30-share BSE benchmark Sensex jumped 790.11 points to 77,549.92. The NSE Nifty climbed 281.2 points to 23,530.70.

India is expected to record GDP growth of 6.3-6.8% in financial year 2025-26 on the back of strong fundamentals, calibrated fiscal consolidation and stable private consumption, said the Economic Survey tabled in Parliament on Friday.

From the 30-share blue-chip pack, Nestle surged over 4% after the FMCG major reported 4.94% increase in net profit at ₹688.01 crore for the quarter ended December 31, 2024.

Larsen & Toubro climbed nearly 4% after the infrastructure and engineering major reported 14% rise in consolidated profit after tax to ₹3,359 crore for the December quarter on the back of higher revenue from operations.

Titan, IndusInd Bank, Maruti and ITC were the other major gainers.

ITC Hotels, Bajaj Finserv, Bharti Airtel and ICICI Bank were among the laggards. (PTI)

Stocks advanced on BSE at 3 pm on January 31, 2025, were 2,639 against 1,240 stocks that declined, and 138 remained unchanged. Total stocks traded were 4,017. The number of stocks that recorded a 52-week high was 58, and those that hit a 52-week low was 81. A total of 246 stocks traded in the upper circuit, and 237 in the lower circuit.

“This Budget comes at a very crucial phase of India’s development process. The challenge in the next financial year is that India must grow in an atmosphere where the global economic climate remains not too conducive, tariffs could be imposed on India by the US administration and climate vagaries have threatened the agricultural sector. Thus, India will need to energize the domestic sectors – both from a demand and the supply sides – to boost its growth.”

The Budget will thus have to remain committed to the reforms process and stay focused on inclusive growth to rapidly boost per-capita income levels, in-turn boosting domestic consumption demand. The good works of the previous Budget with respect to job creation and bridging the skill gaps will have to be pushed ahead on a war footing if India must take advantage of its young population. Addressing the skill issue remains important as India can also prove to be the provider of skill labour to the rest of the world, given the ageing demographics in the advanced economies. While manufacturing remains important and the PLI scheme and various schemes for the MSME sector needs to be sharpened, agriculture needs a critical focus with an enhanced outlay for R&D for weather resistant seeds, that in turn will help improve agricultural productivity – important in order to achieve food security and help absorption of surplus labour”.

The Govt. should focus on creating policies to promote the issuance and adoption of green bonds for funding EV infrastructure and sustainable projects. In addition, Expansion of the FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme to provide higher subsidies for both commercial and personal EVs should be taken on priority. 

Increased allocation for developing EV charging infrastructure, especially in Tier-2 and Tier-3 cities, to boost consumer confidence in EV adoption. Increased investment in fast-charging stations across urban and rural areas to support the rapid adoption of EVs and alleviate range anxiety among users.

The week concludes on a mixed note—heavy selling at the start, a brief recovery, and now a wait-and-watch approach ahead of the budget. As of today, Nifty is down 10.7% from its peak, the Midcap 150 has declined 12.7%, and the CNX Smallcap is down 14.6%. On a weekly basis, Nifty has gained 1.08%, Midcaps are up 1.1%, while Smallcaps remain weak, down 3.3%.

The budget comes at a critical juncture, with weak consumption, a depreciating rupee, and global uncertainties dampening market sentiment. The ₹11.1 lakh crore capex target for FY25 is likely to fall short by 10-12%, but a strong push on execution could still drive economic momentum. 

Meanwhile, the RBI’s recent liquidity interventions—injecting ₹600 billion into banks while selling $5 billion—aim to stabilize the rupee and support growth. With the MPC meeting set for February 5-7, the odds of an immediate rate cut remain low, especially after the US Fed decides to hold rates steady.

With FMCG volume growth subdued and personal loan growth slowing to 12% YoY, reviving consumption is critical. Investors are looking for a growth-oriented budget free from unexpected policy shocks—because in times of uncertainty, no bad news is often the best news.

UPL Ltd reported a consolidated net profit for the quarter ended December 2024 at ₹853 crore as against the loss of ₹1,607 crore in the corresponding quarter previous year.

Shares gain 2.17% on the NSE to ₹579.25

Coromandel International Limited, an agri inputs provider, has posted a net profit of ₹525 crore in the third quarter ended December 31, 2024, as against ₹243 crore in the comparable quarter last year, registering a growth of 116 p.c.

The total Income in the quarter stood at ₹7,038 crore as against ₹5,510 crore in the correspondent quarter last year, showing a growth of 28%. 

Read more here.

Texmaco Rail & Engineering’s consolidated net profit for the quarter ended December 2024 was at ₹69.88 crore from ₹25.75 crore in the corresponding quarter previous year.

The board has approved the Scheme of Amalgamation of Texmaco West Rail Limited, a wholly owned subsidiary of the Company with the Company. 

Shares soared 5.65% on the NSE to ₹196.39

“With the announcement of the Economic Survey 2025, it’s clear that agriculture has continued to show steady growth in the first half of FY25. In Q2, agriculture grew by 3.5%, showing improvement over the previous quarters. This was supported by strong Kharif production, favorable monsoons, and good reservoir water levels. The total Kharif food grain production for 2024-25 is expected to hit a record 1647.05 lakh metric tonnes, which is a 5.7% increase from last year and 8.2% higher than the five-year average. 

This rise is mainly due to better rice, maize, and oilseed output. The normal monsoon has helped improve water levels, ensuring enough irrigation for the upcoming rabi crops. As of January 2025, sowing for wheat and gram has already seen an increase compared to last year. These positive agricultural trends are also expected to help ease food inflation in the coming months.

The overall performance of the agriculture sector remains strong and continues to outperform expectations. Meanwhile, the industrial sector has recovered well and is performing above pre-pandemic levels, while the services sector is approaching its usual growth trajectory. These trends suggest a stable and promising outlook for the economy moving forward.”

Vedanta’s consolidated net profit for the quarter ended December 2024 rose to ₹4,876 crore from ₹2,686 crore in the corresponding quarter previous year.

Shares up 1.51% on the NSE to ₹439

Mahindra Holidays & Resorts India’s consolidated net profit for the quarter ended December 2024 was at ₹35.42 crore as against ₹10.52 crore in the corresponding quarter previous year.

Shares rallied 12.15% on the NSE to ₹361.95

Avro India has installed one of the two plastic recycling extruder machines, which is expected to be commissioned in the first week of February. 

Shares traded at ₹205.80 on the NSE, down 2%.

GHCL’s consolidated net profit for the quarter ended December 2024 was at ₹168.42 crore as against ₹99.85 crore in the corresponding quarter previous year.

Shares climbed 5.88% on the NSE to ₹760.80

Ircon (+8.78%), BEML (+7.59%), RVNL (+7.20%), RAILTEL (+5.57%), Texmaco Rail (+5.30%), Titagarh (+4.71%), IRCTC (+4.44%), IRFC (+1.77%)

As India’s economic landscape continues to evolve, Budget 2025 must introduce strategic direct tax reforms aimed at bolstering investor confidence, fostering startup growth, and driving the expansion of the manufacturing sector. Key reforms are anticipated to address several critical areas:

1. Firstly, the extension of concessional tax rates is essential to spur growth in new manufacturing investments. The 15% corporate tax rate under Section 115BAB, which expired in March 2024, should be reinstated for sectors like semiconductors, electric vehicles (EVs), and data centres. This extension would encourage capital flow into these high-potential industries, promoting innovation and manufacturing capacity. Additionally, expanding this benefit to Global Capability Centres (GCCs) would stimulate job creation, particularly in technology and services, driving further economic development.

2. Another critical reform area is the taxation of Employee Stock Option Plans (ESOPs). Startups, a key engine of India’s economic dynamism, require clarity on ESOP taxation, particularly regarding tax liabilities based on the vesting period. Clear, predictable guidelines would help reduce litigation risks and enhance the attractiveness of stock-based compensation for employees, making it easier for startups to attract and retain talent.

3. Furthermore, clarity on Angel Tax is crucial for the startup ecosystem. After its abolition in 2024, there is a need for well-defined fair market valuation norms to avoid disputes in fundraising. Exempting investments from SEBI-registered Alternative Investment Funds (AIFs) and expanding safe harbour provisions will help streamline the fundraising process and protect startups from unnecessary regulatory hurdles, fostering a more supportive environment for early-stage companies.

4. Lastly, the taxation of Virtual Digital Assets (VDAs) such as cryptocurrencies and NFTs remains an area of significant uncertainty. Budget 2025 is expected to offer much-needed clarity on how gains and losses from these assets should be taxed. Clear guidelines on VDA treatment will not only ensure compliance but also reduce ambiguity, providing taxpayers with a more structured framework to navigate this emerging asset class.

These targeted tax reforms in Budget 2025 will be critical in shaping a more robust, transparent, and investor-friendly economic environment that supports both startups and manufacturing growth.

Cholamandalam Investment and Finance Company’s consolidated net profit for the quarter ended December 2024 was at ₹1,465.65 crore as against ₹1,156.39 crore in the corresponding quarter previous year.

Board has declared interim dividend of ₹1.30.

Shares traded at ₹1,287.95 on the NSE

Jyothy Labs has launched a new product ‘Jovia’ under its Personal Care category and ‘Maxo Anti-Mosquito Racquet’ under its Household Insecticide Category.

Its consolidated net profit for the quarter ended December 2024 was at ₹87.40 crore as against ₹90.92 crore in the corresponding quarter previous year.

Shares declined 2.17% on the NSE to ₹388.15

Marico reported its consolidated net profit for the quarter ended December 2024 was at ₹406 crore as against ₹386 crore in the corresponding quarter previous year.

Board has declared Interim Equity Dividend for the Financial Year 2024-25 of ₹3.50.

Shares gained 1.38% on the NSE to ₹681.40

PNB reported its consolidated net profit for the quarter ended December 2024 was at ₹4648.60 crore as against ₹2252.67 crore in the corresponding quarter previous year.

Shares soar 4.53% on the NSE to ₹100.89

Vadilal Industries reported its consolidated net profit for the quarter ended December 2024 was at ₹11.93 crore as against ₹9.24 crore in the corresponding quarter previous year.

Shares traded at ₹3923.45 on the NSE, 3.59% higher

Equitas Small Finance Bank reported net profit for the quarter ended December 2024 was at ₹66.30 crore as against ₹202 crore in the corresponding quarter previous year.

Shares traded at ₹67.01 on the NSE, up 1.18%.

Nestle India posted a net profit of ₹696.13 crore for the December quarter, up 6.2 per cent compared to the corresponding quarter of the previous fiscal year. Revenue from operations stood at ₹4,779.73 crore, up 3.89 per cent. The packaged food major said total sales grew by 3.9 per cent, while domestic sales grew by 3.3 per cent in the quarter under review. Read more

“The year 2025 has started on a good note for the Mumbai real estate market. During January, the island city recorded the highest sales in the last five years, with over 10,000 units sold, a growth of 5.5% year over year. The January sales data indicates the demand for quality housing. In our view, it will continue to reign in the financial capital, with an inclination towards the mid-segment and luxury segment, driven by strong economic tailwinds and robust per-capita growth.

