In Q3FY25, we observed low teen YoY revenue growth and slight expansion in EBITDA margins for our coverage companies, but overall numbers were below our estimates across the board.

Asian markets are trading mixed as investors digest a series of economic data releases from the region. While the Shanghai Composite is up by 0.56%, both the Nikkei and Hang Seng are trading lower, down by 0.40% and 0.32%, respectively.

Top Conviction Ideas (Metals & Mining) - Hindalco; APL Apollo Tubes; Tata Steel

Asian markets are trading mixed as investors react to comments from China's President, who signaled support for the private sector while urging businesses to demonstrate their capabilities. Nikkei is trading higher by 0.29%, Hang Seng is up by 0.61%, and the Shanghai Composite is down by 0.41%.

In January 2025, Consumer Price Index (CPI) inflation eased to 4.3%, while Wholesale Price Index (WPI) inflation ticked down to 2.3%. The Manufacturing Purchasing Managers' Index (PMI) increased compared to the previous month, while services PMI witnessed a decline.

The unemployment rate rose marginally in January 2025. Foreign Institutional Investment (FII) and and mutual funds (MF) witnessed outflows during the month. Crude oil prices rose on a MoM basis in January 2025.

February 2025 Update

Asian markets are trading mixed as investors assess Japan's Q4 economic growth data while awaiting key central bank decisions across the region this week. The Nikkei is trading marginally higher by 0.13%, while the Hang Seng and Shanghai Composite are down by 0.09% and 0.17%, respectively.

IPO activity remains steady, with eight companies set to list this week, three opening for subscription, and six that debuted last week.

End of Day Summary