Tale of the Tape 

Happy Friday guys. You’ve earned this one! 

Markets closed down all five days of the week ending with losses of nearly -3%. Concerns over Trump’s reciprocal tariffs, constant FII selling pressure and weak corporate earnings broke the bull’s back. The horror show for Midcaps (-2.4%) and Smallcaps (-3.6%) also continued. The market breadth was extremely weak with over 450 stocks on the NSE500 closing down. 

Not a single sector ended in the green. Pharma (-2.9%), Energy (-2.3%) and PSU Banks (-2.1%) got beaten up the most. 

Deepak Nitrite tanked -15% intraday on weak Q3 results. Senco Gold’s confusing results and defensive management commentary saw the stock end -20% lower.

Quality Power’s Rs 859 cr IPO is open for subscription. Check out our detailed analysis below. 

Idea fell -6% after the Supreme Court rejected the telecom firm’s appeal for recalculation of AGR dues. Bharti closed flat. 

Tata Steel is reportedly in talks to raise Rs 3000 cr. 

Results reaction. Godfrey Phillips was locked in a 20% upper circuit on blockbuster results. On the flip side, Manappuram cracked -9% intraday after its Q3 profits halved. 

ITC Hotels (-3%) was in focus after promoters British American Tobacco (BAT) said they will exit the company by 2026.

Fortis Healthcare will buy Shrimann Hospital, Jalandhar for Rs 462 cr.

Zydus Lifesciences received a clean chit from the USFDA for its Ahmedabad unit. The stock still closed down -4.5% tracking the broader market selloff. 

Hexaware Technologies IPO sailed through on the final day.

Here are the closing prints:

Earnings
Earnings Roundup

Deepak Nitrite tanked -15% intraday to hit the lowest levels since May 2023! The company’s Q3 results missed Street estimates on all counts (and by a wide margin!). Revenue declined -5% YoY owing to a combination of factors like weak demand, soaring raw material costs and pricing pressure from cheaper Chinese imports. 

Segment-wise, Dyes & Pigments demand was healthy and the company held onto its market share. But, margins took a big blow due to higher input costs. Certain intermediates like DASDA continue to be imported at unreasonable prices, adding further pressure. Agrochemical sales were also hurt by inventory destocking. Meanwhile, plant shutdowns and higher costs impacted the phenolics business. Overall, a total sh*t show! 

• Revenue: Rs 1,903 cr; -5% YoY (Est: Rs 1,960 cr)

• EBITDA: Rs 190 cr; -40% YoY (Est: Rs 240 cr)

• EBITDA Margin: 10% (Est: 12.2%) 

• Net Profit: Rs 98 cr; -51% YoY (Est: Rs 150 cr) 

What’s Next? The company is actively working on improving profitability and efficiency. Four new products were launched in Q3, and cost-cutting measures are in play. The nitric acid complex is almost ready and will start contributing from Q1. Several big projects are also set to go live in the first half of the year. Overall, the company expects profitability to normalize from Q4 onwards.

Senco Gold’s Q3 results were super confusing, tbh. PS - no wonder the stock was locked in a -20% lower circuit. So here’s the deal: they reported their best-ever quarterly Revenue of Rs 2,100 cr (+27% YoY) aided by strong festive demand. PS - they did half of that in just the Dhanteras month which is insane! But, here’s the catch. 

A large part of this growth is driven by higher gold prices and not actual sales. As you all know, gold prices are off the charts which is positive for them. But, this means that underlying demand isn’t necessarily great. Secondly a deadly combo of customs duty cut and lower diamond sales hurt the company’s operational performance! Check out their key stats below: 

• Revenue: 2,103 cr; +27% YoY 

• Adj. EBITDA: Rs 1076 cr; -41% YoY

• Adj. EBITDA Margin: 5.1% 

• Net Profit: Rs 335 cr; -69% YoY 

To be fair, the company tried to make sense of all this in its investor presentation. But, unfortunately it turned out to be another masterclass in corporate wordplay. There’s just enough jargon to sound smart, enough reassurance to keep investors from panicking, and just enough vagueness to ensure accountability stays at arm’s length.

So, the next time you see an earnings release that sounds like an AI-generated finance thesis, just remember: if they had good news, they wouldn’t need these many words to say it.

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