Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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May 16, 2025

• Daily Morning Report                     Date: 16.05.2025
• NIFTY OUTLOOK: 25062.10   FII: Rs. 5392.94 cr   DII: Rs. -1668.47 cr
• As discussed yesterday, the market behaved on expected lines. Nifty slipped to 24494 at the open—very close to our support of 24487—and then recovered in the afternoon, rallying up to 25116.25 after decisively taking out 24757.
• A long bullish candle formed on the daily chart has negated the previously formed bearish harami pattern. Every dip in Nifty is being met with buying pressure, indicating a positive trend. If the northward momentum continues and Nifty successfully breaches 25161, it may rally towards 25260 to 25357. With further demand, there is a possibility of testing 25457.
• On the downside, 24963 to 24865 may act as immediate supports. A breakdown below these levels with sustained pressure could drag Nifty down to 24767 to 24670.
• Bank Nifty OUTLOOK:
• SPOT: 55355.60  PCR: 0.93  Max CE OI: 63000  Max PE OI: 55000
• On 15th May 2025, Bank Nifty closed at 55355.60, up 1.01% from the previous day. The index moved 1048.25 points intraday, making a high of 55490.55 and a low of 54442.30.
• The previous day’s high of 55490.55 and low of 54442.30 can be considered as resistance and support respectively for today’s trade.
• Technical View (Daily Chart):
• Key levels on the daily chart are 55500 as resistance and 54600 as support. A breakout above 55500 could lead the index towards 56100, while a breakdown below 54600 may drag it down to 54100.
• The Relative Strength Index (RSI) for Bank Nifty stands at 61.1. RSI below 30 indicates oversold, and above 70 indicates overbought levels.
• Bank Nifty Day SMA Analysis:
• Bank Nifty is trading above all 8 key SMAs — 5, 10, 20, 30, 50, 100, 150, and 200-day averages — indicating strong bullish momentum.
• It is trading below none of the SMAs.
• No significant candlestick pattern was identified in Bank Nifty.
• Macros
• 1. Dollar index @ 100.545
• 2. Vix @ 17.83
• 3. Crude @ 64.55
• 4. US 10 years bond yield @ 4.42
• Note:
• All key factors remained stable overnight. The US PPI data came in better than expected, rekindling hopes of a rate cut in the upcoming policy review. However, Fed Chair Powell indicated that rates may stay elevated for a longer period, keeping the rate cut outlook uncertain.
• US markets ended 271 points higher after a choppy session.
• Indian equities witnessed a sharp rise on news that India has offered the US a trade deal with no tariffs. As mentioned earlier, Bullions saw a correction.
• Overall, Indian markets remain positive, and a buy-on-dips strategy is likely to prevail.
• Contributed by
• Ashok bhandari : INH000019549
• -------------------------------------xxxxxxx-------------------------------------------------------------------xxxxxxx---------------------------------
• GARWARE TECHNICAL Q4 :CONS NET PROFIT UP 1 % AT 71 CR (YOY), UP 49 % (QOQ)
• REVENUE UP 13 % AT 432 CR (YOY) ,UP 23 % (QOQ)
• EBITDA UP 8 % AT 98.4 CR (YOY),UP 52 %(QOQ)
• MARGINS AT 22.8 % V 23.9 % (YOY), 18.45 % (QOQ)
• BALMER LAWRIE Q4 :CONS NET PROFIT UP 2 % AT 75.15 CR (YOY), Up 17 % (QOQ)
• REVENUE UP 6 % AT 608 CR (YOY) ,DOWN 3 % (QOQ)
• EBITDA UP 4 % AT 95.2 CR (YOY),UP 14 %(QOQ)
• MARGINS AT 15.6 % V 15.85 % (YOY), 13.25 % (QOQ)
• Morgan Stanley On Indusind Bank
• Maintain Equal-weight with target price of Rs 755
• Inflated MFI interest income - Rs 900 crore annualized hit to FY25 earnings
• See significant downside to FY25, FY26, and FY27 earnings estimates following the above disclosure
• FY26 and FY27 earnings estimates are at risk of 15-20% downgrade
• @beatthestreet10
• Macquarie On Indusind Bank
• Maintain Outperform with target price of Rs 1,210
• Another discrepancy comes to light
• Many questions arise given the timing of the disclosure
• In the short-to-medium term, believe IndusInd's focus will be to obtain more clarity around management succession
• Uncertainty around management succession, peak credit costs, sustainable margins, governance, and disclosure issues remain key items to monitor
• @beatthestreet10
• Morgan Stanley On PB Fintech
• Maintain Underweight with target price of Rs 1,130
• Q4: In-line adjusted EBITDA
• Sharply lower core new business premium growth at 21%
• Steep valuation drives our Underweight
• Think moderating new business premium growth in FY26 on a high base is likely to lower enthusiasm
