India Movers: BASF, Birla Corp, Everest Industries, GTL Ltd., Max Financial, Thermax, V-Mart Retail

Arun Goswami
05 Mar, 2025
Mumbai

Thermax Ltd. increased 0.6% to ₹3,230.15, and the engineering company reported a slight increase in revenue and a 45% decline in profit in the December quarter.

Consolidated revenue increased to ₹2,539.3 crore from ₹2,382.7 crore, after-tax profit fell to ₹113.7 crore from ₹242.9 crore, and diluted earnings per share dropped to ₹10.29 from ₹21.17 a year ago.

V-Mart Retail Ltd. advanced 0.1% to ₹2,888.75 after the retailer reported a two-and-a-half-fold increase in earnings in the December quarter. 

Consolidated revenue advanced to ₹1,030.1 crore from ₹902.1 crore, net income jumped to ₹71.6 crore from ₹28.2 crore, and diluted earnings per share rose to ₹35.82 from ₹14.20 a year ago.

Everest Industries Ltd. rose 1.5% to ₹504 despite the building materials manufacturer swinging to a loss in the December quarter.

Consolidated revenue increased to ₹370.8 crore from ₹359.9 crore, after-tax losses swung to ₹11.85 crore from a profit of ₹1.5 crore, and diluted losses per share swung to ₹7.49 from a profit of 98 paisa a year ago.

Max Financial Services gained 0.2% to ₹1005.50 despite the financial management service provider reporting a 60% plunge from a year ago in quarterly profit.

Consolidated revenue declined to ₹8,927.4 crore from ₹12,359.2 crore, net income dropped to ₹69.8 crore from ₹171.2 crore, and diluted earnings per share fell to ₹1.62 from ₹4.30 a year ago.

BASF India Ltd. edged higher 2.3% to ₹4526.05 after the chemical maker reported a slight increase in revenue and a 26% decline in profit in the December quarter.

Consolidated revenue increased to ₹3,777.7 crore from ₹3,352.7 crore, after-tax profit declined to ₹103.5 crore from ₹140 crore, and diluted earnings per share fell to ₹23.9 from ₹32.3 a year ago.

Birla Corporation Limited inched higher 1.6% to ₹965.50 after the cement and jute goods maker reported 71% drops in profit in the December quarter.

Consolidated revenue decreased to ₹2,272.1 crore from ₹2,326.8 crore, net income dropped to ₹31.2 crore from ₹109.1 crore, and diluted earnings per share fell to ₹4.06 from ₹14.17 a year ago.

Sharda Motor Industries Ltd. rose 2.5% to ₹1610.05 after the company reported a slight increase in revenue and a marginal decline in net in the December quarter.

Consolidated revenue increased to ₹710.9 crore from ₹710.8 crore, after-tax profit fell to ₹75.4 crore from ₹76 crore, and diluted earnings per share advanced to ₹25.63 from ₹25.55 a year ago.

GTL Ltd. jumped 4.1% to ₹8.71 after the network services company swung to a loss in the December quarter.

Consolidated revenue advanced to ₹51.23 crore from ₹46.1 crore, after-tax losses swung to ₹41.8 crore from a profit of ₹3.8 crore, and diluted losses per share swung to ₹2.66 from a profit of 24 paisa a year ago.

India Movers: BASF, Birla Corp, Everest Industries, GTL Ltd., Max Financial, Thermax, V-Mart Retail

Arun Goswami
05 Mar, 2025
Mumbai

Thermax Ltd. increased 0.6% to ₹3,230.15, and the engineering company reported a slight increase in revenue and a 45% decline in profit in the December quarter.

Consolidated revenue increased to ₹2,539.3 crore from ₹2,382.7 crore, after-tax profit fell to ₹113.7 crore from ₹242.9 crore, and diluted earnings per share dropped to ₹10.29 from ₹21.17 a year ago.

V-Mart Retail Ltd. advanced 0.1% to ₹2,888.75 after the retailer reported a two-and-a-half-fold increase in earnings in the December quarter. 

Consolidated revenue advanced to ₹1,030.1 crore from ₹902.1 crore, net income jumped to ₹71.6 crore from ₹28.2 crore, and diluted earnings per share rose to ₹35.82 from ₹14.20 a year ago.

