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tock Market Today | Share Market Highlights – Find here all the highlights related to Sensex, Nifty, BSE, NSE share prices and Indian stock markets for 29 May 2025.
Rupee weakens against dollar due to strong US currency and rising oil prices, analysts predict further decline.
Birlasoft reports Q4 revenue decline, YoY profit drop, CEO optimistic about steady growth and strong cashflows.
The Prostarm Info Systems IPO witnessed an overwhelming response from all investor categories, closing with an impressive overall subscription of 82.42 times. Non-Institutional Investors (NIIs) led the demand with a massive 192.64x subscription, driven by strong interest from both large (bNII) and small (sNII) investors, subscribing 217.86x and 142.22x respectively. Qualified Institutional Buyers (QIBs) also showed robust participation, subscribing 84.81 times their allocated quota. Retail Investors were not far behind, subscribing 33.81 times, indicating high enthusiasm even among individual investors. The IPO received bids for over 92.30 crore shares against 1.12 crore shares offered, with the total bid amount crossing ₹9,692 crore. Supported by a Grey Market Premium (GMP) in the range of 16–17%, the offering has generated strong listing expectations in the market.
Welspun Living recorded consolidated profit for the quarter ended March 2025 at ₹132 crore as against ₹146 crore in the corresponding quarter last year.
Board recommended a dividend of ₹1.70 per share.
It also has approved acquisition of 84.28% of equity shares of Drape Story Interiors Private Limited.
Engineers India posted standalone net profit for the quarter ended March 2025 at ₹243.23 crore as against ₹90.94 crore in the corresponding quarter last year.
Board recommended final dividend of ₹2 per share.
Shares gained 2.11% on the NSE to ₹215.84.
Isgec Heavy Engineering posted consolidated net profit for the March 2025 quarter at ₹98.06 crore as against ₹84.23 crore in the corresponding quarter last year.
Board recommended final dividend of ₹5.
Shares traded flat on the NSE at ₹1,260.60.
Avanti Feeds stock jumped nearly 8% in early trade post Q4 results.
The stock traded 3.19% positive on the NSE at ₹890.20 as at 3 pm, hitting an intraday high of ₹928.75 from previous close of ₹862.65.
Its consolidated net profit rose to ₹151.77 crore in March 2025 quarter as against ₹104.07 crore in the corresponding quarter last year.
Board recommended dividend of ₹9.
The company posted standalone net profit for the quarter ended March 2025 at ₹23.70 crore as against ₹38.36 crore in the corresponding quarter last year. Shares down by 2.36% on the NSE to ₹176.50.
Steel Authority of India Ltd reports 16.5% increase in net profit, revenue growth, and final dividend recommendation.
Varroc Engineering’s standalone net profit for the quarter ended March 2025 rose to ₹105.7 crore as against ₹85.33 crore in the corresponding quarter last year.
Board recommended dividend of ₹1 per share.
Shares traded flat on the NSE at ₹503.
Century Plyboards posted standalone net profit for the quarter ended March 2025 at ₹71.12 crore as against ₹77.02 crore in the corresponding quarter last year.
Shares traded flat on the NSE at ₹775.15.
Campus Activewear posted net profit for the quarter ended March 2025 at ₹35.03 crore as against ₹32.75 crore in the corresponding quarter last year.
Shares were up 1.95% on the NSE to ₹293.35.
Bajaj Hindusthan Sugar posted standalone net profit for the quarter ended March 2025 at ₹221.47 crore as against ₹93.88 crore in the corresponding quarter last year.
Shares surged 4.58% on the NSE to ₹25.11
DEE Development Engineers posted standalone net profit for the quarter ended March 2025 at ₹29.38 crore as against ₹8.21 crore in the corresponding quarter last year.
Shares rallied 8.09% on the NSE to ₹295.41.
Samvardhana Motherson International recorded consolidated net profit for the quarter ended March 2025 at ₹1,051 crore as against ₹1,372 crore profit in the corresponding quarter last year.
The board has recommended a final dividend of ₹0.35 per share.
Stock traded flat on the NSE at ₹147.81.
Radico Khaitan withdraws 'Trikal' brand name for single malt whisky amid criticism, emphasizing respect and cultural sensitivity.
Alkem Laboratories recorded consolidated net profit for the quarter ended March 2025 at ₹306 crore as against ₹294 crore profit in the corresponding quarter last year.
The board has recommended a final dividend of ₹8 per share.
Stock traded flat on the NSE at ₹5,236.
Electronics Mart India informed exchanges that a fire accident took place at midnight, i.e., early hours of Thursday, at a Godown located at Commercial property in Guntur District, Andhra Pradesh.
“The cause of the fire is currently under investigation. Although the fire has been controlled, operations at the affected godown have been disrupted. We are relieved to report that there have been no injuries or casualties.”
IPCA Laboratories recorded standalone net loss for the quarter ended March 2025 at ₹65.05 crore as against ₹64.76 crore profit in the corresponding quarter last year.
The board has recommended a final dividend of ₹2 per share.
Stock declined 1.19% on the NSE to ₹1,477.
Waaree Solar Americas, a wholly owned subsidiary of Waaree Energies Limited, has received an order for supply of 586 MW solar modules for an amount of 176 Mn USD from a renowned customer who is a developer and owneroperator of utility scale solar and energy storage projects across the United States.
Waaree Energies stock jumped 6.48% on the NSE to ₹2,978.40.
Vedanta informed the exchanges that National Company Law Appellate Tribunal (“NCLAT”), has passed an order granting an interim stay on the order passed by NCLT, Mumbai, on demerger scheme.
This is in respect of the scheme of arrangement between, inter alia, Vedanta, Vedanta Aluminium Metal, Talwandi Sabo Power Limited, Malco Energy Limited, and Vedanta Iron and Steel, and their respective shareholders and creditors.
Vedanta stock gained 1.31% on the NSE to ₹452.70.
TVS Motor Launches Jupiter 125 Dual Tone Variant with Style Upgrades and SmartXonnect Features
Stock traded flat on the NSE at ₹2,811.
Equity indices erase early gains, Sensex down 0.20%, Nifty 50 down 0.16%, industrial production slows, stock market volatile.
RBI's balance sheet grew by 8.20% in 2025, leading to a ₹2.69 lakh crore dividend for the central government.
HMA Agro Industries reported standalone net loss for the quarter ended March 2025 at ₹1.5 crore as against ₹14 crore in the corresponding quarter last year.
On consolidated basis, it posted a net profit of ₹13.22 crore in the quarter under review as against ₹1.53 crore in March 2024 quarter.
