Stock Market Analysis 24 Jan 25 :- Sensex, Nifty, and Global Economic Developments
Stock Market Analysis 24 Jan 25
Today evening Sensex down 330 points to close at 76190 while Nifty down
113 points to close at 23092 where Yes Bank Nifty down 221 points to close
at 48368 today our markets are down somewhat from the opening but again Bouncing strongly almost from the 12 o'clock
23340 to 23030, we saw a consistent fall of almost 300 points in Nifty today
and today the portfolio stocks must have been hurt a little bit deeply because
the small cap index fell close to 2 1/2%, while the mid-cap The index fell
close to 1/2% and in sectors reality oil and gas and pharma space also Today, the index level fell close to 2%,
bringing us a fall in pharma-related, that is, the doctor's ready numbers are a
bit weak in North America, we have a fall there, let's talk about the numbers,
but many interesting things have happened globally. Trump, I am at the World
Economic Forum in Davos. Speaking to the Fed, Chairman Pawan said that he knows
more about interest rates than anyone else and that interest rates should
definitely be cut. It is not just the Fed Chairman, not just the US interest
rates, but everyone around the world should cut interest rates. Only then will
their economies grow. I spoke to Fed and said that Fed His statements that he
will talk to the chairman and take a decision on cutting interest rates have
kept the US markets somewhat positive, and he also said that there are
countries that produce this crude oil, whether it is Saudi Arabia or Arab
countries, which are related to them. While mentioning that you should reduce
crude oil prices, then inflation and other things will be controlled. The
overall statements he makes about crude oil related to the Fed Chairman related
to interest rates are somewhat interesting. And when he talks about China
related, he is somewhat praising the president there.
This is the entire markets. What shocked us was not the markets falling but the rise of China. From the stage where US President Trump came, there would be huge tariffs on China, he changed his stance and started talking positively about the president there. So far, even in our Indian-related growth story, the China Plus One strategy has been Why did it come with the theme that all other countries would avoid China? But now if the US and China say "brother-brother" that would be a big surprise, wouldn't it? It would be a big twist for the entire trade dynamics in the world. With the uncertainties between the two of them, a lot of There has been a lot of steam generated in terms of business in emerging markets. Now, when we see Trump's soft-spoken approach of saying, "We are one, we are the same," and not imposing enough restrictions on China, if China also moves forward with the same tone, the US and China will have the same line of business. Let's say two people have provided assistance in the past. That shift has some impact related to the fact that the business has to shift to other countries. So, I saw pressure in the Indian stock market today in terms of a few sectors, particularly solar- related companies on the renewable side and some other spaces. There are companies that are also reporting good numbers today, but let's see what kind of developments the relationship between China and the US will indicate.
Today the Bank of Japan raised interest rates for the first time in 17 years. Interest rates are at their highest, so there was a jump and let's remember the things we have been tracking for a long time. This dollar index will cool off slowly. Trump is not making any big statements. It is below the 108 mark and is close to 10758, I think in recent times. What we are seeing in this and bond hills are not falling too much and are not elevated either. We see them in between 4.6, 4.58, 4.7 We are seeing them staying close to 4.5, 4.6 due to fears that they will go to five or above five.
FIS Data Update :-
Data factors are the main reasons for the selling of FIs and are still elevated. We can see that they have been keeping it for a while now and the FID data has also been updated. They have sold almost 2700 crores in recent times. If you notice, this is a somewhat lower number. Just observe that in the recent past, even till last 15th January, you did not see a market of 2000 crores anywhere. Even after that, it was seen almost at 10th Jan. From there, it was sold very significantly. Today, the sell number of FIS is somewhat lower. Friends, it seems that due to this constant selling by FIS in the Indian equity markets, they have been taking huge amounts of money out of the market in various spaces in recent times. In terms of Indian equities, the present holding of FIS is close to 16.2%, which is where it was in 10 years. The mutual funds and large the share of large institutional players based in India is close to 10%, which is also a 10-year high of almost Rs 250,000 crore. FIs are selling from Indian equity markets in the last four months. I think only one day in January, after which they have been selling non-stop significantly, it is seen in the Indian equity markets. If we add up today, this month we have sold close to 70 thousand crores. If we add up all the previous months, more than 250000 crores have been sold from the equity market in the last four months. Did this have a big impact on Nifty related to the big selling? I don't think it was big for Nifty and Sensex, but small caps and mid-caps have fallen somewhat heavily in recent times, particularly in some spaces, but an easy 30% correction, a 40% correction, even a strong post The numbers are also visible in the companies that are doing well. You have been tracking them in recent times. Even the companies you have invested in have posted good numbers. They are still good.