Everest Industries Ltd. rose 1.5% to ₹504 despite the building materials manufacturer swinging to a loss in the December quarter.

Consolidated revenue increased to ₹370.8 crore from ₹359.9 crore, after-tax losses swung to ₹11.85 crore from a profit of ₹1.5 crore, and diluted losses per share swung to ₹7.49 from a profit of 98 paisa a year ago.

Max Financial Services gained 0.2% to ₹1005.50 despite the financial management service provider reporting a 60% plunge from a year ago in quarterly profit.

Consolidated revenue declined to ₹8,927.4 crore from ₹12,359.2 crore, net income dropped to ₹69.8 crore from ₹171.2 crore, and diluted earnings per share fell to ₹1.62 from ₹4.30 a year ago.

BASF India Ltd. edged higher 2.3% to ₹4526.05 after the chemical maker reported a slight increase in revenue and a 26% decline in profit in the December quarter.

Consolidated revenue increased to ₹3,777.7 crore from ₹3,352.7 crore, after-tax profit declined to ₹103.5 crore from ₹140 crore, and diluted earnings per share fell to ₹23.9 from ₹32.3 a year ago.

Birla Corporation Limited inched higher 1.6% to ₹965.50 after the cement and jute goods maker reported 71% drops in profit in the December quarter.

Consolidated revenue decreased to ₹2,272.1 crore from ₹2,326.8 crore, net income dropped to ₹31.2 crore from ₹109.1 crore, and diluted earnings per share fell to ₹4.06 from ₹14.17 a year ago.

Sharda Motor Industries Ltd. rose 2.5% to ₹1610.05 after the company reported a slight increase in revenue and a marginal decline in net in the December quarter.

Consolidated revenue increased to ₹710.9 crore from ₹710.8 crore, after-tax profit fell to ₹75.4 crore from ₹76 crore, and diluted earnings per share advanced to ₹25.63 from ₹25.55 a year ago.

GTL Ltd. jumped 4.1% to ₹8.71 after the network services company swung to a loss in the December quarter.

Consolidated revenue advanced to ₹51.23 crore from ₹46.1 crore, after-tax losses swung to ₹41.8 crore from a profit of ₹3.8 crore, and diluted losses per share swung to ₹2.66 from a profit of 24 paisa a year ago.

India Movers: BASF, Birla Corp, Everest Industries, GTL Ltd., Max Financial, Thermax, V-Mart Retail

Arun Goswami
05 Mar, 2025
Mumbai

Thermax Ltd. increased 0.6% to ₹3,230.15, and the engineering company reported a slight increase in revenue and a 45% decline in profit in the December quarter.

Consolidated revenue increased to ₹2,539.3 crore from ₹2,382.7 crore, after-tax profit fell to ₹113.7 crore from ₹242.9 crore, and diluted earnings per share dropped to ₹10.29 from ₹21.17 a year ago.

V-Mart Retail Ltd. advanced 0.1% to ₹2,888.75 after the retailer reported a two-and-a-half-fold increase in earnings in the December quarter. 

Consolidated revenue advanced to ₹1,030.1 crore from ₹902.1 crore, net income jumped to ₹71.6 crore from ₹28.2 crore, and diluted earnings per share rose to ₹35.82 from ₹14.20 a year ago.

Everest Industries Ltd. rose 1.5% to ₹504 despite the building materials manufacturer swinging to a loss in the December quarter.

Consolidated revenue increased to ₹370.8 crore from ₹359.9 crore, after-tax losses swung to ₹11.85 crore from a profit of ₹1.5 crore, and diluted losses per share swung to ₹7.49 from a profit of 98 paisa a year ago.

Max Financial Services gained 0.2% to ₹1005.50 despite the financial management service provider reporting a 60% plunge from a year ago in quarterly profit.

Consolidated revenue declined to ₹8,927.4 crore from ₹12,359.2 crore, net income dropped to ₹69.8 crore from ₹171.2 crore, and diluted earnings per share fell to ₹1.62 from ₹4.30 a year ago.

BASF India Ltd. edged higher 2.3% to ₹4526.05 after the chemical maker reported a slight increase in revenue and a 26% decline in profit in the December quarter.