In tandem with this, a colossal infra-connectivity transformation, such as the coastal roads and metro lines on both the eastern and western peripheries, has redefined the essence of commuting through the city. This has opened a plethora of housing opportunities in micro-markets like the Sion and Ghatkopar belt in the eastern suburbs, the Andheri-Borivali belt in the northern suburbs, and the Wadala-Sewree belt in the southern part of Mumbai.

The demand dynamics for real estate will continue to stay strong and flourish. Mumbai is currently undergoing a massive facelift with societal redevelopments, and we are confident that industry sales will record new highs this year.”

Medhavi Skills University

Mr. Pravesh Dudani, Founder and Chancellor:

“India’s education landscape stands at a critical juncture. The Budget 2025 should not only bridge existing funding gaps but also propel us into the future by integrating next-generation technologies like AI, IoT, and robotics into mainstream curricula. By substantially increasing public spending on education and fostering robust industry-academia partnerships, we can build a globally competitive, job-ready workforce—one that will drive inclusive growth and bolster India’s standing as a leading knowledge economy.”

Kuldip Sarma, Pro-Chancellor and Co-Founder:

“The Union Budget should address the challenges of educational loans to make education more accessible and affordable for students, especially those from weaker economic backgrounds. Despite the considerable allocation to the education sector, more investment should be considered to meet workforce requirements as per global standards. This also includes funding for STEM (Science, Technology, Engineering, and Mathematics) research, digital learning, and industry-focused skills like AI and IoT. Public-Private Partnerships (PPP) and subsidies for international students can further improve India’s educational ecosystem, with the aim of making it a global education hub in the coming years.”

Alliance University

Abhay G Chebbi, Pro-Chancellor:

“India’s aspiration to become a global leader in education, sports, and innovation hinges on a transformative Union Budget. Key priorities include substantial investments in university-level sporting infrastructure to prepare for the Youth Olympics 2030 and Olympics 2036. This will not only enhance India’s ability to host these prestigious events but also nurture a culture of fitness and athletic excellence among youth, promoting holistic development by integrating sports with academics.

Augmented funding through the Department of Science and Technology (DST) is equally essential for establishing Centers of Excellence in advanced fields such as Artificial Intelligence, Aerospace, and Innovation. These centers will act as hubs for cutting-edge research, foster start-up ecosystems, and strengthen India’s global standing in technology and innovation. Moreover, providing targeted incentives for universities to establish Distinguished Skill Universities is crucial. These institutions will address critical skill gaps by equipping students with industry-relevant expertise, driving employment opportunities, and boosting India’s competitiveness in the global economy. A visionary budget prioritizing these transformative initiatives will serve as a cornerstone for India’s emergence as a global economic, educational, and sporting powerhouse in the 21st century.”

Dr. B. Priestly Shan, Vice-Chancellor:

“As the Union Budget 2025 approaches, we expect a renewed emphasis on higher education and research, building on the ₹1.25 lakh crore allocation in 2024. While school education saw notable investments, including the Samagra Shiksha Abhiyaan and PM Internship Scheme, higher education faced a 61% cut in UGC funding. With public education spending at just 3.5% of GDP—far below the Kothari Commission’s recommended 6%—efficient and innovative use of funds is essential. For 2025, the focus must be on strengthening university infrastructure, fostering academia-industry collaboration through work-linked degrees, and addressing faculty shortages. Expanding access to higher education for the 71% of age-eligible individuals currently unenrolled is equally critical. Upgrading ITIs with modern curricula and advancing digital transformation across education levels are also vital to aligning skills with industry needs.

A visionary budget should empower institutions to bridge skill gaps, boost employability, and drive India’s knowledge economy, while robust anti-bribery systems ensure transparency and fairness in the education sector.”

Flair Writing Industries recorded consolidated net profit for the quarter ended December 2024 at ₹29.26 crore as against ₹18.99 crore in the corresponding quarter of the previous year.

Shares surged 6.60% on the NSE to ₹260.

Indian equity benchmarks extended their gains in mid-day trading on Wednesday, with both Sensex and Nifty hitting new intra-day highs, driven by strong performance in consumer and retail stocks ahead of the Union Budget 2025. The BSE Sensex climbed 564.77 points or 0.74 per cent to 77,324.58, while the NSE Nifty rose 207.35 points or 0.89 per cent to 23,456.85 around 12.35 pm. 

Consumer giants led the rally, with Nestle India surging 5.99 per cent and Tata Consumer Products gaining 5.78 per cent. Defence equipment manufacturer Bharat Electronics Ltd (BEL) advanced 4.91 per cent, while retail chain Trent and watch-to-jewellery maker Titan Company rose 4.43 per cent and 4.38 per cent, respectively. Read more

. BLS International: SUBSIDIARY INCORPORATION

Visametric Vize Hizmetleri, a step-down subsidiary, has subscribed to the share capital of Visametric Albania SHPK, making it a step-down wholly owned subsidiary. The company provides visa counseling services for the German Consulate.

2. KP Green Engineering: ORER

Company secured new orders worth INR 112 Cr in Jan ‘25 across multiple segments: INR 59.6 Cr for solar projects, INR 7.5 Cr for transmission towers, INR 36.0 Cr for pooling substations, and INR 8.7 Cr for solar rooftop projects. Most orders are expected to be completed by March 31, 2025.

3. Shilchar: GOOD TO EXCELLENT RESULTS

For the quarter ending Dec-24, Sales up 31% YoY from INR 118 Cr in Dec-23 to INR 154 Cr in Dec-24. Similarly, Net Profit up 35% from INR 26 Cr to INR 35 Cr. On a QoQ basis, Sales up 18% and Net Profit up 6%.

4. Deep Industries: EXCELLENT RESULTS

For the quarter ending Dec-24, Sales up 48% YoY from INR 105 Cr in Dec-23 to INR 155 Cr in Dec-24. Similarly, Net Profit up 71% from INR 28 Cr to INR 48 Cr. On a QoQ basis, Sales up 18% and Net Profit up 14%.

(REVENUE GUIDANCE) Company is targeting 800 Cr revenue by FY26 and anticipates a growth of more than 30% yoy for the next 3 years

5. Vintage Coffee: EXCELLENT RESULTS

For the quarter ending Dec-24, Sales up 2.3x YoY from INR 38 Cr in Dec-23 to INR 88 Cr in Dec-24. Similarly, Net Profit up 3x from INR 4 Cr to INR 12 Cr. On a QoQ basis, Sales up 22% and Net Profit up 50%.

(CAPACITY EXPANSION) Board approved a capex for a 4,500 TPA capacity expansion at its Instant Coffee subsidiary, Vintage Coffee Pvt. Ltd., near Hyderabad. Funded through internal accruals, the new line will be commissioned in Q4 FY26, increasing total capacity to 11,000 TPA from 6,500 TPA to meet rising global coffee demand.

Brookfield India Real Estate Trust’s stock gained 1.29 per cent to ₹299.55 on the NSE by 11:55 am today, following the announcement of its Q3 FY2025 results. The company reported a 17 per cent year-over-year increase in same-store net operating income for the quarter ended December 31, 2024. Read more

Bharat Electronics Limited (BEL), the Navratna Defence PSU, reported a 47.33 per cent increase in net profit to ₹1,316.06 crore for the third quarter of FY 2024-25, compared to ₹893.30 crore in the same period last year. The company’s turnover rose by 36.97 per cent to ₹5,643.25 crore, up from ₹4,120.10 crore in Q3 FY 2023-24. Read more

GVK Power & Infrastructure’ step-down subsidiary of the company, viz., Alaknanda Hydro Power Company Ltd (Alaknanda), had signed a binding term sheet with Kotak Alternate Asset Managers Ltd (‘KAAML”) in respect of re-financing of the existing consortium term loans of Alaknanda, subject to completion of certain identified conditions precedent.

Stock trades at ₹4.57 on the NSE

The fund allocation for capital expenditure of the Indian Railways-front is likely to get a 15-20% increase this year which would reach ₹3 lakh crore from the ₹2.65 lakh crore in the current fiscal year. The government is expected to continue focusing on commissioning upgraded railway stations, launching modern trains, and decongesting the track network. Further, India’s space sector expects funds for space-based services, slashing taxes to spur the growth of start-ups and introducing a production-linked incentive scheme.

The automobile sector can use a simplified classification and GST rate structure for automobiles and auto components, besides reducing GST on hybrid vehicles. MSMEs are seeking compliance relief, expanding the PLI scheme to drive manufacturing growth and requesting export incentives to stimulate demand and job creation. The real estate industry urges the government to review taxes and duties charged concerning to homebuyers as they stand at more than 12% in some states. The industry also wants the government to reconsider the long-term capital gains (LTCG) tax on real estate.

Nestle India Q3 net at Rs 696 crore, up 5 per cent y-o-y. Revenue up 4 per cent to Rs 4779.7 crore. Suresh Narayanan CMD, Nestle India said: This quarter 3 out of 4 product groups delivered healthy growth, led by a combination of pricing and volume. Key brands continue to perform, and this augurs well in a challenging environment.

Our manufacturing capacity will witness a significant jump with the commissioning of the third Confectionery unit in Sanand factory to manufacture KITKAT towards fulfilling our ambition of INR 5,800 crore capital expenditure between 2020-2025. Total sales grew 3.9 per cent..Domestic sales grew 3.3 per cent

Panama Petrochem recorded a consolidated net profit for the quarter ended December 2024 at ₹48.50 crore as against ₹41.36 crore in the corresponding quarter of the previous year. 

Shares gained 3.86% on the NSE to ₹365.

The previous Budget had put adequate focus on enhancing higher education and skill development in India. The Skill India for instance was reported to have already trained more than 1.4 crore youth while upskilling and reskilling over 54 lakh others. The budget also mentioned about setting up new higher educational institutions, including IITs, IIITs, IIMs, AIIMS etc. We expect the coming budget to lay further emphasis on upgrading skill education across existing universities and institutions. A dedicated budget allocation to facilitate increased industry-academia partnership is the need of the hour. While it will encourage more institutions to integrate action & experiential learning in their education delivery model, it will enable the creation of valuable industry-ready workforce, which would be well acquainted with the requirements and challenges of respective industries by the time the curriculum is completed.Education is a fundamental pillar of nation building and thus, we expect the Union Budget to announce the highest ever allocation for the education sector, especially in the wake of India’s young population.

Of 3,826 stocks traded on the BSE at 12 noon on January 31, 2025, 2,530 advanced against 1,140 stocks that declined, and 156 remained unchanged. While 49 stocks recorded a 52-week high, 65 hit a 52-week low. A total of 180 stocks traded in the upper circuit, and 190 in the lower circuit.

Ajmera Realty & Infra India Ltd (ARIIL) has acquired a 1,341.1 sq. mt. premium land parcel in Ghatkopar East, Mumbai. This acquisition, secured through a competitive bidding process with KJ Somaiya Trust at a cost of INR 51 crores. With the earnest money paid and an MoU in place, the project is expected to yield a carpet area of ~44,000 sq. ft., with an estimated GDV of INR 175 crores. The company sees significant potential to launch an ultra-luxury project in this prime neighbourhood. 

