Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets—both in India and globally.
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Market Overview
Nifty opened lower at 23,319.25, down over 162 points, following weak global cues and concerns over U.S. tariff impositions. It slipped further to an intraday low of 23,222.00 within the first hour of trade. The index remained range-bound throughout the session with minor upward movement and closed at 23,361.05, down 0.52%.
Broader markets underperformed, with the Nifty Midcap and Smallcap indices losing 0.98% and 1.74%, respectively. Market breadth remained weak, with more stocks declining than advancing.
Weak global sentiment, driven by U.S. tariffs on Canada, Mexico, and China, weighed on equities amid trade war fears. Rising U.S. Treasury yields and a stronger dollar pressured emerging markets, while the rupee weakened past ₹87 per U.S. dollar. Focus now shifts to the RBI’s Monetary Policy Committee (MPC) meeting on February 7, with hopes of a rate cut providing relief.
Broader Market Performance:
The broader market had a weak session today. A total of 2,928 stocks were traded, of which 787 advanced, 2,063 declined, and 78 remained unchanged.
Sectoral Performance:
The sectoral performance showed mostly declines, with Nifty Energy leading the losses, down 3.00%, followed by Nifty Metal and Nifty FMCG, which fell by 1.73% and 1.67%, respectively. Nifty PSU Bank also saw a decline of 1.60%. On the upside, Nifty IT showed the highest gain, up 0.68%, followed by Nifty Consumer Durables at 0.55%.
Net Flow Breakdown for the day:
- FII: Net outflow of -₹3,958.37 crore (Bought ₹12,505.92 crore, Sold ₹16,464.29 crore)
- DII: Net inflow of ₹2,708.23 crore (Bought ₹19,319.48 crore, Sold ₹16,611.25 crore)
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 06th February:
- The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,600 and 23,700, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is at 23,000, followed by 23,300 and 23,200, suggesting strong support at 23,000, with additional support at 23,300 and 23,200.
Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you get a sense of the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff like Capex activity by the companies in the Tijori App’s idea dashboard.
What’s happening in India
The Indian rupee weakened past 87 per USD for the first time, hitting a record low amid a broader Asian market selloff. Trump’s new tariffs on Canada, Mexico, and China fueled investor flight to safer assets, while high US interest rates and elevated crude prices added pressure on India’s currency. Dive deeper
India’s Manufacturing PMI rose to a six-month high of 57.7 in January, signalling strong sector growth. New orders expanded, export demand hit a 14-year high, and employment saw its biggest rise in nearly 20 years. Input costs increased, but output price inflation slowed. Dive deeper
UPL Ltd.'s shares rose 4.35%, supported by Q3 earnings and the Budget’s focus on agriculture. Revenue grew 10.3% YoY to ₹10,907 crore, while EBITDA increased to ₹2,162 crore. Net profit stood at ₹828 crore, marking a strong recovery. Dive deeper
Insurance stocks gained after the Budget raised the FDI cap to 100% from 74%, aiming to attract foreign investment while ensuring reinvestment of premium revenues within India. The move is expected to boost capital inflows, strengthen the rupee, and enhance competition in the sector. Dive deeper
Reliance Industries shares were in focus as Shein officially re-entered India through Reliance Retail, nearly five years after its ban. The fast fashion brand, now based in Singapore, launched an independent app following a test run on Ajio. Dive deeper
Tata Motors closed down 2.70% after reporting a 7% YoY decline in January sales. Passenger vehicle sales fell 11%, and EV sales dropped 25%. The company remains focused on its $1.5 billion battery gigafactory to strengthen its EV position. Dive deeper
