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
Tracking overnight global cues and with the US markets recovering most of their losses, Nifty opened higher by nearly 150 points at 23,509.90. It traded in a narrow range between 23,500 and 23,560 during the first hour, before dipping to a low of 23,423.15. After holding that level for 15 minutes, the index rebounded sharply, triggering a broad-based rally.
The index hit an intraday high of 23,762.75 before closing with a gain of 1.61% at 23,739.25. Capex-related sectors staged a strong recovery after a period of underperformance in recent days.
While global sentiment remains cautious, it improved slightly after the US agreed to delay tariff imposition by a month. The focus now shifts to the RBI’s Monetary Policy Committee (MPC) meeting on February 7, with hopes of a potential rate cut providing further relief.
Broader Market Performance:
The broader market rebounded and had a strong session today. A total of 2,899 stocks were traded, of which 1951 advanced, 863 declined, and 85 remained unchanged on the NSE.
Sectoral Performance:
The sectoral indices saw a strong performance, with 11 out of 12 sectors closing in the green. Nifty PSU Bank led the gains with a 2.41% rise to 6264.95, followed by Nifty Energy, which increased by 2.24% to 32,896.70. Nifty Bank also showed strength, climbing 1.93% to 50,157.95. On the other hand, Nifty FMCG was the only sector to close in the red, slipping 0.25% to 57,274.70. Overall, the banking and energy sectors led the market’s upward momentum, while FMCG remained under slight pressure.
Note: The above numbers for Commodity futures were taken around 4 pm.
Net Flow Breakdown for the day:
- FII: Net inflow of ₹809.23 crore (Bought ₹18,105.75 crore, Sold ₹17,296.52 crore)
- DII: Net outflow of -₹430.70 crore (Bought ₹15,002.64 crore, Sold ₹15,433.34 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 24,000, followed by 23,500. Meanwhile, The maximum Put Open Interest (OI) is at 23,500, followed by 23,400 and 23,300.
- Immediate support is identified in the 23,500–23,400 range, while resistance is expected between 23,850 zones followed by 24,000.
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 to 87.07 as China’s retaliatory tariffs on US goods fueled global trade tensions. Foreign investor outflows and high crude prices added pressure, with a focus on RBI’s policy stance on inflation and currency stability. Dive deeper
Dr Agarwal’s Health Care listed at ₹402 on NSE vs. issue price of ₹398, closing at ₹401.65, down 0.09%. Dive deeper
The Finance Ministry expects ₹40,000-₹45,000 crore from tax relief to boost bank deposits and credit flow. Finance Secretary Tuhin Kanta Pandey urged industries to increase investments, while Financial Services Secretary M. Nagaraju highlighted the potential for job creation. Dive deeper
SEBI has proposed mandating a Digital Assurance Report for the top 100 listed companies to enhance transparency, improve disclosures, and strengthen investor trust. The move aligns with ICAI’s guidance on integrating technology into audits using digital evidence. Dive deeper
TVS Motor has appointed Gaurav Gupta as the head of its two-wheeler business in India, overseeing both ICE and EV segments. He previously held leadership roles at MG Motor India. Dive deeper
Tata Chemicals shares fell 4% to a 52-week low after reporting a ₹21 crore Q3FY25 loss, compared to a ₹194 crore profit last year. Revenue declined 3.8% to ₹3,590 crore, EBITDA fell 19.9%, and gross debt rose to ₹6,722 crore. The stock closed at ₹918.35, down 2.98%. Dive deeper
Indus Towers has acquired a 26% stake in Amplus Tungabhadra Private Limited for ₹27 crore to secure 50 MW of solar power for captive use, aligning with regulatory requirements and its Net Zero goals. The acquisition, structured as a cash transaction, is expected to be completed by February 2026, subject to regulatory approvals. Dive deeper
Karnataka’s Micro Finance (Prevention of Coercive Actions) Ordinance 2025 proposes exempting borrowers from repaying loans to unregistered MFIs, mandates MFI registration within 30 days, and bans coercive recoveries with penalties for violations to protect vulnerable groups. Dive deeper
Samvardhana Motherson shares surged 9% to ₹142.15 after Trump paused tariffs on Mexico and Canada, reversing an 8% intraday loss, and closed at ₹137.92, up 5.49%. Dive deeper
Kajaria Ceramics approved a ₹100 crore loan for Kerovit Global, an ₹85 crore investment in Keronite Tiles, and a ₹16 crore stake acquisition in Kajaria Adhesive (75%). It will also raise its stake in Kajaria Ramesh Tiles, Nepal, to 51% with a ₹60.57 crore investment. Dive deeper
LIC’s stake in Indian equities declined to 3.51% in Q3 FY25 from 3.59% in the previous quarter, reflecting portfolio adjustments. While it increased holdings in 71 companies, stakes were reduced in 98. The FII-to-DII ownership ratio also reached a new low of 1.02. Closed at +0.43% ₹833.70. Dive deeper
Prestige Estates will increase its stake in Prestige Falcon Mumbai Realty from 51% to 90% for ₹1,890 million and make Prestige Leisure Resorts a wholly-owned step-down subsidiary by acquiring an additional 42.55% for ₹982.99 million. Both deals are set to close by February 28, 2025. Dive deeper