Commenting on the development, Mr. Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, “The acquisition of this land parcel represents a key step toward our long-term goal of expanding into prominent real estate hotspots across the megapolis. Ghatkopar, as a micro-market, has become an attractive destination for homebuyers in the Eastern suburbs, and this outright acquisition, backed by our robust cash flow position, further strengthens our growth strategy.

“As the Government prepares to present the upcoming budget, we at the International Federation of Indigenous Zebu Cattle (IFIZC) emphasize the need for a holistic approach to agricultural development. The agriculture sector, which employs nearly 50% of India’s workforce, requires significant investment to enhance productivity, efficiency, and sustainability.

We expect the budget to allocate substantial funds for:

- Improving irrigation infrastructure to reduce dependence on monsoon rains

- Promoting organic and natural farming practices to enhance soil health and reduce chemical usage

- Supporting livestock development, particularly indigenous breeds, to augment rural incomes

- Enhancing farmers’ access to markets, credit, and technology

- We wanted to bring to your attention the critical issue regarding the improvement of Indian cow breeds. One of the major hurdles we face is the lack of a DNA data bank. Establishing DNA testing labs that are accessible and affordable for our farmers is essential. This would not only strengthen the DNA data bank but also facilitate scientific advancements in cow breeding.

- We believe that Indian breeders have the potential to achieve significant financial success similar to that of Brazilian farmers. There is a growing demand for the semen and embryos of Indian cows and bulls across Latin America, and if the government resumes exports, our farmers could tap into the international market. This opportunity could enable them to command better prices for their products.

- We pleased to share that the The International Federation of Indigenous Zebu Cattle Of India (IFIZCI) has recently signed a Memorandum of Understanding (MoU) with Brazil’s largest institution ABCZ, which has been dedicated to scientifically improving Zebu cattle for the past 90 years. This collaboration aims to significantly enhance the quality of Zebu breeds such as Gir, Kankrej, Red Sindhi, and Ongole across Brazil. We are excited about partnering with this esteemed organization to maintain a Zebu herdbook in India, which we believe is crucial for both small and large farmers. By tracking and improving the quality of indigenous cattle, this initiative can bring monumental changes to the farming community.

We encourage the Government of India to take necessary steps to support indigenous herdbook initiative, as it has the potential to revolutionize the cattle farming sector nationally.

By prioritizing these areas, the Government can help Indian agriculture become more resilient, productive, and profitable. We look forward to a budget that addresses the pressing needs of India’s farmers and rural communities.”

Electrotherm (India) has informed the exchange about the search conducted by the Directorate of Enforcement, Zonal Office, Ahmedabad (ED) on 10 January, 2025, and the challenge of the said actions of the ED by the company and Shailesh Bhandari, Executive Vice-Chairman before the Gujarat High Court in two separate writ petitions. 

The court had permitted the company to operate the bank accounts as mentioned in the order of ED dated 10th January, 2025 in respect of the amount which is in excess of amount frozen (i.e. to the tune of approximately Rs. 33.67 crore) by ED on 10th January, 2025, and permitted Shailesh Bhandari, Executive Vice Chairman, to operate the bank accounts as mentioned in the order of ED in respect of the amount which is in excess of amount frozen (i.e. to the tune of approx. Rs. 83.18 Lacs) by ED. 

Shares up 2.22% on the NSE to ₹784.

Former Supreme Court Justice RV Raveendran has been appointed as mediator to mediate the trademark dispute between Lodha brothers - Abhishek Lodha and Abhinandan Lodha. 

The Bombay High Court has asked the mediator to try to resolve the dispute in five weeks.

The court proceedings on the Lodha IPR matter was heard today. 

Both the parties have agreed for mediation as suggested by the Hon’ble Justice Mr. Arif Doctor.

Abhishek Lodha said:

“I am agreeable to go through the mediation process recommended by Honourable Justice Arif Doctor. Abhinandan is my younger brother and have lot of love for him. I have always supported him in whatever manner possible and wished for his success. I hope this mediation process helps us reconcile the differences”

Kalyan Jewellers India Limited has registered a 40 per cent growth in its consolidated revenue for Q3 FY25 at ₹7287 crore as against ₹5223 crore in the corresponding period of the previous year. Consolidated PAT for Q3 FY25 was ₹219 crore as against ₹180 crore for the corresponding period in the previous year. Read more

Coromandel International stock trades flat on the NSE at ₹1,817.95. Its consolidated net profit rose to ₹507.91 crore in the third quarter of 2024-25 compared to ₹228.11 crore in the year-ago period.

“As India strives to position itself as a global knowledge hub, the upcoming Union Budget 2025-26 presents a critical opportunity to address the pressing needs of the higher education sector. The focus must be on fostering research and innovation, enhancing graduate employability, and bridging the gap between academia and industry. Increasing the allocation for higher education is essential to upgrade infrastructure, promote research and development in emerging areas like artificial intelligence. To tackle the growing skill gap, the government should incentivize collaborations between universities and industries to align curriculum with market demands.

Additionally, corporate social responsibility (CSR) contributions should be encouraged further in the higher education sector, ensuring increased funding for academic excellence and skill development programs. Removing taxation on the purchase of research equipment will significantly boost research productivity and innovation.

The Anusandhan National Research Foundation (ANRF) must be made more inclusive by extending its benefits to private institutions, recognizing their vital role in driving research and innovation.

Equally important is the need to ensure equitable access to quality education. Expanding scholarships, strengthening public institutions in rural and underserved regions, and leveraging technology for inclusive learning can drive transformative change.”

Shereef Rehuman, MD, ICEXPO Consults pvt. Ltd, highlights the opportunity to strengthen India’s healthcare ecosystem and global competitiveness. The pharma sector anticipates enhanced incentives for domestic API and biosimilar production to reduce import dependency. To truly elevate India’s healthcare ecosystem, three critical areas demand attention.

Bolstering healthcare manufacturing and infrastructure is essential. With India poised to be a global leader in healthcare, strategic investments in domestic manufacturing will not only enhance self-reliance but also position the country as a hub for cutting-edge medical technologies and devices. Streamlining regulatory frameworks is crucial, Simplified processes can fast-track the entry of innovative pharmaceuticals and health technologies into the market, ensuring patients benefit from advancements without unnecessary delays. A forward-looking regulatory environment can spark a wave of innovation, attracting global investments and fostering growth. Healthcare must be affordable and accessible to every citizen. Strengthening public-private partnerships and leveraging technology-driven solutions can make quality healthcare a reality for all.

“As a marketing communication agency, we have witnessed a significant shift in budget allocations toward influencer marketing in India. As this sector continues to evolve, we hope the 2025 Budget introduces policies that support both digital creators and brands. Incentives for small businesses leveraging influencer collaborations, clear taxation guidelines for content creators, and investment in digital infrastructure would be game-changers. A well-structured Budget can empower the industry to drive greater innovation, engagement, and economic growth.”

“The Union Budget must support the Direct Selling Industry by introducing simpler taxation, reduced compliance burden, and lower GST on essential healthcare products as it will empower 8.6 million active direct sellers those are fostering self-employment and economic growth. In healthcare sector, the focus should be on R&D, innovation, local manufacturing and a strong digital infrastructure to boost sustainable growth, accessibility & global competitiveness. This budget must align with Aatma-Nirbhar Bharat, enabling entrepreneurship, wellness, and economic expansion.”

Ola Electric has launched its S1 Gen 3 portfolio, taking the technology play in EVs to the ‘Next Level’. Built on the advanced Gen 3 platform, the all-new portfolio now starts at ₹79,999 for S1 X (2kWh) and goes up to ₹1,69,999 for the S1 Pro+ 5.3kWh (introductory prices).

Shares zoomed 1304% on the NSE to ₹75.50

Jupiter Wagons stock surges 5.19% on the NSE to ₹374.25. The stock had been trading positive post Q3 results, recording a consolidated net profit for the quarter ended December 2024 at ₹96.43 crore as against ₹51.46 crore in the corresponding quarter of the previous year.

Paper Boat Apps, the creators of the Kiddopia app and a 100 per cent subsidiary of Nazara Technologies Ltd, has announced the addition of Mattel Inc.’s iconic Barbie brand to Kiddopia.

Nazara stock inched up 0.99% on the NSE to ₹949.15

Larsen & Toubro (L&T) shares gained nearly 5 per cent in early trade on Friday on posted a 14 per cent increase in consolidated profit after tax to ₹3,359 crore for the December quarter, and a 17 per cent rise in revenue from operations to ₹64,668 crore in the quarter under-review. Read more

Waaree Energies stock rallies 14% post Q3 show. Its consolidated net profit for the quarter ended December 2024 rose to ₹506.87 crore,as against ₹140.80 crore in the corresponding quarter of the previous year.

Prestige Estates Projects recorded a consolidated net profit of ₹32.2 crore for the quarter ended December 2024, as against ₹164.7 crore in the corresponding quarter of the previous year.

Shares traded flat on the NSE at ₹1,342

Bank Nifty opened today’s session with a gap-down at 49,260 versus yesterday’s close of 49,312. It is currently hovering around 49,230, down 0.2 per cent.

Though the index is down, the advances/ declines ratio of Bank Nifty is now at 7/5, showing a bullish tilt. Punjab National Bank (up 1.75 per cent) and Bank of Baroda (down 4.2 per cent) are the top gainer and loser, respectively.

Both Nifty Private Bank and Nifty PSU Bank are flat so far today. Read more

Crude oil futures traded higher on Friday morning after the US President, Donald Trump, reaffirmed plans to impose tariffs on Canada and Mexico from February 1. Read more

Nifty 50, the benchmark index, opened today’s session higher at 23,297 versus yesterday’s close of 23,250. The index is currently trading at 23,360, up 0.5 per cent.

The advance/decline ratio stands at 45/5, a bullish indication. L&T, up 3.8 per cent, is the leader in Nifty 50 so far today. On the other hand, Bharti Airtel, down 3.1 per cent, is the top loser.

Like Nifty 50, the mid- and small-cap indices are in the green so far today. Also, most of the sectoral indices have advanced. Read more

Indian equity markets opened higher on Thursday, with both benchmark indices extending gains for the third consecutive session amid cautious trading ahead of the Union Budget 2025. The Sensex opened higher at 76,888.89 compared to its previous close of 76,759.81 and is currently trading at 77,006.86, up by 247.05 points or 0.32 per cent. Similarly, the Nifty opened at 23,296.75 against its previous close of 23,249.50 and is now at 23,350.60, gaining 101.10 points or 0.43 per cent. 