Bhoruka Supply Chain Solutions Holdings Ltd., part of the promoter group, has acquired 5,653 equity shares of Transport Corporation of India Ltd. (TCI) through a market purchase between January 31 and February 1, 2025. This increases its holding from 44.11% to 44.12% of TCI’s total equity. Dive deeper
Happiest Minds Technologies Ltd has signed agreements to acquire 100% of Gavs Technologies Ltd’s Middle East business, including entities in Dubai, Oman, and Saudi Arabia, for US$ 1.7 million. The deal aims to expand its presence in the region and is expected to be completed by March 15, 2025. Dive deeper
Paytm Cloud Technologies Limited, a wholly owned subsidiary of Paytm, has approved an investment of USD 1 million (INR 8.7 crore) to acquire a 25% stake in Seven Technology LLC, the parent company of Dinie, a Brazil-based API-first embedded finance start-up. The acquisition aims to expand Paytm’s footprint in Brazil and is expected to be completed in 45 days. Dive deeper
L&T Technology Services’ Smart World business has joined the Arizona Technology Council to expand its global footprint in smart city and digital solutions. This partnership strengthens Arizona’s tech ecosystem while enabling LTTS to collaborate on innovation and transformative engineering solutions. Dive deeper
TVS Holdings acquired an 80.74% stake in Home Credit India for ₹554 Crores, expanding its financial services footprint. Funded through asset sales and borrowings, the acquisition strengthens synergies and boosts its lending portfolio. Dive deeper
Bajaj Auto Limited reported a 7% increase in January 2025 sales, totalling 3,81,040 units, compared to 3,56,010 units in January 2024. Domestic two-wheeler sales fell by 11%, while exports grew by 37%. Year-to-date sales (Apr-Jan 2025) increased by 8%, reaching 39,29,072 units. Dive deeper
Mahindra Holidays & Resorts plans to add 1,000 rooms by March 2026, expanding its portfolio by 17-18%. The company added nine new destinations in FY25 and is developing key properties in Maharashtra and Himachal Pradesh. With strong demand and government support for tourism, it aims to reach 10,000 rooms by FY30. Dive deeper
The Delhi High Court set aside a ₹1,891 crore arbitration award against NTPC, citing “patent illegality” and ruling that the tribunal exceeded contractual terms. The dispute arose from delays in coal transportation infrastructure for NTPC’s Farakka plant. Jindal ITF plans to appeal the decision. Dive deeper
HUDCO shares fell 8.87% after the government cut the Pradhan Mantri Awas Yojana (PMAY)-Urban budget by ₹10,377 crore to ₹19,794 crore for FY26, a 34.4% reduction from the previous year. Despite this, the allocation is 44.8% higher than the revised estimate for FY25. Dive deeper
Volkswagen India is pursuing legal options against a $1.4 billion tax demand, arguing it contradicts New Delhi’s import taxation rules. The company has challenged the notice in the Bombay High Court, stating it impacts its $1.5 billion investment in India. The case will be heard on February 5. Dive deeper
Cipla Ltd. will invest ZAR 900 million in its subsidiary, Cipla Medpro South Africa, to reduce debt and improve capital structure. The cash investment, set for completion by February 28, 2025, covers 40.74 million shares. Dive deeper
What’s happening globally
WTI crude rose to $73.9 per barrel after Trump imposed tariffs on Canada, Mexico, and China, raising supply concerns. Canadian oil faces a 10% tariff, while Mexican energy imports will be hit with 25%, prompting retaliation. However, trade war fears and slowing Chinese factory activity may pressure prices. Dive deeper
Euro Area inflation rose to 2.5% in January 2025, up from 2.4% in December, driven by a sharp rise in energy costs. Core inflation held steady at 2.7% for the fifth month, slightly above forecasts but at its lowest since early 2022. Dive deeper
China’s Caixin Manufacturing PMI fell to 50.1 in January 2025, signalling the slowest growth in four months. Output rose, but foreign orders declined, and employment dropped sharply. Selling prices fell at the fastest pace since July 2023, though sentiment improved with policy support. Dive deeper