We are tracking them. There are good numbers, there is good growth in recent numbers, but still that stock has corrected 30% from the recent highs, related to our portfolio, it has corrected 40%, if possible, put your thoughts in the comment section. What is happening here is that we have good numbers, good growth, attractive in many spaces. Due to higher valuations, expensive valuations, decent corrections are seen in many counters and in many pockets, particularly in the mid and small caps space, but still those who have no idea about risk, those who do not understand the volatility of small caps, mid-caps, I have clearly explained in this blog, which mutual funds There are some that will work best for us in 2025, whether it's large cap, small cap, mid cap, multi cap or flexi cap related. What are the top ones I'm looking at? I discussed them in this blog. Understand them. We talked about valuations in particular. Don't miss it because if you don't understand valuations, you can't assess risk properly. Even yesterday, in the market analysis, it was said that we don't need to be happy when the market goes up. Because globally, what factors are not seen in a positive angle in our Indian context? For example, the dollar index is falling steeply, bond deals are correcting steeply, even if the selling of mutual funds has stopped, even if the market has some more conviction, there may be an expectation that the market will grow. What are the missing factors in the market? We don't need to take rice so seriously. Even in the short term, I don't see it as good if the market closes above the recent high of 23450. I clearly said this in yesterday's blog. I'm saying the same today. And small caps. In recent blogs, I have told those who invest in mid-caps to wait for some time. In particular, in this blog, if anyone has not seen this mutual fund blog, watch it once. Those who are investing in small caps and mid-caps should observe this blog. Let's say we wait for one or two quarters there. I don't want to fall. It's not my business to have stocks fall, but if their numbers improve, these valuations will be good for us.
Friends,
there are always two types of corrections in the market, one is price-wise
correction and the other is time-wise correction. Let's say there is a stock
that is near 100 PE If we keep putting money near 100 PE, that unless the
numbers are extraordinary and the market is entertained every time, the stock
price will not rise from where we put it. So there are two possibilities here:
100 PE 50 PE ko Otherwise, to reach 40 PE, the stock has to fall by half.
Otherwise, their numbers will increase and increase for a few quarters and
their profit will double. If not in one, three or four quarters, then if their
profit doubles in a year, then the PE will come to half. So, the stock does not
have to fall. Even in terms of time, the stock is in a range bound. If it stays
there, falls by 10%, rises by 15%, and keeps moving around, wouldn't it be a
shame if the capital we invested there is locked up and we don't get any
returns? At the same time, if we had invested money somewhere else, would n't
we have gotten returns? So, when we invest in things that are time-wise
correction, price-wise correction, etc. Those who understand the calculated
risk we face in the market can wait for some stable returns by investing money,
so we are investing in mid and small caps related stocks. What stocks are they
investing in? How is the valuation there?
How is the valuation in relation to mutual funds? How is the valuation
in relation to individual stocks? After assessing this first, one should go
into investment.
Else, according to the current market conditions, large caps like Nifty or Sensex, these are attractive valuations. They are not cheap, but they are at attractive valuations, but not in mid and small caps. Either their earnings should improve, or their results should improve. Or, even if it is time-wise, the market should be in a range bound and related to this, it should be balanced in the coming times. So keep tracking the numbers closely. I have covered many numbers extensively today. If you think I should cover the company numbers you hold, don’t miss it. If you want me to cover them, please leave a comment in the comment section. If you have a question mark about the companies you hold, and you want to see these numbers on the channel without missing them, put the names of those companies. Even if you haven't put any new names, if someone has already put the names you think you want, if you liked that comment, which comments do you like the most? I will cover the companies that are in it as a must and should in the coming times in the form of numbers on the blog, not just now, but also in the coming quarters. So long-term investors, you who say it every day are bored, short-term related, I will go above this level, I am good. I don't think it's growing well, but in the long term, I have a strong opinion on the Indian equity markets in particular, as a market related person. I have a strong opinion on where wealth will be generated in the future. I think it is our Indian equity markets.