Market sentiment was bolstered by strong global cues, as US markets closed higher following robust earnings from Tesla and IBM. However, concerns emerged after former US President Donald Trump’s plans to potentially impose 25 per cent tariffs on Mexican and Canadian imports, driving gold prices to a record high of $2,799 per ounce. Read more

Jefferies On Bank Of Baroda

Hold Call, Target Cut To Rs250/Sh

For Q3, Profit Was Ahead Of Estimates Aided By Lower Provisions

While Loan Growth Of 12% Was Healthy, NII Growth Of 3% Was Softened By Margin Fall

Feel Bank’s Higher Domestic LDR Might Limit Loan

Growth As Domestic Deposit Growth Is Softer

Asset Quality Stays Stable With Low Credit Cost

HSBC On Bank Of Baroda

Hold Call, Target Cut To Rs250/Sh

Q3 Core Fee Income And QoQ Improvement In Credit Costs Offset Pressure In NIM

Asset Quality Was Healthy

Change EPS Estimates By +4/-2.6/-3.6% For FY25/26/27 Respectively

Cut Is To Build In Further Pressure On NIM

EPS Growth Outlook Remains Muted

Nomura On GAIL

Buy Call, Target At Rs240/Sh

Results Sharply Miss Estimates On Lower Gas Marketing & Petchem Profitability

Gas Transmission EBIT Was 4% Below Estimates & Declined 2% QoQ

Adjusted Gas Marketing EBIT Was Sharply Below Estimate

LPG/LHC Segment EBIT Was Below Estimates

Trades At Attractive Valuations Of 10x FY27 P/E

Nomura On Dr LalPath Labs

Upgrade To Buy, Target At Rs3,315/Sh

Q3 Revenue In-line But EBITDA/Profit Below Estimates

Co Now Intends To Focus On Expanding Its Presence In Southern India

Co Has Not Undertaken Any Price Increases In Recent Past & Does Not Intend To Do So In Near Future

Recent Stock Correction Presents Limited Downside Risk

Nomura On Dabur

Buy Call, Target At Rs625/Sh

Q3 Was In-line With Expectations

Growth To Gradual Improve As Rural Improves & Urban Is Near Bottoming Out

Gradual Pickup In Sales Is Expected

HPC Sales +5.7%; Healthcare -1.3% While Beverages Was -10.3%

MS on Dabur

Maintain Equal weight, TP Rs531

Rural growth outperforms urban growth for 4th successive time

Inflation remains monitorable

Future margin imporvement will be offset by higher ad costs

Oral care to remain fastest growing segment

JPM on Dabur

Maintain Neutral TP Rs550 (from Rs580)

Healthcare and Beverage segment stay challenging

Soft Q3 volume growth, expect gradual pick up ahead

Expects mid-single digit revenue growth in Q4FY25

FY26 to see margin expansion aided by favourable base, cost saving and premiuimisation

Nomura On Tata Cons

Buy Call, Target At Rs1,250/Sh

Strong Delivery In Core; High Volume Growth In Tea, Strong Price Hike To Boost Overall Growth

Growth Business Growing 89% YoY On A Strong Wicket

OPM To Improve Going Forward On The Back Of Price Hikes

Stock Trades At 46x FY27 EPS

GS on Tata Consumer

Maintain Neutral, TP Rs1,040

Q3FY25 below estimates

Sharp margins decline in India business driven by tea inflation

Tea inflation likely to conitnue over next few quarters

Delivered stronger volume growth that HUL in tea business

Jefferies On Adani Ports

Buy Call, Target At Rs1,440/Sh

Q3 EBITDA 4% Above Estimates Driven By Higher SEZ Income

Management Maintained Their 10-14% YoY Volume Growth Guidance For FY25

10-14% YoY Volume Growth Guidance For FY25 Implies 17-35% YoY Rise In Q4

EBITDA Guidance Was Raised & Was Above Estimates

Logistics Potential Is A Sweetener

Bernstein on Adani Ports

O-P, TP Rs 1487

EBITDA beat consensus by 5% supported by strong $ in a weak vol growth quarter 

While PAT was a small miss by 3%, were surprised to see stock correct significantly despite a rise in EBITDA guidance for full year

CLSA on Adani Ports

O-P, TP Rs 1764

3QFY25: diversified mix helps; Containers help, rec PAT +14% YoY

Many strategic moves; delivered on deleveraging

Ebitda guidance raised

key bright spot was Hazira Port, which grew its volume 14% YoY.

Overall, Ebitda margin rose 146bps YoY in 3Q

CITI on Kalyan Jewellers

Buy, TP cut to Rs 650 from Rs 810

Revenue grew by 40% YoY (24% SSSG in India) & broadly in-line

EBITDA/PBT grew by 19%/23% YoY & was -1%/+6% vs Citi est.

Adjusted for Rs548mn custom duty impact, EBITDA/PBT grew by 33%/46% YoY.

CITI on JSPL

Sell, TP Rs 765

3Q standalone adj EBITDA rose 6% qoq – vol (+3%), realizations (+1%), offset in part by some cost increases

Standalone adj EBITDA/t: Rs10,700 vs Rs15,000 last yr

Investors will likely be concerned about newly announced capex of Rs160bn

Jefferies On BEL

Buy Call, Target At Rs370/Sh

Q3 EBITDA Was 51% Above Expectations, As Margin Rose To 28.7% Vs Expected 23.7%

Co Tends To See Quarterly Revenue & Margin Volatility Based On Deliveries

Management Retaining Vs Raising Guidance, Maintain Estimates

Margin Strength Gives Confidence On Profitability Sustaining

Nomura On BEL

Buy Call, Target At Rs363/Sh

Significant Operational Beat In Q3

FY25 Earnings Up 8%; Expect Heavy Ordering In Q4

Management Remains Conservative With No Change In Guidance For Sales/Margin

Raise FY25 EBITDA Margin/EPS By 200 bps/8% To Reflect Significant Beat In Q3

Stock Currently Trades At 30x FY27 EPS

Macquarie on BEL

Maintain Outperform, TP Rs350

FY25 order guidance maintained

Large value order lined up for FY26 (Rs25,000-50,000cr)

Continues to demonstrate healthy execution trends

Submarine components order could be another pipeline order

MS on BEL

OW, TP Rs 364

BEL is confident of meeting its F25 order inflow guidance of Rs250bn & has a strong pipeline of orders for F26 & beyond.

BEL aims to expand share of non-defense bis to 15% in next few years 

QRSAM order expected to be finalized by end of F26

HSBC On RR Kabel

Upgrade To Buy, Target At Rs1,600/Sh

After An Unexciting CY24, Co Looks Set To Return To A Strong Profit Growth Trajectory

Co’s Profit Growth Trajectory Is Materially Above Peers

Strong Profit Growth Outlook And Attractive Valuations Makes Us Constructive At Current Prices

Expect FY25-27 Revenue & EPS CAGR Of 18% And 46%, Respectively

Jefferies on SRF

U-P, TP Rs 2060

Mgmt sees signs of recovery in spec chem & improvement in domestic refgas prices

See gradual recovery in spec chem, flattish export prices in refgas & potential for domestic oversupply, note limited progress on new AIs & fluoropolymers

Nuvama On SRF

Buy Call, Target At Rs2,929/Sh

Q3 Earnings Led By Revived Momentum In Chemicals Biz After 6 Quarters Of Disappointment

EBITDA Beat Estimate By 6.3%, Largely Led By Margin Expansion In Chemicals Business To 24.3%

Packaging Films Reported A Stable Performance In A Tough Scenario

Likely Margin Improvements In Chemicals Biz Due To Better Ref-Gas Prices, Which Now Seems Sustainable

MS On PB Fin

Underweight Call, Target At Rs1,400/Sh

Adjusted EBITDA Was In-line In Q3

Cut FY25 Forecast & Expect Consensus To Do So Also

Core New Premium Growth Slowed More Than Expected, From Slower Savings

Steep Valuation Keeps Us Underweight

HSBC On PB Fin

Buy Call, Target At Rs2,530/Sh

Co Reported Robust Premium Growth & EBITDA Margin Expansion In Q3

Core-Operating Performance Was In-line

Medium-term Outlook On Business Growth & Profitability Remains Healthy

Est FY25-28 CAGR Of 27% In Revenue, EBITDA Margin Of 18% & Profit Margin Of 17% By FY28

CLSA on Restaurants Brands Asia

Maintain Outperform TP Rs109 (from Rs133)

Weaker sales offset by better margins

India store additions remain strong

Cut FY25-27 EBIDTA by 4-9% reflecting weaker Indonesia sales

Slower than expected growth for India business and additional store closures in Q3

CLSA on Voltas

Upgrade to Hold from Underperform, TP Rs1,375 (from Rs1,500)

Cut target multiple for UCP segment on weak margin and slowing growth

Resilient RAC demand and margin recovery should be key catalysts

Post recent stock correction upgrade has happened

Expect recovery in a seasonally better Q4

CLSA on Tata Motors

Maintain Outperform, TP Rs930

Sharp fall an opportunity to add

Current valuations building in weak fundamentals beyond FY26

13% FY27 Cash Flow Yield for JLR in current valuations

Near-term pessimism giving scope for long term investors to accumulate

Jefferies on Shree Cement

Maintain Buy, TP Rs30,670 (from Rs29,800)

Strong beat with industry best EBIDTA unit

Co also benefited from strong pricing in norther markets

Co focus on value focus strategy

EPS cuts seen due to co’s aggressive depreciation policy related to new expansions

JPM on Shree Cement

Maintain Neutra, TP Rs27,367 (from Rs27,300)

Value preference paying off

Strong costs control drive EBIDTA/ton

15MTPA capacity commissioning in Q1FY26

Modest price increases in north region should catch up with other regions

CITI on Shree Cement

Buy, TP raised to Rs 31000

At Rs9.5bn (15% ahead on lower costs), 3Q EBITDA fell 23% yoy – lower realizations (-9%) and volumes (-1%) offset the benefit of lower costs (-8%).

EBITDA/t: Rs1,080 vs. Rs780 in 2Q; Rs1,390 last year.

CLSA on L&T

O-P, TP Rs 4,151

Surprise 3Q – Set to beat 3 of its 4 guidance

Catalysts would be a rise in core E&C inflows and margin, as well as actions to improve return ratios

Believe its margin will improve in FY25-27 on lower legacy orders & maturity of execution

Bernstein on L&T

O-P, TP Rs 3,922

Delivered a quarter with Rs 1,160 Bn orders, up 53% y-o-y

Order inflow—stellar

Revenue — execution slowed down due to domestic environment

Margin-hope

Working capital position & returns - super strong

Co retained their guidance for full yr at 8.2%

“The Union Budget 2025 offers an opportunity to implement transformative policies that simplify taxation and drive capital into vital sectors such as housing finance, lending, NBFCs, and healthcare. Simplified GST procedures and targeted fiscal incentives can empower these industries to adopt cutting-edge technologies, ensuring sustainable growth and fostering private sector innovation.

Investment in digital infrastructure and AI-driven solutions can optimize services and enhance efficiency in the healthcare sector. Strategic investments in AI-powered solutions and digital infrastructure can play a transformative role in addressing these challenges. Similarly, NBFCs can benefit from tax incentives and support for digital lending initiatives, significantly improving credit accessibility and distribution.

For SaaS companies like LeadSquared, targeted incentives supporting AI research, cloud technology, and innovation are crucial. Equally important is establishing a robust data security framework to ensure trust and credibility, which will drive long-term progress. A budget focused on these priorities can lay the foundation for sustainable growth and position India as a global leader in innovation.”