Mahanagar Gas Limited has completed its investment of ₹35.36 crore in International Battery Company India Private Limited (IBC India), acquiring a 44% stake on February 3, 2025. The move aligns with the company’s strategy to expand into the battery cell manufacturing sector. Dive deeper
Godrej Properties Limited acquired 100% equity shares of Pearlshine Home Developers Private Limited (PHDPL) on February 3, 2025, making it a wholly-owned subsidiary. The cash transaction was valued at ₹1,000. PHDPL, incorporated in October 2023, operates in the real estate development sector but has not yet generated revenue. Dive deeper
WeWork India posted a ₹174.13 crore profit in H1 FY25, recovering from a ₹135.83 crore loss in FY24. Revenue stood at ₹960.76 crore. Backed by Embassy Group, it has filed for an IPO via an Offer for Sale. The company recently raised ₹500 crore to reduce debt and expand its 77 lakh sq. ft. workspace, with 1.03 lakh operational desks. Dive deeper
The RBI announced that ₹6,577 crore worth of ₹2000 banknotes remain in circulation, with 98.15% of the ₹3.56 lakh crore initially issued returned. The withdrawal was announced on May 19, 2023, and the exchange facility at bank branches ended on Oct. 7, 2023. However, deposits and exchanges continue at RBI’s 19 issue offices, with the notes still being legal tender. Dive deeper
Dabur secured the second spot in oral care within modern trade, driven by a 9.1% growth. Its Gel toothpaste saw 50%+ YoY growth, while Meswak grew 16%. CEO Mohit Malhotra emphasized plans to expand into sensitive and whitening variants. Dive deeper
Lupin received USFDA approval for a generic HIV drug, equivalent to Symtuza, with exclusive first-to-file status. The product had estimated annual US sales of $1.37 billion. Dive deeper
Vodafone Idea shares surged nearly 6% to ₹9.6 amid speculation of AGR relief and closed at ₹9.41, up 3.75%. The government is reportedly considering waiving 50% of interest and 100% of penalties on AGR dues, potentially reducing Vodafone Idea’s liabilities by over ₹52,000 crore. Dive deeper
Ola Founder Bhavish Aggarwal announced a ₹2,000 crore investment in AI startup Krutrim, with plans to invest ₹10,000 crore more by next year. Krutrim launched an AI lab and partnered with Nvidia to deploy GB200, aiming to build India’s largest supercomputer by year-end. Dive deeper
What’s happening globally
WTI crude oil dipped below $72 as new tariffs on U.S. goods fueled trade war concerns. The U.S. imposed 10% tariffs, met with countermeasures including levies on crude and LNG. Meanwhile, OPEC upheld its production plans despite pressure to boost output. Dive deeper
The dollar index briefly topped 109 before settling at 108.6 as new US-China tariffs took effect, with Beijing retaliating on key US exports. Markets remain hopeful as Trump and Xi plan talks, while tariffs on Mexico and Canada were postponed for a month. Dive deeper
Gold hovered around $2,810 as China’s retaliatory tariffs fueled safe-haven demand, while inflation risks clashed with potential rate hikes. Dive deeper
Russia’s 10-year OFZ yield surged past 16.5%, nearing post-invasion highs, amid heavy bond supply, weak global demand, and inflation concerns. The central bank raised rates by 13.5 percentage points in a year but held steady last meeting despite pressure from Putin and business leaders. Dive deeper
The Institute for Supply Management (ISM) Manufacturing PMI rose to 50.9 in January, signaling the first expansion since mid-2022. New orders, production, and employment rebounded, while price pressures increased for the fourth straight month, driven by higher costs for metals, food, and natural gas. Dive deeper
European natural gas futures fell below €53/MWh as China imposed a 15% tariff on US gas, forcing sellers to redirect supplies, including to Europe. While a warmer February is expected to ease heating demand, storage levels remain lower than last year after a colder-than-expected winter. Dive deeper
Spain’s registered unemployment increased by 1.5% to 2.599 million in January but remained the lowest for the month in 17 years. Joblessness fell in construction, industry, and among first-time job seekers but rose in services and agriculture. Youth unemployment edged up but stayed at its lowest January level. Dive deeper
Saudi Arabia’s PMI rose to 60.5 in January, nearing its 2014 peak. New orders saw the fastest growth since 2011, while output and exports surged. Hiring expanded for the ninth month, and rising costs led to the sharpest price increase in a year. Dive deeper
Japan’s 10-year bond yield rose to 1.27%, its highest in nearly 14 years, as reduced safe-haven demand and an upcoming JGB auction pressured yields. Investors await wage data for cues on future BOJ policy moves. Dive deeper
OPEC+ reaffirmed its plan to raise oil output gradually from April and replaced the US EIA with Kpler, OilX, and ESAI for production monitoring. Despite calls from President Trump to boost supply, the group extended output cuts until Q1 2025, with gradual hikes planned through September 2026. Dive deeper
Goldman Sachs Asset Management introduced an active investment-grade corporate bond ETF in USD and EUR, with a high-yield strategy planned. Shifting from passive ETFs, the firm aims to outperform Bloomberg benchmarks, leveraging its $1.8 trillion fixed-income team. 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.