AGR(Adjusted Gross Revenue) dues:-
The government is going to provide relief to some companies of around Rs 82,000 crores. We see updates in Business Standard, which companies will get relief and which companies will benefit the most. If you look at the data, it is a subject running on adjusted gross revenue. Usually, we look at AGR dues for telecom companies, but in 2020, the Government of India has only Not only companies, not only airtel vodafone, but also non- telecom companies like Gujarat Narmada Valley Fertilizers Company GNFC, RailTel, etc. Telecom companies also have some licenses, that is, they have telecom licenses, even if they are for their own use, they use them internally for business, so the government has asked you to calculate the AGR dues properly, back calculate it and pay it to us. Only telecom companies 15 If we ask for AGR views of around 147 thousand crores from telecom companies, the government has said that we should get around 228 thousand crores including from non-telecom companies. Okay, telecom companies are the ones who are profiting a lot from it. Let’s take a large amount from them and give it to non-telecom companies. The government is thinking of giving benefits, but the interest on the AGR dues is the principal interest and penalty, and it is cutting off close to 50% on the interest. The government is thinking of completely removing the penalty and removing the penalty on interest, and it is looking to remove only non-telecom revenues from the AGR calculations, not telecom companies. If that is done, those who are suffering from this AGR dues, other than telecom companies, will have to pay such a huge amount of money. Those companies will benefit because 90% of the non-telecom AGR dues will be run by 15 to 20 companies, mainly GNFC and RailTel. We can see from the data in this article that GNFC and RailTel are the main ones. So, the government has not officially declared this anywhere, but in the coming times, if a decision is taken in this budget to provide benefits to non-telecom companies due to this AGR, we should understand that GNFC, RailTel will benefit because of all this. They say that GNFC accounts for almost 40% of the money, so we see GNFC as one of the major companies listed in the Rail Tel market. But all this is being published by the Economic Times and Business Standard, taking it as a reference, is saying that the government is in these discussions, and if it is in discussions, The decision should come from the government either in the budget or later, so only if there is official confirmation, there will be no profit for them.
RailTel Corporation of India Ltd. :-
We should talk about Next Rail Tel. They have received an order worth 9 crore 44 lakhs from CECB and Chhattisgarh Environment Conservation Board. This is maintained in real time. The order received for Data Acquisition and Handling Systems for Industries Across the Chhattisgarh is expected to be completed by July 2028. RailTel is updating to complete the work.
Exicom Telesystems Ltd.:-
They have received an order of Rs 1412 crore from RVNL. This is an order received from the telecom circle in Uttar Pradesh as part of Bharat Nat Phase 3. As part of this, they are supplying telecom equipment regarding power systems and racks. They are updating it so that the Excom will take care of their 10 years of maintenance. This is a company with a market capital of 2900 crores or 3000 crores. It has been receiving orders worth 1400 crores. The stock closed in the upper circuit by 5% today, even with the weakness that is related to the market.
NVIDIA’S Powerful AI Semi Update :-
Mukesh Ambani NVIDIA’s powerful AI Semi says it is going to establish the world's largest data center not only in India but also in Jamnagar Conductors said that Ambani is going to buy and establish this data center with a capacity of 3 GW and investments for this are close to 20 to 30 billion dollars. If we compare India with the world, there is a gap in data centers, and Ambani is coming forward to fill that gap. For many startups and even companies, it seems that companies that are India-related will have a good advantage in terms of AI-related and further data center requirements. I know that so far, I thought that the largest data center in the world was one Gigawatt, but now it is three times three Gigawatt. It is trying to establish a data center in Jamnagar, Gujarat. It is a very big announcement. It will cost almost 250,000 crores. Recently, the US has reported that it has invested 500 million dollars. I have seen the investments related to AI infrastructure, Oracle, Open AI and SoftBank. Are these three coming together and taking it forward in terms of investments? Here only Ambani is coming forward and talking about these investments of close to two and a half lakh crores, even though the current capacity of data centers in India is less. The One Gigawatt is near so this is a big announcement as of now not all the information is being communicated officially but mostly it is being published exclusively on various financial platforms particularly through Bloomberg so probably in the coming times this will be officially announced to us from Mukesh Ambani. There is a possibility of an announcement.