Biocon shares were up 1.30% on the NSE, trading at ₹361.65. Company reported a net profit of ₹25 crore for the October-December quarter of 2024-25.

Crude oil futures traded higher on Friday morning after the US President, Donald Trump, reaffirmed plans to impose tariffs on Canada and Mexico from February 1. At 9.30 am on Friday, April Brent oil futures were at $76.41, up by 0.69 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $73.42, up by 0.95 per cent. February crude oil futures were trading at ₹6366 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6319, up by 0.74 per cent, and March futures were trading at ₹6330 against the previous close of ₹6293, up by 0.59 per cent.

Friday, 31 January, 2025 (Today)

Derivative Segment

• Chola Inv & Fin Ltd.

• Marico Ltd.

• Nestle Ltd.

• Poonawalla Fincorp Ltd.

• ONGC Ltd.

• Sun Pharma Ltd.

• City Union Bank Ltd.

• IndusInd Bank Ltd.

• LIC Housing Ltd.

• Bandhan Bank Ltd.

• IRB Infra Ltd.

• Punjab National Bank

• UPL Ltd.

• Vedanta Ltd.

Cash Segment

• Mahindra Holidays Ltd.

• Mahindra Lifespace Ltd.

• Medplus Health Ltd.

• Jyothy Labs Ltd.

• Aptus Value Housing Ltd.

• Equitas SFB Ltd.

• Five-Star Business Ltd.

• Pfizer Ltd.

• GMDC Ltd.

• Inox Wind Ltd.

• Jubilant Pharmova Ltd.

• Nuvama Wealth Ltd.

• Relaxo Footwears Ltd.

• Triveni Turbine Ltd.

• Aster DM Ltd.

• Godrej Agrovet Ltd.

• Sheela Foam Ltd.

Saturday, 1 February, 2025

Derivative Segment

• Aarti Industries Ltd.

Cash Segment

• Vinati Organics Ltd.

• Anant Raj Ltd.

• GR Infraprojects Ltd.

Monday, 3 February, 2025

Derivative Segment

• Aditya Birla Cap Ltd.

• Tube Investments Ltd.

• Divi’s Lab Ltd.

• HFCL Ltd.

• Power Grid Ltd.

• Tata Chemicals Ltd.

Cash Segment

• Castrol India Ltd.

• Gland Pharma Ltd.

• Garden Reach Ship Ltd.

• Alembic Pharma Ltd.

• K.P.R. Mill Ltd.

• KEC Int Ltd.

• NLC India Ltd.

• General Insurance Ltd

• Poly Medicure Ltd.

Tuesday, 4 February, 2025

Derivative Segment

• Asian Paints Ltd.

• Max Financial Ltd.

• Titan Company Ltd.

• Tata Power Ltd.

• Godrej Properties Ltd.

• Metropolis Ltd.

Cash Segment

• BASF India Ltd.

• Thermax Ltd.

• Global Health Ltd.

• Happiest Minds Ltd.

• Mishra Dhatu Ltd.

• JB Chemicals Ltd.

• Kajaria Ceramics Ltd.

• Lemon Tree Ltd.

• Zydus Wellness Ltd.

• TRIVENI ENGINEERING LTD

• Eris Lifesciences Ltd.

• Torrent Power Ltd.

• Birla Corp Ltd.

• Fine Organic Ltd.

• Whirlpool Ltd.

Wednesday, 5 February, 2025

Derivative Segment

• Cummins India Ltd.

• Page Industries Ltd.

• Info Edge (India) Ltd.

• Zydus Lifesciences Ltd.

• Abbott India Ltd.

• Gujarat Gas Ltd.

Cash Segment

• Kansai Nerolac Ltd.

• Timken India Ltd.

• CCL Products Ltd.

• Welspun Corp Ltd.

Thursday, 6 February, 2025

Derivative Segment

• BSE Ltd.

• Aurobindo Pharma Ltd.

• SBI

• Trent Ltd.

• Hero MotoCorp Ltd.

• Ramco Cements Ltd.

• Bharti Airtel Ltd.

• Britannia Ind Ltd.

• ITC Ltd.

• PI Industries Ltd.

• MRF Ltd.

• PVR Inox Ltd.

• Chambal Fertilisers Ltd.

• NCC Ltd.

Cash Segment

• Motherson Sumi Wiring Ltd.

• Aadhar Housing Ltd.

• Bharat Dynamics Ltd.

• Bharti Hexacom Ltd.

• Bikaji Foods Ltd.

• ZF Commercial Vehicle Ltd.

• KIMS Ltd

• Minda Corp Ltd.

• Prism Johnson Ltd.

Friday, 7 February, 2025

Derivative Segment

• LIC

• Alkem Lab Ltd.

• Oil India Ltd.

Cash Segment

• Akzo Nobel Ltd.

• Chola Fin Hold Ltd.

• Latent View Analytics Ltd.

• Honeywell Auto Ltd.

• 3M India Ltd.

• Action Construction Ltd.

• Firstsource Solutions Ltd.

• AIA Engineering Ltd.

• Fortis Healthcare Ltd.

• Mazagon Dock Ltd.

• Gujarat State Petro Ltd.

• Linde Ltd.

• Shipping Corp Ltd

Saturday, 8 February, 2025

Derivative Segment

NIL

Cash Segment

• Amara Raja E&M Ltd.

Monday, 10 February, 2025

Derivative Segment

• Bata India Ltd.

• Apollo Hosp Ltd.

• Escorts Ltd.

Cash Segment

• CRISIL Ltd.

• Esab Ltd.

• Gillette Ltd.

• Glaxosmithkline Pharma Ltd.

• HBL Engineering Ltd.

• Elgi Equipments Ltd.

• Varroc Engineering Ltd.

• Patanjali Foods Ltd.

Tuesday, 11 February, 2025

Derivative Segment

• Berger Paints Ltd.

• IRCTC Ltd.

• Lupin Ltd.

Cash Segment

• P&G H&H Ltd.

• HEG Ltd.

• Bayer CropScience Ltd.

• Astrazeneca Pharma Ltd.

• RHI Magnesita Ltd.

• NBCC Ltd.

• Tata Investment Ltd.

• Moil Ltd

Wednesday, 12 February, 2025

Derivative Segment

• Muthoot Finance Ltd.

• Ashok Leyland Ltd.

• Bharat Forge Ltd.

• Hindustan Aero Ltd.

• Jubilant Food Ltd.

Cash Segment

• Endurance Tech Ltd.

• P&G Health Ltd.

• Suven Pharma Ltd.

• IFCI Ltd.

• Honasa Consu Ltd.

• Ratnamani Metals Ltd.

Thursday, 13 February, 2025

Derivative Segment

• Hindalco Ind Ltd.

• United Breweries Ltd.

• Deepak Nitrite Ltd.

• Ipca Lab Ltd.

• Manappuram Fin Ltd.

Cash Segment

• Concord Bio Ltd.

• KNR Cons Ltd.

Tuesday, 18 February, 2025

Derivative Segment

• ABB India Ltd.

Cash Segment

NIL

Ex-Dividend 03 Feb 2025 (Monday)

Last date for Cum-Dividend Today

Apcotex Industries Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 338

Jubilant Ingrevia Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 700

Mahanagar Gas Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 1304

Share India Securities Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 236

Siyaram Silk Mills Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 770

Wheels India Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 687

Nomura on BEL: Maintain Buy on company, target price at Rs 363/Sh (Positive)

Jefferies on BEL: Maintain Buy on Company, target price at Rs 370/Sh (Positive)

Macquarie on BEL: Maintain Buy on Company, target price at Rs 350/Sh (Positive)

HSBC on RR Kabel: Maintain Buy on Company, target price at Rs 1600/Sh (Positive)

Nomura on GAIL: Maintain Buy on Company, target price at Rs 240/Sh (Positive)

MS on Adani Ports: Maintain Overweight on Company, target price at Rs 1648/Sh (Positive)

Jefferies on Adani Ports: Maintain Buy on Company, target price at Rs 1440/Sh (Neutral)

Nomura on Tata Consumer: Maintain Buy on Company, target price at Rs 1250/Sh (Neutral)

GS on Tata Consumer: Maintain Neutral on Company, target price at Rs 1040/Sh (Neutral)

Nomura on Dabur: Maintain Buy on Company, target price at Rs 625/Sh (Neutral)

MS on Dabur: Maintain Equal weight on Company, target price at Rs 531/Sh (Neutral)

JP Morgan on Dabur: Maintain Neutral on Company, cut target price at Rs 550/Sh (Neutral)

Nomura on Lal Pathlabs: Maintain Buy on Company, target price at Rs 3315/Sh (Neutral)

Nuvama on L&T: Maintain Buy on Company, cut target price at Rs 4000/Sh from Rs 4040/Sh (Neutral)

Jefferies on L&T: Maintain Buy on Company, cut target price at Rs 4500/Sh from Rs 4600/Sh (Neutral)

HSBC on Bank Baroda: Maintain Hold on Bank, cut target price at Rs 250/Sh (Neutral)

MS on PB Fintech: Maintain Underweight on Company, target price at Rs 1400/Sh (Neutral)

Macquarie on PB Fintech: Maintain Underperform on Company, target price at Rs 1530/Sh (Neutral)

Nuvama on SRF: Maintain Buy on Company, target price at Rs 2929/Sh (Neutral)

(MCap: Rs45bn | CMP: Rs2580 | Current recom: Not rated)

Strong revenue growth but slight pressure margins

Net Revenue stood at ₹6,908 Mn, reflecting a 42.5% YoY growth and a 5.8% QoQ increase.

Gross Profit stood at ₹1,597 Mn, posting a 22.5% YoY growth but a 8.7% QoQ decline.

Gross Profit Margins stood at 23.1%, compared to 26.9% in Q3FY24 and 26.8% in Q2FY25.

EBITDA stood at ₹740 Mn, reflecting a 27.9% YoY growth but a 25.1% QoQ decline.

EBITDA Margins stood at 10.7%, compared to 11.9% in Q3FY24 and 15.1% in Q2FY25.

PBT came in at ₹643 Mn, reflecting a 29.3% YoY growth but a 31.9% QoQ decline.

PBT Margins stood at 9.3%, compared to 10.3% in Q3FY24 and 14.5% in Q2FY25.

PAT stood at ₹477 Mn, reflecting a 36.5% YoY growth but a 32.0% QoQ decline.

PAT Margins stood at 6.9%, compared to 7.2% in Q3FY24 and 10.7% in Q2FY25.