• Jefferies on Defence Sector
• Defence indigenisation focus from FY14 has seen most defence companies' revenues rising in double digits
• India - focus on building up the global image in defence continues
• Most Q4FY25 results have been strong so far
• Global defence thematic adds to upside from order book visibility of domestic companies
• Hindustan Aeronautics, Data Patterns are top picks followed by BEL
• MACQUARIE ON ITC HOTELS
• Maintains 'Outperform', Hikes Target Price To ₹240 From ₹230
• Strong Quarter Driven By Improvements In Key KPIs And Ratnadipa Profitability
• Solid Revenue/EBITDA Beats Of 8%/14% Driven By Growth In ARR, Occupancy, And Cost Controls
• ITC Ratnadipa Is EBITDA Positive Within Four Quarters Of Opening
• ITC Ratnadipa's Revenue Per Available Room Almost Doubled From Launch In Q1FY25
• @beatthestreet10
• INVESTEC ON INDUSIND BANK
• Downgrades To 'Sell' From 'Hold', Cuts Target Price To ₹650 From ₹700
• Core Operating Profitability May Be Structurally Impaired
• Leadership Vacuum Does Not Help
• Stay Cautious Amid Heightened Uncertainty
• SKF INDIA: Q4 SL NET PROFIT 2.03B RUPEES VS 1.75B (YOY) || Q4 REVENUE 12.13B RUPEES VS 12B (YOY)
• SKF INDIA: Q4 EBITDA 2.85B RUPEES VS 2.13B (YOY) || Q4 EBITDA MARGIN 23.5% VS 17.73% (YOY)
• JSW Infra : Sources says Holder to sell up to 42 m shares worth $141 m at floor price of ₹288/sh via block deal - CNBCTV 18
• CLSA ON CROMPTON CONSUMER
• Maintains 'Outperform', Hikes Target Price To ₹410 From ₹405
• See Glimpses Of Benefits Of The Revamped Strategy
• Lighting Growth Was Subdued On The Industry-Wide Price Erosion
• ECD Was Helped By Strong Pumps And Appliances
• Crompton Announced Entry Into Rooftop Solar
• Announced Capex For Setting Up Manufacturing Facility To Enhance Sourcing Excellence
• NAVIN FLUORINE; Navin Fluorine Chairman Vishad Mafatlal Sells 2.1 Lkh Shares ( 0.6 % Stake ) for Charity and Personal Reasons On 14 May
• GOLDMAN SACHS ON PIRAMAL PHARMA
• Maintains 'Buy', Cuts Target Price To ₹265 From ₹275
• Q4 Inline, FY27 To Witness A Rebound Following A Slower FY26
• Cuts FY27-28 EPS Estimates By 2-6% To Factor In Management Guidance For FY26/27
• Reiterated Aspiration To Reach Revenues Of $2 Bn/25% EBITDA Margin By FY30
• JEFFERIES ON V GUARD
• Maintains 'Buy', Cuts Target Price To ₹480 From ₹485
• Healthy Performance, Balance Sheet Turns Debt Free
• Growth Led By Channel Pre-filling For Cooling Products Ahead Of Summers
• Despite Slight Q4 Beat, Cut FY26-27 EPS By 5-7%
• Factoring Weak April 25 Sales In Summer Products
• Still Estimate Over 20% EPS CAGR In FY25-28CG CONSUMER ELECTRICALS (NEUTRAL)
• The company announced its entry into solar rooftop
• Exploring a greenfield facility (INR350cr capex over next two–three years) to manufacture fans (in phase-1) and other categories later.
• CG CONSUMER ELECTRICALS : The company announced its entry into solar rooftop
• Exploring a greenfield facility (INR350cr capex over next two–three years) to manufacture fans (in phase-1) and other categories later.
• @beatthestreet10
• GS on Neuland Labs
• Buy, TP Rs 14775
• Expect topline to accelerate by c. +30% yoy in FY26E driven by:
• Monetisation of expanded Unit III for higher supplies
• Commercialisation of Cobenfy & potential 4th molecule
• Launch/approvals of newer niche molecules in Specialty API
• Jefferies on PB Fin
• Buy, TP Rs 2000
• Contribution margin expanded >100bps YoY aided by better mix & adj EBITDA rose by 70% (both tad ahead).
• Ramp-up of new initiatives is easing drag; profit rose 184% YoY to Rs1.7bn (adj for tax & ESOP it was tad ahead).
• Nomura on eClerx
• Buy, TP Rs 3600
• 4QFY25: revenue and margin above estimates
• ACV continues to be strong; sales effectiveness visible in robust pipeline
• EBITDA margin band unchanged
• Raise FY27F EPS by 2.4%
• Nomura on Crompton Cons
• Buy, TP Rs 444
• Striving for growth across multiple fronts
• 4Q EBITDA ahead of consensus; focus on new launches
• New categories to drive growth momentum
• Maintain EBITDA margin at 11.9%/12.2% for FY26F/27F, as expect stronger growth push
• Nomura on Apollo Tyres
• Neutral, TP Rs 490
• Growth recovery remains sub-par
• 4Q below estimates; risks to growth recovery from weak CV/exports demand
• Commodity tailwinds largely factored in
• CITI on Lupin
• Buy, TP Rs 2260
• 4Q largely in-line; EBITDA margin stood at 23.3% (-40bps QoQ, +310bps YoY), despite sharp increase in R&D spend and lower PLI income.