Zaggle Prepaid Ocean Services Ltd. :-
Zaggle They say they have become partners with Tiger Capital Private Limited. What will they do after becoming partners? Friends, they must have had an idea about their business for a long time. They came to IPO. Business expenses are related to corporates and small and medium. Enterprises related and startups related. They have already developed financial solutions to manage business expenses. They are selling this as SIS, which means Software as a Service. They have almost 3000 plus clients. The majority of their revenue profile is platform revenue. We can observe that their revenue split is around 54%, 42% is program fee and 4% is software fee. So, in prepaid card issues in India, they are Number one, they have issued almost five crore prepared cars and they are also a leading player in the spend management space. So, whatever expenses are happening, they should be reported to the corporates and how should they be adjusted? Let it be refunds and corporates related expenses control, organize it and automate it. They are in the segment where they can improvise with AI, so the key clients in our market are companies with a market capital of many lakhs of crores. Even these small companies are seen as related clients by us. And even the same Zaggle people have partnered with Siemens Limited and have a Zaggle Profile Rewards Program. As part of the deal, the Zaggle are updating that they will provide services to the employees of Siemens for three years.
Paytm(One97 Communications Ltd.):-
What updates are circulating in the morning market today? It means that Paytm is under the scanner of the Enforcement Directorate because there are updates that Paytm Razor Pay is under the scanner of the ED in relation to the 2200 crore cryptocurrency scam related to China. Eight payment gateways including ATM Razor Pay have also been frozen along with their related funds of 500 crores, which is 2200 crores. There was a big fall in the stock with updates coming out saying that they are investigating these as scam related. Later Paytm gave a clarification. However, news articles seem to indicate that the Enforcement Directorate is investigating related to this. But there is nothing like that. We have not received any such updates. It is related to their third-party vendor. Paytm is clarifying that the data is not related to their investigation, but to third-party merchants. They are also investigating us, even though Paytm has given a clarification that this is not correct. The stock has recovered again, but again it ended in negative by close to 5%.
Gold Price Today :-
if you notice, gold has hit the all-time high mark. We can
see that the price of 10 gm gold is close to 82420. Why now suddenly? As gold
rises, we usually look at the markets negatively because if there is any
uncertainty or global currencies are weak, equity markets are not performing as
expected, all the money will go into these asset classes, which are safe asset
classes, like gold, which has been going on for a long time. The theory behind
the market is that gold prices are rising now, so it raises two questions: Will
gold prices continue to rise from here? If so, what is the reason?
Federal Reserve Board :- As I told you in the market analysis, the Federal Reserve Fed Chairman Powell is criticizing Trump, saying he knows more about rate cuts than he does, and he's making statements saying he should talk about it. That means Fed Chairman Pawan has a clear intention not to cut rates in the coming times. So, I'll talk about the rate cuts. Even if he is the US President, he cannot directly oppose the decision of FED Chairman Pawan Garu, so he can bring pressure, but his decision is final as long as he is in his position, so I know very well about rate cuts. No matter what, rate cuts should be cut. US economy While it is being said that it should flourish, there is a theme that FATE Chairman Pawan Garu is now negative in relation to rate cuts. After those statements, gold hit an all-time high mark in relation to us. It remains to be seen if it is happening. The Fed meeting is on January 29th, so the statements it makes at that time will decide the further direction of the gold price. So, we should remember that the January 29th Fed event will answer the question marks whether gold will continue to rise or not.