Consolidated revenue increased to ₹3,777.7 crore from ₹3,352.7 crore, after-tax profit declined to ₹103.5 crore from ₹140 crore, and diluted earnings per share fell to ₹23.9 from ₹32.3 a year ago.

Birla Corporation Limited inched higher 1.6% to ₹965.50 after the cement and jute goods maker reported 71% drops in profit in the December quarter.

Consolidated revenue decreased to ₹2,272.1 crore from ₹2,326.8 crore, net income dropped to ₹31.2 crore from ₹109.1 crore, and diluted earnings per share fell to ₹4.06 from ₹14.17 a year ago.

Sharda Motor Industries Ltd. rose 2.5% to ₹1610.05 after the company reported a slight increase in revenue and a marginal decline in net in the December quarter.

Consolidated revenue increased to ₹710.9 crore from ₹710.8 crore, after-tax profit fell to ₹75.4 crore from ₹76 crore, and diluted earnings per share advanced to ₹25.63 from ₹25.55 a year ago.

GTL Ltd. jumped 4.1% to ₹8.71 after the network services company swung to a loss in the December quarter.

Consolidated revenue advanced to ₹51.23 crore from ₹46.1 crore, after-tax losses swung to ₹41.8 crore from a profit of ₹3.8 crore, and diluted losses per share swung to ₹2.66 from a profit of 24 paisa a year ago.

China Targets Ambitious 5% Annual Growth Target, CK Hutchison Sell Panama Ports

Li Chen
05 Mar, 2025
Hong Kong

Benchmark indexes in China and Hong Kong advanced, and investors reviewed the annual targets set by lawmakers at the annual gathering. 

The Hang Seng index soared 1.7%, and the broader CSI 300 index gained 0.3%, amid cautious optimism about additional fiscal measures to support economic growth and consumer confidence. 

Premier Li Qiang set an annual economic growth target of around 5% and lifted the budget deficit goal of 4%, higher than the long-standing 3% level.

The economic growth rate confirmed the government's resolve in keeping the economy expanding despite the U.S. tariffs and rising trade barriers. 

Investors are hoping that the People's Bank of China will provide additional monetary stimulus, as the ambitious economic growth target may need more support from increased lending by banks to consumers and businesses.

China Indexes and Stocks 

The Hang Seng index soared 1.7% to 23,320.36, and the broader CSI 300 index advanced 0.3% to 3,897.79. 

CK Hutchison Holdings soared 21% to HK $46.85, and the company agreed to sell 43 ports around the world, including 2 in Panama, for $23 billion to a consortium. 

A group of investors led by BlackRock, Global Infrastructure Partners, and Terminal Investment Ltd. will acquire an 80% stake in Hutchison Ports Group. 

The Hong Kong-based diversified conglomerate agreed to sell its 90% stake in two ports in Panama after the White House stepped up pressure to regain control of U.S. trade routes. 

The consortium led by the U.S. and Swiss investors will acquire a total of 43 ports with 199 berths in 23 countries. 

The deal does not include ports controlled by the group in Hong Kong and China.

China Targets Ambitious 5% Annual Growth Target, CK Hutchison Sell Panama Ports

Li Chen
05 Mar, 2025
Hong Kong

Benchmark indexes in China and Hong Kong advanced, and investors reviewed the annual targets set by lawmakers at the annual gathering. 

The Hang Seng index soared 1.7%, and the broader CSI 300 index gained 0.3%, amid cautious optimism about additional fiscal measures to support economic growth and consumer confidence. 

Premier Li Qiang set an annual economic growth target of around 5% and lifted the budget deficit goal of 4%, higher than the long-standing 3% level.

The economic growth rate confirmed the government's resolve in keeping the economy expanding despite the U.S. tariffs and rising trade barriers. 

Investors are hoping that the People's Bank of China will provide additional monetary stimulus, as the ambitious economic growth target may need more support from increased lending by banks to consumers and businesses.

China Indexes and Stocks 

The Hang Seng index soared 1.7% to 23,320.36, and the broader CSI 300 index advanced 0.3% to 3,897.79. 