Board approved the proposal to avail Export Packing Credit (EPC) facilities from Punjab National Bank (PNB) as a new lender, with an additional credit exposure of ₹100 Crore, subject to necessary approvals and documentation.
Shares zoomed 6.20% on the NSE to ₹36.64 as at 1.05 pm.
Moneyboxx Finance Limited (Moneyboxx), a leading NBFC providing business loans to micro and small entrepreneurs in rural and semi-urban India, reported a robust 56% year-on-year growth in Total Income, reaching INR 199.23 crore in FY25 compared to INR 127.96 crore in FY24. The strong income growth was primarily driven by an increase in AUM and strategic branch expansion.
Moneyboxx made further progress in FY25 on its strategy of geographic diversification and increasing secured lending. The Company moved towards establishing a pan-India presence by opening branches in the south Indian states of Telangana, Andhra Pradesh, Karnataka and Tamil Nadu. Further, increased focus on secured lending was demonstrated by secured loans representing 45% of AUM as on Mar’25 compared with 24% in Mar’24, and targeting ~65% by Mar’26.
With the equity funds received in FY25, net worth increased to INR 260.7 crore, and CRAR improved to 29.25% in Mar’25 compared to 28.28% in Mar’24, resulting in strong capital adequacy. The Company concluded its highest-ever NCD raise of INR 185 crore in FY25. The Company is supported by 33 lenders, including 12 banks.
Aluminium futures consolidating at ₹238/kg, forming higher lows, with potential rally towards ₹248, supported by 21-day moving average.
Stocks advanced on BSE at 12 noon on May 29, 2025, were 1,866 against 1,876 stocks that declined, and 195 remained unchanged. Total stocks traded were 3,913. The number of stocks that recorded a 52-week high was 69, and those that hit a 52-week low was 24. A total of 226 stocks traded in the upper circuit, and 171 in the lower circuit.
Cummins India shares surged 6% despite posting 7% dip in Q4FY25 net profit
Bharat Rasayan shares tumbled 7.79% on the NSE to ₹8,989.50 as at 12 noon post Q4 results.
Its standalone net profit for the quarter ended March 2025 fell 49 per cent to ₹28.46 crore as against ₹55.91 crore in the corresponding quarter last year.
Board recommended Final Dividend of 1.5 per equity share.
Texmaco Rail & Engineering has received LOA from Railway Board for manufacture and supply of 8 rakes of Flat Multi-Purpose Wagons to be executed within 6 months, valuing Rs. 140.55 crore.
Shares up 1.31% on the NSE to ₹161.88
ION Exchange (India) posted standalone profit after tax for the quarter ended March 2025 at ₹64.58 crore as against ₹71.75 crore in the corresponding quarter last year.
Board recommended dividend of ₹1.50 per share.
Shares declined 3.19% on the NSE to ₹548.50.
RBI's Annual Report projects promising Indian economy in 2025-26, despite global trade uncertainties, with focus on exports and agriculture.
AstraZeneca Pharma India Limited has received permission from the Central Drugs Standard Control Organization, Directorate General of Health Services, Government of India to import for sale and distribution of Osimertinib Tablets 40 mg & 80 mg (TAGRISSO) for an additional indication.
Stock traded flat on the NSE at ₹7,934.50
Supreme Power Equipment Limited secures Rs60.90 Cr order from NLC India Limited for inverter duty transformers.
IRCTC's Q4 FY25 net profit up 26%, revenue grows 10%, final dividend of ₹1 per share recommended.
Supreme Power Equipment Limited (SPEL), (NSE Code: SUPREMEPWR), one of the leading manufacturers of power and distribution transformers, is pleased to announce the receipt of a significant domestic order valued at Rs60.90 Cr from NLC India Limited (NIL), a Navratna public sector enterprise under the Ministry of Coal. The order was awarded on May 26, 2025, and marks a major milestone as the first-ever order from NLC India Limited to Supreme Power Equipment.
Nifty Bank index opens higher but declines, private banks outperforming PSU banks, Nifty Bank futures lack trend.
1. Bajaj Auto
2. Samvardhana Motherson International
3. Suzlon Energy
4. Alkem Laboratories
5. Prestige Estates Projects
6. SJVN
7. Ipca Laboratories
8. NBCC (India)
9. Amara Raja Energy & Mobility
10. Century Plyboards (India)
11. Sobha
12. Embassy Developments
13. Engineers India
14. Lemon Tree Hotels
15. Procter & Gamble Health
16. ISGEC Heavy Engineering
17. Campus Activewear
18. Bengal & Assam Company
19. Varroc Engineering
20. Gujarat Pipavav Port
21. Technocraft Industries (India)
22. ICRA
23. KNR Constructions
24. Kitex Garments
25. India Tourism Development Corp.
26. Tarc
27. Lumax Auto Technologies
28. LS Industries
29. Pokarna
30. EFC (I)
31. Bajaj Hindusthan Sugar
32. Ram Ratna Wires
33. Shivalik Bimetal Controls
34. Xpro India
35. Jubilant Agri and Consumer Products
36. Vishnu Prakash R Punglia
37. Shalby
38. Sangam India
39. Jaykay Enterprises
40. AGI Infra
Incred On Adani Power
Initiate Add with target price of Rs 649
India’s largest private thermal IPP stages a turnaround
13.12GW expansion project to meet surging demand
Deleveraging with 11% EBITDA CAGR
17% of sales volume is from merchant power, capitalizing on high-margin opportunities
Jefferies on Jindal Stainless
Initiate Buy with target price of Rs 800
Leader in India’s fast growing stainless steel market
Lower EBITDA/ton volatility and better balance sheet vs Indian carbon steel players
China stainless steel conversion spread is at 10-year low and any expansion can boost Jindal Stainless’ margin
Expect JDSL to deliver 10% volume & 21% EPS CAGR with 17% ROE over FY25-27E
Its 11x FY26E EV/EBITDA is reasonable given 25% SS premium over carbon steel globally.
Nomura on Cummins
Neutral, TP Rs 3740
Domestic sales underperformed, resulting in missing est. even though export sales recovered
Beat on EBITDA margin driven by 116bp expansion in gross margin due to softer pig iron prices
Co ‘s leadership maintains a reservedly positive view on the immediate demand forecast and an unequivocal positive outlook for sustained long-term growth
In addition, management expects the upward trend in export demand to continue.