Asian Paints (+2.71%)
- Revenue: ₹8,521.51 crore, down by 6.1% YoY.
- EBITDA: ₹1,637 crore. Down by 20% YoY.
- Net Profit: ₹1,128.43 crore, down by 23.5% YoY.
Key Highlights:
- The company witnessed a decline across various business segments, with a notable 6.6% drop in the overall coatings business in India.
- The domestic decorative business showed a slight volume growth of 1.6%, despite a 7.5% decline in standalone revenues influenced by weak festive season demand.
- The Industrial Business saw a 3.8% revenue increase, supported by growth in the General Industrial and Refinish segments.
- The Home Décor Business continued to expand its network.
Outlook:
The company expressed cautious optimism about demand recovery and emphasized continued investment in brand enhancement and customer-centric innovations. They also reported a 5% growth in the international portfolio, driven by the Middle East and improved conditions in key Asian markets.
NLC India (+7.76%)
- Revenue: ₹4,411 crores, up by 39% YoY.
- EBITDA: ₹1,038 crores, up by 15% YoY.
- Net Profit: ₹696 crores, up by 167% YoY.
- EPS: ₹4.82, up by 166% YoY.
Key Highlights:
- NLC India continues to benefit from operational efficiencies and capacity expansion.
- The company is focusing on increasing its renewable energy portfolio, aligning with global sustainability trends.
Outlook:
The company is positioned to continue its growth trajectory, supported by government initiatives in renewable energy and infrastructure development.
Doms Industries (+3.50%)
- Revenue: ₹501 crores, up by 35% YoY.
- EBIDT: ₹87.9 crores, up by 27% YoY.
- Net Profit: ₹54.3 crores, up by 36% YoY.
- EPS: ₹8.36, up by 36% YoY.
Key Highlights:
- Doms Industries has approved the issuance of corporate guarantees for borrowings availed by its subsidiaries, ensuring financial support for expansion and operational needs.
- The company has also entered into a shareholders agreement to enhance corporate governance and strategic alignment with key stakeholders.
Outlook:
The company is poised for sustained growth with strategic initiatives and strong market presence, focusing on expanding its product lines and enhancing operational efficiencies.
KEC International Ltd. (+2.31%)
- Revenue : ₹5,349 crores, up by 7% YoY.
- EBITDA : ₹374 crores, up by 22% YoY.
- Net Profit : ₹130 crores, up by 34% YoY.
- EPS : ₹4.87, up by 29% YoY.
Key Highlights:
- The company continues to expand its footprint with 39 branches and 34 jointly controlled operations, contributing significantly to the quarterly revenue.
- Strategic partnerships and joint ventures, particularly in international markets, have bolstered the company’s project execution capabilities.
Outlook:
The company is focusing on leveraging its international operations and enhancing its technological capabilities to drive further growth and efficiency in project execution.
General Insurance Corporation of India (+3.36%)
- Revenue : ₹11,144 crores, flat YoY.
- EBIDT : ₹1,929 crores, up by 19% YoY.
- Net Profit : ₹1,677 crores, up by 17% YoY.
- EPS : ₹9.56, up by 17% YoY.
Key Highlights :
- Improvement in key profitability metrics like EBITDA and net profit.
- GIC has managed to maintain sales levels despite varying market conditions.
Outlook :
The company is expected to sustain its growth trajectory, focusing on strategic investments and cost management to further strengthen its financial position amidst ongoing market fluctuations.
Zydus Wellness Limited (-4.12%)
- Revenue : ₹4,657 crores, up by 15% YoY.
- EBITDA : ₹1,580 crores, up by 37% YoY.
- Net Profit : ₹425 crores, up by 27% YoY.
- EPS : ₹1.58, up by 26% YoY.
Key Highlights:
- The company has achieved significant year-over-year growth in sales, supported by robust performance across all business segments.
- Major developments include enhancements in product offerings and expansion into new markets, contributing to a broader consumer base and increased market share.
Outlook:
The company remains focused on leveraging innovative strategies to sustain growth, with continued investment in research and development to introduce new products and improve existing offerings.