EPS stood at ₹27.1, increasing from ₹19.9 in Q3FY24 but declining from ₹39.9 in Q2FY25.

https://play.google.com/store/apps/details?id=com.intelegain.rb

Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:15 AM Friday 31 January 2025

Can set alert for them at www.researchbytes.com 

9:00 AM Biocon

Weblink: https://tinyurl.com/33awtuuy

9:00 AM Indegene Limite

Dial: +91 22 6280 1162

Weblink: https://tinyurl.com/49zmh7js

10:00 AM Dodla Dairy

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/3h58ybjk

10:00 AM Bajaj Finserv

Dial: +91 22 6280 1366

Weblink: https://tinyurl.com/5cc6fsfz

( Hosted by JM Financial )

10:30 AM Subros

Dial: +91 22 6280 1222 

Weblink: https://tinyurl.com/yddhjz3m

11:00 AM Max Healthcare Institute

Dial: +91 22 6280 1141 

Weblink: https://tinyurl.com/zt64arc8

11:00 AM Nelcast

Dial: +91 22 6280 1107 

Weblink: https://tinyurl.com/wszhr8x6

11:00 AM Phoenix Mills

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/muamec2r

11:30 AM Mallcom (India)

Dial: +91 22 6280 1143

Weblink: https://tinyurl.com/mr29jxnk

( Hosted by Phillip Capita )

11:30 AM Cont Corp

Dial: 02262801384

12:00 PM Banswara Syntex

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/5fa8t3ka

12:00 PM Praj Industries

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/34tc7bu5

( Hosted by Valorem )

12:00 PM UFO Moviez

Dial: 086 3416 8600

Weblink: https://tinyurl.com/3me625zz

2:00 PM Waaree Energies Ltd

Dial: +91 22 6280 1550 

Weblink: https://tinyurl.com/bdzh5h4v

2:30 PM Coromandel Int

Dial: +91 22 6280 1259

Weblink: https://tinyurl.com/5n72fw3t

( Hosted by IIFL )

2:30 PM Brigade Ent

Dial: +91 22 7195 0000

Weblink: https://tinyurl.com/ydufmnca

3:30 PM Protean eGov Te

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/58h5fxm3

( Hosted by Go India Advis )

3:30 PM Styrenix Performance Materials

Dial: +91 22 6280 1135

Weblink: https://tinyurl.com/4ursf3c5

4:00 PM Raymond Lifesty

Weblink: https://tinyurl.com/42xd4h87

( Hosted by Antique Stock B )

4:00 PM Blue Star

(Results, Investor/Analyst Presentation, Press Release )

Weblink: https://tinyurl.com/matwjek3

4:00 PM Jyothy Labs

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/566wwd8y

4:00 PM PNB

Dial: +91 22 6280 1146

4:00 PM Vedant Fashions

Dial: +91 22 6280 1259 

Weblink: https://tinyurl.com/52azdf3p

4:00 PM UPL

Dial: +91 22 6280 1518

Weblink: https://tinyurl.com/ytt2w6tv

4:30 PM Olectra Greente

Weblink: https://tinyurl.com/3v3m3d9u

( Hosted by Axis Capital )

4:30 PM Electrosteel

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/227vrjj5

( Hosted by E & Y )

4:30 PM TAEL

Dial: +91 22 6280 1459

Weblink: https://tinyurl.com/35e4atwa

4:30 PM Mahindra Holida

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/2vjz4ru2

4:30 PM cholamandalam investment & finance company

Dial: +91 22 7195 0000

Weblink: https://tinyurl.com/vww6tfn3

( Hosted by Kotak Sec )

4:30 PM Equitas Small F

Dial: 91 22 6280 1102

Weblink: https://tinyurl.com/ycynz5hx

5:00 PM Vedanta

Dial: +91 22 6280 1114 

5:00 PM Inox Wind

Dial: +91 22 6280 1245

Weblink: https://tinyurl.com/t7vcns58

( Hosted by Investec )

5:30 PM IndusInd Bank

Dial: +91 22 6280 1102

Weblink: https://tinyurl.com/muptmxct

5:30 PM Poonawalla Fincorp

Dial: +91 22 6280 1414

Weblink: https://tinyurl.com/43rpdp4x

6:00 PM Marico

Dial: +91 22 6280 1558

Weblink: https://tinyurl.com/2dmu3vfb

6:00 PM Karnataka Bank

Dial: +912262801579 

Weblink: https://tinyurl.com/pym68f4k

6:10 PM Inox Green Ene

Dial: +91 22 6280 1245 

Weblink: https://tinyurl.com/3e58s56p

( Hosted by Investec )

6:30 PM Sun Pharma

Dial: +91 22 6629 0049

Weblink: https://tinyurl.com/7nmk98bp

Jupiter Wagons : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319331

Jindal Steel : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319334

AAVAS Financier : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319333

Deep Industries : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319328

Allied Blenders : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319330

Clean Science and Technol : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319329

ASK Automotive : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319332

Dr Lal PathLab : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319326

Pricol : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319327

Welspun India : (replay)

https://www.researchbytes.com/webcast.aspx?WID=319319

Results today …

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Recent interviews …

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Replays available at www.researchbytes.com

Subros: Net profit at Rs 32.9 cr vs Rs 28.6 cr, Revenue at Rs. 821 cr vs Rs 732 cr (YoY) (Positive) 

S.J.S. Enterprises: Net profit at Rs 27.5 cr vs Rs 20.8 cr, Revenue at Rs. 179 cr vs Rs 160 cr (YoY) (Positive) 

Pricol: Net profit at Rs 41.4 cr vs Rs 34 cr, Revenue at Rs. 616 cr vs Rs 557 cr (YoY) (Positive) 

Aavas Financiers: Net profit at Rs 146 cr vs Rs 117 cr, Revenue at Rs. 512 cr vs Rs 437 cr (YoY) (Positive) 

CARE: Net profit at Rs 28.4 cr vs Rs 23.9 cr, Revenue at Rs. 96.4 cr vs Rs 78.7 cr (YoY) (Positive) 

Bajaj Holdings: Net profit at Rs 1748.0 cr vs Rs 1644.0 cr, Revenue at Rs. 158 cr vs Rs 132 cr (YoY) (Positive) 

Waaree Energies: Net profit at Rs 3457 cr vs Rs 1596 cr, Revenue at Rs. 690 cr vs Rs 134 cr (Positive) 

Parag Milk: Net profit at Rs 36 cr vs Rs 34 cr, Revenue at Rs. 690 cr vs Rs 134 cr (Positive) 

IRCON: JV with AMRIL receives LoA for a project worth ₹631.2 cr, Ircon share ₹164 Cr (Positive) 

Sahasra Electronic: Company announced the commencement of commercial operations at its new EMS facility in Bhiwadi, Rajasthan. (Positive) 

Paramount Dye: Company announced the commencement of commercial operations at its new yarn manufacturing plant in Ludhiana, Punjab. (Positive) 

Infosys: Company Unveils New Asset Liability Management Solution for Enhanced Risk and Exposure Oversight (Positive) 

Wipro: Company Wins Multi-Million-Dollar Deal by Etihad Airways for It Transformation and Cost Optimization (Positive) 

Esconet Technologies: Company has informed the Exchange about Receipt of Order from Bharat Electronics Limited worth Rs. 11 Crores. (Positive) 

Torrent Power: Company gets certificate for 300 MW capacity commissioning from Gujarat Energy Development Agency (Positive) 

Paradeep Phosphates: Company signed a memorandum of understanding with the Government of Odisha for Rs 4000 Crore investment over five years. (Positive) 

Western Carriers: Company bags order worth ₹170 crore from Hindustan Zinc. (Positive) 

ABB: Company invests big in India’s electrification future. (Positive) 

Zaggle: Company partners with Ekincare for Health & Wellness wallet (Positive) 

Praj Industries: Net profit at Rs 41.1 cr vs Rs 70.4 cr, Revenue at Rs. 853 cr vs Rs 828.6 cr (YoY) (Neutral) 

IGL: Bonus adjustment 1:1 today (Neutral) 

JBM Auto: Stock Split from Rs.2/- to Rs.1/- (Neutral) 

Greenlam: Net profit at Rs 12.5 cr vs Rs 25.5 cr, Revenue at Rs. 602 cr vs Rs 563 cr (YoY) Approval of 1:1 bonus shares and capital increase. (Neutral) 

Phoenix Mills: Net profit at Rs 264.8 cr vs Rs 279.0 cr, Revenue at Rs. 975 cr vs Rs 986 cr (YoY) (Neutral) 

Astral Ltd: Net profit at Rs 114 cr vs Rs 113.5 cr, Revenue at Rs. 1,397 cr vs Rs 1,370.2 cr (YoY) (Neutral) 

Bank of Baroda: Net profit at Rs 4800 cr vs poll of Rs 4495 cr, NII at Rs. 11417 cr vs Rs 11973 cr (YoY) (Neutral) 

L&T: Net profit at Rs 3359 cr vs poll Rs 3762 cr, Revenue at Rs. 64668 cr vs Rs 55128 cr (YoY) (Neutral) 

Tata Consumer: Net profit at Rs 278.88 cr vs poll of Rs 278.87 cr, NII at Rs. 4444 cr vs Rs 3804 cr (YoY) (Neutral) 

Ajanta Pharma: Net profit at Rs 233 cr vs Rs 200 cr, Revenue at Rs. 1146 cr vs Rs 1105 cr (YoY) (Neutral) 

Hawkins Cookers: Net profit at Rs 21.2 cr vs Rs 19.7 cr, Revenue at Rs. 286 cr vs Rs 272 cr (YoY) (Neutral) 

Jay Bharat Maruti: Net profit at Rs 3.85 cr vs Rs 6.5 cr, Revenue at Rs. 590 cr vs Rs 547 cr (YoY) (Neutral) 

Jindal Steel: Net profit at Rs 950.88 cr vs Rs 1927.99 cr, Revenue at Rs. 11750 cr vs Rs 11701 cr (YoY) (Neutral) 

Biocon: Profit down at Rs 81 Cr Vs Rs 753.3 Cr, Revenue at Rs 3,821.4 Cr Vs Rs 3,953.7 Cr (YoY) (Neutral) 

Kalyan Jewellers: Net profit at Rs 218.8 cr vs Rs 180.6 cr, Revenue at Rs. 7286.8 cr vs Rs 5223 cr (YoY) (Neutral) 

Shree Cement: Net profit at Rs 229 cr vs Rs 799 cr, Revenue at Rs. 4235.5 cr vs Rs 4873 cr (YoY) (Neutral) 

Jindal Stainless: Net profit at Rs 654.3 cr vs Rs 692.3 cr, Revenue at Rs. 9907 cr vs Rs 9127 cr (YoY). (Neutral) 

Concor: Net Profit at ₹366.7 Cr Vs ₹330.7 Cr, Revenue at ₹2,208.3 Cr Vs ₹2,210.6 Cr (YoY) (Neutral) 

DLF LTD: Deepak Bakshi, Group Head - Health, Safety, Security and Environment, resigned from DLF Ltd on January 29, 2025, due to personal reasons. (Neutral) 

NBCC, Phoenix, Solar Industries India and Torrent Power: F&O Inclusions from today (Neutral) 

M&M: Board meeting will be held on Friday, 7th February, 2025 to inter alia, consider and approve the Financial Results of the Company. (Neutral) 

JSW Steel: Completes Acquisition of Thyssenkrupp Electrical Steel India (Neutral) 

JSW Energy: Company revises its capital expenditure or capex target for fiscal 2024-25 to Rs 10,000 crore. (Neutral) 

Insurance Stocks: IRDAI caps premium hike for senior citizens at 10% (Neutral) 

Tata Tech: Company has become aware of a ransomware incident that has affected a few of IT assets. (Neutral) 

Heidelberg cement: Net profit at Rs 5.1 cr vs Rs 31.4 cr, Revenue at Rs. 543 cr vs Rs 607 cr (YoY) (Negative) 

Star cement: Net profit at Rs 9.0 cr vs Rs 74.0 cr, Revenue at Rs. 719 cr vs Rs 651 cr (YoY) (Negative) 

Coromandel: Net profit at Rs 507 cr vs Rs 659 cr, Revenue at Rs. 6935 cr vs Rs 7433 cr (YoY) (Negative) 

Goa Carbon: Net loss at Rs 8.3 cr vs profit Rs 34.6 cr, Revenue at Rs. 129 cr vs Rs 232 cr (YoY) (Negative) 

De Nora: Net loss at Rs 7.8 cr vs profit Rs 6.5 cr, Revenue at Rs. 1756 cr vs Rs 2939 cr (YoY) (Negative)

Domestic markets are expected to open sharply higher on Friday ahead of the Union Budget. Fresh monthly F&O contracts on the NSE are expected to begin on a positive note as Nifty trading at Gift City indicates a gain of at least 200 points. Analysts expect short-covering would is likely to lift the market due to its oversold position.