UBS On Cummins
Maintain Sell with target price of Rs 2,700
Exports remained stable sequentially
Miss in topline suggest best of earnings upcycle is behind
UBS on Gujarat Fluoro
Sell, TP Rs 3000
Steady existing business; EV to contribute from FY27 with slow ramp-up
EV business: product trials, additional capex and likely longer gestation period
Soft quarter; revenue growth of 7% QoQ/8% YoY
Cut FY26/27E EPS by 21%/16%
Macquarie On IRCTC
Maintain Outperform with target price of Rs 900
Beat: Spiritual tourism boost
Continue to see a low teens growth outlook alongside strong 30% FCF margin and 30% ROIC
Upside optionality from high share of AC rail supply, spiritual tourism packages, modernisation of railway platforms
Nomura on Sansera Eng
Buy, TP Rs 1643
4Q margins in line; diversification to pick up pace across ADS, AL forging
Co maintain high teens rev growth for FY26, & 50-60bp EBITDA margin improvement, led by better mix
Expect US tariff uncertainty to remain an overhang
Jefferies on Metals & Mining
+ve on India steel as cos offer strong 8-10% vol CAGR over FY25-27E with safeguard duty aiding profitability
Asian conversion spread is 30% below long term-avg, & 18-yr history shows favorable risk-reward for owning steel stks at spot spreads
UBS on PB Fintech
Maintain Sell with target price of Rs 1,640
Management guidance unchanged; renewals growth to boost profitability
Savings growth slower than expected; health & term growth remains strong
Paisabazaar to expand product offerings; PB Healthcare – a separate entity
Jefferies on Nuvama
Maintain Buy, TP Rs8,000
In Q4 Revenue Rose By 30% YoY & Profit By 39%, Both Ahead Of Est
Profit Growth Was Led By The Cap Mkts Segment
Wealth Mgmt Segment Saw 21% Rev Growth, But PBT Lagged Due To Sharper Rise In Costs
Key Positive Is Net Flows Were Healthy At 5% Of Ops
ARR & MPIS AUM IE/IB Rev Growth Was Lower At 16% YoY Due To Lower Deal Flow
CITI On Nuvama
Buy, TP Rs 8850
PAT +1% QoQ marginally ahead of est
Despite tough equity market conditions, robust performance across most segments demonstrates biz resilience
Wealth rev +10% QoQ with recurring flows remaining strong (20% of opening AUM, annualized)
Jefferies on Max Fin
Buy, TP Rs 1700
Axis Max Life’s CEO Prashant Tripathy sought early retirement from Sep-25 that comes as a tad set-back.
Smooth succession will be key & internal elevation may be preferred
Correction may be opportunity to add
Jefferies on Bandhan Bank
Buy, TP Rs 195
Management meet takeaways
Mgt is watchful of asset quality trend given tightening of lendingcaps from April, even as it has lower share of leveraged borrowers.
Mgt sees moderation in credit cost from 2HFY26 & ROA for FY26 to be stable YoY
Monthly SIP of Rs 10,000 amounting to Rs 29.9 lakhs would have grown to Rs 1.6 crores in 25 years
Lumpsum of Rs 1 lakh would have grown to over Rs 10.3 lakhs in 25 years
Mumbai, May 27, 2025: Aditya Birla Sun Life AMC Limited (ABSLAMC) was incorporated in the year 1994. Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc. are the promoters and major shareholders of the Company. ABSLAMC is primarily the investment manager of Aditya Birla Sun Life Mutual Fund, a registered trust under the Indian Trusts Act, 1882. The asset manager has reported that Aditya Birla Sun Life Balanced Advantage Fund generated more than Rs 1.6 crores with a monthly systematic investment plan (SIP) of Rs 10,000 in the last 25 years. That implies a compounded annual growth rate (CAGR) of 11.7% during the same time.
The fund was launched on 25th April 2000 for investors seeking long-term growth potential and upside of equity, but at lower volatility levels. Aditya Birla Sun Life Balanced Advantage Fund dynamically balances the equity and fixed income exposure basis market valuation to generate reasonable return with relatively lower volatility. The dynamic asset allocation model automatically reduces equity exposure at higher valuation levels and helps mitigate volatility in returns. Historically, the fund has offered lower drawdowns & faster recovery compared to broader markets. It aims for consistent downside protection while still capturing meaningful upside potential. Since 2015, the fund has generated nearly 80% of Nifty’s return with an average net equity exposure of almost 52% while experiencing only 66% of Nifty’s volatility. Over a 3-year rolling period, the fund has delivered returns above 8% in more than 86% of instances over the last nine years
Commenting on fund’s 25th anniversary, A. Balasubramanian, MD and CEO, Aditya Birla Sun Life AMC Ltd said, “The 25-year journey of Aditya Birla Sun Life Balanced Advantage Fund is not just a performance milestone, it is a testament to the dedication of our team and the enduring confidence of our investors. The endeavour is to provide peace of mind to an investor by dynamically adjusting the equity and fixed income exposure and aiming to provide reasonable returns with lower volatility. The fund maintains a quality biased portfolio and invests across sectors & market capitalisation to generate alpha. ABSLAMC is confident and committed to delivering a superior investment experience and thank all our investors and partners for their continued faith in bull as well as bear market phases.”
The fund is jointly managed by Harish Krishnan, Lovelish Solanki and Mohit Sharma. It had assets under management of more than Rs 7,500 crore as of 30th April 2025.
WhatsApp Image 2025-05-29 at 10.34.25 AM.jpeg
SEBI passed an interim order barring five former and current senior executives of IndusInd Bank from participating in the securities market, alleging their involvement in insider trading that helped them collectively avoid losses worth nearly Rs 19.78 crore.
Nifty 50 trading update: May contracts expire today, futures up 0.3%, resistance at 25,150, caution advised for traders.
JioBlackRock's entry into mutual funds aims to democratize investments, attract new investors, and disrupt the market.
Welspun Corp Ltd reports 143% growth in net profit to Rs 699.19 crore in March quarter.
Sequent Scientific (SeQuent), a leading player in the global animal health industry, has announced that it has secured approvals from both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for its proposed merger with Hyderabad-based Viyash Life Sciences (Viyash). The company has now filed for clearance with the National Company Law Tribunal (NCLT), marking a crucial milestone in the merger process.
