Things I compiled yesterday as part of my stock research activities.
Quarterly Results
Core Business
🟢 Hero MotoCorp plans a ₹1,500 Cr investment to double capacity for scooters and EVs. India’s scooter penetration in the two-wheeler market remains below 40% and Hero targets 10-plus EV models across price segments by FY27.
🔴 UBL reports West Asia war impact on the beer industry with cost pressures of ₹400-500 Cr expected this quarter. Barley, glass, and aluminum input costs are rising from shipping disruptions as Middle East freight routes remain constrained.
🟢 Coforge management expects FY27 to be an exceptional year with consolidated EBITDA margins projected at 20.5-21%. Mid-tier IT firms are gaining wallet share as enterprises shift spending toward agile niche partners from large incumbent vendors.
🟢 NMDC raises iron ore prices from May 6: Baila Lump at ₹5,500/tonne and Baila Fines at ₹4,700/tonne, up ~3.8% vs April prices. The hike raises input costs for non-captive steelmakers dependent on market-linked ore procurement.
New Orders Received
🟢 L&T wins ₹10,000-15,000 Cr from JSW Steel for engineering, procurement, and installation of blast furnaces and steel melt shops at Ballari and Paradip, its largest-ever domestic metals sector order. JSW Steel is scaling crude steel capacity from 35 MTPA to over 50 MTPA by 2031, requiring a 15 MTPA addition.
🟢 SPML Infra wins a ₹1,128 Cr BESS contract from NTPC for a 1 GWh battery energy storage system at Barauni Thermal Power Station, Bihar, against a market cap of ~₹1,900 Cr. India’s BESS market is projected to reach $19 billion by 2035 at a 24% CAGR.
🟢 GK Energy gets empanelment from MSEDCL for 15,000 off-grid solar pump systems worth ₹353.89 Cr under the Magel Tyala Saur Krushi Pump Yojana. Maharashtra targets solarization of 44 lakh agricultural pump connections under this flagship state scheme.
🟢 BEL wins ₹1,476 Cr from the Defence Ministry for five Ground-Based Mobile Electronic Systems to enhance the Indian Army’s radar detection and electronic warfare capability. GBMES is developed by DLRL Hyderabad and carries 72% indigenous content under the IDDM procurement category.
Economy & Other
🟢 Cabinet approves ₹5,659 Cr for the Mission for Cotton Productivity (FY27 to FY31) to address yield gaps and quality concerns in India’s cotton sector. India’s cotton yield of 755 kg/hectare trails the global average of ~833 kg/hectare and the mission targets production of 49.8 million bales by FY31.
🔴 NSE’s derivatives ADT fell ~26% in April after the STT hike on F&O while BSE’s F&O ADT jumped ~20% MoM to ₹269 lakh Cr. This marks a structural market share reversal as BSE’s F&O segment was near-negligible just two years ago.
🟢 India’s April Services PMI came in at 58.8 vs 57.5 in March while the composite PMI rose to 58.2 vs 57.0. India’s composite PMI of 58.2 is among the highest globally and has stayed above 50 for nearly five consecutive years.
🟢 Truck and tractor retail sales surged in April with CVs up 15% YoY and tractors up 23% YoY per FADA, both hitting record April highs. The simultaneous surge signals concurrent recovery across urban commercial logistics and rural agricultural demand.
That’s it for today.
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Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This post is purely for learning purposes. We do not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.