Infibeam Avenues Limited (+3.78%)
- Revenue : ₹1,070.35 crores, up by 18% YoY.
- EBITDA : ₹101.4 crores, up by 40% YoY.
- Net Profit : ₹64.4 crores, up by 49% YoY.
- EPS : ₹0.23, consistent with the previous quarter.
Key Highlights:
- The company experienced strong growth in the payments business, driven by increased digital payment transactions and strategic partnerships with banks and fintech firms.
- Infibeam Avenues has been recognized as a certified Technology Service Provider by NPCI Bharat BillPay Ltd, enhancing its transaction processing capabilities and efficiency.
Outlook:
The company is well-positioned to capitalize on the rapid growth of digital payments in India, leveraging its advanced technology and strategic partnerships.
Safari Industries (-4.13%)
- Revenue : ₹443 crores, up by 14% YoY.
- EBITDA : ₹50.4 crores, down by 26% YoY.
- Net Profit : ₹31.1 crores, down by 27% YoY.
- EPS : ₹6.37, down by 29% YoY.
Key Highlights :
- The company’s EBITDA and net profit margins have been significantly impacted this quarter due to increased operational costs and intense competition in the market.
- Despite a revenue increase, the profitability has been impacted due to increased expenses and strategic investments in expanding market reach and enhancing product offerings.
Outlook :
Safari Industries aims to enhance operational efficiency and cost optimization to navigate the challenging market conditions expected in the upcoming quarters.
Bajaj Electricals (+1.15%)
- Revenue : ₹1,289 crores, up by 5% YoY.
- EBITDA : ₹87.4 crores, up by 52% YoY.
- Net Profit : ₹33.4 crores, down by 11% YoY.
- EPS : ₹2.89, down by 11% YoY.
Key Highlights:
- The company reported significant growth in revenue from operations, primarily driven by an increase in sales in both the Consumer Products and Lighting Solutions segments.
- Despite challenges in raw material costs, the substantial increase in EBITDA reflects strong operational efficiency and cost management.
Outlook:
Bajaj Electricals continues to focus on expanding its market presence in consumer products and improving operational efficiencies to sustain growth and profitability. The outlook remains positive with expected stability in raw material prices and ongoing strategic initiatives to enhance product offerings.
Kajaria Ceramics (-2.40%)
- Revenue : ₹1,163.71 crore, up by 1.04% YoY.
- EBITDA : ₹148.8 crore, down by 16.8% YoY.
- Net Profit : ₹77.74 crore, down by 25.39% YoY.
Key Highlights :
- Kajaria Ceramics experienced a modest increase in revenue, reflecting steady demand within a challenging market.
- The decline in EBITDA and net profit highlights pressures from rising costs and tepid demand in the tiles segment.
Outlook :
Kajaria Ceramics anticipates challenges due to market conditions but remains focused on enhancing efficiency and product innovation to navigate the subdued demand in the ceramics sector.
HFCL Ltd (-0.96%)
- Revenue : ₹1,012 crores, down by 2% YoY.
- EBITDA : ₹152 crores, up by 30% YoY.
- Net Profit : ₹72.6 crores, down by 12% YoY.
- EPS : ₹0.51, down by 12% YoY.
Key Highlights :
- HFCL has decided to put on hold its OFC manufacturing project in Poland due to strategic changes following the European Commission’s decision exempting the company from anti-dumping duties. This allows HFCL to cater directly from its manufacturing facilities in India to the European market without the imposed duties that other Indian manufacturers face.
Outlook :
The company plans to leverage its competitive advantage by optimizing resource allocation and focusing on strengthening its presence in the European market directly from its Indian manufacturing bases.
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.
Saugata Gupta, CEO, Marico on hair oil comeback and growth outlook
“We expect a gradual recovery in the value-added hair oils segment, driven by increased brand investments and improving rural consumption trends.”
“The Union Budget is a bold and pragmatic move that will boost demand across multiple sectors, including FMCG, retail, and automobiles.”
“We are confident in delivering double-digit revenue growth in the coming quarters, despite potential short-term margin pressures.” - Link
Amit Syngle, Managing Director & CEO of Asian Paints Limited on Industry outlook after Q3 results
“The paint industry continued to be impacted by subdued demand conditions during the quarter, especially in the urban centers. We registered a 6.6% decline in the overall coatings business in India, including Industrial. The domestic decorative business delivered a 1.6% volume growth while the standalone revenues declined by 7.5% for the quarter impacted by the weak festive season demand. While we saw sequential improvement in operating margins, the adverse mix coupled with increased sales and distribution expenses affected operating margins on a year-on-year basis.
In the near term, we remain cautiously optimistic on a recovery in demand conditions while we continue to invest in our brand and focus on innovation and customer-centricity.” - 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.