Stock rose 2.39% on the NSE to ₹190.42
IPO News Today Live Updates: Nikita Papers IPO, Blue Water Logistics IPO, Prostarm Info Systems IPO & Astonea Labs IPO are closing today and check for Scoda Tubes IPO Day 2 status. Last day to subscribe to these IPOs Prostarm Info Systems IPO opened for subscription on May 27, aiming to raise ₹168 crore via fresh issue. Price band set at ₹95-₹105 per share. It received 12.65 times subscription on day two of the bidding on Wednesday. ASTONEA LABS opened for subscription on May 27, aiming to raise ₹37.67 crore. The price band for this SME IPO is set between ₹128-₹135 per share. Booked 0.64 times on Day 2. Enters Day 2 on strong note Scoda Tubes IPO is entirely a fresh issue of equity shares, aggregating up to ₹220 crore with no offer for sale (OFS) component. The issue, with a price band of ₹130-140 per share, opened for public subscription on May 28 and will conclude on May 30. It got subscribed 2.06 times on the first day of share sale on Wednesday. Other Key highlights The initial share sale of Schloss Bangalore, which operates Leela Palaces Hotels and Resorts, received 4.50 times subscription on the closing day of bidding on Wednesday. Aegis Vopak Terminals IPO, a subsidiary of Aegis Logistics Ltd, fetched 2.09 times subscription on the closing day of bidding on Wednesday. Nikita Papers SME IPO booked 0.89x on Day 2; closes today. Blue Water Logistics SME IPO booked 2.34x on Day 2; ends today.
Rupee weakens against dollar due to higher oil prices and disappointing industrial output, but foreign funds support.
VBL has started commercial production of carbonated soft drinks & juice based drinks at its production facility at Mendipathar, Meghalaya.
Stock traded flat on the NSE at ₹481.40.
Sterling and Wilson Renewable Energy has emerged as L1 bidder in a tender of a leading PSU developer for a turn-key EPC package for development of a 225 MW (AC) grid connected Solar PV Project in Gujarat, India.
Stock traded flat on the NSE at ₹283.40.
Coforge Launches Quasar GenAI Central and Quasar Marketplace to Scale Enterprise AI Adoption
Stock rose 1.21% on the NSE to ₹8,569.50
IRCTC stock traded flat at ₹781.05 as at 9.31 am, after opening higher at ₹800 post Q4 results.
It posted a consolidated net profit of ₹358.23 crore in the quarter under review as against ₹284.18 crore in the corresponding quarter last year.
Board recommended Final Dividend of Re. 1 per equity share.
Crude oil futures rise as US court blocks Trump's reciprocal trade tariffs, impacting oil markets and OPEC+ decisions.
Bata India stock traded flat at ₹1,284.70 as at 9.30 am, after opening lower at ₹1,260 as its operating profit declined 36% to ₹37 crore in the fourth quarter ended March 31, 2025.
Top gainers on the NSE as at 9.25 am:
Infosys (+2%), JSW Steel (+1.53%), Trent (+1.53%), Wipro (+1.16%), HCL Tech (+0.99%)
Top losers:
Apollo Hospitals (-0.88%), UltraTech (-0.76%), Jio Financial (-0.67%), Hero Motocorp (-0.65%), Shriram Finance (-0.64%)
Equity markets rise on foreign fund inflows, Sensex and Nifty climb, US court blocks Trump's tariffs, Asian markets positive.
FIIS F & O : RS. CRS. :
TOTAL NET SELL : -1,08,389 
INDEX FUT. : -2,100
INDEX OPT. : -98,784
STOCK FUT. : -3,813
STOCK OPT. : -3,692
SEC. IN F&O BAN FOR, 29-05-2025:
NIL
ADDITION : NIL
DELETION : RBLBK
INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 28-05-2025 :
FIIS : BUY +4,663 (16,278-11,615) 
DIIS : BUY +7,912 (17,644-9,732)
BSE SENSEX : -239 (81,312)
NSE NIFTY : -74 (24,752)
BSE MIDCAP. : -98 (45,093)
BSE SMLCAP. : +257 (52,122)
B. CRUDE : $ 64.34 
GOLD:$ 3,307=INR 97,350(10gr)
SILVER : RS. 98,500 (kg)
FOREX : RS. $ 85.36
6.79% GOI ‘34: 6.2383%(103.8550)
6.33% NEW ‘35: 6.1743%(101.1375)
6.92% GOI ‘39: 6.38% (105.05)
Derivative
• Bajaj Auto
• SJVN
• Alkem Lab
• Samvardh. Mothe.
• NBCC
• Prestige Estates
Cash Segment
• Amara Raja Energy & Mobility
• Procter & Gamble Health
• Ipca Laboratories
• Gujarat Pipavav Port
• KNR Constructions
• Century Plyboards (I)
• Engineers India
• Bajaj Hindusthan
• DCM Shriram Inds
• Campus Activewear
• Sobha
• Varroc Engineering
• Concord Biotech
• Mazagon Dock Shipbuilders
• Suzlon Energy
• Welspun Living
• Lemon Tree Hotels
30-May-2025
Derivative
• Apollo Hospitals
• FSN E-Commerce
• Inox Wind
• Titagarh Rail
• Vodafone Idea
Cash Segment
• Bajaj Holdings & Investment
• Ingersoll-Rand (India)
• PNC Infratech
• Astrazeneca Pharma India
• PTC Industries
• Swan Energy
• Sun Tv Network
• Kama Holdings
• Easy Trip Planners
• Ramkrishna Forgings
Route : Tender Route
Buyback Price : 185/-
Buyback Size (in Rs) : 20 Crore
Buyback Size (in Shares) : 10,81,081 shares(representing 1.65% of total paid up Equity Share Capital)
Retail Quota – 1,62,162 shares
Record Date – 23 May 2025
CMP : 145.00/-
Schedule of Activity:
Start Date: 29 May 2025 (Today)
End Date: 4 June 2025
Settlement Date: 11 June 2025
Gold prices edged higher by 0.14 per cent to settle at ₹95,278 per 10 grams, supported by bargain buying as traders positioned themselves ahead of key macroeconomic data releases, including the US Fed’s FOMC minutes and upcoming PCE inflation data.
The Federal Reserve minutes revealed elevated concerns regarding the economic impact of unexpected and extensive tariff hikes, with policymakers highlighting rising risks to both inflation and employment. This heightened policy uncertainty is boosting gold’s appeal as a safe-haven asset.
Goldman Sachs reiterated its bullish stance on gold, recommending a higher portfolio allocation amid persistent pressure on the Fed and sustained central bank demand.
Meanwhile, Switzerland’s gold imports from the US surged to 63 tonne in April—the highest monthly level since 2012—following the removal of tariffs on precious metals.
However, Swiss gold exports fell sharply, especially to the US, signaling shifting global trade flows.
Treasury yields rose along with the dollar after the US Federal court blocked president Trump’s liberation day announcements from going into effect. FONC minutes showed members cautious around rising bond yields and the dollar losing perceived safe haven status. Most participants noted that inflation could be more persistent than expected following tariff announcements.