EPACK Group :-
We can understand that a company called Pack Prefab is going to come up with an
IPO in the coming times. Already, a company called Pack Durables has been
listed in the market. What does Pack Durables do? It focuses on consumer
appliances manufacturing related to like ACs or refrigerators or other consumer
durables. Relatedly, they manufacture and supply to OEMs, Original Equipment Manufacturers,
and other companies from the same group, as a contract manufacturer. What is
this pack coming up? Prefab means a company that provides prefabricated
construction solutions.
What kind of prefabricated solutions do they provide? They manufacture and provide prefabricated buildings, portable cabins, cold rooms, modular construction projects. This is related to infrastructure, housing and commercial construction. As you can see in recent times that many companies are taking their related services, mostly constructions are not done by mixing cement and sand and laying bricks. Many advancements have come, particularly free fabricated building solutions, which have been moving forward in this engineering department a bit more recently. Therefore, its related services are coming. IPO Almost 3000 crores Fresh issue through IPO, if this pack is going to do Official updates are being made, so this IPO is going to enter the market through both fresh issue and offer for sale. They have three manufacturing facilities in Uttar Pradesh, Rajasthan and Andhra Pradesh. Their recent revenues are growing by 38% and profits are almost doubling, so the year-on-year comparison is doubling. They are making updates like this, interesting space, good growth, let's see at what valuations they are entering the market
HFCL LTD. :-
HFCL has received an order of 2167 crores 65 locks from RVNL, this is an order related to optical fiber cables, telecom equipment and accessories. They will supply all these materials within three years and even up to 10 years. Updates are showing that they are winning the order with one year warranty while providing maintenance. This is important because even in this week, this company has increased by close to 10%. Jyoti Structures has the biggest EC order for 28 locks worth 741 crores.
Jyoti Structures Ltd. :-
As far as I know, this is the largest EC order for entire Jyoti Structures. The biggest order is an order coming to them related to 800 kv HVDC bipolar line. They have to supply it in Gujarat and they will deliver it in the next 42 months. Jyoti Structures is updating that the company has a market capital of 2200 crores and they have come to know about the order of 741 crores. This is Jyoti's entire order book, so the stock has risen so much today, despite the last quarterly numbers not being good. The stock has corrected significantly, but now that orders are coming in strongly again, expectations are building in the market that further numbers will be good, so the probability may be increasing. So, who did this order come from? It came from the power grid.
FIS Update :-
Let's see what the top 10 companies are in 2024 on the screen. So, whenever FIS goes out, there is a sell-off in that particular company. So, it is understandable that they sold mostly in 2024. Current FIS holding is 24.7 right from starting 2024. They sold nearly 17% of their shares. If you are doing it, it will be understandable.
Route Mobile :-
Present Their Holding 4.7 2024 Here too they have reduced it by 17% RBL Bank They are reducing their holdings by close to 15% in 2024 and maintaining the present at 13.4%. They are also cutting their stake in Star Health by close to 13 1/2 and selling it to maintain the present at 17 1/2%. They are maintaining the present at 23.2% in Bandhan Bank and maintaining the present at 11.5% in 2024.
Data Money Control :-
publishing that Birla Soft has sold its most important Kalyan Jewellers and has also cut a significant portion in recent times. It has also significantly reduced its stake in Kpit Technologies Delivery and Zee Entertainment related FIS in 2024.