CK Hutchison Holdings soared 21% to HK $46.85, and the company agreed to sell 43 ports around the world, including 2 in Panama, for $23 billion to a consortium. 

A group of investors led by BlackRock, Global Infrastructure Partners, and Terminal Investment Ltd. will acquire an 80% stake in Hutchison Ports Group. 

The Hong Kong-based diversified conglomerate agreed to sell its 90% stake in two ports in Panama after the White House stepped up pressure to regain control of U.S. trade routes. 

The consortium led by the U.S. and Swiss investors will acquire a total of 43 ports with 199 berths in 23 countries. 

The deal does not include ports controlled by the group in Hong Kong and China.

Heidrick & Struggles International Inc. surged 5% to $41.59 after the staffing service company reported higher revenue in the fourth quarter of 2024.

Revenue climbed to $280.89 million from $257.39 million, net income swung to a loss of $14.98 million from a profit of $14.85 million, and loss per diluted share was 73 cents, compared to a profit of 72 cents a year ago.

The company proposed a 2025 first quarter cash dividend of 15 cents per share, payable on March 27 to shareholders on the register as of March 13.

Heidrick & Struggles guided for the first quarter of 2025 revenue between $263 million and $273 million, compared to $265 million a year ago.

04 Mar, 2025

GitLab Inc. gained 1.9% to $57.32 after the provider of a software framework for web developers reported a revenue increase in the fourth quarter of fiscal 2025.

Revenue increased to $211.4 million from $163.8 million, net income rose to $10.78 million from a loss of $36.87 million, and earnings per diluted share jumped to 6 cents from a loss of 24 cents a year ago.

The company guided for the first quarter of 2026 revenue between $212 million and $213 million, up from $169.2 million a year ago, and non-GAAP earnings per diluted share between 14 cents and 15 cents, up from 3 cents in the same quarter in 2025.

For the full year 2026, GitLab estimated revenue between $936 million and $942 million, up from $759.2 million a year ago, and non-GAAP earnings per diluted share between 68 cents and 72 cents, compared to 74 cents in 2025.

04 Mar, 2025

Okta Inc. surged 15.9% to $87.16 after the cybersecurity and identity management company's results surpassed market expectations in the fiscal fourth quarter of 2025.

Revenue increased to $670 million from $591 million, net income swung to a profit of $23 million from a loss of $44 million, and earnings per diluted share rose to 13 cents from a loss of 26 cents a year ago.

The company guided for the first quarter of 2026 revenue between $678 million and $680 million, up 10% from $617 million a year ago, and non-GAAP diluted net income per share between 76 cents and 77 cents, compared to 65 cents in the same quarter in fiscal 2025.

For the full year 2026, Okta estimated revenue between $2.85 billion and $2.86 billion, up 9% to 10% from $2.61 billion a year ago, and non-GAAP earnings per diluted share between $3.15 and $3.20, compared to $2.81 in 2025.

04 Mar, 2025

AutoZone Inc. traded flat at $3,477 after the retailer of auto and truck parts, chemicals, and accessories reported a sales increase during the fiscal second quarter ending in February.

Net sales increased to $3.95 billion from $3.86 billion, net income dropped to $487.92 million from $515.03 million, and earnings per diluted share fell to $28.29 from $28.89 a year ago.

Total same-store sales, or sales for the company’s domestic and international stores open at least one year, rose 2.9% at constant currency.

Domestic same-store sales jumped 1.9%, while international sales dropped 8.2%, including the impacts from fluctuations of foreign exchange rates.

04 Mar, 2025

Best Buy Co. Inc. surged 3.5% to $89.77 after the electronic products retailer reported a 0.5% increase in comparable store sales during the fourth quarter ending on February 1.

Revenue declined to $13.95 billion from $14.65 billion, net earnings dropped to $117 million from $460 million, and earnings per diluted share fell to 54 cents from $2.12 a year ago.

Best Buy returned a total of $415 million to shareholders through dividends of $200 million and share repurchases of $215 million during the quarter.

The company proposed a 1% increase in its quarterly dividend to 95 cents per share, payable on April 15 to shareholders on record as of March 25.

