Tale of the Tape 

Howdy folks. Markets continued their fight back.

Nifty (+0.9%) and Sensex (+0.8%) closed up for a second straight day. Can we make it three in a row tomorrow? -fingers crossed- More importantly, Midcaps (+2.3%) and Smallcaps (+3.3%) saw a healthy recovery after the recent horror show. An INSANE 444 stocks in the NSE 500 ended in the green!

Except FMCG (-0.5%), all other sectors ended higher. Real Estate (+2.9%), IT (+2.6%) and Energy (+2%) saw the most buying.

Suzlon Energy (+5%) rallied after a massive Q3. KPIT Tech (+9%) also soared after increasing its FY25 margin guidance. Details below.

Sugar stocks were on fire today. Check out their charts below to find out why.

Anant Raj and Netweb Technologies were locked in a +10% upper circuit. PS - both firms clarified that DeepSeek’s new models did not pose a threat to their business.

Q3 reactions. Maruti Suzuki (-1%) was volatile after posting a mixed set of numbers. On the other hand, JSW Energy cracked -6% after missing estimates.

ITC Hotels (-5%) had a disappointing debut; closing at Rs 174 p/sh. Denta Water closed at Rs 341 p/sh; +16% from its IPO price.

AGI Greenpac cracked -17% after the SC rejected its resolution plan for Hindustan National Glass.

KPI Green Energy was locked in a +5% upper circuit after inking a energy park MoU with the Odisha govt.

Here are the closing prints:

IPO
Dr. Agarwal’s Health Care IPO Review

Dr. Agarwal’s Health Care IPO opened for subscription today! The price band is fixed at Rs 382 - Rs 402 p/sh. The company aims to raise Rs 3,027 cr from the IPO.

Founded in 2010, the firm is India’s largest eye care service chain by topline, with a 25% market share. It operates through 193 facilities across 14 states, which are staffed by 740 doctors who specialise in cataract, cornea, retinal & refractive surgery. PS - it also sells optical, contact lenses and other eyecare pharma products & accessories. The company’s revenue has more than doubled over FY22-24, helped by its asset-light model of having most facilities out on lease.

FYI - the IPO’s fresh issue is just Rs 300 cr, which sucks. The money raised will be used to repay debt.

FY24 Snapshot:

• Revenue: Rs 1,332 cr; +31% YoY

• EBITDA: Rs 362 cr; +345 YoY

• EBITDA Margin: 27.2% vs 26.6%

• PAT: Rs 95 cr; -8% YoY

Big Picture: The Indian eyecare industry is expected to grow at a 14% CAGR over FY 24-28. Analysts say 1 out of every 5 Indians face some vision loss disorder, which means that the growth runway is MASSIVE. That said, while Dr Agarwal’s has been quickly expanding, a lot of this is due to acquisitions. Which means it is likely to slow down a bit moving forward. Other key negative monitorables include its ability to retain top-class doctors. Finally, its valuations are on the expensive side.

Given overall gloomy sentiment, it makes sense that grey market data suggests it will have little-to-none listing gains.

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Budget 2025 Stock Picks

Budget week is here!!! Check out our latest video where we discuss top 5 investment ideas by SEBI RAs that can gain big time from this year’s budget.