Dam Capital :-
in recent times. The stock has fallen sharply since its IPO in 2016, but the numbers look solid both year-on-year. Comparison Quarter on Quarter Comparison They have delivered solid numbers Revenue has grown significantly, growing by close to 132% Total income profit has grown by 144% Merchant banking revenue has grown by close to 168%. What are the IPOs they have recently brought in, what are the QIPS, how many OSs have they bought? I am also putting the data on the screen for you, how many backs, advisories, rights issues, preferential issues, related services they have provided, which companies they have brought to the market as IPOs so far and what kind of services they have provided related to each, all this data is also on the screen for you. So, I told you year on year, even quarter on quarter, there is a significant development in revenue. The margins are strong, so look here, if the EPS was ₹3 per share in the last quarter, this time it is ₹729 per share, then the profit has doubled, right? It is doubling quarter on quarter, even year on year, in a consistent manner. We have solid capital numbers. You can see that after so many quarters,
Laurus Labs Ltd. :-
has really hit the mark this time. The numbers are solid. After a long time, their overall revenues are showing growth in all aspects, both in terms of profitability and margins. Even the CDMO segment is delivering strong growth, but only the API segment is showing growth. Besides, the rest of the space, related to Lores Labs, delivered strong this time. So, from which segment did they deliver any growth this time? I am also putting it on the screen for you. As I said earlier, only the AP division has a downside growth. The rest is also strong. If you observe this important element in their results, I am cropping it and putting it in front of your screen. We are going to project a strong full-year growth. With Q4 revenues acceleration, they are giving guidance that next quarter numbers will also be good. This is not direct guidance, but rather full-year growth related to Q4 revenues acceleration, which means that next quarterly numbers will also be good. So, this is probably for those who are invested in Laures Labs related.
Spandana Financial Ltd. :-
The worst numbers and disastrous numbers in the entire banking and financial space are this response inspiration. It is estimated that in the last two quarters, the loan book of Will Enter was close to 9000 crores, while they wrote off close to 1200 crores. Will Enter's net worth is 3500 crores. So, in terms of that, they lost 1/3 of their net worth in the last two quarters, particularly the companies in the CMFI space. This is what people investing in financial companies should pay close attention to. If it works, it works strongly. The impact is so significant that it has such an impact. Last time, their asset quality is even higher than NPS. As far as I know, no company has ever done this before. There are not even any total week numbers. If you’re thinking of investing in stocks, remember that their entire book loan has been almost 15% in two quarters. They have written off the book and for the reference, I am also putting other data in front of you on the screen today. Pay particular attention to the impairment. You will understand what kind of weakness they have here. They have posted losses but the asset quality is disastrous this time. Therefore, the weakness is visible in the disbursements. This is a drop in our collection efficiency. The drop was a total of five, the total overall response was a bit disappointing, but this time.
Amber Enterprises India Ltd. :-
delivered the numbers. If you look at their numbers, revenue is growing by 26-27% quarter-on-quarter and 65% year-on-year. Margins are not stable, but are improving. Profits are It will also improve. They delivered solid numbers. Overall, Amber Enterprises has strong growth. Delivered by their segment-wide growth, the electronics division saw 138% growth year-on-year, the consumer durable segment delivered 95% growth, delivering strong numbers even at such heavy, expansive valuations, and even stabilizing the stock price. Amber Enterprises is trying to be.
Ujjivan Small Finance Bank Ltd. :-
These too are a bit weak this time. But the response is not as encouraging as it used to be. Gross non-performing assets are close to a seven-quarter high. But the positive thing is that they are said to be applying for a universal banking license in Q4 fi 25, which means in the next quarter. So, I said. Their asset quality is close to seven quarters high, slippages are close to 359 crores, last time I think it was 238 crores. The number coming in now is that the multi-quarter high annualized slippage ratio is also close to 4.7. Write-offs are close to 250 crores. Last time I think it was 140 crores. So, the write-offs have increased here but not as significantly as compared to the previous one. PCR is close to 79.7 and coming to their net. Interest margin is 8.6 last time and last year same time, there are NIMS in the week and 13th quarter and that ROA ROE is also reporting in the 12th quarter. Overall, their numbers are also week.
IEEX alias Indian Energy Exchange Ltd.:-
Their growth year on year. We need to look at it quarter on quarter, not quarter on quarter. If we look at its quarter on quarter, it looks like revenue has dropped by close to 6%, but don't take that into consideration because it’s There is seasonality, so year-on-year you should see close to 14% growth in revenue, operating side growth, operating profit growing 13%, profit growing 15%. Obviously, we should see quarter-on- quarter, mixed year-on-year, strong growth. IEEX Ltd. The numbers are good.
KFINTECH Ltd. :-
numbers are also sweet and solid. Revenues are growing 33% year-on-year, margins are improving, operating profit and profit are growing 31%, and EPS is also growing 34%. Overall numbers are also strong in terms of Caffeine Technologies.