Extreme FII shorts & oversold conditions may trigger a bounce in heavyweights, said Nuvama Alternative & Quantitative Research. “Indian equities are deeply oversold due to a broad market sell-off. FIIs hold an extreme short position (89 per cent shorts vs. 11 per cent longs). Historically, such set-ups trigger sharp short-covering rallies, potentially driving a 3-5 per cent bounce, especially in FII-heavy sectors like Private Financials, where attractive valuations and domestic inflows add support. Nifty could aim for 23,750,” it added. Read more

Wipro on Thursday announced that it has been selected by Etihad Airways -- the national airline of the United Arab Emirates -- to lead its comprehensive technology modernisation. Wipro did not divulge the financial details of the five-year contract. “Wipro wins multi-million-dollar deal by Etihad Airways for IT transformation and cost optimisation,” the Bengaluru-headquartered company said in a release. Read more

“The Union Budget 2025 is a pivotal moment for the EV logistics sector, which plays a crucial role in India’s transition to sustainable transportation. Targeted incentives for commercial fleet electrification, reduced financing costs for EV logistics operators, and a more structured GST framework for EV components can significantly accelerate adoption. 

Additionally, policy support for localised battery recycling and supply chain development will strengthen India’s self-reliance in the EV ecosystem. With the right measures, the Budget can drive large-scale EV adoption in logistics, making clean mobility more accessible, efficient, and economically viable.”

“The government should empower HRTech providers especially the MSME with more focus on credit guarantee schemes as they are enablers of Digital technology adoption in the larger Industries. The HR Tech players contribute to manpower skill upliftment with automated tools and methods which thereby improve productivity and Employee contribution. Hence for the digital economy to thrive the government must launch a Digital acceleration fund which gives impetus to HRtech to increase its outreach

The insurance sector, in particular, is closely watching this budget, not only for the potential regularisation of tax provisions but also for the rationalisation of certain regulatory changes. With the implementation of IndAS 117 on insurance contracts, insurers will be required to enhance the transparency of their financial statements and performance. This new framework will bring challenges related to the application of the current value approach for measuring insurance contracts, which could impact the estimation of future cash flows, unearned profits spread over the term of contracts, and risk management practices associated with each insurance policy. As these elements are reflected in insurers’ financial statements, they would also have a direct impact on the taxation as life insurance companies, which are taxed based on on the surplus determined by actuaries. To address these challenges, the Budget 2025 should introduce a holistic tax regime that aligns with these new financial reporting standards.

As the insurance sector continues to innovate with new products, meets customer expectations, and adopts more sophisticated risk management practices, it is essential that policymakers create a robust, conducive environment for the industry. This will help safeguard the interest of policyholders and empower insurers to scale-up their operations, extending their reach to even the most underserved segments of the population.

Taxability of Alternative Investment Funds

Budget 2025 could significantly enhance investor confidence and operational efficiency for AIFs. We anticipate upcoming Budget would ensure that investors are taxed on actual net income rather than gross pass-through income. Another highly expected move is the introduction of pass-through regime for Category III AIFs which would enhance cash availability at the AIF level and likely improve the Internal Rate of Return (IRR) at the fund level. This may potentially expand the base for performance fee calculations and increased cash inflows for fund managers.

Reforms such as aligning tax liabilities with actual cash distributions, allowing deductibility of operational expenses, and extending pass-through taxation to Category III AIFs would not only improve cashflow management, but also position India as a more attractive destination for alternatives. These measures would foster a fairer, more investor-friendly regulatory environment and ultimately supporting the growth of the AIF sector.

“We hope the Union Budget 2025 builds on earlier provisions, particularly the financial support for loans of up to ₹10 lakh for higher education in domestic institutions, making it more accessible to students. Additionally, we look forward to this budget advancing support for education, employment, and skills through supportive schemes.

Another key focus should be increasing access to quality education and technology, especially in rural and underserved areas. Investments in expanding connectivity, modernising classrooms and creating accessible online learning platforms are essential to bridging the digital divide and making education more accessible to all.

As the world evolves, the demand for skilled professionals across various sectors will grow. Meeting this need requires laying the groundwork at the school level. Strengthening industry-academia connections will better prepare students to navigate dynamic challenges, particularly in technology-disrupted environments. Easing GST on higher education institutes, coupled with tax benefits for students and professionals availing education loans for self, could provide significant relief to both institutions and students.”

“India’s clean energy future depends on making solar more accessible, especially for businesses and SMEs looking to make the switch. The upcoming Union Budget is an opportunity to remove financial barriers and encourage adoption. One key step would be restoring 100% accelerated depreciation for solar investments—a policy that once made solar a more viable choice but was later reduced to 40%. Bringing it back would help businesses recover costs faster and drive wider adoption. On the residential sector, the subsidy provided on systems could be replaced by income tax incentives which would remove the administrative burden of managing the subsidy mechanism. This could also get more people filing taxes. Equally important is strengthening domestic solar manufacturing. Providing better infra support and tax breaks would be better than production-linked incentives.”

The Union Budget 2024-25 presented several forward-looking measures that strengthen the MSME sector and fit well into the vision of Make in India. We expect further incentives and subsidies to push payment and lending solutions, create new markets, and remove trade barriers for the forthcoming budget. This will enable MSMEs to expand globally while contributing to making India economically self-reliant and inclusive. The sector is on its way to transforming at an estimated growth rate of 6.3 crores to 7.5 crores with a CAGR of 2.5 percent. Digital adoption, sustainability, and policy reforms drive resilience and innovation. Platforms such as ONDC, which democratizes e-commerce, best represent this momentum. Since its launch in 2021, ONDC has enabled over 150 million transactions and connected over 7 lakh sellers, buyers, and service providers, creating a vibrant marketplace for small businesses to compete on a level playing field.

Although such developments continue to be made, with inflation projected to reach 5.7 percent in Q3 FY 2024-25, operational costs remain a concern. Delayed payments and inflationary pressures, as well as regulatory intricacies, also keep burdening MSMEs. Challenges like these are expected to be addressed by the budgetary steps taken to strengthen the MSME ecosystem and speed up the targets of Make in India and financial inclusion for growth in this significant sector.

“Modification of TDS Provisions has been a primary ask for the crypto community which has been levied at a steep 1% since July 1, 2022. The TDS rate poses a significant challenge since a substantial portion of traders’ working capital remains locked. Lowering the TDS rate to 0.01% would still fulfill the intended purpose without negatively impacting traders. Crypto traders are also subject to a 30% tax on their gains. Aligning the tax rate with that of other investment options would encourage greater market participation. The community will also greatly benefit if the government allows traders to offset losses against gains and carry them forward to the next financial year.”

The Union Budget 2025 presents a massive opportunity for India to urge its industries towards sustainable growth. One of my key expectations is the introduction of incentives for renewable energy expansion, particularly in solar and wind energy, along with enhanced support for green hydrogen initiatives. Additionally, there is hope for increased allocation toward climate-resilient agriculture and water management, which is crucial for addressing the vulnerabilities faced by rural India due to changing climatic conditions. I also expect the government to take the next step in implementing the climate finance taxonomy announced last year.

On the other hand, my hope is that the budget will intensify its focus on climate education as that is the oft-neglected key component for the other initiatives to fructify. My hope is also that the Union Budget will support the growth of SMEs and startups, including catering to the mandatory sustainability related attributes and documentation required for their inclusion in global trade.

“The food and beverage (F&B) sector continues to be a key driver of economic growth, fuelled by evolving consumer preferences and the government’s efforts to foster innovation and sustainability. Investments in sustainable agriculture, climate-resilient crops, and the expansion of Digital Public Infrastructure for farmers have strengthened supply chains and opened new opportunities for growth. 

To further accelerate this progress, simplifying regulatory processes and enhancing financial viability can create a more conducive business environment. A streamlined single-window clearance system for trade, FSSAI, and labelling compliances would ease operations, allowing businesses to focus on growth and innovation. Similarly, the high GST rate on rentals remains a significant financial strain on restaurant operators. A reduction in rates or input tax credits could unlock new potential for expansion and reinvestment. 

At the same time, addressing the skills gap through structured industry-specific programs will be crucial in meeting evolving service standards and ensuring sustainable growth. Investing in workforce development will not only improve service quality but also generate employment opportunities across the sector. 

Sustainability should remain at the core of growth strategies, with greater focus on waste and water management infrastructure to support environmentally responsible operations. 

As we look ahead, a forward-thinking budget that prioritises ease of doing business, skill development, and sustainability will empower the sector to unlock its full potential, contribute significantly to the economy, and position India as a global leader in food innovation and excellence.”

“In alignment with India’s ambitious goal of achieving a $7 trillion economy by 2030, the upcoming Budget 2025 presents a valuable opportunity to address key challenges related to efficiency, sustainability, and global competitiveness. The logistics sector stands at a transformative crossroads, and the Union Budget 2025-26 holds the potential to shape its growth trajectory significantly.

We encourage the government to prioritise investments in infrastructure modernisation, particularly in the creation of smart logistics parks and multimodal transport networks that embrace sustainable practices. A strong emphasis on green logistics is essential, with incentives to promote the use of electric vehicles, biofuels, and IoT-enabled transport systems. These measures will help lower logistics costs while reducing carbon emissions, paving the way for a sustainable future in the sector.

We also look forward to the implementation of policies that create an equitable environment for all stakeholders, from large corporations to MSMEs. Such a strategy can promote inclusive growth across the industry. As DTDC celebrates its 35th year, we remain committed to advancing this vision, driving innovation, and working alongside the government to establish India’s logistics sector as a global standard of excellence.”