IGB yields continued lower with optimism around rates, and on liquidity remaining ample.
US weekly jobless claims and Fed commentary is awaited.
REV +32% | EBIDTA +24% | MARGINS -180BPS @ 24.2% | PAT -7% | OPERATIONALLY IN-LINE | HIGHER INTEREST COST/MINORITY INTEREST LED LOWER THAN EXPECTED PAT
•u0009Dr Agarwal Healthcare (DAHL) 4QFY25 revenues grew 31.9% YoY to INR4.6b (our est: INR4.5b).
ou0009India business grew 34.2% YoY to INR4.1b.
ou0009Mature Facilities grew 28.9% YoY to INR3.3b.
•u0009EBITDA Margin contracted 180bp YoY to 28.9% (our est: 29.7%), largely due to higher opex (Employee cost/other expenses up 70bp/160bp YoY as % of sales)
•u0009As a result, EBITDA grew 24.2% YoY to INR1.3b (in-line).
•u0009DAHL had impairment related to goodwill on business combination worth INR30m
•u0009Adjusting for the same, PAT declined 7.4% YoY INR358m.
•u0009During FY25 Revenue/ EBITDA grew 28.4%/25.1% YoY to INR17b/INR4.5b. PAT was INR830m, flat YoY.
Other key highlights
•u0009While the interest cost was higher for the quarter, the debt repayment from IPO proceeds is expected to lower the interest cost going forward.
•u0009As of Mar’25 the company had 236 Facilities.
•u0009During 4QFY25 the company added 17 facilities.
•u0009During FY25 59 new facilities were added. Of these 52 were new facilities and 7 were acquired facility.
•u0009During FY25 the company witness 28% YoY growth in surgeries to 282326 surgeries.
•u0009During FY25 sale of services contributed 79% and sale of products contributed 21% to revenue from operations
CUMMINS INDIA 4Q: REV +6% | DOM REV +1% | EXPORTS +39% | EBIDTA -5% | MARGINS -230BPS @ 21.2% | PAT -77% | DISAPPOINTING RESULTS
•Cummins India reported a disappointing set of result with a miss on all revenue and EBITDA.
•Revenue increased 6% YoY at INR24.6b, missing our estimate of INR28.6b by 14%. We await the segmental details of domestic revenues across powergen (project and product), industrial and distribution.
•Domestic revenue at INR19.4b grew by mere 1% YoY, while exports at INR4.8b grew by 39% YoY. Exports have been continuously moving up since 4QFY24.
• Gross margin at 37.2% saw a 120bp YoY/240bp QoQ expansion. EBITDA declined 5% YoY to INR5.2b, a 5% miss on our estimates, while EBITDA margin for 4QFY25 was better-than-expected due to higher gross margins at 21.2%, declining 230bp YoY, versus our estimate of 19.1%.
• PAT declined 7% YoY at INR5.2b, however, it was broadly in-line with our estimate of INR5b, mainly because of higher-than-expected other income and lower-than-expect tax rate.
• For FY25, company’s revenue/EBITDA/PAT grew 15%/17%/15% YoY to INR103.4b/20.7b/19.1b, while margin expanded 30bp YoY to 20% which was slightly better than company’s guidance of 19-19.5%.
• Company’s OCF/FCF increased 32%/46% YoY to INR16.9b/14.6b due to lower net working capital.
• As of 31st March’25, the company is debt-free.
• The Board has approved and recommended to members for their consideration and approval a Final Dividend of INR33.5 per shares for FY25 in addition to the interim dividend of INR18 per share declared on February 05, 2025
Adani Energy Solutions (ADANIENS): To mull funds raising proposal via shares on May 31
Aurobindo Pharma (ARBP): Incorporates new stepdown unit in Netherlands by the name of CuraTeQ Biologics B.V.
Bata India (BATA): 4Q Net Income Misses Estimates
Birlasoft (BSOFT): Birlasoft 4Q Net Income Misses Estimates
Cummins India (KKC): Cummins India 4Q Net Income Beats Estimates
Deepak Nitrite (DN): 4Q Net Income Beats Estimates
Dish TV India (DITV): 4Q Net Loss 4.02B Rupees Vs. Loss 19.9B Rupees Y/y
Finolex Cables (FNXC): 4Q Net Income 1.92B Rupees Vs. 1.86B Rupees Y/y
HeidelbergCement India (HEIM): 4Q Net Income Beats Estimates
HG Infra (HGINFRA): Gets LoI for 600MWH battery energy storage order
Indian Railway Catering (IRCTC): 4Q Net Income Beats Estimates
Infosys (INFO): Introduces Agentic AI Foundry
LTIMindtree (LTIM): Aramco Digital and LTIMindtree launch IT Service Co. in Saudi Arabia
Natco Pharma (NTCPH): 4Q Net Income +5.4% Y/y to 4.07b rupees, Misses Est. 5.87b
RITES Ltd. (RITE): Accord with Shree Cement for development of rail infra
Schaeffler India (SCHFL): Inaugurates plant in Tamil Nadu, INR3.3b investment
Steel Authority (SAIL): 4Q Net Income Beats Estimates
(net income adj. ests. in INR where available):
Alkem Laboratories Ltd. (ALKEM IN) 4Q 3.6b (17 analysts)
Amara Raja Energy & Mobility (ARENM IN) 4Q 2.16b (9)
Bajaj Auto Ltd. (BJAUT IN) 4Q 20.1b (25)
Campus Activewear Ltd. (CAMPUS IN) 4Q 224m (5)
Concord Biotech Ltd. (CONCORDB IN) 4Q 1.11b (3)
Engineers India Ltd. (ENGR IN) 4Q 1.01b (3)
Gujarat Pipavav Port Ltd. (GPPV IN) 4Q 1.02b (4)
IPCA Laboratories Ltd. (IPCA IN) 4Q 2.2b (13)
KNR Constructions Ltd. (KNRC IN) 4Q 958m (11)
Lemon Tree Hotels Ltd. (LEMONTRE IN) 4Q 736m (10)
Mazagon Dock Shipbuilders Ltd. (MAZDOCKS IN) 4Q
NBCC India Ltd. (NBCC IN) 4Q
Prestige Estates Projects Ltd. (PEPL IN) 4Q 5.15b (5)