For fiscal 2026, the company estimated revenue between $41.4 billion and $42.2 billion, compared to $41.53 billion in 2025, and adjusted earnings per diluted share between $6.20 and $6.60, compared to $6.37 in 2025.

Comparable sales growth is expected between zero and 2% in 2026.

04 Mar, 2025

CubeSmart L.P. dropped 2.9% to $41.28 after the storage facility-focused real estate company reported lower revenue in the fourth quarter of 2024.

Same-store sales declined 1.6% to $231.41 million from $235.16 million, same-store net income fell to $101.89 million from $113.14 million, and earnings per diluted share dropped to 45 cents from 50 cents a year ago.

The company guided for the first quarter of 2025 earnings per diluted share between 35 cents and 37 cents, compared to 42 cents per share in the same period in 2024.

CubeSmart proposed a quarterly dividend of 52 cents per share, payable on April 15 to shareholders on record as of April 1.

This is an increase of 2% to an annualized rate of $2.08 per share from the previous annualized rate of $2.04 per share.

03 Mar, 2025

Redfin Corp. eased 0.14% to $6.67 after the real estate brokerage company and mortgage broker provider reported increased revenue in the fourth quarter of 2024 ending in December, and net loss widened.

Revenue increased to $244.28 million from $218.08 million, net loss deepened to $36.73 million from a loss of $23.11 million, and loss per diluted share widened to 29 cents from a loss of 20 cents a year ago.

The company guided for the first quarter of fiscal 2025 revenue between $214 million and $225 million, compared to $225.5 million a year ago, and a net loss between $94 million and $83 million, compared to a loss of $66.8 million in the same period in 2024.

Adjusted EBITDA loss is estimated between $39 million and $32 million, compared to an adjusted EBITDA loss of $27.6 million a year ago.

HEICO Corp. traded flat at $264.68 after the aerospace and electronics company reported strong results for the first quarter of fiscal 2025 ending in January.

Net sales jumped to $1.03 billion from $896.36 million, net income surged to $167.95 million from $114.70 million, and earnings per diluted share rose to $1.20 from 82 cents a year ago.

The company said that the continued increases in commercial aerospace product sales have resulted in eighteen consecutive quarters of sequential growth in the Flight Support Group segment.

03 Mar, 2025

Dell Technologies Inc. gained 0.4% to $103.18 after the computer products and services provider reported revenue growth in the fourth quarter of fiscal 2025 ending in January.

Revenue increased 7% to $23.93 billion from $22.32 billion, net income surged 27% to $1.53 billion from $1.21 billion, and earnings per diluted share rose 30% to $2.15 from $1.66 a year ago.

Dell said it sold about $10 billion of AI-optimized servers in its fiscal 2025 and expects to sell about $15 billion in AI system sales in the current year.

The company’s Infrastructure Solutions Group, its server division, saw sales rise 22% to $11.35 billion in the quarter, up from $9.33 billion a year ago.

Dell’s client solutions group, its biggest business, saw sales rise only 1% to $11.88 billion from $11.71 billion a year ago, due to a sluggish laptop market.

The company guided for the first quarter of fiscal 2026 revenue between $22.5 billion and $23.5 billion, up 3% from $22.2 billion a year ago, and GAAP diluted earnings per share at $1.29, compared to $1.32 in the same quarter in fiscal 2025.

For the full fiscal 2026, Dell Technologies estimated revenue between $101.0 billion and $105.0 billion, up 8% from $95.6 billion a year ago, and GAAP diluted earnings per share at $7.85, up 23% from $6.38 in fiscal 2025.

The company announced a cash dividend increase of 18% and a $10 billion increase in share repurchase authorization for fiscal 2025.

03 Mar, 2025

Intuit Inc. eased 0.1% to $613.0 after the financial software company reported strong results for the fiscal second quarter of 2025 ending in January.

Revenue increased to $3.96 billion from $3.39 billion, net income jumped to $471 million from $353 million, and earnings per diluted share rose to $1.67 from $1.25 a year ago.

The company guided for the third quarter of 2025 revenue between $7.55 billion and $7.60 billion, up 12% to 13% from $6.74 billion a year ago, and GAAP diluted earnings per share between $9.22 and $9.28, compared to $8.42 in the same quarter in fiscal 2024.