Turkey’s inflation slowed to 42.12% in January 2025, the lowest since June 2023, but remained above forecasts. Price increases eased across key sectors, with core inflation falling to 42.65%, its lowest since January 2022. However, monthly CPI surged by 5.03%, the highest in a year. Dive deeper
Russia’s Manufacturing PMI rose to 53.1 in January 2025, the fastest expansion since July, driven by strong domestic demand and rising output. Export orders declined, supply chain delays persisted, and costs surged, leading to faster price inflation. Business confidence improved on investment plans and demand expectations. Dive deeper
Spain’s Manufacturing PMI fell to 50.9 in January 2025, the slowest growth since August, as output and new orders weakened. Rising input costs led to higher prices, while employment growth stalled. Despite supply chain challenges, business confidence remained stable at a seven-month high. Dive deeper
The Canadian dollar fell past 1.47 per USD, its weakest since April 2003, after Trump imposed 25% tariffs on Canadian imports. The move threatens Canadian exports and FX inflows, while the BoC’s rate cut and easing measures add pressure on the loonie. Dive deeper
Trump Media’s Truth. Fi plans to launch ETFs and investment products focused on the “patriot economy,” partnering with Schwab and Yorkville Advisors. With a $250 million allocation, this move puts it in direct competition with Strive, co-founded by Vivek Ramaswamy. Dive deeper
SoftBank and OpenAI have formed SB OpenAI Japan, a 50-50 joint venture to advance AI services. SoftBank plans to invest $3 billion annually to integrate its AI tool, Cristal, across its businesses. The partnership aims to accelerate AI adoption in Japan, with OpenAI’s new “deep research” tool set for local rollout. Dive deeper
Quarterly results
In this section, we’ll dive into all the key highlights from today’s intriguing results, covering the most impactful performances and standout moments. The numbers are comparable on a year-on-year (YoY) basis.
Powergrid Infrastructure Investment Trust (-2.09%)
Financials
- Revenue : ₹265.44 crores, up by 10% YoY.
- EBIDT : ₹263 crores, up by 10% YoY.
- Net Profit : ₹252.2 crores, up by 11% YoY.
- EPS : ₹2.77, up by 11% YoY.
Key Highlights :
- The board approved a distribution of ₹3.00 per unit for the quarter, comprising interest, dividends, and repayments.
- Significant financial activities included the completion of the acquisition of additional stakes in four transmission projects, enhancing the Trust’s asset base.
Outlook :
The company aims to continue its growth trajectory by leveraging its expanded asset base and optimizing operational efficiencies to ensure stable distributions to unitholders.
KPR Mill Ltd (-0.03%)
Financials
- Revenue : ₹1,529 crores, up by 23% YoY.
- EBITDA : ₹302 crores, up by 11% YoY.
- Net Profit : ₹202 crores, up by 8% YoY.
- EPS : ₹5.92, up by 8% YoY.
Key Highlights:
- The company declared a 250% interim dividend for FY 2024-25 (₹2.50 per equity share of Re.1/- each).
- Expansion and innovation in product offerings have bolstered the company’s market position.
Outlook:
KPR Mill Ltd is poised for continued growth with strategic investments in capacity expansion and focus on enhancing operational efficiencies.
Divi’s Laboratories Limited (+4.73%)
Financials
- Revenue: ₹2,319 crores, up by 25% YoY.
- EBITDA: ₹743 crores, up by 52% YoY.
- Net Profit: ₹589 crores, up by 65% YoY.
- EPS: ₹22.19, up by 64% YoY.
Key Highlights:
- The company has initiated commercial operations at part of the Phase 1 of Unit III greenfield project at Ontimamidi Village, near Kakinada, Andhra Pradesh, enhancing its manufacturing capabilities.
- Divi’s Laboratories is advancing its position in the pharmaceutical sector by focusing on the development and production of active pharmaceutical ingredients and nutraceutical ingredients, aligning with global market demands.
Outlook:
The company is set to continue its growth trajectory, driven by its expansion projects and strategic focus on core markets, ensuring sustained profitability and market expansion.