Procter & Gamble Health Ltd. (PGHL IN) 3Q
SJVN Ltd. (SJVN IN) 4Q 673m (3)
Samvardhana Motherson Internat (MOTHERSO IN) 4Q 10.6b (11)
Sobha Ltd. (SOBHA IN) 4Q 546m (6)
Suzlon Energy Ltd. (SUEL IN) 4Q 4.56b (5)
Varroc Engineering Ltd. (VARROC IN) 4Q 781m (2)
Welspun Living Ltd. (WELSPUNL IN) 4Q 1.35b (3)
Revenue 1321 Cr vs 952 Cr QoQ vs 552 Cr YoY
EBITDA 316 Cr vs 240 Cr QoQ vs 208 Cr YoY
PAT 157 Cr vs 138 Cr QoQ vs 163 Cr YoY
Q4 EBITDA alone is equal to entire FY24 EBITDA
FY25 Performance
Revenue 3135 Cr vs 1252 Cr (+150% YoY)
EBITDA 785 Cr vs 320 Cr (+145% YoY)
PAT 475 Cr vs 239 Cr (+99% YoY)
OCF 840 Cr vs 153 Cr YoY
Approved Final Dividend of 1.25rs per share
Approval received for increase in Iron Ore capacity from 3.81 MTPA to 4.36 MTPA
Revenue & EBITDA have grown 2.5x whereas PAT has doubled during FY25
Stock is still trading at same levels as FY24 even as financials have more than doubled
BIG RE-RATING ON CARDS
Jefferies on JSW Steel: Upgrade to Buy on Company, raise target price at Rs 1200/Sh (Positive)
Jefferies on Tata Steel: Maintain Buy on Company, raise target price at Rs 200/Sh (Positive)
Jefferies on JSL Stainless: Initiate Buy on Company, target price at Rs 800/Sh (Positive)
Jefferies on Coal India: Maintain Buy on Company, raise target price at Rs 455/Sh (Positive)
Nomura on Sansera: Maintain Buy on Company, target price at Rs 1643/Sh (Positive)
Incred on Adani Power: Initiate Add on Company, target price at Rs 649/Sh (Positive)
Macquarie on IRCTC: Maintain Outperform on Company, target price at Rs 900/Sh (Positive)
Jefferies on Bandhan Bank: Maintain Buy on Bank, target price at Rs 195/Sh (Positive)
Jefferies on Nuvama: Maintain Buy on Company, target price at Rs 8000/Sh (Positive)
Citi on Nuvama: Maintain Buy on Company, target price at Rs 8850/Sh (Positive)
MS on SAIL: Maintain Underweight on Company, target price at Rs 90/Sh (Neutral)
Jefferies on Max Fin: Maintain Buy on Company, target price at Rs 1700/Sh (Neutral)
UBS on Cummins: Maintain Sell on Company, target price at Rs 2700/Sh (Neutral)
UBS on Gujarat Fluoro: Maintain Sell on Company, target price at Rs 3000/Sh (Neutral)
UBS on PB Fintech: Maintain Sell on Company, target price at Rs 1640/Sh (Neutral)
HSBC on NH: Maintain Reduce on Company, target price at Rs 1220/ (Neutral)
Jefferies on Hindalco: Downgrade to Hold on Company, cut target price at Rs 690/Sh (Negative)
ADSL, AHLUCONT, AMIC, APOLLOHOSP, ARIHANT, ASHAPURMIN, ASHIANA, ASTAR, ASTRAZEN, BAJAJHLDNG, BCG, BLKASHYAP, CIANAGRO, CITURGIA, DBREALTY, DIACABS, DIVGIITTS, EASEMYTRIP, FIEMIND, GENUSPOWER, GREENLAM, GUFICBIO, ICIL, INDNIPPON, INDOTHAI, INGERRAND, INOXGREEN, INOXWIND, IWEL, JAICORPLTD, JAMNAAUTO, KAMAHOLD, LAOPALA, MARSONS, MSPL, NFL, NYKAA, PANACEABIO, PANORAMA, PENIND, PNCINFRA, PPL, PRAVEG, PTCIL, PURVA, RAMASTEEL, RANEHOLDIN, RRP, SALASAR, SANSTAR, SIGACHI, SIGNPOST, SINDHUTRAD, SMLISUZU, SMSPHARMA, SUNTV, SWANENERGY, TCIEXP, TCPLPACK, YSL
APOLLOHOSP YoY
* Revenue expected at Rs 5583 crore versus Rs 4943 crore
* EBITDA expected to be seen at Rs 783 crore versus Rs 649 crore
* EBITDA margin expected to be seen at 14.03% versus 13.13%
* Net profit expected to be seen at Rs 371 crore versus Rs 258 crore
NYKAA YoY
* Revenue expected at Rs 2082 crore versus Rs 1668 crore
* EBITDA expected to be seen at Rs 125 crore versus Rs 93 crore
* EBITDA margin expected to be seen at 6.03% versus 5.59%
* Net profit expected to be seen at Rs 15 crore versus Rs 6 crore
PTCIL QoQ
* Revenue expected at Rs 140 crore versus Rs 66 crore
* EBITDA expected to be seen at Rs 30 crore versus Rs 15 crore
* EBITDA margin expected to be seen at 22.0% versus 22.81%
* Net profit expected to be seen at Rs 26 crore versus Rs 14 crore
SUNTV YoY
* Revenue expected at Rs 928 crore versus Rs 961 crore
* EBITDA expected to be seen at Rs 463 crore versus Rs 527 crore
* EBITDA margin expected to be seen at 49.91% versus 54.91%
* Net profit expected to be seen at Rs 382 crore versus Rs 414 crore
AFSL, AGIIL,ALKEM, ANDREWYU, ARE&M, ARMANFIN, AWHCL, BAJAJ-AUTO, BAJAJHIND, BCLIND, BEEKAY, BENGALASM, BFUTILITIE, CAMPUS, CENTURYPLY, COLAB, CONCORDBIO, DCMSRIND, DECNGOLD, DOLATALGO, EFCIL, EMBDL, ENGINERSIN, FINKURVE, GEPIL, GPPL, HITECHGEAR, HMAAGRO, ICRA, IPCALAB, ISGEC, ISTLTD, ITDC, JAYKAY, JNKINDIA, JUBLCPL, KITEX, KNRCON, LEMONTREE, LSIND, LUMAXTECH, MASTERTR, MAZDOCK, MMWL, MOTHERSON, MSTCLTD, NBCC, PGHL, POKARNA, PRESTIGE, RAJRILTD, RAMRAT, RIR, SANGAMIND, SBCL, SENCO, SEPC, SHALBY, SJVN, SOBHA, SPMLINFRA, SUZLON, TARC, TIIL, UNITECH, VARROC, VERITAS, VPRPL, WELSPUNLIV, WOCKPHARMA, XPROINDIA, YATRA
ALKEM YoY
* Revenue expected at Rs 3170 crore versus Rs 2935 crore
* EBITDA expected to be seen at Rs 467 crore versus Rs 402 crore
* EBITDA margin expected to be seen at 14.75% versus 13.69%
* Net profit expected to be seen at Rs 368 crore versus Rs 306 crore
ARE&M YoY
* Revenue expected at Rs 3075 crore versus Rs 2796 crore
