Tale of the Tape 

Hola Amigos. Markets closed down for a third straight week.

Nifty (-0.5%) and Sensex (-0.4%) cooled off sharply from the day’s high to end in the red. Midcaps (-1.6%) and Smallcaps (-2.4%) got thrashed. 432 stocks in the NSE 500 closed lower. Check out the Stocktwits Sentiment Meter:

Except FMCG (+0.5%) and IT (+0.4%), all other sectors ended in the red. Real Estate (-2.3%) and Oil & Gas (-2.1%) witnessed the most selling pressure.

Waaree Energies looks like it's on a downward spiral. Read our top story to understand why investors are bearish.

Dr Reddy’s was the top Nifty loser after its Q3 missed estimates. Cyient crashed -23% after signalling a weak FY25 outlook. More details below.

Paytm cracked -8% intraday after reports said it was facing an ED probe in a crypto scam. PS - the stock recovered slightly after it denied the allegations.

Q3 reactions. Tejas Networks crashed -10% after reporting a -40% QoQ profit drop and a decline in its order book. Ujjivan SFB (-3%) declined after its bottomline fell -64% YoY.

Exicom Tele-Systems was locked in a +5% upper circuit after it received a whopping Rs 1,412-cr equipment order from RVNL.

Adani Green Energy (-2%) was in focus after reports said the Sri Lanka govt cancelled a big wind power purchase deal.

Indus Tower announced plans to enter the EV charging infrastructure business. The stock closed flat.

Gland Pharma and Castrol India will stop being a part of F&O starting next month.

Here are the closing prints:

Stock
Waaree -In Need Of- Energy

WTF is happening with Waaree Energies? The retail fav stock is down 40% from its all-time highs; slipping below its listing day closing price of Rs 2,338.9 p/sh! Here’s what you need to know:

1) Trump tantrum: The US is set to halt green infra funding & subsidies worth $300 billion. ICYMI - Waree has opened a big plant in Texas where it gets a $7 cents per watt incentive. If this is quashed, it will negatively affect the viability of local production. If Trump does a complete repeal of these subsidies, Kotak sees a further -12% downside for Waaree Energies.

2) Tariffs: We also still don’t know whether the US will impose higher solar import tariffs on India. Waree exports a LOT of panels to the US. So a double whammy of subsidy removal + higher tariffs would mean a big hit on profit.

2) Anchor lock-in: The company’s second lock-in period ended earlier this week, which meant over 40 lakh shares allotted to anchor investors could be put up for sale. This doesn’t mean they will automatically sell, but given all the bad news currently the chances are high, which sucks.

4) Valuations: Finally, remember, Waaree is still +51% higher than its IPO pricing of Rs 1,503 p/sh. The company had a blockbuster listing and valuations skyrocketed. Experts say let things cool down, let policy uncertainty be resolved and then take a relook at the stock.

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