Profit Down 89.3% At ₹81 Cr Vs ₹753.3 Cr (YoY) Revenue Down 3.3% At ₹3,821.4 Cr Vs ₹3,953.7 Cr (YoY) (Numbers seen weaker than estimates)

30 January 2025 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 103561.27 + 5175.04 Total: 108736.31

F&O Volume: 44404659.61 + 471266.83 Total: 44875926.44

Provisional Cash

FII/FPI: NET SELL: -4582.95 

(10513.63 - 15096.58) 

DII: NET BUY: +2165.89 

(13934.35 - 11768.46)

China, Taiwan and Hong Kong @ Market Holiday

TENT INDIA Economic Survey 

TENT EURO German Prelim CPI m/m (Expected: 0.1% versus Previous: 0.5%)

19.00 U.S. Core PCE Price Index m/m (Expected: 0.2% versus Previous: 0.1%)

AARTIIND, ANANTRAJ, GANECOS, GRINFRA, JPPOWER, NEOGEN, VINATIORGA, WINDMACHIN

[6:08 am, 31/1/2025] KS BadriNarayanan: AARTIIND YoY 

* Revenue expected at Rs 1742 crore versus Rs 1732 crore

* EBITDA expected to be seen at Rs 233 crore versus Rs 260 crore

* EBITDA margin expected to be seen at 13.38% versus 15.01%

* Net profit expected to be seen at Rs 52 crore versus Rs 124 crore

VINATIORGA YoY 

* Revenue expected at Rs 564 crore versus Rs 448 crore

* EBITDA expected to be seen at Rs 137 crore versus Rs 114 crore

* EBITDA margin expected to be seen at 24.29% versus 25.60%

* Net profit expected to be seen at Rs 94 crore versus Rs 77 crore

Exxon Mobil Corporation (Pre market) (Sector- Energy)

AbbVie Inc. (Pre market) (Sector- Healthcare)

Chevron Corporation (Pre market) (Sector- Energy)

Novartis AG (Pre market) (Sector- Healthcare)

Eaton Corporation, PLC (Pre market) (Sector- Capital Goods)

Aon plc (Pre market) (Sector- Financial)

Colgate-Palmolive Company (Pre market) (Sector- FMCG)

W.W. Grainger, Inc. (Pre market) (Sector- Capital Goods)

Charter Communications, Inc. (Pre market) (Sector- Technology)

Phillips 66 (Pre market) (Sector- Energy)

Imperial Oil Limited (Pre market) (Sector- Energy)

Broadridge Financial Solutions, Inc. (Pre market) (Sector- Financial)

Church & Dwight Company, Inc. (Pre market) (Sector- FMCG)

LyondellBasell Industries NV (Pre market) (Sector- Chemicals)

Booz Allen Hamilton Holding Corporation (Pre market) (Sector- Technology)

Revvity, Inc (Pre market) (Sector- Healthcare)

Franklin Resources, Inc. (Pre market) (Sector- Financial)

Brookfield Renewable Partners L.P. (Pre market) (Sector- Power)

Q3FY25 EARNING CALENDAR 31.01.2025

ADSL, ANUP, APTUS, ASTERDM, AXISCADES, BANDHANBNK, CHOLAFIN, CUB, DHANI, DSSL, ELECTCAST, EPACK, EQUITASBNK, FIVESTAR, FLAIR, GHCL, GMDCLTD, GODREJAGRO, HIRECT, INDUSINDBK, INOXGREEN, INOXWIND, IRB, IWEL, JUBLPHARMA, JYOTHYLAB, KTKBANK, LGBBROSLTD,LICHSGFIN, MAHLIFE, MARICO, MARSONS, MAYURUNIQ, MEDPLUS, MHRIL, NESTLEIND, NUVAMA, ONGC, PANAMAPET, PFIZER, PNB, POONAWALLA , RELAXO, SFL, SUNCLAY, SUNPHARMA, TEXRAIL, TRITURBINE, UPL, VADILALIND, VEDL, VMM

BANDHANBNK YoY

* NII expected at Rs 2981 crore versus Rs 2525 crore

* EBIT expected to be seen at Rs 1940 crore versus Rs 971 crore

* EBIT margin expected to be seen at 50.71% versus 31.63%

* Net profit expected to be seen at Rs 813 crore versus Rs 732 crore

CHOLAFIN QoQ

* NII expected at Rs 3063 crore versus Rs 2712 crore

* EBIT expected to be seen at Rs 1885 crore versus Rs 1856 crore

* EBIT margin expected to be seen at 58.23% versus 57.32%

* Net profit expected to be seen at Rs 1036 crore versus Rs 963 crore

CUB YoY

* NII expected at Rs 588 crore versus Rs 515 crore

* EBIT expected to be seen at Rs 414 crore versus Rs 318 crore

* EBIT margin expected to be seen at 80.39% versus 61.64%

* Net profit expected to be seen at Rs 274 crore versus Rs 253 crore

INDUSINDBK YoY

* NII expected at Rs 5381 crore versus Rs 5296 crore

* EBIT expected to be seen at Rs 3684 crore versus Rs 4042 crore

* EBIT margin expected to be seen at 47.90% versus 52.56%

* Net profit expected to be seen at Rs 1397 crore versus Rs 2301 crore

LICHSGFIN QoQ

* NII expected at Rs 2028 crore versus Rs 1973 crore

* EBIT expected to be seen at Rs 1771 crore versus Rs 1741 crore

* EBIT margin expected to be seen at 85.93% versus 84.87%

* Net profit expected to be seen at Rs 1285 crore versus Rs 1328 crore

MARICO YoY 

* Revenue expected at Rs 2760 crore versus Rs 2422 crore

* EBITDA expected to be seen at Rs 537 crore versus Rs 513 crore

* EBITDA margin expected to be seen at 19.46% versus 21.78%

* Net profit expected to be seen at Rs 402 crore versus Rs 383 crore

NESTLEIND QoQ 

* Revenue expected at Rs 4803 crore versus Rs 5104 crore

* EBITDA expected to be seen at Rs 1079 crore versus Rs 1167 crore

* EBITDA margin expected to be seen at 22.47% versus 22.88%

* Net profit expected to be seen at Rs 706 crore versus Rs 695 crore

ONGC QoQ 

* Revenue expected at Rs 122975 crore versus Rs 158329 crore

* EBITDA expected to be seen at Rs 28182 crore versus Rs 20494 crore

* EBITDA margin expected to be seen at 22.92% versus 12.94%

* Net profit expected to be seen at Rs 11142 crore versus Rs 10272 crore

PNB QoQ

* NII expected at Rs 10874 crore versus Rs 10516 crore

* EBIT expected to be seen at Rs 6461 crore versus Rs 6853 crore

* EBIT margin expected to be seen at 42.82% versus 45.42%

* Net profit expected to be seen at Rs 3894 crore versus Rs 4303 crore

SUNPHARMA YoY 

* Revenue expected at Rs 13392 crore versus Rs 12380 crore

* EBITDA expected to be seen at Rs 3779 crore versus Rs 3476 crore

* EBITDA margin expected to be seen at 28.22% versus 28.08%

* Net profit expected to be seen at Rs 2938 crore versus Rs 2593 crore

UPL QoQ 

* Revenue expected at Rs 10975 crore versus Rs 11090 crore

* EBITDA expected to be seen at Rs 1871 crore versus Rs 1352 crore

* EBITDA margin expected to be seen at 17.04% versus 12.19%

* Net profit expected to be seen at Rs 107 crore versus Rs -43 crore

VEDL YoY 

* Revenue expected at Rs 37148 crore versus Rs 35541 crore

* EBITDA expected to be seen at Rs 10352 crore versus Rs 8531 crore

* EBITDA margin expected to be seen at 27.87% versus 24.00%

* Net profit expected to be seen at Rs 3434 crore versus Rs 2013 crore

Exxon Mobil Corporation (Pre market) (Sector- Energy)

AbbVie Inc. (Pre market) (Sector- Healthcare)

Chevron Corporation (Pre market) (Sector- Energy)

Novartis AG (Pre market) (Sector- Healthcare)

Eaton Corporation, PLC (Pre market) (Sector- Capital Goods)

Aon plc (Pre market) (Sector- Financial)

Colgate-Palmolive Company (Pre market) (Sector- FMCG)

W.W. Grainger, Inc. (Pre market) (Sector- Capital Goods)

Charter Communications, Inc. (Pre market) (Sector- Technology)

Phillips 66 (Pre market) (Sector- Energy)

Imperial Oil Limited (Pre market) (Sector- Energy)

Broadridge Financial Solutions, Inc. (Pre market) (Sector- Financial)

Church & Dwight Company, Inc. (Pre market) (Sector- FMCG)

LyondellBasell Industries NV (Pre market) (Sector- Chemicals)

Booz Allen Hamilton Holding Corporation (Pre market) (Sector- Technology)

Revvity, Inc (Pre market) (Sector- Healthcare)

Franklin Resources, Inc. (Pre market) (Sector- Financial)

Brookfield Renewable Partners L.P. (Pre market) (Sector- Power)

- WE’RE IN THE PROCESS OF DOING CHINA TARIFF. CHINA’S GOING TO END UP PAYING A TARIFF AS WELL.

- TRUMP REITERATES THAT THE FIRST CANADA AND MEXICO TARIFFS ARE COMING SATURDAY.

- WILL DECIDE PROBABLY THURSDAY NIGHT WHETHER TO IMPOSE TARIFFS ON OIL ON CANADA AND MEXICO.

- I’M TO ANNOUNCE CANADA AND MEXICO TARIFFS BECAUSE OF FENTANYL.

The short-term outlook is bullish Mahindra & Mahindra. The stock has been moving up very well since beginning of this week. Importantly, this rise is happening from the 200-Day Moving Average (DMA) support level which is currently at ₹2,930. Support is now in the ₹2,900-₹2,870 region. This support can limit the downside in case of any intermediate dips. Mahindra & Mahindra share price has potential to target ₹3,230-₹3,250 in the next few weeks. Read more

- Revenue: $14.26B (est $13.81B)

- Adjusted EPS: $0.13 (est $0.12)

- Foundry Revenue: $4.50B (est $4.5B)

- Sees Q1 25 Guidance: Adjusted Gross Margin: 36% (est 39.3%)

- Sees Q1 25 Revenue: $11.7B to $12.7B (est $12.85B)

(Numbers seen better than expected, however guidance seen at bottom range of expectations)

- EPS: $2.40 (est $2.35)

- Revenue: $124.30B (est $124.1B)

- iPhone Revenue: $69.14B (est $71.04B)

- Greater China Revenue: $18.51B (est $21.57B)

- Service Revenue: $26.34B (est $26.1B)

- Mac Revenue: $8.99B (est $7.94B)

- iPad Revenue: $8.09B (est $7.35B)

- Wearables, Home & Accessories Revenue: $11.75B (est $11.95B)

- Products Revenue: $97.96B (est $98.02B)

(Numbers seen inline, however China Revenue trailed versus estimates)

- Adjusted EPS: $2.75 (est $2.66)

- EPS: $2.58 (vs $2.39 YoY)

- Revenue: $9.50B (est $9.35B)

- Net Revenue Growth: +16% at constant currency

- Cross-Border Volumes: +16% at constant currency

- Total Processed Transactions: $63.8B (est $63.43B)

(Numbers seen better than expected)