Sundaram Finance Holdings Ltd (-4.08%)
Financials:
- Revenue : ₹32.6 crores, up by 29% YoY.
- EBITDA : ₹23.6 crores, up by 80% YoY.
- Net Profit : ₹106 crores, up by 3% YoY.
- EPS : ₹4.76, up by 3% YoY.
Key Highlights:
- The company declared an interim dividend of ₹3.70 per share for the financial year 2024-25.
- Exceptional income was recognized from the sale of services and fair value gains on financial instruments.
Outlook:
The company continues to capitalize on market opportunities with robust investment and service strategies, aiming for sustained profitability and growth.
Aditya Birla Capital Limited (-2.36%)
Financials:
- Revenue : ₹9,381.35 crores, up by 9.28% YoY.
- Net Interest Income (NII) : ₹1,876 crores, up by 7.2% YoY.
- Net Profit : ₹708 crores, down by 3.77% YoY.
Key Highlights:
- Significant growth in the lending portfolio with NBFC and HFC reaching ₹1,46,151 crores, marking a 27% increase YoY.
- Total AUM, including AMC, life, and health insurance, surged by 23% YoY to ₹5,03,377 crores.
- Premiums from life and health insurance grew by 27% YoY to ₹16,942 crores over the 9 months of FY25.
Outlook:
The company aims to leverage its broadened financial services portfolio and digital initiatives to drive further growth and efficiency across its operations. The focus remains on expanding customer base and market penetration through innovative financial solutions.
Sky Gold Ltd (+4.99%)
Financials:
- Revenue: ₹998 crores, up by 117% YoY.
- EBITDA: ₹57.3 crores, up by 218% YoY.
- Net Profit: ₹36.5 crores, up by 309% YoY.
- EPS: ₹2.49, up by 266% YoY.
Key Highlights:
- Sky Gold Ltd. achieved remarkable growth in revenue, underpinned by expanded market reach and product diversification.
- The company’s EBITDA and net profit surged significantly due to enhanced operational efficiencies and strategic cost management.
Outlook:
The company aims to continue its aggressive growth strategy by further diversifying its product offerings and expanding into new markets.
Tube Investments of India (-4.10%)
Financials
- Revenue: ₹4,812 crores, up by 15% YoY.
- EBITDA: ₹491 crores, up by 5% YoY.
- Net Profit: ₹280 crores, up by 9% YoY.
- EPS: ₹10.01, down by 64% YoY.
Key Highlights:
- The company has declared an interim dividend of ₹2 per share.
- Significant capital investment approved for enhancing capabilities in the fine blanking business, with a focus on greenfield facilities in Western India and expansion in Southern India.
Outlook:
Tube Investments of India continues to focus on expanding its product range and enhancing manufacturing capabilities, with strategic investments aimed at long-term growth.
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Nilesh Shah, MD, Kotak Mutual Fund on FII movements and India’s growth
“It’s the ‘Ghar Wapsi’ of US money as US risk-free rates remain attractive, raising doubts about whether FIIs should consider emerging markets as an asset class.”
“India must focus on strengthening GDP growth, corporate earnings, and governance standards to ensure long-term growth.”
“Indian markets have delivered returns in dollar terms similar to US markets, with Nifty 50 delivering an 11% dollar return over the past five years.” Link
Puneet Chhatwal, MD & CEO, Indian Hotels Company on Budget 2025 and demand trends
“Buoyant demand is likely to drive prices up by about 10-14% over the next few quarters, with steady double-digit growth expected in the hospitality industry.”
“The Budget’s focus on consumption, incentives for 50 new tourist destinations, and initiatives like UDAN and Mudra loans offer significant growth opportunities.”
“A well-structured international marketing fund would boost India’s appeal as a global destination over the next 10-20 years.” Link
Calendars
In the coming days, we have the following major events, corporate actions, and upcoming earnings releases:
That’s it from us. Do let us know your feedback in the comments and share it with your friends to spread the word.