Tale of the Tape 

Happy Friday y’all. Markets snapped their 3-day losing streak. 🍻 

Nifty and Sensex ended a super volatile day with minor gains. Midcaps and Smallcaps fared much better; +0.5% each. The advance-decline ratio was split evenly! ⚔️ 

Most sectors ended in the green. Real Estate (+2.3%) and Metals (-1.9%) rebounded from yesterday’s ugly cut. On the other hand, IT (-1.3%) and Pharma (-0.9%) remained under pressure. 🫠 

Looking for stocks that could see a post-election results rally? Read our story below to find out what are the top 'Modi' stocks. 💯 

Welspun Corp was the top NSE 500 loser after guiding for a gloomy FY25. Meanwhile, Bharat Dynamics had a solid Q4 but was hit by profit-booking. More details below. 🔍️ 

Zomato hit a 2-month low. Global brokerage firm Macquarie sees a 45% downside from current levels amidst fears of rising competition. 🤼

Adani Group stocks were lit AF! Adani Power, Adani Total Gas and NDTV rallied +8% each. 🚀

Titan held its analyst call earlier today. The company aims to hit 2,000 cr revenue in its eyewear segment and 3x volume in the wearables business by FY27. 💰

KFin Technologies jumped +3% intraday after large foreign institutional investors like Aberdeen, Societe Generale and Morgan Stanley Asia picked up stakes. ✅ 

Orient Electric hit a 5-month high after appointing Ravindra Singh Negi as MD for 5 years. 🤝

Results reaction. Apollo Hospitals saw profit booking despite impressive results. Swan Energy was locked in a 5% lower circuit. 📉

Here are the closing prints: 

Market
Modi Stocks

India’s elections are FINALLY coming to an end. With that, we know what’s the biggest question on everyone’s mind. What stocks will rally if the BJP comes back to power? A good way to answer this is to see which stocks have benefited a lot from the GOI AND performed better than the Nifty in the pre-election rally. 💯

Lucky for us, the folks at CLSA have done just that. Out of a total of 183 liquid stocks, they’ve identified 54 companies that are direct beneficiaries of Modi’s policies. FYI- 90% of these firms have beaten the Nifty in the six months! This makes a strong case that they could rally if the BJP comes back to power. Here’s a look at the top picks: 🔥

1) PSU firms: It’s no secret that PSU stocks have BOOMED on the back of higher GOI capex and regulatory reform. This applies across sectors like infra, power and banking. If Modi returns as PM, the focus here will likely remain the same. While several companies are overvalued, top picks here include ONGC, NTPC, NHPC and SBI. 💸

2) Non-PSU firms: When you go away from the PSU basket, the story doesn’t change too much. Broader themes such as infra remain the same, with key stock picks here being L&T, Ultratech Cement and Ashok Leyland. FYI - many experts have also predicted telecom tariff hikes of 10%-15% after the elections are over. The best way to play that story is Bharti Airtel and Indus Towers. 🛜

3) India’s growth story: A BJP victory could also signal policy continuity and re-affirm the ‘India growth story’. If that works out, top picks here include Zomato, Bajaj Finance and some Indian banks including ICICI and Axis. 🏦

Specials

The Telecom Battle ⚔️

Bharti Airtel is on fire! The stock is +68% in the past year to hit a new all-time high of Rs 1,407 p/sh. But, is it still a buy at current levels or should you wait for a dip?

Check out our latest video where we break down all the key updates on Bharti Airtel, covering both fundamental and technical analysis. Also, find out SEBI RAs’ views on the stock. 👇🏻

Earnings

Earnings Roundup

Welspun Corp (-8%) was the top NSE 500 loser on weak Q4 results + muted FY25 guidance. FYI - the pipe maker expects a -3% drop in its topline to Rs 17,000 cr in FY25. It also expects EBITDA for the current fiscal to fall -6% YoY to Rs 1,700 cr. 👎

Normally, a cautious projection would be fine. The global economy is still recovering, there’s election uncertainty and metal prices are all over the place. But the cloudy outlook comes on top of a mixed-bag Q4FY24 performance. 🤕

For Q4, decent domestic demand helped offset global weakness to boost the topline. But higher expenses and unstable raw material costs took a bite out of its margins. The company’s bottomline growth looks good, but it's largely due to non-operating factors like higher other income and lower taxes. All things you can't expect to continue in the next few quarters. 🚨

Here are its stats:

• Revenue: Rs 4,461 cr; +10% YoY

• EBITDA Margin: 7.4% vs 10.3% last year

• PAT: Rs 287 cr; +20% YoY

Welspun Corp is down -4% YTD.

Bharat Dynamics posted a strong set of Q4 numbers. GOI’s demand for weapons helped give a small boost to its topline. But the real star here was the firm’s margins & bottomline, both of which were lifted by quicker projection execution & lower inventory costs. 📊

Despite good results, the stock was volatile AF, falling -5% from its intraday high. FYI - this is mostly due to profit booking. The stock is up +57% over the last month alone, which is INSANE. 🤯

Here is its Q4 report card:

• Revenue: Rs 845 cr; +7% YoY

• EBITDA: Rs 316 cr; +73% YoY

• EBITDA Margin: 37.1% vs 23% YoY

• PAT: Rs 289 cr; +89% YoY

Bharat Dynamics has nearly tripled over the last year.

Charts

Movers and Shakers

Here’s a look at this week’s top NSE500 movers. ZF Commercial Vehicle Control Systems India took the pole position after rallying +29%. 🥇 KNR Construction (+16%) hit a new 52-week high. Schneider Electric (-22%) was locked in a 5% lower circuit all 5 days of the week. MTAR Tech slipped -16% on weak Q4 results. 📉 Check out their charts below:

Links That Don’t Suck

💯 Buy Airtel shares? BIG Targets on Bharti Airtel | Airtel share analysis| Airtel share news in Hindi

🚀 15 election stock picks by SEBI RA Vipul Ramaiya

🤨 Google defends AI search results after they told us to put glue on pizza

🧑‍⚖️ Donald Trump Becomes First Ex US President To Be Convicted Of A Crime 

🍿 Mr. & Mrs. Mahi Review: Janhvi Kapoor, RajKummar Rao's Film Is Like Watching A Match Where Every Ball Is A Dot

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