* EBITDA expected to be seen at Rs 399 crore versus Rs 407 crore
* EBITDA margin expected to be seen at 12.98% versus 14.58%
* Net profit expected to be seen at Rs 218 crore versus Rs 228 crore
BAJAJ-AUTO YoY
* Revenue expected at Rs 11991 crore versus Rs 11484 crore
* EBITDA expected to be seen at Rs 2406 crore versus Rs 2306 crore
* EBITDA margin expected to be seen at 20.06% versus 20.08%
* Net profit expected to be seen at Rs 1994 crore versus Rs 1936 crore
IPCALAB YoY
* Revenue expected at Rs 2228 crore versus Rs 2033 crore
* EBITDA expected to be seen at Rs 433 crore versus Rs 321 crore
* EBITDA margin expected to be seen at 19.70% versus 15.83%
* Net profit expected to be seen at Rs 223 crore versus Rs 196 crore
MAZDOCK QoQ
* Revenue expected at Rs 3631 crore versus Rs 3143 crore
* EBITDA expected to be seen at Rs 828 crore versus Rs 817 crore
* EBITDA margin expected to be seen at 22.82% versus 25.99%
* Net profit expected to be seen at Rs 687 crore versus Rs 807 crore
MOTHERSON YoY
* Revenue expected at Rs 28785 crore versus Rs 27058 crore
* EBITDA expected to be seen at Rs 2983 crore versus Rs 2934 crore
* EBITDA margin expected to be seen at 10.37% versus 10.85%
* Net profit expected to be seen at Rs 1095 crore versus Rs 1371 crore
PRESTIGE YoY
* Revenue expected at Rs 3945 crore versus Rs 2164 crore
* EBITDA expected to be seen at Rs 724 crore versus Rs 827 crore
* EBITDA margin expected to be seen at 18.37% versus 38.25%
* Net profit expected to be seen at Rs 217 crore versus Rs 140 crore
SJVN YoY
* Revenue expected at Rs 611 crore versus Rs 482 crore
* EBITDA expected to be seen at Rs 364 crore versus Rs 239 crore
* EBITDA margin expected to be seen at 59.55% versus 49.64%
SOBHA YoY
* Revenue expected at Rs 1280 crore versus Rs 762 crore
* EBITDA expected to be seen at Rs 112 crore versus Rs 62 crore
* EBITDA margin expected to be seen at 8.81% versus 8.13%
* Net profit expected to be seen at Rs 58 crore versus Rs 7 crore
Li Auto Inc. (Pre market) (Sector- Automobiles)
Burlington Stores, Inc. (Pre market) (Sector- Retail)
Hormel Foods Corporation (Pre market) (Sector- FMCG)
Futu Holdings Limited (Pre market) (Sector- Financials)
Best Buy Co., Inc. (Pre market) (Sector- Retail)
Costco Wholesale Corporation (Post market) (Sector- Retail)
Dell Technologies Inc. (Post market) (Sector- Technology)
Marvell Technology, Inc. (Post market) (Sector- Technology)
Zscaler, Inc. (Post market) (Sector- Technology)
NetApp, Inc. (Post market) (Sector- Technology)
Ulta Beauty, Inc. (Post market) (Sector-Retail)
The Cooper Companies, Inc. (Post market) (Sector- Healthcare)
Gap, Inc. (The) (Post market) (Sector-Retail)
MongoDB, Inc. (Tent) (Sector- Technology)
18:00 U.S. Unemployment Claims (Expected: 229K versus Previous: 227K)
18:00 U.S. Prelim GDP q/q (Expected: -0.3% versus Previous: -0.3%)
18:00 U.S. FOMC Member Barkin Speaks
19:30 U.S. Pending Home Sales m/m (Expected: -0.9% versus Previous: 6.1%)
20:10 U.S. FOMC Member Goolsbee Speaks
* Revenue: $44.1B (est. $43.29B)
* Adjusted EPS: $0.96 (est. $0.93)
* Adjusted Gross Margin: 61% (est. 71%)
* Data Center Revenue: $39.1B (est. $39.22B)
* Compute Revenue: $34.16B (est. $35.47B)
* Networking Revenue: $4.96B (est. $3.45B)
* Sees Q2 Revenue: $45.0B ±2% (est. $45.5B)
* H20 Revenue Loss Reflected: ~$8.0B in outlook
* Quarterly Cash Dividend: $0.01/share (payable 3 July)
* $2.5B in H20 revenue delayed from Q1 shipment
* Nvidia CEO: Company at “center of transformation”
* Blackwell NVL72 AI Supercomputer now in full production
* Global AI demand described as “incredibly strong”
(Numbers seen inline, however guidance looks optimistic. Management comments would be important for further momentum)
* Net Rev: $13.22B (est. $13.14B)
* Personal Systems Rev: $9.02B (est. $8.83B)
* Adj EPS: $0.71 (est. $0.81)
* Adj Oper Margin: 7.3% (est. 8.2%)
* Free Cash Flow: -$100M (est. +$119.2M)
* Sees FY25 Adj EPS: $3.00 to $3.30 (prior: $3.45 to $3.75; est. $3.50)
(Operational numbers trailed with market estimates)
* Revenue: $1.60B (+10% Y/Y)
* Adjusted EPS: $3.67 (vs. $3.00 Y/Y)
* Sees Q3 Rev: $1.76B to $1.79B (est. $1.77B)
* Sees Q3 Adj EPS: $3.82 to $3.87 (est. $3.96)
* Sees FY25 Rev: $6.75B to $6.81B (est. $6.77B)
* Sees FY24 Adj EPS: $15.11 to $15.19 (prior: $14.88 to $14.96)
(Numbers seen marginally better than estimates)
* Revenue: $9.83B (+7.6% Y/Y)
* Adjusted EPS: $2.58 (est. $2.44)
* Adjusted Operating Margin: 32.3% (est. 32.6%)
* Adjusted Operating Income: $3.17B (est. $3.18B)
* Subscription & Support Rev: $9.30B (est. $9.22B)
* Subscription & Support Rev (Constant Currency): +9%
(Numbers seen better than estimates)
SAIL
Net Profit At ₹1,251 Cr Vs Poll Of ₹724 Cr
Revenue At ₹29,316 Cr Vs Poll Of ₹27,980 Cr
EBITDA At ₹3,483 Cr Vs Poll Of ₹2,718 Cr
Margin At 11.88% Vs Poll Of 9.71%
(Numbers seen better than estimates)
BFSI sector cautious, impacted by regulatory restrictions, but TeamLease CFO optimistic about growth in FY26.