• Management sounded cautious while guiding FY26E margins
• CLSA ON LIC HOUSING FIN
• (CMP: 624.95)
• MAINTAIN OUTPERFORM
• TARGET PRICE: ₹720
• Q4 NII & PPOP Was 3-5% Ahead Of Estimates Led By Lower Cost Of Funds
• Credit Cost Was Also Lower Than Expectation Thus Net Profit Beat Estimate By 6%
• Percentage Of GS3 loans is now at 2.5%, -Ve Net Slippages For 3rd Consecutive Qtr
• Loan Growth In FY25 Is Higher Than Expectations As Disbursals Picked Up In Q4FY25
• Continue To Build In 8-9% Loan Growth Over FY26-28
• CLSA on IndusInd Bk
• Downgrade to hold, TP cut to Rs 780
• Adjusting for Rs6.74bn additional interest income implies its core NIM was 17bps lower than its reported NIM
• Cut FY25 PAT est. 22% & cut FY26-27 PAT est. 13%-17% due to NIM compression& lower growth
• Audit report, released last week, highlighted that Rs6.74bn was incorrectly recorded as interest income in 9MFY25; this will be reversed in 4QFY25
• Also, ‘other assets’ & ‘other liabilities’ on b/s were inflated by Rs6bn
• MS on LIC Hsg
• UW, TP Rs 435
• NII beat of 6% led by NIM expansion (+16bp QoQ).
• Loan book growth of 7% YoY was in-line.
• Total income beat was 10% owing to higher other income
• Stock is cheap & could do well in near term, but is unlikely to sustain
• GREED & FEAR
• Markets are celebrating the sharp reduction in threatened tariffs between the US and China
• S&P 500 has risen 22% since bottoming on 7 April
• What does this U-turn mean?
• The whole episode proves again that the US does not have the leverage over China that Donald Trump appeared to think he had
• GREED & fear assumption
• Base case is that tariffs end up at a maximum of 10% across the board in terms of new tariffs
• Trump is now backing off the whole tariff agenda, which has seen his approval rating collapse
• MOSL ON LT FOODS
• Reiterate our Buy rating on the stock with a target price of ₹470
• Earnings in line with estimates
• Volume growth continues to drive revenue
• LT Foods reported healthy performance in FY25, led by both India and International markets
• Going ahead we expect this momentum to continue
• Estimate a CAGR of 16%/23%/27% in revenue/EBITDA/adj. PAT over FY25- FY27
• Rajoo Engineers: Promoter Devyani Chandrakant Doshi sold 35,000 shares
• NUVAMA ON LUPIN
• Retain 'Buy' with a target price of ₹2,530
• Company beats estimates
• Despite increase in R&D, Lupin can deliver > 24% EBITDA margins over the next two years
• US growth to step-up in FY26 with new opportunities
• Planning to build complex product pipeline; R&D set to increase
• DB Corp: Promoter D B Power bought 93,000 shares
• KAYNES TECH SLIGHTLY MISSES FY25 GUIDANCE REVENUE
• FY25 REVENUE OF 2721 CR V 2800 CR GUIDANCE
• NOTE ; CO. EARLIER CUT DOWN REVENUE GUIDANCE TO 2800 FROM 3000 CR
• PERSISTENT SYSTEMS; Persistent Systems Denies Material Customer Impact Speculation
• Media reports on May 15, 2025, speculated about a customer issue affecting Persistent's financials.
• Company clarified no material impact on financial performance.
• Persistent does not comment on individual customer situations.
• Statement issued to reassure investors and ensure accurate records.
• JM FINANCIAL ON CROMPTON GREAVES CONSUMER
• Maintain Buy with target price of ₹420 (earlier 440)
• Tepid demand impacts Q4; Butterfly on the right path
• Company is also foraying into solar rooftop business which will be in synergy with its solar pump business
• Management believes that the demand for fans will continue to increase and have technological advantages
• Slightly cut our EPS estimates by ~4% for FY26
• GMR AIRPORT : GMR Airports Gets Cargo Terminal Concession at IGI Airport After Celebi Exit
• GMR Airports Limited (GAL) has been awarded the concession to operate, maintain, and manage the existing cargo terminal at IGI Airport, New Delhi.
• The move follows a Ministry of Civil Aviation directive revoking security clearance for Celebi group entities on national security grounds.
• As a result, DIAL terminated Celebi’s concession and transferred it to GAL, which already holds required security clearance.
• The transaction is a related party deal but on an arm’s length basis, with no special promoter interest beyond indirect shareholding.