Tale of the Tape 

Good evening boys and girls! 

Markets were up HUGE today. Nifty and Sensex jumped ~2% each powered by banking stocks. PS - special shoutout to ICICI Bank and HDFC Bank for hitting new lifetime highs. We are so f*cking back y’all! Midcaps (+0.6%) and Smallcaps (+0.4%) ended with modest gains. The advance-decline ratio (3:2) was in the favor of the bulls. Here’s the Nifty500 heatmap:

Not a single sector ended in the red. Banks and NBFC were the OGs today, rallying over 2% each. Pharma, Auto and Energy also saw healthy gains. 

This smallcap hidden gem is ~30% in the past month while broader markets struggled. Spoiler alert: it still has room for further upside from current levels. Read our top story below to know more. 

$WIPRO.NSE ( ▲ 0.59% ) sank after a weak Q4 & growth outlook. Meanwhile, Waaree Renewables jumped +10% after a strong Q4 show. More details below.

KFin Technologies, KEI Industries and Bharti Airtel saw big moves today. Check out their charts below to find out why.

Results reaction. HDFC AMC (+2%) profits rose +18% YoY. Angel One closed flat after the company said it expects margins to normalize by the end of the financial year. 

Gensol Engineering was locked in a 5% lower circuit for a second straight day. Stock is down -85% YTD. 

$HONASA.NSE ( ▼ 1.46% ) was in focus after the Delhi High Court ordered HUL to take down Lakmé’s ‘Hit and Run’ ad, which showed Mamaearth’s sunscreen in a bad light.

Coforge jumped +4% after a large bulk deal saw 0.3% equity change hands. Buyers and sellers are unknown at the time of writing. 

$IDFCFIRSTB.NSE ( ▼ 0.69% ) will raise Rs 7,500 cr from Warburg Pincus and Abu Dhabi Investment Authority.

Here are the closing prints:

Stock
What’s Popping?

$JNKINDIA.NSE ( ▼ 0.63% ) has been KILLING it! The stock has rallied +28% over the last month at a time when everything else is down. So WTF is going and is it too late to join the party? Here’s what you need to know.

For the unaware: the company is a leading provider of industrial heating equipment, mainly catering to refinery, petrochemical and fertilizer companies! Fun fact: 7 out of the 12 oil refining companies in India are JNK India’s customers.

What’s good? Experts believe a killer combo of high growth prospects, margin expansion and new order bookings should trigger a re-rating. While Trump’s tariffs have nuked crude oil prices & demand, JNK’s operations are more long-term focused. Channel checks indicate already-announced projects of IOC, BPCL, Petronet and ONGC could drive an annual demand of 2x JNK’s FY25 topline. PS - its current order book is Rs 12,260 cr which should last till end of FY26.

Future growth should come from petrochemicals & its entry into waste gas handling equipment. FYI - JNK India has forayed into newer markets like the US and Malaysia with the help of its South Korean parent. Analysts project that if JNK’s topline needs to grow at a ~21% CAGR over FY24-FY27, it needs another Rs 600 cr in orders by Sept 2025. This will likely come from waste handling customers! 

Finally, JNK’s margins should bounce back to ~17% levels after hitting a 4-year-low of ~13% in FY25. They dipped due to higher capex & employee costs, which should normalize once revenue scales up. 

Zooming out: Despite the recent rally, JNK India is still down -59% from its July 2024 highs. It trades at a ~30% discount to rivals like Thermax, which provides an attractive entry point. FYI - Monarch Networth Capital projects a +30% rally from current levels.