NTPC reports revenue growth, EBITDA increase, and capacity addition plans, prompting a Buy rating with revised target price.
Indigo Paints Ltd (IPL) reports flat revenue growth in Q4 FY25 amid challenging market conditions, with segment-wise performance variations.
NCLT supports MCA claims of fraud by Gensol Engineering, Adani Ports considers buyback, ICICI Securities delisting upheld by SC.
1. Sky Gold & Diamonds EXCELLENT RESULTS: For the quarter ending Mar-25, Sales up 2.1x YoY from INR 513 Cr in Mar-24 to INR 1,056 Cr in Mar-25. Similarly, Net Profit up 2.7x from INR 14 Cr to INR 38.2 Cr. *Not comparable on a QoQ basis.
2. SJ Logistics (India) EXCELLENT RESULTS: For the quarter ending Mar-25, Sales up 60% YoY from INR 89 Cr in Mar-24 to INR 142 Cr in Mar-25. Similarly, Net Profit up 2.1x from INR 7 Cr to INR 14.8 Cr. On a QoQ basis, Sales up 4% and Net Profit up 6%.
3. Afcom Holdings EXCELLENT RESULTS : For the half-year ending Mar-25, Sales up 95% YoY from INR 77 Cr in Mar-24 to INR 150 Cr in Mar-25. Similarly, Net Profit up 2.3x from INR 13 Cr to INR 29.6 Cr. On a HoH basis, Sales up 69% and Net Profit up 56%.
4. Techno Electric & Engineering Company EXCELLENT RESULTS : For the quarter ending Mar-25, Sales up 85% YoY from INR 440 Cr in Mar-24 to INR 816 Cr in Mar-25. Similarly, Net Profit up 73% from INR 78 Cr to INR 135 Cr. On a QoQ basis, Sales up 28% and Net Profit up 40%.
5. Amber Enterprises India EXCELLENT RESULTS : For the quarter ending Mar-25, Sales up 34% YoY from INR 2,805 Cr in Mar-24 to INR 3,754 Cr in Mar-25. Similarly, Net Profit up 19% from INR 99 Cr to INR 118 Cr. On a QoQ basis, Sales up 76% and Net Profit up 3.2x.
6. Quality Power Control EXCELLENT RESULTS: For the quarter ending Mar-25, Sales up 2.8x YoY from INR 39 Cr in Mar-24 to INR 108 Cr in Mar-25. Similarly, Net Profit up 74% from INR 17.5 Cr to INR 30.5 Cr. On a QoQ basis, Sales up 49% and Net Profit up 56%.
Juniper Green Energy transitions to public company, prepares for IPO with new CEO and expanded operational capacity.
Brookfield-backed Schloss Bangalore IPO oversubscribed 4.50 times, attracting strong demand from QIBs and retail investors.
Hero Fincorp's IPO approved by markets regulator, valued at ₹3,668 crore, amid global tensions impacting Indian capital market.
SEBI plans to exempt position limits in index options for structured products and MLDs, worth Rs 30,000-40,000 crore.
Lokpal clears Madhabi Puri Buch of corruption charges in Hindenburg Research case, dismissing allegations as politically motivated and baseless.
SEBI bars former IndusInd Bank CEO and others for insider trading, impounds ₹19.78 crore, and initiates further investigations.
Expect a surge in BFSI sector IPOs in FY26, driven by regulatory changes and market conditions, raising over ₹50,000 crore.
Finance Minister Sitharaman directs public sector general insurance companies to develop innovative products, improve profitability, and embrace digital transformation.
28 May 2025 (Rs. In Crs.)
Turnover: (NSE + BSE)
Cash Volume: 112538.56 + 7403.82 Total: 119942.38
F&O Volume: 18671139.62 + 1066208.38 Total: 19737348
Provisional Cash
FII/FPI: NET BUY: +4,662.92
(16,278.50 – 11,615.58)
DII: NET BUY: +7,911.99
(17,643.97 – 9,731.98)
Jefferies
Jindal Stainless | Stainless Titan
We initiate on JDSL with Buy and Rs800 PT. JDSL is the leader in India’s fastgrowing stainless steel (SS) market, with lower EBITDA/ton volatility and better balance sheet vs Indian carbon steel players. China SS conversion spread is at 10-year low and any expansion can boost JDSL’s margin. We expect JDSL to deliver 10% volume & 21% EPS CAGR with 17% ROE over FY25-27E. Its 11x FY26E EV/EBITDA is reasonable given the ~25% SS premium over carbon steel globally.
Initiate with Buy: We initiate on JDSL with a Buy rating. Our Rs800 PT is based on 11x FY27E EV/EBITDA, which is at ~25% premium to our target multiples of 8-10x for TATA/JSTL. We believe this premium is reasonable as European SS stocks have traded at an average 25% premium over their carbon steel peers in last 10-years. Key risks are rise in Chinese exports and lower spreads.
FINOLEX CABLES: Q4 SL NET PROFIT 1.52B RUPEES VS 1.46B (YOY) (NUMBERS INLINE ON YOY)
TARSONS PRODUCTS: Q4 SL NET PROFIT 157M RUPEES VS 188M (YOY), Q4 EBITDA MARGIN 39.73% VS 39.1% (YOY) (NUMBERS SEEN INLINE ON YOY)
AVT NATURAL PRODUCTS: Q4 CONS NET PROFIT 144M RUPEES VS 110M (YOY), Q4 EBITDA MARGIN 15.67% VS 12.67% (YOY) (NUBERS SEEN BETTER ON YOY)
Dollar index falls below 100, aiding Indian Rupee recovery; Euro and US Treasury yields outlook mixed.
Elon Musk leaves government role after criticising Trump's spending bill, refocusing on Tesla and SpaceX.
Federal court blocks Trump's sweeping tariffs, citing misuse of emergency powers, sparking legal battles and economic chaos.
MCX Lead Futures contract stuck in range, outlook mixed; wait for breakout above ₹180 or below ₹174 for direction.
Get intraday support/resistance levels for Nifty Futures & top stocks, along with trade recommendations based on trend analysis.
Bullish outlook for Welspun Corp with potential rise to ₹860-870, buy at ₹814, accumulate on dips, set stop-loss at ₹785.
Published on May 29, 2025
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