V2 Retail Ltd. :-
We can see and I am also putting their numbers in front of you on the screen. We should see theirs not quarter on quarter but year on year. So, if you look at it, Revenues, margins, profits are growing by 117%, where is the weakness? Outside of the retail space, we are growing strongly. V2 Retail is posting solid numbers.
Indus Towers Ltd. :-
You will see extraordinary growth in profits, but don't take it seriously. Almost 4870 crores are close. They say that they have generated free cash. The main reason for this is that they have received money from Vodafone Idea of around 3024 crores. So, if money comes that is not expected to come back, then it is good for the company. Therefore, such solid numbers are coming. So, if we put aside the Vodafone Idea money and see what is left, then the numbers of Hindus Towers are as expected by the market. Good thing Vodafone Idea recovers 3024 crores with a strong bottom line in terms of revenues and margins. In terms of profitability, what is seen in terms of cash flows, if we look at it, the numbers in The Towers are in line with market expectations.
Dr Reddy’s Laboratories Ltd. :-
There are revenues have grown by 14%, margins are stable, profits have grown by 18%, and if we look at their segmental revenue, pharmaceuticals revenue has grown by 13%. Global generics revenue grew by 12%, expenses grew by 6%, R&D expenditure grew by 10%, selling and distribution costs grew by 10%, but the problem here is that their Indian business is still strong, but their North American business is falling by 10%, which is impacting margins rather than growing. But what Else did was get very good numbers. Overall, the doctor is ready to give numbers to the market. Expectations are being met, but if the North American segment performs better, then probably solid numbers will be.
HPCL Ltd. :-
is delivering better numbers than expected. As far as I know, in the last four years, their GRM has never been higher than BPCL. It is the best in four years. They have also been able to improve their GRMs and marketing margins this time. They have delivered solid profitability in year-on-year comparison. Overall numbers of HPCLV are good.
CYIENT LTD. :-
are not as strong as their numbers. These are still weak. They are making headlines saying that they have strong numbers, but strong numbers but no, their margins are dropping, so their profitability is also below expectations, quarter on quarter, year on year. Their profitability is going down and even the most important thing is that their CEO has a three-year time period but still he is resigning, Karthikeyan. So, the CEO resigning and the numbers not being that strong should be seen as a bad sign, which is why the stock is almost 23% down today.
Tejas Networks Ltd. :-
the numbers are up quarter on quarter and solid year on year. But the problem is that the main reason for the stock to fall today is their order book. It is up, so if new orders are building further, it will be seen. Not only that, but the promoters are also reducing their stake slightly, and FIS and DAS are also reducing it, says KDS. We can understand from their shareholding pattern those securities are also reducing their stakes, but only retailers are entering strongly. So, the lack of fresh order flows and the declining margin should be seen as a weakness in the quarterly numbers this time. But Tejas Networks is related to the investments made. They all have some understanding of the numbers they post, and they are also tracking what opportunities they have in the coming times, so if you are already involved in Tejas Networks, what are their future opportunities or key triggers? I am putting it on the screen for you here in the Times. Observe it once. So, the whole problem is that their current order book gets executed in the coming quarters and the new orders are in the situation. What if new orders are coming in? There are survival revenue projections. It is not coming in the present. It was seen in the company's stock fell by close to 9%.
Nifty as well as Bank Nifty support and resistance
It fell and came close to the zone. The 20-points zone stabilized there. If this I think the zone has been broken. I know for the first time in recent days, Nifty closed below the 23 marks. I think in June, June 2024, we got close to that mark but did not close below it. But this time there is a possibility of closing if this level is broken. This time in the next trading session let's go to the top side from here 23130 and 23270 are important resistances below 23040 22950 and 22850 is seen as an important support and Bank Nifty is a proper resistance today, so it worked. Observe this zone even when it comes to the upside further. 48840 is also the previous day's high for you, so it will be doubly important. In terms of resistance, if it is immediately 48470 Above 48650 resistance and downside support taken today is 48195 if it breaks then 47950 looks like important support to me.
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