For the full fiscal 2025, Intuit estimated revenue between $18.16 billion and $18.35 billion, up 12% to 13% from $16.28 billion in the previous fiscal year, and GAAP diluted earnings per share between $12.34 and $12.54, up 18% to 20% from $16.94 a year ago.

Intuit repurchased 1,125,520 shares during the quarter, representing 0.4% for $717.83 million.

With this, the company completed the repurchase of 15,351,821 shares, representing 5.49% for approximately $7.72 billion under the buyback announced on August 23, 2018.

Intuit has $3.6 billion remaining on its share repurchase authorization.

03 Mar, 2025

European Markets Scaled Back from Record Highs After Trump Launched Global Trade War

Bridgette Randall
04 Mar, 2025
London

European markets reversed gains of the previous session after a defense rally lifted indexes to record highs. 

Benchmark indexes in Frankfurt declined 3.5% and in Paris fell nearly 2%, and the indexes in London dropped more than 1% after the U.S. launched a trade war. 

The U.S. imposed 25% tariffs on goods shipped from Mexico and Canada and slapped additional 20% tariffs on Chinese goods starting March 4. 

Canada also imposed its own set of tariffs on U.S. goods, and Mexico said it is preparing its own list of import taxes on imports by this weekend.

Canada announced 25% tariffs covering about $107 billion of U.S. goods, and China imposed 15% tariffs on corn, wheat, cotton, and chicken and 10% on soybean, pork, beef, and cotton.

Most European automakers have manufacturing plants in Mexico, which provide proximity to the U.S. and an affordable labor force. 

Donald Trump, during his first presidential administration, imposed similar punitive tariffs mostly targeting China, which ended up raising prices in the U.S. and destroying about 300,000 jobs over the four years.

The current level of tariffs covering a wider range of countries is likely to increase annual costs to U.S. households by $1,700.

In stock trading on Tuesday, Mercedes Benz, BMW, Stellantis, Renault, and Volkswagen declined between 4% and 6%. 

European governments are bracing for U.S. tariffs that could span a wide range of products starting as early as April.

On the economic front, the jobless rate in the Eurozone held steady at 6.2% in January, according to a report released by Eurostat. 

The unemployment rate was steady compared to the previous month, but the rate declined from 6.5% in the month a year ago. 

The number of unemployed fell by 42,000 persons from December and declined by 547,000 from a year ago.

The youth unemployment rate fell marginally to 14.1% from 14.2% in December. 

Youth unemployment increased by 3,000 from the previous month but decreased by 93,000 from the corresponding month a year ago. 

Europe Indexes and Yields

The DAX index decreased by 3.5% to 22,326.81, the CAC-40 index edged lower 1.8% to 8,047.92, and the FTSE 100 index declined by 1.3% to 8,759.0. 

The yield on 10-year German bonds inched lower to 2.47%, French bonds decreased to 3.20%, the UK gilts moved down to 4.48%, and Italian bonds edged lower to 3.53%.

The euro increased to $1.05; the British pound was higher at $1.27; and the U.S. dollar was lower and traded at 89.11 Swiss cents.

Brent crude decreased $0.82 to $70.80 a barrel, and the Dutch TTF natural gas was lower by €2.09 to €43.71 per MWh.

Europe Stock Movers

Thales SA increased 2.5% to €228.0, and the French defense contractor reported strong annual results and estimated margin improvement in the current fiscal year. 

Continental AG dropped 11.6% to €61.34, and the automotive parts maker reported a decline in sales in 2024.

The company confirmed it sees limited improvement in profitability in 2025.

Fresnillo plc increased 3.9% to 783.50 pence after the precious metals mining company reported strong financial results in 2024.

Ashtead Group decreased 3.7% to 4,623.17 pence, and the UK-based rental company reported a decline in revenue and earnings in the fiscal third quarter ending in January.

However, the company held out for sales to increase between 3% and 5% for the full year.

Greggs plc plunged 13% to 1,812.0 pence after the bakery chain operator reported decelerating same-store sales in the first nine weeks of this year. 

The bakery chain reported full-year sales increased 11% and net income advanced 8%, largely on the back of higher prices and stable volume.